5 Things You Need To Know, Today, on Friday 19th May 2023
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5 Things You Need To Know, Today, on Friday 19th May 2023
1. Critics have branded the UK government's delayed £1bn package of support for the semiconductor industry as "insignificant".
Semiconductors, or chips, are inside everything from phones to cars and the government has just unveiled a new 10-year strategy but it is facing allegations it is not enough - the US and EU have announced support closer to $50bn (£40bn).
2. British consumer confidence has risen for the fourth month in a row to its highest in 15 months as households take a more positive view about the economy and their finances, despite inflation still in double digits.
Market research firm GfK's headline confidence index rose to -27 in May from -30 in April, moving further away from the -49 record low last September when former prime minister Liz Truss's "mini-budget" showed chaos in financial markets.
3. Rishi Sunak has said he wants to ensure "Russia pays a price" for the war in Ukraine, after announcing new sanctions targeting Russian exports.
Speaking at the G7 summit in Hiroshima, the prime minister said he was leading the way with new sanctions on Russian diamond imports to the UK. The Russian diamond industry was worth $4bn (£3.2bn) in exports in 2021.
4. China says it has become the world's biggest exporter of cars after overtaking Japan in the first three months of the year.
Officials figures released in the last week China exported 1.07m vehicles in the period, up 58% compared to the first quarter of 2022.
5. Employees are more fearful and distrustful of artificial intelligence in the workplace than their employers - as businesses see cost savings as the main benefit of the technology.
Some 56% of employers think AI should be embraced in the workplace, while just 8% said it should be feared.
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