Management consultants boosted by firms flocking to AI as revenues surpass £18bn July 3, 2023 Companies scrambling to unlock benefits from implementing artificial intelligence (AI) and digital tools into their business to steal a march on competitors has boosted UK management consultants’ income, a new report has found. Growing demand among firms for external experts lifted the UK management consultancy sector’s income to £18.6bn last year, up from £14.4bn in [...]
‘Lean in’ to artificial intelligence, education secretary urges firms June 29, 2023 Businesses need to “lean in” to the power of artificial intelligence (AI), education secretary Gillian Keegan has said. The education secretary told City A.M. indulging in fears about AI wiping out jobs and opportunities was unproductive. Asked whether she was concerned about the impact of the new technology such as ChatGPT and Bard altering or [...]
What we were able to change with the Financial Services and Markets Bill – part three June 29, 2023 Part three: Lord Holmes addresses his proposals on artificial intelligence that were not accepted by the Government.
Uhoh: Oxford study shows AI really can pick funds better than humans June 29, 2023 An Oxford University study suggests that artificial intelligence and machine learning can pick private equity funds that deliver above-average returns
Salesforce warns need to train workers in AI has ‘never been more urgent’ June 29, 2023 Companies urgently need to train staff how to use artificial intelligence tools effectively and safely, Salesforce’s UK & Ireland chief told City A.M. Chief executive Zahra Bahrololoumi said the need for “highly skilled people” who can use trustworthy data sources and protect sensitive data has “never been more clear nor urgent”. The comments come as [...]
Traditional media revenue streams won’t stand a chance in a race with AI June 29, 2023 If social media challenged the traditional advertising revenue of media organisations, artificial intelligence threatens to annihilate it, writes Dominic Young.
‘Get the companies under control!’: Microsoft president tells UK to get AI safety in order June 28, 2023 Microsoft president Brad Smith has reiterated that the UK needs to prioritise AI safety in its quest to become a global leader in new technologies. “Let’s get the companies under control”, Smith said, speaking at a packed Chatham House event on Wednesday afternoon, where he argued that a licensing regime is necessary on both a [...]
PwC set to hand 25,000 junior staff a real-terms pay cut – despite FRC plea to give them more June 28, 2023 Big four firm PwC has reportedly told its junior auditors their pay is going to be frozen, amid concerns it will make the industry less attractive. According to reports in the FT, around 25,000 staff members are set to get lower pay rises, with the accountancy giant citing the challenging market conditions and pay rises’ [...]
London fintech Upp. pockets $10m as it eyes global expansion June 27, 2023 London-based fintech Upp. has secured $10m (£7.8m) in seed funding as its artificial intelligence and machine learning model wins over investors. The startup, which uses AI to automate online retail, has garnered support in a funding round spearheaded by Californian venture capital firm Bonfire Ventures. Mark Mullen, co-founder of Bonfire Ventures, said Upp. is “the [...]
AI can be ‘force for good’ but needs regulation, says Keir Starmer June 26, 2023 Artificial intelligence (AI) can be a “force for good”, Sir Keir Starmer has told a UK-India summit in Westminster. The Labour leader said the invention was an “incredible form of technology” being developed “at pace” – but that the UK needed to develop regulations to monitor its application. Speaking at the UK India week 2023 [...]