Brexit: Govt issues update on trade agreements
The Department for International Trade has issued an update on trade continuity after Brexit.
Nearly half of the UK's trade is currently with the EU; a further 11% is covered by the existing EU trade agreements the government is looking to continue as bilateral deals after Brexit. The 20 smallest of these agreements account for just 0.8% of UK trade. The remaining 40% of trade takes place with other countries.
UK insurtech defies global trend as investment soars
UK insurtech saw over US$1bn of investment activity through 2018, up from US$792m in 2017, despite stalling global investment levels, which declined year-on-year by almost half, standing at US$5.7bn for 2018. This is according to business adviser KPMG, whose ‘Pulse of Fintech’ report was published today.
AI enjoys lion's share of investment in 2018
Artificial intelligence attracted more during 2018 than any other emerging technology, according to analysis from GlobalData. With an increasing application of AI technologies across all sectors of industry, more than 1,900 investors funded 1,000 AI-based companies throughout the year, among them Horizon Robotics, Beijing SenseTime, Zoox, Yitu Technology and Pony.ai.
Market welcomes FCA's encouraging insurance broker study
The market has welcomed a move by the Financial Conduct Authority to issue a final report on its assessment of competition in the wholesale insurance broker market. The FCA said that while it had identified some areas of concern and with scope for improvement, it found no need for the introduction of intrusive remedies.
AI claims fraud project receives government funding
A project to develop artificial intelligence technology for tackling fraudulent insurance claims is one of a number of new programmes set to receive funding under the government’s UK Industrial Strategy. The AI software, being developed by Intelligent Voice, Strenuus and the University of East London will combine AI and voice recognition technology that is said to detect and interpret emotion and linguistics to assess the credibility of insurance claims.
North Korea world's 'least investable' country
Despite President Trump’s claims that North Korea will become an “economic powerhouse”, Kim Jong-un’s authoritarian regime has been classified as the world’s most perilous investment destination for business, according to a study carried out by risk analysts at Verisk Maplecroft.
Controversial equities underperform benchmarks
US and European equities rated as controversial underperform their benchmarks according to research conducted by Ossiam into the behaviour of stocks connected with environmental, social and governance (ESG) issues. Results showed that between January 2010 and September 2018, controversial equities in Europe and the US significantly underperformed non-controversial stocks by 7.4% in euro terms and 7% in US dollar terms respectively. This phenomenon is attributed to strong market reactions that penalise stocks as a consequence of controversy rating downgrades. These equities tend to show a slow recovery in price. The research findings are a strong argument for exclusion of stocks with high controversy scores from investment universes.
New code to support AI innovation ecosystem in the NHS
The government has today published a new code of conduct designed to ensure artificial intelligence and other data-driven technologies used by the NHS are on point, safe and secure; and ultimately to support innovation in the most challenges areas of healthcare, such as dementia and cancer.