Business News
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China struggles with ‘number over quality’ in generative AI patents
China has emerged as the world's leading creator of generative AI patents, but it is unable to implement many of its ideas due to US export prohibitions and long-standing issues with its domestic innovation culture. In July, the UN's intellectual property organization said that China had submitted more than 38,000 generative AI patents over the previous decade, more than any other country combined. According to World Intellectual Property Organization (WIPO) data, Chinese corporations and institutions, including Tencent, Ping An Insurance, Baidu, and the Chinese Academy of Sciences, are among the top ten patent holders worldwide.
Half a million taxpayers to get HMRC ‘tax demand’ letter: What to do if you acquire one
According to a renowned tax firm, ignoring a 'tax demand' notice from HMRC could result in significant penalties for over half a million taxpayers. According to HMRC's calculations, 560,000 people will receive straightforward tax assessments for the fiscal year 2023/24 in the coming weeks. Simple assessment letters will be sent to those who owe income tax that cannot be automatically deducted from their earnings, owe HMRC £3,000 or more, or must pay tax on their state pension.
Starbucks’ app crashes, causing millions of Americans’ morning commute coffee woes
Starbucks is closed for Americans countrywide, preventing people from getting a coffee before heading to work. DownDetector, a website that tracks digital difficulties, reports that the app went down about 8:30 a.m. ET. Other followers have noticed difficulties with the coffee giant's website, implying that mobile orders are not accepted.
Phone and broadband costs will climb again as corporations consider poll tax-style pricing hikes
We expect the cost of millions of mobile phone and broadband contracts to skyrocket, with the poorest users facing the steepest price increases of up to 11%. Â This year, mobile phone and internet users faced rip-off price increases of up to 7.9% as carriers passed on the cost of inflation, typically with an additional 3.9%. Â However, the bill increases that broadband and mobile phone providers like BT, EE, and Vodafone already anticipate will dwarf those price increases for some customers.
BT fined millions for not connecting 999 calls
BT has been fined £17.5 million for a "catastrophic failure" in its emergency call handling service, which resulted in thousands of 999 calls not being handled. The network outage, which lasted more than ten hours on June 25, last year, resulted in 14,000 emergency calls failing to connect. After examining the business that manages the 999 phone system, Ofcom stated that the telecom giant was "ill-prepared" to respond to the crisis and fell "woefully short of its responsibilities".
Mobile, broadband, and TV providers can’t charge mid-contract price hikes
A regulatory crackdown will safeguard consumers from unexpected price increases in mobile phones, television, and broadband services. Currently, most communications and internet companies boost their costs mid-contract due to inflation, frequently with an additional 3.9%. This might result in a 7.9 per cent increase in prices for millions of customers in April and May.
Amazon employees narrowly reject union in historic vote
The GMB nearly lost its unprecedented battle for union registration at an Amazon warehouse in Coventry. 49.5% of the workers polled voted in favor, while 50.5% voted against. The union required a majority vote in favor. If the GMB had won, Amazon would have recognized a union for the first time in the United Kingdom.
B&M blames ‘unseasonal weather’ for UK sales drop
B&M has attributed a drop in first-quarter UK sales to 'unseasonal weather' during a rainy April and May. The FTSE 100-listed bargain retailer reported a 3.5% year-on-year drop in like-for-like UK sales for the 13 weeks between March 31 and June 29, disregarding the timing of the Easter bank holiday. B&M said the fall was also influenced by 'exceptionally good' sales at the same time last year when UK revenues increased by 9.2 per cent.
CVC offers online trading platform Oanda for sale
Oanda, founded in 1995, was acquired by CVC Capital in 2018 and is now sold by bankers from Nomura and Santander. Oanda Global Corporation, an online retail trading platform, has been placed up for sale by its private equity investors. Bankers at Nomura and Santander are marketing the company, which competes with CMC Markets and IG Group.
Post Office boss Read ‘stepping back’ before Horizon inquiry testimony
Nick Read told staff that he plans to devote his "entire attention" to hearings in September that will look into existing Post Office practices. Nick Read, the Post Office's chief executive, is taking a temporary leave of absence to prepare for the next stage of the Horizon scandal inquiry. Mr Read, who succeeded the widely criticized Paula Vennells after she stepped down in 2019, told workers in a note that he wanted to devote his "entire attention" to the stage of the hearings in September that will investigate current Post Office procedures.
Hakluyt CEO Chandra to lead Labour business
Varun Chandra, who has led the corporate intelligence firm since 2019, is in line for a key business liaison position at 10 Downing Street. The CEO of Hakluyt, a corporate intelligence firm, is being considered for a prominent business position in Sir Keir Starmer's emerging Labour cabinet. Varun Chandra, Hakluyt's managing partner since 2019, is in advanced talks about joining the government.
Five ways 45p extra rate taxpayers can avoid savings interest tax
Many extra-rate taxpayers face tax bills on their savings interest, possibly unknowingly. HMRC expects to collect £10.37 billion in savings interest tax in the current fiscal year 2024-25. It anticipates a stunning £6.8 billion from extra-rate taxpayers, who do not receive a Personal Savings Allowance, unlike basic-rate and higher-rate taxpayers.