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In the loop: Facebook fights fake news by acquiring a UK startup, London in top five business cities and industry leaders argue for a soft Brexit

Written by Varsha Saraogi on Friday, 06 July 2018. Posted in Insight, Analysis

Before the heatwave and World Cup related anxiety drives you up the wall, check out why Facebook has acquired Bloomsbury, why was London ranked fifth in the world for startups and round it off with some Brexit news

In the loop: Facebook fights fake news by acquiring a UK startup, London in top five business cities and industry leaders argue for a soft Brexit

Facebook buys Bloomsbury AI to fight fake news

It’s of no secret people are worried about online fake news. And Facebook has had its fair share of problems with it. But now Mark Zuckerberg has begun to tackle this issue by acquiring the UK based startup Bloomsbury AI.

Looking at its technology, it’s easy to see why the Zuck was interested. The startup’s artificial intelligence (AI) technology uses machines to read and answer questions based on the content. Facebook will not only use the technology but also the tech talent.

This is not the first time Facebook has tried to get rid of lies on its platform. Earlier this year, it introduced a testing and verification method to monitor news where the fake links were shrunk as opposed to real news. But evidently that didn’t solve it.

If AI is able to solve this problem, it will definitely be a revolution.

Entrepreneurs pressured to maintain online image

Entrepreneurs are often thought to be living a cushy life. At least if you believe social media. But being your own boss is far from glamorous, according to a new survey from Mazuma, the accountancy firm.

Having surveyed 141 entrepreneurs, the researchers revealed 94% think social media portray a false image of them. Moreover, 74% feel pressured to portray a more perfect lifestyle than they have.

In response to the results, Mazuma has launched the hashtag #realbusiness to debunk the myth of the carefree entrepreneurs. Small-business leaders are encouraged to post pictures of themselves in their daily grind and to comment on the hashtag.

Given the stress of many hectic hours at work can cause mental health issues for both employees and employers alike, it’s important that entrepreneurs aren’t given a false image of the lifestyle.

London bags fifth position for budding business people

Startups launch all around the globe. However, not all cities are created equal when it comes to creating advantages for young entrepreneurs. And, despite its many unicorns, it seems as if London might not be best in class after all.

Having looked at things like the availability of early-stage business funding and cost of living, GoCompare, a broadband company, has revealed that the Big Smoke is only the fifth best city for young innovative minds. The top spot was given to Tallinn and given the high-tech city has birthed giants like Skype, we can see why. The city was followed in ascending order by Toronto, New Zealand, Singapore and London.

Although we didn’t claim the top gong, we can feel proud for beating Silicon Valley, which came in on place number eight.

Luxury companies in jeopardy post Brexit

It’s hardly surprising many businesses are concerned about Brexit. But this week some of them raised their worries publicly.

In the first six days of July, Britain’s biggest vehicle manufacturer, Jaguar Land Rover said a bad Brexit would cost the company £1.2bn in profits each year and 40,000 UK jobs. But the company wasn’t alone – Walpole, the official body for the British luxury industry spoke out for its 210 member companies and urged the government to vote for a pro-business deal.

Clearly, the last word hasn’t been said about the conscious uncoupling from the EU.

Professionals embracing artificial intelligence at work

While some are concerned about robots taking people’s jobs, a new study revealed humans are happy to taking orders from a machine.

More power to the boss lady in you

With gender imbalance still being a hot topic, we were happy to see Facebook in collaboration with All|Bright Academy launch a new phase of their initiative #SheMeansBusiness, to support and help businesswomen.

Leave with honour and planning

Emma-Jane Packe of The Supper Club provided a few quick tips on how to exit your company with grace and without leaving loose ends.

Scaling across other countries

After British startup Medopad secured $28m in a series A round, it’s sailing further west aiming for the US.

Surge in sick leaves in companies

A study said companies with more than 250 employees have more absentees than smaller firms. Oh, and the World Cup is not the only reason.

Robots to revolutionise retail experience

Amazon Alexa, Microsoft Cortana or Google Assistant, these smart devices have now gone beyond just managing your home to improving your retail experience.

 

About the Author

Varsha Saraogi

Varsha Saraogi

As junior feature writer and a recent MA Journalism graduate, Varsha has joined the Elite team to fuel her passion. Along with being immersed in the money making sector and ranting about women’s rights, she will be hunting for news about everything business related. And burying her head in economic magazines. Follow her on twitter at @msvarshasaraogi for her mundane musings.

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