Daily Management Review

Salesforce to invest $ 2.5 billion in the UK


06/14/2018


The US company Salesforce, specializes in cloud computing, announced an investment of 1.9 billion pounds ($ 2.5 billion) in the UK over the next five years, reports CNBC.



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Salesforce, known for its CRM system used by multinational companies around the world, announced plans to increase the number of employees, the number of data centers and office space in the UK, as the company's customer base is expanding.

This announcement follows the opening of the company's first European innovation center in Salesforce Tower London held last month. The center will use cloud, social, mobile technologies, artificial intelligence and Internet technologies to manage services. The company will open its second data center in the UK in 2019.

British Prime Minister Theresa May welcomed Salesforce’s investment.

"Salesforce offers a perfect example of the benefits that a successful technology company can bring to the UK economy, and I welcome their continued investment that will create interesting and highly-qualified jobs for our employees," May said in a company statement.

London remains the main center for investment in technology in Europe, despite the uncertainties associated with Brexit.

In 2017, British technology companies attracted almost four times as much funding as Germany, and more than Swedish, French and Italian combined, according to London & Partners. Currently, about 2.1 million people are engaged in the digital economy of Britain.

Meanwhile, business sentiment remains under pressure. The UK’s GDP in the I quarter grew by only 0.1% compared to the previous quarter. The growth rate has been minimal since the end of 2012.

Business investment declined 0.2% compared to Q4 2017. Quarterly decline in business investment was the first in more than a year.

Inflation in Britain last month unexpectedly remained at an annual minimum, although rising oil prices suggested an increase in price growth, Reuters reports.

Inflation in consumer prices in May was 2.4%, which is the lowest level since March 2017, the National Statistical Office reported. Interviewed by Reuters, economists expected inflation to rise to 2.5%.

Inflation reached a five-year high of 3.1% in November, when the effect of the depreciation of the pound sterling after voting in June 2016 on the withdrawal from the EU reached its peak.

In its statement last month, The Bank of England forecasted an increase in inflation due to an increase in oil prices and electricity bills, but then, according to the regulator, inflation will resume a steady decline to a target level of 2%.

Other recent economic data also suggested that the Bank of England is unlikely to see the urgent need to raise rates.

source: cnbc.com






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