LONDON — After a stunning victory that shattered the Conservative Party’s 14-year hold on power, Britain’s left-leaning Labour Party moved to take hold of the reins of government. Incoming prime minister Keir Starmer promised to help Britain get its future back and claimed a mandate to relight the fire after difficult years of economic crisis and hardship. He will visit King Charles III at Buckingham Palace later Friday and ask to form a government.
Labour Landslide Victory in 2024 UK Elections: Tech Sector’s Confidence Skyrockets
Labour will form a government after winning the 2024 general election in a much-predicted landslide, bringing an end to 14 years in opposition. With nearly all results now declared, Labour has won 411 seats in the 650-seat House of Commons in a torrid night for Rishi Sunak’s Conservatives, which won just 118.
The election has come off the back of successive years defined by macroeconomic headwinds against the backdrop of rapid technological change.
In its campaign, Sir Keir Starmer’s Labour Party made a point to win over the tech and business community with policies promising increased investment and economic stability. But now the election is over, attention turns to governing.
How confident are founders and investors that a Labour government will ensure the tech sector remains a growth engine for the UK?
We’ve heard time and again during the campaign how passionately Keir and the Labour team believe in getting Britain growing again, said Dom Hallas, executive director of industry lobby group the Startup Coalition.
Tech startups across the country stand behind them on that and we look forward to working together to do it.
The Conservatives have left the new incumbents with something of a financial mountain to climb, with funding and growth largely stagnant. Wise co-founder and Plural partner Taavet Hinrikus told UKTN that this must be Labour’s top priority.
As founders and investors, we have seen the impact that harnessing the power of transformative technologies can have on a country’s prosperity and GDP through job creation and opportunity for all, Hinrikus said.
The fintech founder said he welcomed Labour’s strategy to leverage the UK’s tech strengths and applauded the new government’s National Wealth Fund plan.
To succeed, the new government must invest in infrastructure, resources and industries shaping the future, from data centres to fusion energy, he added.
We must also ensure that the most talented individuals are not deterred because of high visa costs and red tape.
Hinrikus was one of more than 100 tech and investment leaders to back the Startup Coalition’s calls for the new government to reform the visa system to protect the pipeline of foreign talent contributing to British tech. ACF Investors managing partner Tim Mills approves of Labour’s ambitious goals for long-term economic growth as long as it can back innovation and entrepreneurship amid growing competition from technology hubs worldwide.
The green investment policies of the new government for the tech sector. For sustainable energy firm Hometree founder Simon Phelan, Labour’s green investment policies, though somewhat watered down, contain enough to get excited about.
This level of ambition is necessary for the climate tech industry to grow, Phelan said.
Echoing this sentiment, Gregory Dewerpe, managing partner at noa – formerly A/O Proptech – said the new government’s policies around supporting climate technology demonstrate an understanding of the urgent need to make progress in the transition to net zero.
Shiladitya Ghosh, co-founder of Mission Zero Technologies, highlighted the benefit of reducing the gap between accessing VC investment and securing infrastructure-scale capital under a Labour government and driving more climate-tech founders to bring their businesses and jobs to the UK.
As the UK strives to maintain its position as a leader in technology and innovation, the expectations and hopes of industry players are high on the new government’s ability to foster growth and ensure a conducive environment for startups and investors alike.
Text Tracking Through Machine Learning: The Future of Data Analysis in Various Sectors, US
Text tracking using machine learning methods are associated with the semantic complexity in identification, analysis, and cognitive processes of interpretation through textual data. Central to this domain, ML algorithms exploit techniques like Natural Language Processing (NLP) for the interpretation of subtleties comprising human language.
NLP has given ability to machines to transform unstructured text into structured data that can be realized in yielding value through sentiment analysis, detecting trends, and recognizing patterns in large data sets. Texts, therefore, do not simply represent strings of words but rather figures that shed light on the dynamics of public opinion, linguistic change, and the diffusion of information that takes place at a given moment.
Well, several benefits of using ML in text tracking is in the context of tracking text in sector-wise diversified formats.
Business Insights: Machine learning will help businesses in tracking customer sentiments effectively across the board for further altering marketing strategies on live feedback and responding proactively according to changes in the market.
With customer interaction and review analysis, a business can derive inferences that would help better both customer satisfaction and loyalty.
Health: The health sector is utilizing text tracking empowered by ML, scanning through enormous patient reports and medical write-ups in this regard. It, thereby, results in making the diagnostic process even more precise and brings newfound health trends in pattern-making of treatment processes catered for specific health issues based on comprehensive data-supported insights to the fore.
Security and Surveillance: ML algorithms are, in general, used with the different forms of security equipment for monitoring and analysis. With this example of text data, the abnormal patterns generated in the data can infer a sense of general or threatening inclinations of acting suspiciously.
The algorithms will be put forward by the security agencies for risk-mitigation measures, ultimately in the interest of public safety.
Rupee Rises to 83.45 Against Dollar on Fund Inflows and Oil Prices, India
The rupee appreciated 5 paise to 83.45 against the US dollar in early trade on Friday, as the American currency retreated from its elevated levels and was supported by significant foreign fund inflows.
At the interbank foreign exchange market, the local unit opened at 83.48 and gained further to 83.45 against the greenback, registering a rise of 5 paise from its previous close.
Forex traders said rising crude oil prices weighed on investor sentiments and restricted the upside. Brent crude futures, the global oil benchmark, declined 0.37 per cent to USD 87.11 per barrel.
The pressure stems from oil marketing companies purchasing crude in anticipation of further price hikes, with Brent oil hovering around USD 87 per barrel. Additionally, it appears the Reserve Bank of India (RBI) is managing the rupee’s volatility, capping both its upward and downward movements, CR Forex Advisors MD Amit Pabari said.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading at 105, lower by 0.12 per cent.
The Dollar Index fell towards 105 levels and US 10-year bond yields dropped towards 4.35 per cent, as a series of economic data showed a cooling US economy, thereby heightening the expectations that the US Fed will cut rates sometime soon, Pabari added.
On the domestic equity market front, the 30-share BSE Sensex fell 386.58 points, or 0.48 per cent, to 79,663.09 points. The broader NSE Nifty declined 84.85 points, or 0.35 per cent, to 24,217.30 points.
Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Thursday, as they purchased shares worth Rs 2,575.85 crore, according to exchange data.
OpenAI’s ChatGPT Security Breach Raises AI Safety Concerns, US
OpenAI, the company behind the popular ChatGPT chatbot, experienced a security breach in 2023. According to a report by the New York Times, hackers infiltrated the Microsoft-backed company’s internal messaging system and were able to steal details about their artificial intelligence (AI) technologies.
The report claims that the compromised information originated from an online forum where OpenAI employees discussed the company’s latest AI advancements. However, the hackers were unable to access the core systems where OpenAI builds and houses its AI, including ChatGPT itself.
In April 2023, OpenAI executives informed both employees and the company’s board about the breach, but they opted to keep the news confidential. Their reasoning for not making the breach public was twofold: no customer or partner information was compromised, and they believed the hacker was an individual actor with no connection to a foreign government.
This news comes amid growing concerns about the safety and potential misuse of AI technology. OpenAI recently shut down its team dedicated to researching long-term risks from AI, known as the superalignment team, following the departures of key figures like co-founder Ilya Sutskever and team co-lead Jan Leike.
In response to these developments, the Biden administration is reportedly considering implementing safeguards to protect US AI technology from competitors like China and Russia. This news follows a pledge by 16 major AI companies to develop AI technology responsibly, emphasizing the need for ethical considerations alongside rapid advancements in the field.
The TOI Tech Desk is committed to delivering the latest news from the world of technology, encompassing gadget launches, reviews, trends, analysis, and exclusive reports that impact technology and the digital universe. From AI to cybersecurity, personal gadgets, and social media platforms like WhatsApp and Instagram, TOI Tech Desk provides accurate and authentic news coverage for our readers.
Man charged over theft of retirement village gorilla statue in Melbourne, Australia
A man who handed himself into police has been charged over the alleged theft of a gorilla statue from a retirement village in Melbourne’s north.
The gorilla, a 1.5 metre garden ornament named ‘Garry’, disappeared from Leith Park retirement village at St Helena on 6 June.
Police alleged Garry was taken off his perch of tree stumps, loaded onto a vehicle and driven away, which they said had left residents devastated.
The statue was returned on Wednesday afternoon after the police air wing spotted it in the yard of a Reservoir property, about 20 minutes’ drive away.
First Constable Anju Vashisht acknowledged it was a strange case and could not explain why anyone would steal the community mascot.
That’s the million dollar question, isn’t it, she told reporters.
Officers raided the home on Monday, seizing Garry along with 24 suspected stolen drivers’ licences and prescription medication.
A 33-year-old Heidelberg Heights man made himself known to police following significant news coverage of Garry’s return home.
Police interviewed the man on Friday morning and charged him with theft, handling stolen goods and driving while disqualified.
He has been released on bail and will face Heidelberg Magistrates Court on August 30.
Lingnan University Expands Liberal Arts Education Across Mainland China
Lingnan University will organize more visits to universities on the Chinese mainland to strengthen cooperation and spread the concept of liberal arts education, thereby contributing to the nation’s diversification of education.
In an exclusive interview, Joe Qin Sizhao, president of the university, emphasized the importance of holistic student development in today’s China. He highlighted the significance of nurturing physical and psychological well-being, cultivating personalities, and instilling values and life goals among students, all of which resonate with the principles of liberal arts education upheld by Lingnan University.
Qin expressed the university’s commitment to promoting liberal arts education to further diversify educational opportunities on the mainland. By expanding its reach, Lingnan aims to deepen educational and research collaboration while providing students with unique and enriching experiences outside the traditional academic curriculum.
To actualize this vision, Lingnan has already partnered with prestigious institutions like Peking University’s Yuanpei College to offer innovative programs. In a recent collaborative effort, students from Peking University were invited to participate in a liberal arts education program at Lingnan University, attending classes and engaging in innovation competitions.
Qin’s proactive approach in visiting over 20 schools on the mainland to introduce Lingnan University and its liberal arts concept underscores the institution’s dedication to transforming and enhancing the educational landscape in China. Through these initiatives, Lingnan aims to inspire a new generation of students to embrace a well-rounded, intellectually stimulating, and socially impactful academic experience.
Australia’s Grosvenor Mine Workers Paid Until August Amid Underground Fire
Australia’s Mining And Energy Union has reached an agreement with Anglo American to extend pay until August-end for workers at its Grosvenor mine that was shut due to an ongoing underground fire, the two parties said on Friday.
Payment extension from July 15 to Aug. 31 has been confirmed for all full-time employees and embedded contractors working at Grosvenor in operations or staff roles, according to the joint statement by the miner, a regional council, and several unions.
Anglo American faced a fire at its Grosvenor steelmaking coal mine in Queensland last weekend, resulting in the temporary closure of the mine. While there were no injuries reported, the assessment of damage and the reopening timeline remains uncertain, potentially taking several months. The halt in operations has raised concerns among investors regarding the impact on the miner’s coal portfolio sale.
We are making significant progress in the temporary sealing of Grosvenor Mine and stabilizing the emergency response, the joint statement assured.
The agreement to extend pay demonstrates a commitment to supporting the affected workers during this challenging period. The ongoing efforts to seal the mine and address the aftermath of the fire emphasize the importance of prioritizing safety and operational resilience amidst unexpected incidents in the mining industry.
Indian Startup Funding Rebounds in 2024, Surpassing 2023 Levels
The Indian startup ecosystem is showing signs of recovery after a challenging period. Data from TheKredible reveals total funding reached nearly $7 billion in the first half of 2024, exceeding the $5.92 billion raised in h1 2023. This represents a 12% year-over-year increase. However, it’s important to note that funding remains below the record-breaking $20 billion secured in h1 2022.
Trump Raises Concerns Over Alarming Rise in Chronic Diseases and Health Issues, US
Former President Donald Trump has called for an investigation into Big Pharma regarding the ‘stunning rise’ in autism, infertility, and other health conditions. Trump highlighted the increase in chronic diseases, particularly in children, citing concerns over potential causes such as environmental toxins and over-prescription of medications. He criticized the public health establishment for its connections to pharmaceutical companies, suggesting these relationships hinder efforts to uncover the true reasons behind the surge in health issues. Trump’s video, posted last year, is now garnering widespread attention on social media for its bold accusations and calls for further scrutiny into the matter.
