Industry news

UK inflation fell in October, although there were signs that the pressure on consumer prices is starting to build. Prices grew by 0.9% in the month, lower than the 1.1% predicted by analysts. After initially pushing up the prices of raw materials, the recent fall in the value of the pound is now starting to boost the price of goods leaving factories as well," ONS statistician Mike Prestwood said. The pound has fallen about 16% against the dollar and about 11% against the euro since June which is likely to push inflation higher in the coming months as the UK has a high propensity to import.

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In the 12-month period up to the end of June 2016, the Office for National Statistics estimates that there were almost 6 million instances of online fraud cybercrime in the UK. With many commentators focusing on high-profile, state-sponsored cyber-attacks, it remains to be seen how the £1.9 billion investment from the government will affect the UK’s SME community. “SMEs need to become more aware of the dangers of cybercrime and the options that they have available to them. There’s a perception that cybersecurity counter-measures are incredibly expensive, and therefore it’s better just to ignore the danger, put the head in the sand and hope not to be affected by cybercrime” says Tony Richardson, a veteran of the IT industry with 28 years of experience.

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Liberata, the business process innovation company, announced that it has been awarded a contract by the Department for Work and Pensions (DWP) to deliver HR & Payroll and Finance & Accounting services, to a new government-owned company (Benefits Pension Digital & Technology Services Ltd). The one year contract, with a potential one year extension, has been secured under the G-Cloud Framework and is valued at circa £300,000 over the two years. Charlie Bruin, CEO of Liberata, commented: “This is a significant contract for Liberata as it is our first formal engagement with the DWP, and it further increases our footprint working with central government.”

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The Victorian State Government has awarded Civica, a market leader in critical software applications, digital solutions and outsourcing services, a contract worth A$103.6 million for the provision of an integrated Infringements Enforcement and Warrants management system with ongoing support for 8 years. The ‘VIEW’ system will help to improve and streamline operations, allow increased self-service citizen engagement, and support the introduction of the Fines Reform Act 2014. “As a local IT provider with strong global backing and experience, we look forward to delivering a highly functional solution which encapsulates global best practice” said Richard Fiddis, Managing Director for Civica International.

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Samsung has agreed to buy Harman International Industries for $8 billion. The acquisition of the maker of integrated car technologies places Samsung in a strong position for expansion into the connected digital economy after the problems with its Galaxy Note 7 phone. "Samsung is using its huge cash pile to pull ahead of rivals in the auto technology market. But it remains to be seen whether it will be able to grow into a company that will be able to compete with the likes of Bosch and Continental," said HDC Asset Management fund manager Park Jung-hoon. Harman will act as an independent subsidiary and will be the front line for Samsung’s push into digital automobiles.

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The decision by the Tasmanian government to outsource the logging of contentious forestry reserves could lead to anti-logging protests warned a private saw miller. The Tasmanian Government intends to contract out logging to private companies, hoping it will improve the chances of a bid by its state-owned company Forestry Tasmania (FT) to get Forest Stewardship Council (FSC) certification. The private logging companies are concerned about the public perception of the logging and are acting to secure confidence over any operation on the contentious land.

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A Hertfordshire-based outsourcing business specialising in the pharmaceutical and biotechnology markets has been acquired. Bionical has purchased Emas Pharma, which provides pharmaceutical development and clinical research services to biotech, medical device and specialised pharmaceutical companies, for an undisclosed sum. The tie up is expected to boost the clinical services division at Bionical which provides communication, commercial and clinical services.

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The Inqierer.net is reporting that American Bank J.P Morgan has reaffirmed its commitment to outsourcing business process to the Philippines. J.P Morgan employs around 15,000 people in the Philippines and Rohit Chatterji, J.P Morgan head of investment banking for South and South-East Asia has confirmed that despite the election of Mr Trump, the Philippines continues to offer good value and American companies won’t necessarily unwind their positions in the company. Click here for more.

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With social media an increasingly important part of a business, many firms may look to outsource social media operations. As the election in the US showed, social media is becoming a big part of any marketing campaign which includes social media. Because updates can potentially reach millions through social channels, social media marketing can hugely increase your brand recognition. Increased visibility to a larger audience can only mean that more people will become familiar with your business and what you do, making you a more trustworthy option than companies who don’t market through social media.

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Sri Lanka needs USD 8 billion to strengthen its economy, Prime Minister Ranil Wickremesinghe told Parliament. He said that Sri Lanka received between USD 600-700 million this year but it needs more than that to have a stable economy. The Prime Minister is hoping to boost trade by signing deals with China, India and Singapore along with the US and the EU. He is also hoping to boost tourism and trade infrastructure by expanding Sri Lanka’s airports.

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