Business News Round Up (01/08/2024)
Scottish business confidence reaches 51% in July – Business Barometer
Business confidence in Scotland rose eight points during July to 51%, according to the latest Business Barometer from Bank of Scotland. Companies in Scotland reported higher confidence in their own business prospects month-on-month, up one point at 45%. When taken alongside their optimism in the economy, up 15 points to 57%, this gives a headline confidence reading of 51% (vs. 43% in June). A net balance of 47% of businesses in the country also expect to increase staff levels over the next year, up four points on last month. Looking ahead to the next six months, Scottish businesses identified their top target areas for growth as investing in their team, for example through training (54%), evolving their offering, by introducing new products or services (41%), and entering new markets (33%). The Business Barometer, which surveys 1,200 businesses monthly, provides early signals about UK economic trends both regionally and nationwide.
https://www.scottishfinancialnews.com/articles/bos-scottish-business-confidence-reaches-51-in-july
July drop for North West business confidence – Business Barometer
The North West recorded a significant drop in business confidence during July, according to the latest Business Barometer from Lloyds Bank Commercial Banking. Companies in the region reported lower confidence in their own business prospects month-on-month, down ten points at 39 per cent. When taken alongside their optimism in the economy, down ten points to 26 per cent, this gives a headline confidence reading of 33 per cent, compared with. 43 per cent in June. Looking ahead to the next six months, North West businesses identified their top target areas for growth as investing in their team, for example by investing in training (38 per cent), evolving their offering, for example by introducing new products or services (33 per cent) and introducing new technology (31 per cent). The Business Barometer, which surveys 1,200 businesses monthly, provides early signals about UK economic trends both regionally and nationwide.
https://www.insidermedia.com/news/north-west/july-drop-for-north-west-business-confidence
Construction workloads continue to fall in Scotland however surveyors optimistic on the outlook
Overall construction activity continued to decline in Scotland, according to the latest Royal Institution of Chartered Surveyors (RICS) Construction Monitor, however at a slower rate than was seen in the first quarter of the year. A net balance of -9% of surveyors in Scotland said that construction activity fell at all-sector level through Q2, an improvement from -20 in Q1. Looking at the subsectors, infrastructure was the only one to see a rise in activity with a net balance of 4% of respondents reporting an increase in activity. A net balance of -5% reported a fall in private housing, -11% in private commercial, -16% in private industrials and -19% in other public works. Activity on private housing declined at the fastest rate across all UK regions with a net balance of -29% noting a fall. Despite this, surveyors still report that profit margins will be squeezed through the same period.
92% of ICT jobs need reskilling as technology roles evolve – report
New research from Cisco, Microsoft, Google and others has identified how AI is fundamentally reshaping ICT jobs. Led by Cisco, the AI-Enabled ICT Workforce Consortium has released its Transformational Opportunity of AI on ICT Jobs report, offering advice to workers on which areas they should look to reskill and upskill to stay on top of today’s fast-evolving AI job requirements. The study found that 92% of ICT jobs are expected to undergo either high or moderate transformation due to AI advancements, with workers across 47 information and communication technology roles, including cybersecurity, data science and software development, taking part in the research. Entry-level and mid-level ICT professionals are at the forefront of this AI transformation with 40% of mid-level positions and 37% of entry level positions expected to have high levels of transformation.
https://www.digit.fyi/report-92-of-ict-jobs-need-reskilling-as-technology-roles-evolve/