Market Watch

The Saudi government’s Vision 2030 initiative aims to diversify the economy and boost the contribution of the private sector to national GDP Saudi Delegation to WEF is a Business Reporter client When we think of the future and technological advancements, perceptions are often shaped by movies and TV shows. Visions of conversational robots, flying cars and entire populations clad in silver jumpsuits are the classic stereotypes. Four-wheeled AI-powered robots ushering visitors through Riyadh airport and welcoming them to Saudi Arabia in dozens of different languages is perhaps a less often imagined future at this stage. But such technological capabilities are becoming a reality in the kingdom – as visible a symbol of the ongoing technological and digital transformation underway as any in the world today. As part of the Saudi government’s Vision 2030 initiative, which aims to diversify the economy and boost the contribution of the private sector to national GDP, the development of localised Fourth Industrial Revolution (4IR) solutions will propel the kingdom’s shift towards an innovation-driven, knowledge-based economy. So far, the plan seems to be working. Saudi Arabia’s digital sector is valued at around $40 billion , comprising 318,000 jobs and making it one of the largest […]

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Automated Control Concepts appoints Michael Stephens as Executive Vice President Sales & Business Development – Manufacturing Digital Transformation in a strategic hire to support an increase in demand for the company’s digital transformation solutions. NEPTUNE, N.J., Jan. 19, 2023 /PRNewswire-PRWeb/ — Automated Control Concepts (ACC) , a provider of digital transformation solutions and consulting services to life sciences and manufacturing companies, today announced the strategic hire of Michael Stephens as Executive Vice President Sales & Business Development – Manufacturing Digital Transformation. Working together with ACC’s executive team, Stephens will focus on business development and strategy for ACC’s digital transformation and smart factory solutions for the manufacturing industry. Based out of California, Stephens will support the company’s growing client base across the U.S. and globally in manufacturing intelligence solutions. "Mike’s depth of experience, approach to solving operational problems and history of successfully leading his customers on their digital transformation journey aligns perfectly with ACC’s vision to enable our customers’ success by using technology and data," said Kevin Hannigan, CEO of Automated Control Concepts. "I’m excited to see Mike’s thought leadership help sharpen the focus of our team to deliver exceptional solutions to our customers." With more than three decades of […]

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FREEPIK THE Department of Trade and Industry (DTI) has linked with P.J. Lhuillier Inc. (PJLI) to assist the digital transition of micro, small, and medium enterprises (MSMEs) across the country. In a statement on Thursday, the DTI said that the Negosyo Center Program Management Unit under its Regional Operations Group has partnered with the PJLI to further promote ease of doing business amid surging digitalization. PJLI is the parent firm of micro-financial services provider Cebuana Lhuillier, which offers pawning, remittance, micro-insurance, and micro savings. Under the partnership, the DTI will feature a website called “MSME Business and Shared Services Center” that will assist MSMEs with their financial requirements such as financing, micro-insurance, micro-investments, business advisory, and payment and settlement options. The partnership between DTI and PJLI was finalized via the signing of a memorandum of understanding. The website will be accessible in any web browser and across kiosks in selected Cebuana Lhuillier branches. The project will complement the DTI’s Negosyo Centers across the country, which provide access to government services such as business registration. As of Dec. 31 last year, the DTI has established 1,355 Negosyo Centers across the country. “The collaboration stipulates commitments towards the development of a […]

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The U.K. Department of Works & Pensions handles government-sponsored benefits for both retired, pensionable workers and currently working individuals that need support. The country currently has more than 20 million claimants and, being a considerable part of the U.K. government, the organization is using the cloud to handle transactions at scale. “Basically, we kind of keep the country going,” said Lianne Anderton (pictured, right), intelligent automation garage delivery lead at the U.K. Department of Works & Pensions. “If the department for Work and Pensions didn’t exist anymore, then actually it would cause an infinite number of problems in society. We kind of help and support the people who need that, so we play a really vital role in social care and public service.” Anderton and Amar Narayan (pictured, left), managing director at Accenture PLC, spoke with theCUBE industry analyst John Walls at the recent AWS Executive Summit at re:Invent , during an exclusive broadcast on theCUBE, SiliconANGLE Media’s livestreaming studio. They discussed the public service use cases of digitization, especially in the DWP. (* Disclosure below.) The Accenture connection The DWP-Accenture partnership began in 2017 as the DWP became aware of soaring transaction numbers. To manage that scale, it […]

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PARTNER FEATURE: XL Axiata CTO I Gede Darmayusa shared the Indonesia market dynamics and the growing demand for digital services that drive the need for digital transformation during an interview with Mobile World Live at Huawei’s Win-Win Live studio during OTF 2022. Digital transformation is not only at the heart of the Indonesian government’s strategy for economic growth, but also core to XL Axiata’s own strategic roadmap, he remarked. Darmayusa outlined the four key drivers behind its digital transformation: macroeconomic factors, demand for digital services, rising competition and the fixed-mobile convergence (FMC) trend. “The unprecedented Covid-19 pandemic is having a tremendous impact on our economy and society, and at the same time accelerated the pace of digital transformation. The outbreak has reshaped the way people work.” Internet users shifted their day-to-day activities online, creating heightened demand for data as well as increased interest in fixed broadband and FTTH services. While the country experienced massive growth in mobile broadband adoption, a report from GSMA Intelligence found that internet connectivity remains a key barrier for some citizens’ full participation in the digital society. M eet C hallenges with Digital Transformation 2.0 The challenging diverse geographical and competitive landscape in the country […]

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Valeriya.Getty Images PLus With the cost of living steadily increasing, the amount of money you need to make to live comfortably is also growing rapidly. Our friends at OLBG.com recently conducted some research on the number of people in different cities in North Carolina who make over $200,000 per year. They looked at data over the last 10 years and compared the total number of residents who make over that amount in both 2013, and 2022. Of the 14 cities in the study the increase over that time period ranges from just a 14% increase to as much as a 326% increase. But $200,000 in 2013 is not worth the same now. I consulted with In2013dollars.com to see what that number is comparable to in 2022. According to their inflation calculator, $200,000 in 2013 is worth $251,253.09 in 2022. That’s a significant increase, with the inflation/price increase coming in at 25.63%. Think back over the last 10 years, has your salary increased by that much? If not you’re theoretically making less than you were 10 years ago. So while we see such large increases in the number of individuals making $200,000 it’s important to put that into perspective and […]

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Atstock Productions via Getty Images The mergers and acquisitions landscape in 2023 could be promising for banks on the hunt for fintech deals, experts say. Following a challenging year for the fintech sector, which has experienced a global drop in funding and mass layoffs , enterprising banks may be able to acquire startups whose previous valuations put them out of reach in prior years, said Jonah Crane, a partner at regulatory advisory firm Klaros Group. “We were for years in what appears to have been a bubble in fintech stocks. We’ve now come through that and had a major correction and just on price alone, it could be an interesting opportunity [for banks],” he said. According to PitchBook , valuations of publicly traded fintechs plummeted 60% to 80% in 2022, a stark contrast to prior years when the fintech sector’s soaring price points were a source of frustration for some banks that were eager to make deals in the space, said Dan Goerlich, PwC’s banking and capital markets deals leader. “Over the past five years, fintech valuations were extremely high because it was such a sought-after property. Everyone felt like they were disrupting the sector,” he said. “As a […]

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Vice President Kamala Harris speaks on climate policy at Rackham Auditorium Jan. 13. On a visit to campus last Thursday, Vice President Kamala Harris joined Secretary of Energy Jennifer Granholm and Kyle Whyte, a professor at the University of Michigan School for Environment and Sustainability, to discuss climate change and the role young people can play in solving the climate crisis. Rather than focus on young people’s role in organizing and activism as a means to solve the climate crisis, however, the event had a broader focus on infrastructure. “Just about anything that the students here are studying will relate to and lift up this new movement and this new economy,” Harris said . The decision to host an event in Ann Arbor was politically savvy given the city’s blue slant within a reliably purple state. But Harris’s decision to speak specifically on climate infrastructure investments reflects a growing realization that climate change may be an opportunity for economic growth in Michigan. With its temperate climate, manufacturing roots and availability of jobs, Michigan has the potential to emerge as a national leader amid the climate crisis. Already, American workers are beginning to move as a result of climate change. […]

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Davos 2023 Digitalization has blended physical infrastructure – including energy assets – into digital networks making it vulnerable to cyberattacks. Crowdsource Innovation Geopolitics, economic forces and market dynamics link energy security and the climate crisis through a digital energy transition. Digitalization represents the challenges from cyber threats, and solutions from digital technology, in delivering energy needs and security. Energy industry leaders must embrace cyber resilience as a pillar of the digital energy ecosystem. Looking back at the 2022 World Economic Forum Annual Meeting in Davos, Switzerland, few global policymakers and business leaders could have predicted the forthcoming year. Yet, the cascading effects of a global pandemic, the invasion of Ukraine and critical supply chain distributions have destabilized the entire global energy ecosystem. These crises fundamentally shifted geopolitics and jeopardized energy and economic security. But they also crystallized how to leverage digital technology to address these issues and the existential threat of climate change through effective energy transition. Have you read? Digitalization – a threat and opportunity The solution to energy security and the energy transition is an ecosystem driven by electrification, decentralization and diversification of energy technologies – all underpinned by digitalization. This future is possible because the energy […]

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Adena Friedman, president of Nasdaq says digital assets still represent an attractive opportunity for the exchange despite concerns hanging over the space as a result of the collapse of FTX . “There’s a total crisis of trust in the crypto space and that’s usually an opportunity for trusted players to start to figure out how to get engaged in the right way,” Friedman told Barron’s associate editor Jack Hough during a Wednesday interview at the World Economic Forum in Davos. Tech earnings season will soon come and go without a quarterly report from Twitter. As a private company—owned by Elon Musk—Twitter no longer discloses financial results. That doesn’t mean the news flow about Twitter’s business has stopped, though. Recent reporting from multiple outlets suggest that Twitter’s revenue on a recent day was down 40% year over year. The company didn’t return Barron’s request to comment on the figures.

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