Association of British Insurance (ABI) will lead the newly created Automated Driving Insurance Group. The group is established to discuss issues regarding driverless car.
Industry
Higher Capital Requisites In Basel III Rules Lead To Volatile Gilt Market In The UK
Introduction of risk based regulation centering Basel III accord has pushed up costs of fund. As an aftermath, the January 20 auction of the UK sovereign bonds has witnessed the lowest demand in nearly seven years. Ahead of rising concerns over the increasing challenges in the UK gilt market, many of the world’s biggest banks are shrinking their bond-trading activities. However, concerns of the investors and dealers have been communicated to the regulators concerned through a meeting held on Tuesday.
Fed Keeps Benchmark Rates In Place, Hints For Further Hike In March
The policy making committee of the Federal Reserve Bank has announced keeping key interest rates unchanged on Wednesday. The inflation rate exists below predictions and job growth remains satisfactory. But ahead of global economic turmoil and considering strong Dollar outlook, Fed has decided to let the tightened monetary policy to go further. However, it hints for hiking interest rates during its next meeting scheduled to be held in March.
UK Market Fell on Tuesday as China Crisis Deepens and Oil Price Drop
As China crisis deepened, global stock market dropped on Tuesday and London's FTSE 100 experience a big loss of £20 billion ($28.5 billion). The market bounced back yesterday following the gain of Sage and oil price.
European Venture Capitals Closed €3.3 Billion in Fourth Quarter 2015
European venture capital closed € 3.3 billion ($3.59 billion) funding in the Q4 of 2015, a huge raise from the previous quarter. United Kingdom is still the top spot for venture capital funding and information technology companies are still the favorite sector.
Latest News
Facebook is expected to announce its fourth-quarter earnings soon and analyst are expecting that the company will deliver a better than expected report. The company is also expected to boost its revenue this year through the expansion of its video advertising, Instagram, and Oculus RIft.
Food and Safety Inspection Service (FSIS) under the US Department of Agriculture (USDA) has recalled mislabeled uncured pork pepperoni. Referring it as a Class II hazardous situation, FSIS advices Whole Foods customers to return the purchased products or just throw them away. But the recalling has taken place as consequences of changed ingredients from supplier’s behalf.
Four years of drought in California is recorded as one of the most severe. The drought has taken effect on U.S. wine industry, as the amount of grape harvested is reduced significantly.
Unicorn is a term defining a startup company with over $1 billion valuation. Now, there will be other group of tech startups defined as "rabbit" to differentiate them from unicorns-overhype that become unicorpse.
Mozilla has introduced a new version of its browser on Tuesday that allows push notifications even from unloaded sites. The new feature is super useful for websites like email, weather, social networks and shopping, which are usually frequently browsed for updates. This saves battery life and system resources. Through introducing the updated browser, Mozilla also keeps its earlier commitments, pledged along with other browser makers, for dropping RC4 support in 2016.
US oil explorers are expected to report a combined loss of about $14 billion for the year 2015, as a result of the sharpest oil price slump in a generation. Bankruptcies and disappointing debt exchanges have led the oil explorers to cut thousands of staffs, trim dividends, and abandon drilling projects to preserve capital and resist insolvency.
Apple is currently working to offer subscription-based content for its news app and is working with publishers to enable the pay wall. The new feature will put the app stand out compared to other news app available in the market.
Oculus Studio, animation studio established by Oculus VR Inc introduced Quill. The animation tool enable illustrator to draw and make animation inside a VR to enhance the film making process in 3D environment.
Oracle has disclosed its expansion program in the Middle East for 2016 which involves setting up a data center and new offices in Abu Dhabi and internet cities in Amman and Riyadh. It also plans to increase its workforce to offer better service for the customers across the Middle East and Africa. The vibrant nature of the cloud market in the Middle East region and the ever growing cloud business therein has led the Californian tech giant to approach with larger investments.
