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The UK economy has grown for the fourth straight month, but at a slower rate than expected. – News


credit…Albert Pesari / Associated Press

The· UK economy grew 0.8% in May Official data showed as more pandemic restrictions were lifted, but the pace of growth slowed and economists warned that it would be difficult to return to pre-pandemic levels, especially if consumers responded cautiously. ing Increased coronavirus infection..

According to the Office for National Statistics, May was the fourth straight month of growth in the UK, almost half what economists expected. Monthly gross domestic product increased by 2% in April and 2.4% in March.

The UK economy in May was about 3% smaller than in February 2020 before the pandemic.

Other data released by the Statistics Bureau this week Measure the economy in real time Examining retail foot traffic, restaurant reservations and credit card spending also showed signs of stagnant activity in June and early July.

The main driver of economic growth in May was the hospitality sector. Indoor dining has resumed Nationwide. However, this sector is still nearly 10 percent smaller than it was before the pandemic. Manufacturing has been a drag on the economy after a global shortage of chips has disrupted the industry, especially car production. And the construction sector has shrunk for the second straight month.

“Growth is modest outside the unlocked sector,” said Rory McQueen, an economist at the National Institute of Economic and Social Research. The government’s plan to lift all restrictions on July 19 “will bring strong growth in the third quarter, or if the number of Covid-19 cases continues to grow, it will increase consumer vigilance and even the country. Will it lead to the blockade of? “Is still unknown.

As the number of cases of coronavirus increased, the United Kingdom National Health Service warned hundreds of thousands of people through a tracking app that they had come into contact with people infected with the virus.I have a concern Millions of people may be immediately required to self-isolate..

James Smith, an economist at ING, said he could explain why some of the economic data was flat, adding that he expects the economy to return to pre-pandemic scale by the end of the year. “Assuming that there are no mutants that significantly evade the vaccine in the short term, the outlook for the summer and beyond looks pretty good,” he wrote in a memo.

credit…Sarabeth Manny / New York Times

The world’s top economic leaders will be convened on Friday to put an end to global tax havens and reveal important details of the deal so that multinationals pay the right tax burden depending on where they do business.

As the group’s finance ministers from 20 countries meet, negotiations have begun hoping the authorities will reach the final stage. Authorities hope that G20 leaders will complete the deal by October when they return to Italy for the final summit of the year. New York Times Alan Lapeport Report..

last week, 130 countries support conceptual framework For the new tax system.

The blueprint includes a global minimum tax of at least 15 percent. The agreement also aims to put an end to the digital services tax cascade that many countries around the world are adopting to generate more tax revenues from American technology companies, including the United Kingdom, France and Italy. is.

The United States wants European countries to cut digital service taxes immediately, but policymakers say it can take years before the new agreement is fully enacted. The European Union is also pushing for new digital taxation, despite ongoing tax negotiations.

Other open issues, including the exact rates faced by global companies, remain unresolved this weekend and in the coming months.

Children playing games with Tencent during an event at Handan Mall in China.
credit…China Stringer Network / Reuters

China’s Internet conglomerate Tencent announced this week that it will introduce facial recognition technology into video games to close the loopholes aimed at limiting screen time.

Underage players in China are required to log on using their real names and identification numbers as part of national regulations aimed at curbing internet addiction. 2019, country I imposed a curfew Ban people under the age of 18 from playing games from 10 pm to 8 am However, some people try to use their parents’ devices or IDs to circumvent the restrictions. Tiffany May and Amy Chang Chen Report to The New York Times..

“Children, get rid of your phone and go to sleep,” Tencent said. statement On Tuesday, a feature called Midnight Patrol was officially introduced.

Tencent said it began testing facial recognition technology in April to ascertain the age of enthusiastic night players and has been using it in 60 games ever since. In June, an average of 5.8 million users were prompted to view their faces each day while logged in, and more than 90% of users who refused or failed face verification lost access to their accounts.

Fidji Simo has been promoted from the product marketing role on Facebook to head of the
credit…Steven Lamb / Reuters

Fidji Simo, the leader of Facebook’s app of the same name, said Thursday that he would leave social networks to become CEO of Instacart, an on-demand grocery startup preparing to become a publicly traded company.

Simo, 35, will replace Instacart’s founder and CEO, Apoorva Mehta, 34, and will take effect immediately. Mr. Meta will become Chairman of Instacart.

“I’m excited to work with Instacart’s talented team and retail partners to rethink the future of groceries,” Simo said in a statement.

In a statement, Mehta said he would continue to work in Instacart’s business and “in the next few years, we will partner with Fidji in a long-term, strategic move that will shape the future of Instacart and our industry.”

Frenchman Simo spent 10 years on Facebook, where he was promoted from a product marketing role to head of the “Big Blue App”. Prior to that, he worked as a strategist on eBay. She graduated from HEC Paris School of Business and joined Instacart’s board of directors this year.

For Instacart, Simo’s appointment is another step towards becoming a potentially public company.

Instacart makes money by selling subscriptions to on-demand grocery services and paying relevant fees. However, they are trying to expand their advertising business with brands that want to promote their groceries to their customers on the platform. Simo worked on Facebook’s advertising business and helped develop some of the company’s mobile advertising.

Facebook spokesman Tom Williams said:

Tom Alison, Facebook’s product and engineering executive, will take over the day-to-day operations of the Facebook app by the end of July. CNBC Previously reported About Shimo’s departure from Facebook.

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