In a closed-door meeting at a Manhattan mansion, executives outlined changes to controversial software that was implicated in two crashes.Aerospace & Defenseread more
The one-to-eight stock split would mean the current number of ordinary shares — which stands at 4 billion — will increase to 32 billion. It comes ahead of a reported Hong Kong...Asia Marketsread more
Current and former Tesla employees working in the company's open-air "tent" factory say they felt pressure to take shortcuts to hit aggressive Model 3 production goals,...Technologyread more
Minutes from the Reserve Bank of Australia's monetary policy meeting in July showed the central bank was ready to adjust interest rates if required.Asia Marketsread more
The findings by McKinsey and Company come amid a year-long tariff fight between the U.S. and China, which has spilled into areas such as technology and security.China Economyread more
President Donald Trump and the RNC are picking up key supporters in the business community who did not back him as a candidate in 2016.2020 Electionsread more
Amazon workers in Minnesota and Germany are striking as Prime Day kicks off, in a stand against working conditions and wage practices. The action in Minnesota represents the...Retailread more
Treasury Secretary Steven Mnuchin is raising red flags ahead of Facebook's proposed cryptocurrency launch.Marketsread more
Beto O'Rourke's campaign for the 2020 election raised just $3.6 million in the second quarter of this year, putting him in the lower tier of candidates who have struggled to...2020 Electionsread more
Epstein is accused of sexually exploiting dozens of underage girls from 2002 through 2005 at his New York and Florida residences. He is a former friend of Presidents Donald...Politicsread more
When you think of Prime Day, you might be thinking about deals on Instant Pots and Amazon Echo devices — not half-off dresses and designer heels. But the market for apparel...Retailread more
Technology, in particular artificial intelligence (AI), is set for a substantial injection of funding from the U.K. government, as Downing Street pursues the aggressive development of driverless vehicles.
The country's , to be officially announced Wednesday, will allocate £75 million ($99.4 million) for AI research and development, £400 million for electric car charging stations, £100 million to boost clean car purchases, another £100 million for an additional 8,000 computer science teachers, and £76 million to boost digital and construction skills training.
The budget will also include new reforms for on-road testing of automated cars as well as retraining initiatives for those undergoing job displacement and transition, according to a statement from the British government.
Chancellor of the Exchequer Philip Hammond, the U.K.'s finance minister, appears determined to make Britain a leader in automation technology, with the aim of putting fully driverless cars on the road by 2021.
"Some would say that's a bold move, but we have to embrace these technologies if we want the U.K. to lead the next industrial revolution," he told the BBC on Sunday.
Facing an uncertain future amid complicated Brexit negotiations and sluggish growth, Theresa May's Conservative government's investment plan demonstrates the tech sector's importance in keeping the U.K. competitive.
Stan Boland, CEO of autonomous technology developer FiveAI, told CNBC on Monday that the U.S. is currently ahead of the U.K. in terms of fully autonomous vehicles, and British companies are working to catch up. According to Hammond's budget outline, a new AI start-up is founded every week in the U.K.
"The U.K. has built up excellent academic expertise in the fields of computer vision and artificial intelligence, both essential components to autonomous vehicle technology, with several of the top global research groups located within U.K. institutions," Boland said. But, he added: "Keeping that talent in the U.K. and focusing enough of it on the automotive space is a serious challenge."
Laurie Miles, director of analytics at SAS UK & Ireland, said in a press release Monday: "The UK must invest in educational areas of STEM to align skills with today's labor market needs. At present, the country is experiencing a flood of data and opportunities in areas like artificial intelligence, yet there remains a drought in skills to extract business insight from all this information."
Part of the challenge depends on whether Brexit stifles free movement of labor and talent into the country — according to venture capital firm Balderton Capital, more than 40 percent of tech firms set up in London in 2016 had at least one non-British founder.
Despite this, London remains Europe's premier hub for tech investment, garnering more deals since the 2016 Brexit vote than contenders Paris and Amsterdam combined, according to London and Partners.
"The commitment by the government to supply more funding for companies working on these technologies and provide regulatory clarity for operating fully autonomous vehicle on U.K. roads by 2021 are the latest in a series of moves that will further establish the U.K. as an international leader in technology and innovation," Boland said.