Industry news

A stronger Euro is, thanks to a stronger economic outlook in the Eurozone could lead to parity with the UK Pound. The two currencies are coming closer as the economies of both diverge, meanwhile the US Fed is less likely to raise rates after the events in Texas this week leading to greater strength in the Euro. A stronger European economy is bad for Brexit as negotiations look better for the continental negotiators.

More news from sourcingfocus: Financial Services Boost Sourcing in the UK to Record Period

The Asian Development Bank (ADB) has earmarked up to $ 5 billion to work on a new country partnership strategy (CPS) for 2018-2022, with the Government to address policy reforms and growth-oriented infrastructure as well as strengthen drivers of growth through sustainable, inclusive and environmentally friendly solutions to help Sri Lanka’s transition to upper middle income country status. Under the new five-year CPS, ADB is committing around $ 800 million-$ 1 billion per year, while technical assistance is expected to amount to about $ 8 million a year. In addition, ADB will also increase its private sector operations by expanding into non-finance sectors.

Read more news about Sri Lanka: Sri Lankan Central Bank to Promote Innovation

The Sri Lankan Central Bank yesterday assured it would play a proactive role in promoting the adoption of new technology and innovation in the economy, especially the financial services industry whilst being a regulator. In a globalised world with its continuous race to compete, Sri Lanka should stay focused and keep abreast of the latest technologies the world has to offer, Central Bank Governor Dr. Indrajit Coomaraswamy said while insisting that innovation and localisation in applying new technologies was the key to success. He said the Central Bank had to take regulatory measures to minimise technology risks as well as to ensure economic and price stability as well as financial system stability, while facilitating innovation and the introduction of new technologies.  

Read the full story here.  

Digital transformation is set to see a rise in outsourcing spend in the Philippines according to a recent study. The Philippines is already an establised outsourcing location, however changes in IT procurement and rapidly evolving service delivery models, will drive the Philippines outsourcing market to continue growing. Digitalization has created opportunities for new areas of business and organizational structures. However, as companies increasingly embark on a DX journey, outsourcing has been a way for them to address business challenges, such as growing complexity of ICT, lack of ICT budget, and the need for proper governance. "The Philippines outsourcing market is undergoing a dramatic transformation propelled by the increasing adoption of disruptive technologies,” says Alon Anthony Rejano, Market Analyst for Services, IDC Philippines.

You can read the full report here.

The BPO sector in Puerto Rico is booming with the government reporting growth of 110% in the past four years. According to data provided by the Puerto Rico Industrial Development Company (PRIDCO), the government-owned investment promotion agency, the rapid growth is attributed to the Act 20 law, which offers a 4% income tax rate to companies that export services to mainland US or foreign countries. An increasing number of BPO companies are operating in Puerto Rico alongside a growing ITO sector, leading to an established eco-system of businesses and boosting confidence in the economy.

Read the full story here.

Strong business investment between January and June 2017 saw UK market achieve strongest half-year performance since 2012, according to the Arvato Outsourcing Index. The research, compiled by outsourcing provider Arvato and industry analyst NelsonHall, revealed outsourcing deals worth £5.2 billion were agreed in the first six months of the year, with financial services accounting for 55 per cent of the total contract value at £2.9 billion. The sector’s investment in outsourcing services was behind a steep increase in spending by UK businesses, according to the findings. Companies signed contracts worth £4.5 billion between January and June, representing a 95 per cent year-on-year rise. The latest figures follow a particularly strong first quarter, which saw firms agree deals worth £2.5 billion - the strongest quarterly private sector spend since the last three months of 2011 (£6.4 billion).

You can read the full report here.

The chief executive of Infosys, Vishal Sikka, has resigned from his post with an unconventional and lengthy letter blaming "personal attacks". In the letter Mr Sikka said the "continuous drumbeat of distractions" contributed to his decision to resign. It follows public criticism of the company and its board by its founders. Infosys is one of India's largest IT services firms. Shares in the firm plunged 9% following news of Mr Sikka's departure. Mr Sikka was appointed in June 2014 and tasked with turning around the struggling business. The company announced he was resigning as chief executive and managing director with immediate effect, but would stay on as executive vice chairman.

You can read more here.

Over 100 influential leaders in robotics and artificial intelligence have sent a letter urging the United Nations to act now before robotics dominates warfare. The 116 experts are calling for a ban on the use of AI in managing weaponry. Experts are calling for what they describe as "morally wrong" technology to be added to the list of weapons banned under the UN Convention on Certain Conventional Weapons (CCW). Along with Tesla co-founder and chief executive Mr Musk, the technology leaders include Mustafa Suleyman, Google's DeepMind co-founder.

Hyundai is the latest car manufacturer to announce plans to boost investment in electric cars with a new model with a expected range of 500 miles per charge. The move comes as governments have sets targets on limiting cars that run on fossil fuels in the next few decades. The future of oil is becoming a much talked about topic as experts debate on the future of travel. Sadly for the oil industry it appears to be on the precipice of major change that will disrupt business models, however, electric cars offer new possibilities and with the increasing use of machine learning and artificial intelligence in the motor industry, a self driving electric car may become available to buy in the coming years.

Full stroy here.

Symphony Ventures has secured £3.5 million of funding from Livingbridge to continue their global expansion. Symphony Ventures provide consultancy, implementation and managed services to enterprise clients looking to automate operational processes and have expanded rapidly in the past three years. “We are delighted to be working with Livingbridge. We had a choice of partners and selected Livingbridge for their strong track record of helping founders achieve rapid growth, while respecting the company and the culture in place” said Chief Executive Officer David Poole. Livingbridge is a mid-market private equity business with particular experience working with high growth technology companies which gives the Symphony Ventures the high accolade of being backed by a market specialist.

Full story here.