Category: Business News

The Bank of Canada announced a cut of a quarter of a percentage point to its key interest rate last week, bringing the rate down to 4.75%. Canada is the first country in the G-7 to cut rates following the moves in recent years to increase rates throughout the worldwide economy. Canada has been increasing rates since March 2022 to deal with inflation.

With our personal and work lives now requiring us to have so many passwords, it is difficult to keep coming up with new passwords. The National Cyber Security Centre (NCSC) have been championing the three random words method as a strategy to help with this problem. This method involves choosing three words at random and combining them to make a password, for example: paperhumbleconnect.

The UK government has announced a new initiative to enhance the sustainability of fish stocks through the implementation of Remote Electronic Monitoring (REM) technology in English waters. This technology includes cameras, gear sensors, and GPS units to ensure accurate recording of catches and prevent unlawful discarding of fish. The data collected will help manage fish stocks sustainably and increase confidence in the sustainability of UK fish among retailers and consumers.

The Office for National Statistics conducts a fortnightly Business Insights and Conditions Survey (BICS). The voluntary responses received from the latest survey revealed the following insights.

The Office for National Statistics conducts a fortnightly Business Insights and Conditions Survey (BICS). The voluntary responses received from the latest survey revealed the following insights.

The Digital Markets, Competition and Consumers Act has now received Royal Assent and become law in the UK. This new legislation aims to protect consumers and promote fair competition, particularly targeting large technology companies.

The Economic Crime and Corporate Transparency Act 2023 brought in reforms to Companies House procedures and powers with the first phase applying from 4 March 2024. The reforms will contribute to making the information held in the company register more reliable and usable, protecting individuals and businesses from fraud and preventing the misuse of UK companies by international money laundering networks.

A spreadsheet released by the Police Service of Northern Ireland (PSNI) in response to a freedom of information request contained personal information about all 9,483 serving PSNI officers and staff. The information which was included in a “hidden” tab in the spreadsheet was published online. The Information Commissioners Office (ICO) found that PSNI’s internal procedures and sign-off protocols for safely disclosing information were inadequate.

The National Cyber Security Centre (NCSC) has issued guidance to help developers, engineers, decision makers and risk owners in creating and using machine learning systems. Machine learning is a type of artificial intelligence where computers find patterns in data or solve problems automatically.

The Leasehold and Freehold Reform Act has become law and will affect owners of freeholds for leasehold properties as well as house builders. The new reforms mean that leaseholders no longer have to wait two years before they can buy or extend their lease. If they do extend their lease, the Act increases the standard lease extension term to 990 years for both houses and flats.