Author: WTX Business Team
Rachel Reeves Eyes Fiscal Rule Shuffle To Bring £50bn Investment Boost in Next Budget Rachel Reeves is looking to unlock over £50 billion for UK investments in next month’s budget by revising how the government measures debt within its fiscal framework. According to senior government sources cited by The Times, Reeves has requested that officials explore options to allow the government to offset certain assets against national debt. This would enable a more substantial investment in the economy. Potential assets could include the £236 billion in student loans and the government’s stake in banks like NatWest. At a recent fringe…
CrowdStrike boss apologises for global IT outage On Tuesday, cybersecurity company CrowdStrike faced intense scrutiny in a US congressional hearing over its role in the massive global IT outage that occurred in July. Adam Meyers, a senior executive at CrowdStrike, testified before a congressional committee about the faulty software update that crippled millions of computers worldwide on July 19. The outage disrupted payment services, grounded flights, and forced hospitals to cancel appointments and postpone surgeries. During the hearing, Meyers expressed deep regret, stating the company was “deeply sorry” for the widespread disruption and was “determined to prevent it from happening…
China unveils measures to boost economy China’s central bank has announced a sweeping set of measures aimed at revitalising the country’s slowing economy. The People’s Bank of China (PBOC), led by Governor Pan Gongsheng, outlined plans to lower borrowing costs and boost lending by allowing banks to increase their loan offerings. This comes in response to a string of disappointing economic data, raising concerns that China, the world’s second-largest economy, may fall short of its 5% growth target for the year. Following Pan’s announcement, stock markets in Asia surged, with major indexes in Shanghai and Hong Kong climbing over 3%.…
Indian Prime Minister Narendra Modi has called on leading US tech companies to consider India as a prime destination for manufacturing and innovation. Modi met with top tech CEOs in New York, a day after attending the annual Quad summit alongside leaders from the US, Australia, and Japan. India has been positioning itself as a viable alternative to China for global firms seeking to diversify their supply chains. The country has made notable strides in semiconductor manufacturing, though it still trails behind key players like China and Taiwan. The meeting, held on Monday, brought together 15 prominent CEOs, including Sundar…
US to ban Chinese tech in cars The United States is moving to ban certain Chinese and Russian-made hardware and software from cars, trucks, and buses, citing national security risks. The ban targets technologies used in autonomous driving systems and connected vehicles, which officials fear could be exploited by foreign adversaries to “remotely manipulate cars on American roads.” While Chinese and Russian-made software is currently used minimally in US vehicles, Commerce Secretary Gina Raimondo said that the proposed measures are “targeted and proactive” steps to safeguard national security. The move comes as part of an ongoing investigation, launched in February,…