Industry news

Automatia announced the launch of Finland’s first real-time multi-banking platform for mobile payments, named Siirto. Tieto has designed and implemented the service. Siirto is an open payment platform which follows the new regulations set by EU’s Payment Service Directive, paving the way for new innovations and payment solutions within the financial ecosystem. “Modern consumers are demanding real-time services in all aspects of their everyday life. That is why we are very excited and proud to launch Siirto” says Marko Vilo, the Managing Director of Automatia. Similar multi-banking and real-time services, like Swish in Sweden, have been greatly successful among consumers. The first Finnish banks are expected to launch their own mobile payment services, based on Automatia’s Siirto platform, in March 2017.

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Fitch, the credit rating agency, has passed judgement on the Sri Lankan budget for 2017, and it is promising news. The budget will be in line with the stipulations of the IMF and will deliver key positive measures to boost the economy. However, Fitch points out that some of the predictions in the budget are optimistic and that the implementation of the plan is the more important aspect. The 2017 budget targets a fiscal deficit equivalent to 4.6% of GDP, down from an expected 5.4% in 2016 and 7.4% in 2015, when the deficit widened mainly because of sharp public-sector wage rises.

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The UK unemployment rate has fallen to 4.8% in the three months to September according to the Office for National Statistics. The Bank of England had predicted a rise in unemployment after the Brexit vote but unemployment appears to have defied the analysts. However, the rate of job creation appears to have slowed, with the 49,000 rise in the number of people in work in the three months to September down from August's 106,000. The number of people claiming unemployment benefits in October increased by 9,800, the biggest rise since May.

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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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