News

Developments in AI will hold the key for Kazakhstan to ‘compete on a global scale’, according to CEO and founder of Nasdaq-listed financial conglomerate Freedom Holding Corp Timur Turlov.

Speaking at the Kazakhstan Economic Freedom High-Level Conference, Turlov explained that new technologies will allow nations such as Kazakhstan to unleash the potential of their workforces ‘in a far more inclusive way’.

Turlov also stressed the importance of remaining technologically advanced in a world of global competition and change, conditions that make it imperative for companies to ‘automate their business process’ to increase labour productivity.

But technology is precisely where Kazakhstan’s young and technologically-savvy population – over 50% of Kazakhstanis are under the age of 29, according to the last national census – may be particularly well placed to capitalise on new opportunities.

Demographics have already helped to transform Kazakhstan into an exciting hub for financial start-ups, where the share of non-cash payments reached 89% in May of this year, according to the National Payment Corporation of Kazakhstan.

This growth is emblematic of the widely-held positivity about Kazakhstan’s status as a centre for financial and technological innovation, which has fuelled the development of a vibrant fintech scene.

Central to this growth has been the Kazakh government’s support for education programmes in AI and tech, which has already seen partnerships agreed with leading technology companies, such as NVIDIA, Amazon and Microsoft, to offer training programs in AI and machine learning.

But more ambitious measures were announced in July of this year, when the country’s Minister for Digital Development, Innovation and Aerospace Industry Zhaslan Madiyev outlined plans for every second university in the nation to teach AI courses by 2029.

The Minister’s remarks are part of a wholistic government-backed AI development programme to 2029, which is touted to see the establishment of a national AI platform.

It’s no wonder therefore that Turlov told the conference that he viewed the government’s ‘support for young people’ as one of the pillars that can propel Kazakhstan’s success in the digital revolution.

The conference, organised by Freedom Holding in partnership with the Reinventing Bretton-Woods Committee, brings representatives from Central Banks, leading financial institutions and global businesses to Kazakhstan’s capital city Astana, who are speaking under the conference’s theme ‘The International Finance System in a New World’.

Freedom’s CEO Timur Turlov expressed his optimism about the country’s future, telling delegates at a panel session entitled ‘The Global Economy in a World of Global Shocks’ that Kazakhstan has a ‘unique opportunity to become a true hub for Central Asian countries’.

The conference itself is evidence of Turlov’s ambitions, attracting a roster of high-profile delegates to the nation’s capital Astana, including Natia Turnava, acting governor of the National Bank of Georgia, Nicolas Blancher, Central Asia division chief at the International Monetary Fund, and Huseyin Ozhan, acting Managing Director for Central Asia at the European Bank for Reconstruction and Development.

For its part, Turlov’s company Freedom Finance, which is headquartered in Kazakhstan’s financial hub Almaty, is heavily invested in Kazakhstan’s digital future.

In recent months Freedom announced a series of eye-catching investment projects, including a $37.5 million East-West data transfer system and a $198.8 million investment in two data processing centres.

They form part of an overarching strategy announced by the country’s President, Kassym-Jomart Tokaev, to transform Kazakhstan into one of Eurasia’s major digital hubs, which has already seen the government invest in a 370-kilometer fibre-optic communications cable under the Caspian Sea through the majority state-owned company KazakhTelecom.

The President’s ambitions are shared by Timur Turlov, who told delegates in one of the conference’s most eye-catching moments that he believed the President’s target to double Kazakhstan’s GDP by 2029 was ‘quite achievable’.

A newcomer to the global financial calendar, the Kazakhstan Economic Freedom High-Level Conference has already set a statement of ambition for the nation’s economic future.

As an exciting new hub for financial and technological innovation, market observers would be wise to keep an eye on Kazakhstan’s eye-catching growth potential.

Read more:
Timur Turlov: AI could allow Kazakhstan to ‘compete on a global scale’

Aspiring solopreneurs and small business owners are being offered a life-changing opportunity to accelerate their entrepreneurial dreams, thanks to Adobe’s new Manifest-o Method.

This framework, designed by experienced business professionals and powered by Adobe Express, helps transform ideas into actionable business plans.

Available now on  the Adobe website, the Manifest-o Method is launching with an exciting opportunity to accelerate one inspiring business idea into reality. The prize? £10,000, access to a network of like-minded individuals, and personal counsel from Steven Bartlett himself.

Until October 13th, aspiring entrepreneurs can enter a first-of-its-kind competition by submitting their own manifesto. Powered by Adobe Express, the Manifest-o Method comes in six templates for inspiration and gives you the option to create your own from scratch.

With Adobe Express, anyone can create professional assets for their small business – whether it’s social posts, videos, food menus, labels or presentation slides – without any prior design experience, and at no cost. This makes it the perfect tool for crafting your own manifesto.

In addition to the cash prize, the winner will also score an invitation to an exclusive event with entrepreneur and best-selling author Steven Bartlett.

The winner will also have a chance to join The Express Collective — an exclusive group of like-minded individuals who already use Adobe Express for their businesses, from food trucks to unique drinks, custom stationery and clothing.

Joining The Express Collective will provide the winner with access to community events, technical workshops, and mentors that will create opportunities for advancing any business idea through practical advice, free tools and networking.

According to research commissioned by Adobe, over half of Brits (52%) believe in the power of manifestation to achieve their dreams, with younger generations leading this trend.

While some may manifest love, travel or a shiny new car – 60% of those surveyed revealed that they manifested becoming business owners, demonstrating the growing importance of confidence and visualisation to turn dreams into reality. And it’s clear manifestation is far from just wishful thinking.

Truly, if you can believe it, you can achieve it, right?

What is manifestation?

To ‘manifest’ is to bring something into reality using your thoughts and actions to create the life you’ve always dreamed of. While the concept isn’t new, recent research highlights how today’s business owners are harnessing this power to stay focused on their goals.

Successful entrepreneurs understand the value of creating a manifesto – according to the research, 61% of solopreneurs believe their business would benefit from a clear manifesto outlining their intentions and goals.

Furthermore, 53% of investors now look for a clear manifesto in business proposals, while 73% believe a manifesto has a greater impact on long-term success than a traditional business plan.

Ready to enter this life-changing competition?

Existing and aspiring solopreneurs and small business owners are called upon to create their own manifestos using Adobe Express, the quick and easy create-anything app, and submit them via a dedicated website at submityourmanifesto.co.uk.

The grand prize winner will get the £10,000, with runner-up prizes including Adobe Express Premium subscriptions. These subscriptions offer an even wider range of templates for inspiration, customisation options, collaboration features, access to a library of high-quality stock photos, and much more.

Want to learn more? Visit the Adobe Express Manifest-o Method web page here to discover the best way to create your own manifesto to help you achieve business greatness and details on how to enter.

Terms and conditions apply – find those here. Competition runs from 17 September to 13 October, 2024.

Read more:
Calling all solopreneurs: Create your business manifesto and win £10,000 with Adobe

The UK government is set to introduce new measures aimed at tackling late payments by large firms to small businesses, an issue that contributes to the collapse of 50,000 SMEs every year.

On average, delayed payments cost small businesses £22,000 annually, according to research from the Department for Business & Trade (DBT) and the Federation of Small Businesses.

A consultation has been launched to explore “tough” new laws designed to hold larger companies accountable for late payments, while requiring greater transparency in their payment practices. Under the proposed rules, large firms will be obligated to include payment data in their annual reports, enabling closer scrutiny of their dealings with smaller suppliers.

Previous attempts to address the issue, including the introduction of the “duty to report” legislation in 2017, have seen limited success. Research by the Chartered Institute of Procurement & Supply found only a slight improvement in the payment behaviour of large companies over the past five years, highlighting widespread non-compliance.

Prime Minister Sir Keir Starmer emphasised that eliminating late payments is central to the government’s strategy to support small business growth. “Late payments cost businesses tens of thousands of pounds and are one of the biggest reasons for business failure. We are finally bringing forward the measures that small businesses have been calling for,” he said.

Business Secretary Jonathan Reynolds echoed this sentiment, describing late payments as “simply unacceptable” and stressing the importance of holding larger firms accountable for their payment practices.

In addition to the proposed legal reforms, the government will also enhance enforcement efforts against large firms that fail to report their payment performance as required. Company directors could face criminal prosecution and unlimited fines if they breach the reporting rules. A new fair payment code will be introduced, awarding businesses gold, silver, or bronze status based on their payment standards.

Read more:
Government targets large firms in crackdown on late payments to small businesses

As the autumn budget looms, tax incentives and improved access to finance have emerged as key demands from UK SMEs, according to new research from Bibby Financial Services (BFS).

The latest SME Confidence Tracker reveals that while business optimism has rebounded post-election, small business leaders are calling on the government to address critical financial barriers to unlock growth.

The survey of 1,000 SMEs found that 68% expect sales to increase over the next six months, a 7% rise since March 2024. With stabilising inflation and lower interest rates, 63% of SME leaders now feel more confident about making capital investments, while 52% are more likely to pursue major investments following the General Election.

However, concerns persist about the potential for tax hikes in the upcoming budget, with 87% of respondents calling for better tax incentives, and 81% advocating for access to low-interest financing to support expansion and job creation.

Derek Ryan, UK Managing Director of BFS, urged the government to honour its commitment to small businesses, saying: “SMEs are finally feeling confident enough to invest, but the Prime Minister’s warning of a ‘painful’ budget risks undermining this. Supporting SMEs must remain central to the government’s economic growth plan.”

Access to finance remains a significant challenge, with 49% of SMEs describing the finance landscape as complex, and 80% seeking better educational resources for navigating funding options. While commercial finance approvals have risen, many SMEs still find the process daunting, with only 18% having utilised the Bank Referral Scheme.

The Labour Party’s proposals to improve SME financing through reforms to the British Business Bank and the Bank Referral Scheme are seen as promising, but experts like Sandeep Dhillon, CEO of SME marketplace Talmix, stress the need for immediate clarity on tax policies and financial support, particularly for the tech sector, where investment has waned.

Read more:
Tax incentives and finance access top SMEs’ priorities ahead of autumn budget

In an era defined by relentless evolution, digital marketing is driven by a constant surge of innovation. Over the last ten years, the industry has morphed from basic banner ads to intricate, data-powered campaigns that tap into consumer behaviour in ways never imagined before.

Amid this whirlwind of change, UK-based agencies have emerged as trailblazers, not just riding the waves of change, but steering the course and reshaping the global marketing scene.

The Changing Face of Digital Marketing

Digital marketing has evolved dramatically from its early days. Initially characterised by straightforward display advertisements and basic email campaigns, the field has grown into a sophisticated discipline. The advent of search engines, social media, and advanced analytics tools has fundamentally changed how marketers approach their craft.

Today, digital marketing is less about reaching the widest possible audience and more about engaging the right audience with highly personalised content. With the rise of mobile devices, social media platforms, and big data, marketers can now target specific demographics with precision. This shift has led to a more interactive and customer-centric approach, where the focus is on creating meaningful connections rather than just broadcasting messages.

Innovative Approaches and Technologies

UK agencies are at the forefront of digital marketing innovation, harnessing the latest technologies to enhance their strategies. In 2023, digital ad spending in the UK reached an impressive £29.6 billion (Statista). This substantial investment underscores the UK’s commitment to digital marketing excellence.

The integration of artificial intelligence (AI) and machine learning has become a cornerstone of modern digital marketing, allowing for unprecedented levels of precision and personalisation. According to research completed by Exploding Topics, 77% of companies are either using or exploring the use of AI in their businesses (National University). These technologies enable marketers to analyse extensive datasets, uncover actionable insights, and predict consumer behaviour with remarkable accuracy. By leveraging AI and machine learning, UK agencies are transforming digital marketing practices, ensuring that campaigns are not only effective but also highly relevant to the target audience.

AI-driven tools are being used to optimise ad placements in real time, ensuring that the right message reaches the right audience at the right time. Machine learning algorithms also play a crucial role in predicting future trends and behaviours, allowing marketers to stay ahead of the curve.

Additionally, UK agencies have been quick to adopt new media channels and platforms. The rise of TikTok, for example, has been met with enthusiasm from UK marketers who have leveraged the platform’s unique format to create engaging and viral content. This innovative use of emerging platforms has set new standards for social media marketing globally.

Creative and Strategic Excellence

Creative flair and strategic brilliance are defining traits that set UK-based digital marketing agencies apart in the industry. These agencies distinguish themselves through their ability to seamlessly integrate creativity with strategy, resulting in campaigns that not only capture attention but also deliver measurable business results.

Rather than relying solely on traditional advertising methods, UK agencies focus on developing strategies that blend data-driven insights with imaginative execution. Their strength lies in creating meaningful connections with audiences, driven by a deep understanding of both consumer behaviour and market trends. The outcome? Campaigns that resonate, engage, and are fine-tuned to meet specific business goals.

UK based Digital Willow exemplifies this approach by prioritising performance through sophisticated data analytics to guide and optimise marketing strategies. By continuously refining campaigns based on real-time insights, they ensure clients receive enhanced return on investment (ROI) and more impactful outcomes, keeping UK agencies at the forefront of global digital marketing.

Shaping Global Trends

The influence of UK-based agencies extends far beyond national borders. Their innovative strategies and successful campaigns have set global standards, influencing how digital marketing is approached around the world.

One significant area of impact is in the realm of sustainable and ethical marketing practices. UK agencies have been at the forefront of advocating for responsible marketing, focusing on issues such as environmental sustainability and social responsibility. This commitment to ethical practices has resonated with consumers and has become a global trend, with brands worldwide adopting similar approaches.

Additionally, the expertise of UK agencies in navigating complex regulatory environments, such as the General Data Protection Regulation (GDPR), has provided valuable insights for global marketers. Their experience in managing data privacy and compliance has set a precedent for best practices in the industry.

Into the future

Looking ahead, UK-based agencies are set to play an even bigger role in shaping the future of digital marketing. With advanced technologies like augmented reality (AR) and virtual reality (VR) on the rise, we’re about to see a game-changing shift in how brands connect with consumers. UK agencies are already diving into these innovations, crafting immersive experiences that not only captivate audiences but also open up fresh avenues for storytelling.

On top of that, the spotlight on sustainability and ethical marketing is only going to grow brighter. Today’s consumers are on the lookout for brands that genuinely care about social and environmental issues. With their strong track record in leading ethical initiatives, UK agencies are perfectly positioned to help brands navigate this new terrain and meet the high expectations of socially-conscious shoppers.

But it doesn’t stop there. The focus on data privacy and personalisation is becoming more crucial than ever. UK agencies are leading the charge in using AI and machine learning to create tailored experiences while staying on the right side of strict data protection laws. By balancing innovation with ethical practices, these agencies will be key in guiding brands through the complexities of the digital age and keeping consumer trust intact. Their knack for adapting to global trends while honing strategies for local markets makes them essential players in the future of digital marketing.

Conclusion

The evolution of digital marketing is a thrilling reflection of how quickly technology and consumer expectations are changing. UK-based agencies have been at the heart of this transformation, spearheading innovation and setting global trends. Their knack for blending cutting-edge technology with creative brilliance and a commitment to ethical practices really highlights their leadership in the digital marketing world.

As the digital marketing landscape keeps evolving, UK agencies are perfectly positioned to stay ahead of the curve, shaping the future of marketing on a global stage. Their pioneering spirit and dedication to excellence promise that they will keep making waves and driving the industry forward for years to come.

Read more:
The Evolution of Digital Marketing: How UK-Based Agencies Are Leading the Global Charge

The Organisation for Economic Co-operation and Development (OECD) has warned that “significant action” is required to stabilise the UK’s public finances, urging Chancellor Rachel Reeves to reform fiscal policy.

The OECD recommends scrapping stamp duty, scaling back the pension triple lock, and updating the council tax system.

The report highlights mounting financial pressures from healthcare, pensions, and climate change, which come on top of high debt, rising interest payments, and sluggish economic growth. It follows warnings from other institutions about Britain’s unsustainable debt, with the Office for Budget Responsibility recently forecasting that debt could reach 270% of GDP over the next 50 years.

Reeves, set to present her first budget on 30 October, is expected to increase taxes to tackle £22 billion in government overspending. The OECD suggests revising the pension triple lock, currently tied to the highest of 2.5%, inflation, or wage growth, by aligning it with an average of inflation and wage growth.

Additionally, the OECD calls for the abolition of stamp duty, claiming it discourages mobility in the housing market, and urges a reassessment of the current fiscal rules that equate public investment with day-to-day spending, potentially limiting investment in productivity-enhancing projects.

Other proposals include unfreezing fuel duty, simplifying income tax, and reducing the amount of interest that companies can deduct from their tax bills. The organisation also emphasised the need for updated property valuations for council tax, which are still based on 1991 figures.

The UK’s debt has soared to nearly 100% of GDP, exacerbated by the 2008 financial crisis, the pandemic, and rising energy prices. Economists caution that debt becomes unsustainable when interest payments outpace economic growth—a scenario now facing the UK. Around 9p in every £1 of government spending will be allocated to debt interest payments over the next five years.

The Treasury acknowledges the challenging fiscal environment and said that “difficult decisions lie ahead” as the chancellor prepares for the budget.

Read more:
‘Significant action’ needed to stabilise UK finances, warns OECD

Asda’s co-owner, Mohsin Issa, is stepping away from his role in the day-to-day management of the UK’s third-largest supermarket, despite the fact that a permanent chief executive has yet to be appointed.

This move allows Issa to focus on his position as CEO of EG Group, which operates petrol stations and convenience stores across Europe, the US, and Australia.

In his absence, Asda Chairman Lord Rose of Monewden, formerly CEO of Marks & Spencer, will take over Issa’s responsibilities, working alongside Rob Hattrell, a partner at TDR Capital—Asda’s majority stakeholder—and a director on the supermarket’s board. Issa will remain a non-executive director and co-owner of Asda, holding a 22.5% stake in the company.

The decision comes at a challenging time for Asda, with the retailer seeing a 6% drop in sales over the past 12 weeks, pushing its market share down to 12.6%, compared to 13.7% a year ago. Rivals Tesco, Sainsbury’s, and Morrisons have made gains, adding pressure on Asda’s leadership.

Issa’s decision to step back follows calls from Lord Rose, who publicly expressed disappointment over Asda’s shrinking market share, urging Issa to prioritise his role at EG Group. Issa’s brother, Zuber, who previously co-owned 22.5% of Asda, sold his stake to TDR Capital earlier this year to focus on his other business ventures.

Lord Rose expressed gratitude for Mohsin Issa’s contributions, particularly in launching Asda’s convenience store initiative and the rollout of a loyalty app now used by over six million customers. Issa is set to become the sole CEO of EG Group when his brother steps down from the role next month, after the completion of a deal to sell EG’s remaining UK forecourts.

Read more:
Asda co-owner Mohsin Issa steps back as Lord Rose takes temporary charge

Blick Rothenberg, a leading audit, tax, and business advisory firm, is urging the UK government to reintroduce VAT-free shopping relief for international tourists in support of the country’s fashion industry.

As London Fashion Week celebrates its 40th anniversary, Gabby Donald, Corporate Tax Partner at the firm, highlights the significant contributions of the UK fashion and textile industry, which adds £62 billion to the economy and supports one in every 25 jobs.

According to research commissioned by the UK Fashion and Textile Association, the industry generates over £23 billion in tax revenues annually. Donald stresses that reinstating tax-free shopping VAT relief would make the UK more competitive with EU countries, which continue to offer this benefit to international tourists, and attract more global consumers to British brands.

Donald also points to the opportunity for a modernised VAT relief system: “Redesigning this relief with a technology-enabled solution would improve the experience for consumers and reduce administrative burdens on HMRC.”

With the fashion sector playing such a critical role in the UK economy, the government is being encouraged to seize the opportunity to support its growth by restoring VAT-free shopping and helping the industry remain globally competitive.

Read more:
Call to Reinstate VAT-Free Shopping to Support UK Fashion Industry

More than one-third of women (36%) believe they are not paid the same as men within their organisation, according to a recent survey commissioned by Acas ahead of International Equal Pay Day on 18th September.

The survey, conducted by YouGov, highlights ongoing perceptions of pay inequality, despite legal requirements for men and women to receive equal pay for equal work.

The survey revealed that only 10% of men believed they were being paid more than their female colleagues. However, the persistent gender pay gap remains a concern for many women across various sectors.

Acas, which provides a dispute resolution service to assist with potential employment tribunal claims, reported a 34% increase in early conciliation cases from 2022/23 to 2023/24, indicating that pay disputes are still a significant issue in the workplace.

Julie Dennis, Head of Inclusive Workplaces at Acas, stressed the importance of having clear pay policies: “Having an equal pay policy can help bosses be open and clear with their staff about how they achieve equal pay and how they will resolve any pay issues. This can help tackle any perceptions that men are being paid more than women and ensure employers are not breaking the law.”

Acas advises employers to implement equal pay audits or reviews, especially for businesses with more than 50 employees, to identify and resolve any disparities. Employees who suspect they are being paid less than their male counterparts for the same work are encouraged to address the issue with their employer or seek formal grievance procedures.

Equal pay remains a critical issue as organisations strive to promote transparency and fairness in the workplace, ensuring that all employees, regardless of gender, are compensated equally for their contributions.

Read more:
Over One-Third of Women Believe They Receive Unequal Pay, Survey Finds

BlackRock has announced a partnership with Microsoft to create a fund targeting up to $100 billion in investments to build the infrastructure needed to support the rapid expansion of artificial intelligence (AI).

The Global AI Infrastructure Investment Partnership aims to attract $30 billion in private equity capital from investors, corporates, and asset owners, with the potential to mobilise $100 billion when including debt financing.

As the demand for generative AI grows, so does the need for specialist data centres capable of handling vast computing power, leading to increased energy consumption. The fund will focus on investing in new and expanded data centres to meet this demand, as well as in energy infrastructure that can provide the necessary power to run these facilities.

MGX, an Abu Dhabi-backed investment company, will serve as a general partner in the fund, while Nvidia, the leading US chip designer, will contribute expertise in AI data centres. The investments will primarily be focused on the US market.

Brad Smith, vice-chairman and president of Microsoft, emphasized the importance of collective effort, saying: “The capital spending needed for AI infrastructure and the new energy to power it goes beyond what any single company or government can finance. This financial partnership will not only help advance technology, but enhance national competitiveness, security, and economic prosperity.”

Larry Fink, chairman and CEO of BlackRock, highlighted the massive potential of AI-related infrastructure investments: “Mobilising private capital to build AI infrastructure like data centres and power will unlock a multitrillion-dollar long-term investment opportunity.”

The project comes as global interest in AI continues to surge, with significant capital being funneled into the development of technologies that promise transformational productivity gains and technological breakthroughs. Sheikh Tahnoon bin Zayed al-Nahyan, chairman of MGX, commented: “Artificial intelligence is not just an industry of the future, it underpins the future. Through this unique partnership, we will enable faster innovation, technological breakthroughs and transformational productivity gains across the global economy.”

Read more:
BlackRock and Microsoft to Launch $100bn AI Infrastructure Fund