Several global players, including Google, Norway’s sovereign wealth fund, and UBS, have teamed up to support a bid to manage the UK’s upcoming real-time bond tape system. The bond tape is designed to consolidate market data, allowing investors greater transparency in bond transactions. This initiative is expected to enhance the UK’s capital markets and provide better visibility of the best deals.
The bond trading market, often fragmented, has seen limited price transparency due to its bilateral nature. A bond tape system, long used on Wall Street, could bridge this gap, helping market participants by offering a clear data feed. British regulators plan to begin the tendering process to select a company to operate this system by the end of 2024, with the expectation of it being fully functional by 2026.
Ediphy, a technology firm in London specialising in fixed income markets, has taken the lead in the effort. Collaborating with key partners like Cboe Global Markets, FactSet, and TP ICAP, Ediphy’s goal is to ensure the system is transparent and fair. Google Cloud could also play a crucial role by storing the system’s data.
While many in the financial sector back the bond tape initiative, exchanges remain hesitant, fearing the impact on their profitable data streams. Ediphy’s CEO, Chris Murphy, stressed that it’s essential to create a balanced and affordable system to avoid delays in its implementation.
LinkedIn has paused the use of UK user data to train its AI models after concerns were raised by the Information Commissioner’s Office (ICO). The Microsoft-owned social network had quietly opted users worldwide into data collection for AI purposes but has now responded to the UK regulator’s scrutiny. LinkedIn acknowledged the concerns and expressed willingness to engage with the ICO further.
The decision to halt AI training with UK data follows growing privacy regulations in the UK and the European Union. These rules limit how tech companies, including LinkedIn, can use personal data to develop generative AI tools like chatbots and writing assistants. Like other platforms, LinkedIn had been leveraging user-generated content to enhance these AI models but has now introduced an opt-out mechanism for UK users to regain control over their data.
Regulatory bodies like the ICO continue to monitor big tech companies, emphasising the importance of privacy rights in the development of AI. As a result, LinkedIn and other platforms may face extended reviews before resuming AI-related activities that involve user data in the UK.
UK Telecoms Minister Chris Bryant has called on broadband providers to collaborate on infrastructure sharing to curb the proliferation of telegraph poles across the UK. His appeal comes amid growing concerns about the rising number of poles, often criticised as unsightly and unnecessary.
Bryant further stressed the importance of reducing such infrastructure, particularly as the new Labour government focuses on addressing the issue of excessive pole deployment, which has surged concurrently with the country’s rapid fibre network expansion. Speaking at the Connected Britain event, Bryant urged operators to prioritise sharing existing infrastructure rather than installing new telegraph poles to support the expanding fibre broadband rollout.
While poles are a cost-effective and swift solution, he advocated for a more sustainable approach that minimises visual and environmental impact. Bryant also outlined the government’s efforts to streamline infrastructure deployment through regulatory reforms, such as the Product Security and Telecommunications Infrastructure Act 2022. He emphasised the need to prevent redundant installations, building on the groundwork laid by former Digital Infrastructure Minister Julia Lopez in promoting infrastructure sharing.
Authorities in South West England are set to introduce new AI cameras on the A361 near Frome, Somerset, in a bid to reduce road deaths after a rise in serious crashes. The technology will be used to detect speeding, mobile phone use, and seatbelt violations. Nine people have died on this road in less than two years.
The Avon and Somerset Police have already taken action, positioning unmarked cars and using speed detection equipment on the A361. Since the start of 2023, there have been 22 serious or fatal accidents along the route. Officials aim to improve public confidence in road safety measures.
The parents of two sisters killed in a high-speed crash on the A361 last year have criticised the lack of action. They believe better speed controls could have prevented the deaths of Madison and Liberty North, aged 21 and 17, who died in July 2022.
Local authorities, led by MP Anna Sabine, are also planning further safety measures. These include improving road signage, enhancing visibility, and urging drivers to adopt safer behaviours when navigating these fast A-roads.
Google is facing a billionaire lawsuit in London as Alphabet, its parent company, asked a tribunal to dismiss claims accusing the tech giant of abusing its dominance in the online search market. The lawsuit, which could amount to £7 billion ($9.3 billion), focuses on businesses’ costs when using Google’s search advertising services, which plaintiffs argue are ultimately passed on to consumers. The legal challenge is one of several targeting Google’s practices in recent years, including a similar case in Britain concerning its advertising market dominance and an ongoing antitrust trial in the United States.
Consumer rights advocate Nikki Stopford, representing the class of claimants, argues that Google’s overwhelming market presence allows it to increase costs unfairly. Her lawsuit also points to a €4.5 billion fine imposed by the European Commission in 2018 over Google’s restrictions on Android manufacturers, a decision currently being appealed. Furthermore, the lawsuit accuses Google of striking a deal with Apple to make its search engine the default on Apple’s Safari browser in exchange for a portion of mobile search ad revenues.
Google has dismissed these claims as unfounded. Its lawyer, Meredith Pickford, stated that the case is flawed, rejecting the notion that Google’s practices harmed consumers. Pickford also emphasised that Google’s agreement with Apple was legally sound and argued that the European Commission’s ruling was based on technicalities rather than substantive issues. The tribunal’s decision on whether the case will proceed to trial remains pending.
Meta Platforms will soon start using public posts on Facebook and Instagram to train its AI models in the UK. The company had paused its plans after regulatory concerns from the Irish privacy regulator and Britain’s Information Commissioner’s Office (ICO). The AI training will involve content such as photos, captions, and comments but will exclude private messages and data from users under 18.
Meta faced privacy-related backlash earlier in the year, leading to its decision to halt the AI model launch in Europe. The company has since engaged with UK regulators, resulting in a clearer framework that allows the AI training plans to proceed. The new strategy simplifies the way users can object to their data being processed.
From next week, Facebook and Instagram users in the UK will receive in-app notifications explaining how their public posts may be used for AI training. Users will also be informed on how to object to the use of their data. Meta has extended the window in which objections can be filed, aiming to address transparency concerns raised by both the ICO and advocacy groups.
Earlier in June, Meta’s AI plans faced opposition from privacy advocacy groups like NOYB, which urged regulators to intervene. These groups argued that Meta’s notifications did not fully meet the EU’s privacy and transparency standards. Meta’s latest updates are seen as an effort to align with these regulatory demands.
Great Britain has recently designated its data centres as ‘critical national infrastructure,’ a move designed to bolster their protection against cyber threats. This new classification aligns data centres with other essential services, such as water and energy, highlighting their importance in maintaining the country’s communications and economy.
The announcement comes amidst significant investment in the sector. This includes a £3.75 billion plan by DC01UK to build Europe’s largest data centre in Hertfordshire and an £8 billion commitment by Amazon Web Services for UK operations over the next five years. These investments underscore the increasing importance of securing digital infrastructure.
UK technology minister Peter Kyle emphasised that the new designation would improve collaboration between the government and data centre operators. This collaboration aims to prevent disruptions and protect against cybercriminals. This move follows recent incidents such as the CrowdStrike outage in July, which revealed vulnerabilities in digital infrastructure and underscored the need for increased security.
TechUK calls on the government to address the critical issue of digital adoption among SMEs, which has been identified as a major barrier to economic growth and competitiveness. The organisation’s recent report underscores that over a quarter of UK SMEs still lack basic digital tools, impeding their productivity and ability to integrate advanced technologies like AI. By prioritising SME digitisation, the government can help close this gap, potentially adding up to £232 billion to the UK economy and enhancing the country’s position as a leading global economy.
To achieve this, TechUK recommends implementing a comprehensive strategy that includes creating a cross-departmental Forum to coordinate digital initiatives, appointing a Minister specifically responsible for digitisation, and developing a detailed digital adoption plan with clear targets for 2030. Expanding the Made Smarter Adoption programme to cover a broader range of sectors is crucial for ensuring that SMEs receive the necessary support to embrace digital technologies and remain competitive in a rapidly evolving market.
TechUK urges the government to prioritise digital adoption to keep UK businesses competitive. Without basic tools, SMEs struggle with advanced technologies like AI. A strong support framework is needed to help SMEs overcome these challenges and embrace future tech.
In the aftermath of anti-immigration protests and riots in the UK, police have arrested 1,280 individuals, largely through the use of retrospective facial recognition. Authorities matched video footage from various sources, including body-worn cameras, social media, and CCTV, to identify and apprehend suspects. The violence, which erupted after a stabbing in Southport, resulted in the charging of 796 people by the end of August, with more suspects under investigation.
Throughout 29 demonstrations from late July to early August, the police swiftly moved cases to court. By early September, 570 individuals had faced trial, with one man receiving a nine-year sentence for arson involving a hotel housing asylum seekers. Other offenders were handed sentences ranging from two to over three years.
Why does this matter?
Despite the riots subsiding, live facial recognition remains in use for public safety. North Wales Police deployed the technology at a recent football match, scanning nearly 35,000 faces without making any arrests. Authorities clarified that the system only flags individuals on a wanted list and deletes others’ data immediately. The system has also been used at ferry ports and will soon be trialled in Hampshire, continuing to play a role in police efforts nationwide.
Amazon has announced plans to invest £8 billion in the UK to expand its data centre operations. The investment will be made by Amazon Web Services (AWS) over the next five years, aiming to meet growing demand for cloud computing, largely driven by AI advancements.
This new investment will add to AWS’s previous contributions of £3 billion since 2022, with facilities already in London and Manchester. The company expects the project to contribute £14 billion to the UK economy and support more than 14,000 jobs by the end of 2028.
AWS’s investment follows significant European cloud computing expansions, including substantial projects in Spain and Germany. After a pause last year, many corporate clients have resumed cloud spending, driven by a renewed interest in AI.
The announcement has been welcomed by the UK government, with Finance Minister Rachel Reeves highlighting its importance ahead of an upcoming investment summit. The exact locations of the new data centres will not be disclosed due to security reasons, but they will meet growing demand around London.
