Industry news

India's fourth largest software services firm HCL Technologies announced it will acquire US based Urban Fulfilment Services (UFS) for up to $30 million in cash. UFS is a provider of mortgage business process and fulfilment services. Founded in 2002, the company has over 350 highly skilled professionals. It has three centres in the US. The total cash consideration for this transaction is up to $30 million, including contingent payments.

Related news: An Interview with HCL Technologies

The International Monetary Fund (IMF) has dropped its commitment to ’resist all forms of protectionism from its most recent statement, suggesting the Fund’s commitment to global trade is waning. It is believed that the election of Donald Trump on a protectionist agenda and popular discontent with the European project has pushed the Fund aware from its globalisation commitment. Read more here.

Related news: IMF Sees UK Growth Potential

According to Deloitte, consumer confidence in the UK economy has dipped in the first quarter as rising prices put pressure on households. The fall in confidence could spell trouble in the coming months as the UK finds itself heavily reliant on consumer spending to prop up GDP.

Related news: Business Confidence Builds in 2017

According to a recent survey from Adecco Group, 48% of employees believe that artificial intelligence (AI) will positively affect them by helping them achieve a more flexible working structure. 54% believed that technology will provide more jobs than it destroys while two-thirds of those surveyed think technology has increased the number of jobs.

Related news:GSA Launches Independent Automation User Group

In the race to be the President of France, only two candidates remain. Emmanuel Macron will face Marine Le Pen in the second round, setting up a fight between a pro-European and a French nationalist which could have large ramifications for the future of the EU. Odds are currently backing Mr Macron in the second round. Read more here.

DDC OS are delighted to announce the opening of a second office in Worksop, Nottinghamshire, due to continued growth. This move represents their commitment to the local area, as they continue to utilise this central location to handle global outsourcing contracts. The new space offers the opportunity for DDC OS to expand further over the coming years, and the current recruitment drive will see them create at least 60 jobs in the next 3 months. Managing Director, John Callachan, said: "Our history with the Bassetlaw region spans 25 years, so we are keen to further our investment in the area. Our new office marks the next stage in our development and we look forward to continuing our growth at an even faster rate with our additional space."

Related news: Neil Kirkland appointed Service Centre Director at DDC Outsourcing Solutions

The International Monetary Fund (IMF) has raised forecasts for the UK economy to 2% growth this year, up from 1.5%. The IMF said that the British economy had proved resilient to the effects of Brexit ad that consumer spending continues to feed growth however the uncertainty of Brexit may dampen the predicted growth.

Related news: Business Confidence Builds in 2017

Anthony Browne is stepping down as head of the British Bankers’ Association (BBA) this summer after spending five years in the role. The move comes as the BBA prepares to merge with five other trade associations to become UK Finance. To learn more about the BBA, click here.

Related news: Hard Brexit Will Damage City Status

The Prime Minister, Theresa May, has called for there to be an election on the 8th of June that will likely return the Conservatives to government with a stronger majority. An early election, prior to the German elections later this year, will likely strengthen the UK’s bargaining position in Brexit talks as the government will have a more stable mandate to hammer out a representative Brexit. You can read more by clicking here.

Related news: Best of Brexit

An arms race is underway between fintech firms and banks as the number of patents filed for financial technology grew considerably according to new figures. Nearly 10,000 patents were filed in 2016 with nearly half coming from the US. Technologies include voice biometrics, digital currencies and identity verification.

Related news: City is Aiming to be New Tech Hub