Skip to content 
Search

Latest Stories

Asian, US firms lead with $3.7bn investment in British tech sector  

ASIAN and American companies invested heavily in the British technology sector during the first seven months of 2019.

During the seven-month period, the sector attracted $6.7 billion (£5.5bn) from foreign investors, of which over half of the investments were from Asia and the US, the department of digital, culture, media and sport said on Wednesday (21).


The two regions spent $3.7bn during the January to July period overtaking the $2.9bn spent in 2018.

Commenting on the latest figures, Digital Secretary Nicky Morgan said: “All the signs indicate 2019 will be another great year for the UK’s tech sector, which is on course to exceed $11bn worth of investment before the end of the year.”

A weaker pound is seen to be attracting overseas investors to the UK technology sector, which is the fastest-growing sector in Europe, according to market analysts.

Writing in The Telegraph, the digital secretary added: “Companies such as energy supplier OVO Energy and supply chain finance firm Greensill attracted more than £1bn investment from Japan while fintech firm Checkout.com received $230m from American venture capital company Insight Partners.”

The latest data has come when the overall foreign direct investments (FDIs) in Britain are declining amid Brexit uncertainties.

According to the UK’s Office for National Statistics, FDI moved down to a six-year low in June.

A steep rise in foreign investments has boosted the number of people employed in the British digital sector.

According to Tech Nation, the British digital economy, with 2.1 million employees, is now a larger employer than sectors such as hospitality, with 1.3 million people, and financial services, which employs 1.2 million people.

Companies in the sector are spreading wealth and prosperity by creating high-paying, high-skilled technical jobs alongside new opportunities in non-technical roles, Morgan said.

In Belfast, for example, tech vacancies now account for almost one in four of total job vacancies. There are more opportunities in cities with strong sectors such as Glasgow and Leeds, she added.

More For You

Asian firm acquires Kings Court Hotel for £2.75m

UK-based Nanak Hotels acquired the 60-room Kings Court Hotel in Warwickshire for £2.75 million. (Photo: Colliers International UK)

Asian firm acquires Kings Court Hotel for £2.75m

UK-BASED Nanak Hotels recently acquired the 60-room Kings Court Hotel, a 17th-century property in Warwickshire, England, for £2.75 million. This is the first regional acquisition by the privately held firm led by British Indians Harpreet Singh Saluja and Karamvir Singh.

Nanak Hotels, which operates a UK property portfolio, plans to invest in the property's refurbishment and repositioning, according to a statement from Colliers International UK, which brokered the transaction.

Keep ReadingShow less
Priya Nair becomes first woman CEO in Hindustan Unilever's history

Priya Nair (Photo: Unilever)

Priya Nair becomes first woman CEO in Hindustan Unilever's history

PRIYA NAIR has been appointed as the CEO and managing director of Hindustan Unilever Ltd (HUL), effective from August 1. She will be the first woman to lead the company in its history.

The announcement was made by HUL on Thursday (10). Nair, who currently serves as president, Beauty & Wellbeing at Unilever, will take over the role from Rohit Jawa, who will step down on July 31 to pursue other interests.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Economy shrinks again in May, hitting Labour’s growth plans

THE UK economy contracted unexpectedly in May, marking the second consecutive monthly decline, according to official data released on Friday. The figures present a challenge for the Labour government as it attempts to revive economic growth.

Gross domestic product fell by 0.1 per cent in May, following a 0.3 per cent contraction in April, the Office for National Statistics (ONS) said in a statement.

Keep ReadingShow less
SBI UK cuts mortgage rates

The bank's commitment to green lending reflects focus on sustainability (Photo: Getty Images)

SBI UK cuts mortgage rates

BANKING major State Bank of India (UK) has cut interest rates on its buy-to-let mortgage products to help landlords reduce borrowing costs.

The bank said the rate cuts would help landlords invest in rental properties and meet growing demand for rental homes across the UK.

Keep ReadingShow less