Industry news

US toy giant, Toys R Us has gone into bankruptcy protection in the United States. The famous toy chain has struggled to keep pace with rivals in the US market, particularly with the move to digital shopping experiences. Toys R Us have only recently released its own web stores which may help the firm pay back its debts. Toys R Us have over 60,000 staff in the US across 1600 stores, it is not clear what affect the bankruptcy will have upon the European and Asian subsidiaries. This is the most recent example in a wave of retail closures over the past few weeks as the retail sector still struggles to carve out a chunk of workers disposable income.

More news from sourcingfocus: UK Business Losing Potential Productivity Boost

Male employees are just as likely to want flexible working hours as female employees according to a new study by consultancy, Timewise. 80% of male employees would like more flexibility over working hours whereas 90% of all workers are against the traditional 9 to 5 work tradition. Flexible working has been shown to allow a more balanced lifestyle and in some studies, more productive workers. The Office of National Statistics agrees with the findings and found in its own study that 1 in 10 Britons feel that they are overemployed, doing more hours than they want. The studies have found that young people are more supportive of flexible working.

More news from sourcingfocus: Downing Street Looks for Business Support Over Brexit

Mark Carney, governor of the Bank of England has said that interest rate rises in the UK will be gradual and that the time for a rise is approaching. "Withdrawal of monetary stimulus is likely to be appropriate" said the governor at a meeting in the US yesterday although he warned "inflation is likely to remain above 2% for the next three years". The governor mentioned Brexit as "a shock" and said that monetary policy could do little to affect the outcomes of Britain's exit from the EU.

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The National Health Service (NHS) is preparing for the introduction of the health and social care network (HSCN) this October as it replaces the old N3 broadband system. The move is part of NHS's big procurement programme in an attempt to offer a more digital service to customers at a reasonable cost. The first customer will be introduced to the system this October after successful testing periods, Dermot Ryan, programme director at NHS Digital says that they are "turning the tap on slowly before pushing up the rate in the new year". The new system promises to deliver cost savings for the NHS.

More news from sourcingfocus: Flexible Work Demanded by Majority

Yesterday, Office 365 and Outlook experienced problems and issues that affected users across Europe. There were connection problems across the system all day however problems were reportedly fixed and issues reduced. Pete Banham, a cyber resilience expert, said " this event highlights the importance of multiple providers to meet cloud needs" Increasingly digital services will encounter issues such as these however mitigation of issues must be made a priority.

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UK businesses are failing to invest in their workforces and new technology, relying on cheap labour according to the Centre for Social Justice. The UK is struggling to increase productivity, the lack of productivity may be an explanation for the UK's high employment rate but low wage growths. The report argues that the education system is failing, especially those from disadvantaged backgrounds. One potential solution is far more vocational training, giving young people the skills they need for work.

A recent survey reveals that IT professionals are more concerned about cyber security than losing their job to artificial intelligence. Only 18% of respondents were concerned about the impact of AI, while cyber security garnered 91%. AI appears to be generating new jobs according to a recent study by Capgemini.

KPMG have removed the leadership team from its South African arm due to the connection with the Gupta family. Although there is no evidence of wrong doing, KPMG said that work 'fell short' of their standards. The Gupta family have been involved in an influence peddling scandal in South Africa and the government of Jacob Zuma.

US credit rating firm, Equifax, has removed two senior staff in the continuing fallout from a data breach last week. Data of 143 million US citizens may have been stolen along with information on UK and Canadian citizens. The company is working with the FBI to continue investigations.

Financial advice from a robot is becoming increasingly popular as people believe it will be faster, cheaper, and more impartial than human advice. Consultancy firm Accenture found that 68% of global consumers would be happy to use robo-advice to plan for retirement with customers feeling awkward with face-to-face discussions over financial planning. Robo-adviser firms use algorithms to analyse your financial situation and goals and then work out an investment plan to suit you. Many of these robo-advisers will offer human advice as well to, support you if your finances are more complicated or you need tax planning services as well, another example of automation supporting the generation of more specialised jobs for human workers. You can read the full report on the BBC website.

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