Leading Indian Councillor Honoured By Queen Elizabeth II In United Kingdom

London: Ranjit Dheer, a leading Indian-origin magistrate councillor, has been honoured by Queen Elizabeth II with a prestigious award for his services to the UK government.

Announcing this, the official government publication, the London Gazette said Mr Dheer was first elected as a Councillor in Ealing in 1982 and has won eight local government elections in the past 35 years. 

Mr Dheer, 75, was named in the New Year Honours list for 2018 for services to local government.

During this long period, he has served the borough as a chair of many committees, school boards and public bodies as well as a deputy mayor and mayor.

He is the longest-serving Deputy Leader of the Council in the UK, having been first elected to this post in 2005.

Currently, he is also Ealing's cabinet portfolio holder for community services and safety.

He has served as a Justice of the Peace (Magistrate) and as a member judge of the Employment Tribunals.

RISE AND FALL Bitcoin price – today’s rate in USD and GBP and the latest news on the cryptocurrency

BITCOIN'S volatility is continuing but it has recovered some of its value following a pre-Christmas collapse and a single coin is worth more than £11,000.

The cryptocurrency suffered major losses after South Korea cracked down on the cryptocurrency and has continued to see peaks and troughs in its value. Here's the latest...

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Some investors are worried by the currency's volatile nature and the market's inability to cope with sudden shifts in demand.

An eBay executive told Yahoo Finance the tech giant is "seriously considering" accepting bitcoin payments after its recent success.

Although Scott Cutlor, senior vice president of eBay Americas said they're "not quite there yet", his consideration indicates how fast the cryptocurrency is permeating the mainstream.

John Taylor Jr, president and founder of research firm Taylor Global Vision in New York, on the other hand, believes Bitcoin will soon crash, even though it hasn't reached its peak yet.

The cryptocurrency's recent record of nearly $20,000 has been attributed to surging demand in China, where authorities warn it is used to channel money out of the country.

In March 2017 the price exceeded the value of an ounce of gold for the first time – then about £940.

As of 7.15am on December 29, the value of Bitcoin in GBP was £11,218 and $14,594 in USD.

What is Bitcoin?

Bitcoin is a virtual currency that was created in 2009 by an unknown computer whizz using the alias Satoshi Nakamoto.

Individual Bitcoins are created by computer code.

The total value of all Bitcoin in existence is now more than £112billion.

Transactions are made without middlemen, so there are no transaction fees and no need to give your real name.

More businesses are beginning to accept them and in some parts of the world you can even buy pizza with Bitcoins.

You can set up a virtual wallet websites like Blockchain to store,  keep track and spend your digital money.

You are also able to purchase Bitcoin through an online exchange or Bitcoin ATM.

To find merchants that accepts Bitcoin in the UK click here.

Bitcoins aren’t printed, like pounds, dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world.

It’s the first example of a growing category of money known as cryptocurrency.

How do Bitcoins work?

The value of Bitcoin, like all currencies, is determined by how much people are willing to exchange it for.

To process Bitcoin transactions, a procedure called 'mining' must take place, which involves a computer solving a difficult mathematical problem with a 64-digit solution.

For each problem solved, one block of Bitcoin is processed.

In addition, the miner is rewarded with new Bitcoin.

To compensate for the growing power of computer chips, the difficulty of the puzzles is adjusted to ensure a steady stream of new Bitcoins are produced each day.

There are currently about 16 million in existence.

The Bitcoin protocol – the rules that make Bitcoin work – say that only 21 million Bitcoins can ever be created by miners.

But these coins can be divided into smaller parts with the smallest divisible amount one hundred millionth of a Bitcoin.

This is called a "Satoshi", after the founder.

To receive a Bitcoin, a user must have a Bitcoin address - a string of 27-34 letters and numbers - which acts as a kind of virtual post box.

Since there is no register of these addresses, people can use them to protect their anonymity when making a transaction.

These addresses are in turn stored in Bitcoin wallets, which are used to manage savings.

Workplace robots could increase inequality, warns IPPR

The Institute for Public Policy Research saidrobots would not necessarily be bad for the economy.

However, it warned lower-skilled jobs were much more likely to be phased out in the coming decades, and only higher-skilled workers would be able to command better wages.

The government said it was committed to making automation work for everyone.

According to the Institute for Public Policy Research (IPPR), a centre-left think tank, most jobs would be "transformed by automation, not eliminated".

This could raise UK productivity growth by between 0.8% and 1.4% annually, and give economic growth a significant boost.

However, these gains might not be shared evenly, as on average, low-wage jobs had five times more "technical potential" to be automated than highly-paid jobs, according to the IPPR.

The sectors most at risk include:

transportation (where 63% of jobs could be automated)

manufacturing (58%)

wholesale and retail trade (65%)

At the same time, the IPPR said workers capable of using advanced machines would see their incomes rise, extending the earnings gap.

"Our analysis shows that jobs with the potential to be automated are associated with £290bn of wages each year," said research fellow Carys Roberts.

"Much of this will be replaced through increased wages due to higher productivity and new jobs created, but a substantial portion could also be transferred from wages to profits."

She added: "Within that, some people will get a pay rise, while others are trapped in low pay, low productivity sectors."

'Resilient and diverse'

She said the jobs most at risk of automation were disproportionately based in poorer areas of the country, and held by women and those from ethnic minorities.

"To avoid inequality rising, the government should look at ways to spread capital ownership, and make sure everyone benefits from increased automation," she said.

A spokesman for the Department for Business, Energy and Industrial Strategy said the UK's labour market was "resilient and diverse" and that advances in technology were helping to "bring new jobs".

"The government is committed to ensuring that the UK is to able to seize the opportunities and overcome the obstacles that exist in this area," he said.

"Government is working closely with industry to ensure the benefits of new technologies are felt across different sectors of the economy up and down the country, while creating new high-skill, well-paid jobs."

Workplace robots could increase inequality, warns IPPR

The Institute for Public Policy Research saidrobots would not necessarily be bad for the economy.

However, it warned lower-skilled jobs were much more likely to be phased out in the coming decades, and only higher-skilled workers would be able to command better wages.

The government said it was committed to making automation work for everyone.

According to the Institute for Public Policy Research (IPPR), a centre-left think tank, most jobs would be "transformed by automation, not eliminated".

This could raise UK productivity growth by between 0.8% and 1.4% annually, and give economic growth a significant boost.

However, these gains might not be shared evenly, as on average, low-wage jobs had five times more "technical potential" to be automated than highly-paid jobs, according to the IPPR.

The sectors most at risk include:

transportation (where 63% of jobs could be automated)

manufacturing (58%)

wholesale and retail trade (65%)

At the same time, the IPPR said workers capable of using advanced machines would see their incomes rise, extending the earnings gap.

"Our analysis shows that jobs with the potential to be automated are associated with £290bn of wages each year," said research fellow Carys Roberts.

"Much of this will be replaced through increased wages due to higher productivity and new jobs created, but a substantial portion could also be transferred from wages to profits."

She added: "Within that, some people will get a pay rise, while others are trapped in low pay, low productivity sectors."

'Resilient and diverse'

She said the jobs most at risk of automation were disproportionately based in poorer areas of the country, and held by women and those from ethnic minorities.

"To avoid inequality rising, the government should look at ways to spread capital ownership, and make sure everyone benefits from increased automation," she said.

A spokesman for the Department for Business, Energy and Industrial Strategy said the UK's labour market was "resilient and diverse" and that advances in technology were helping to "bring new jobs".

"The government is committed to ensuring that the UK is to able to seize the opportunities and overcome the obstacles that exist in this area," he said.

"Government is working closely with industry to ensure the benefits of new technologies are felt across different sectors of the economy up and down the country, while creating new high-skill, well-paid jobs."

Uber: Softbank takes large stake in ride-hailing firm

Japanese giant Softbank is set to take a large stake in Uber, expanding its holdings in transportation companies around the world.

Softbank led a consortium that reportedly agreed to invest at least $8bn for a roughly 15% stake in the San Francisco-based ride-hailing company.

The group will buy most of the shares from early investors in a deal that values Uber at about $48bn (£35.7bn).

Uber said the investment would fuel its expansion and technology investments.

The deal, which includes additional investment, is expected to be closed in early 2018.

Uber said: "We look forward to working with the purchasers to close the overall transaction, which we expect to support our technology investments, fuel our growth and strengthen our corporate governance."

As part of the deal, Uber's board will expand from 11 to 17 directors, with Softbank's investor group taking two of the new seats.

The shake-up was supported by Uber's new chief executive Dara Khosrowshahi, who has said he hopes to list Uber's shares publicly in 2019.

The change is expected to reduce the influence of former chief executive Travis Kalanick, who was ousted from the top role in June but remains a board member.

The moves come as Uber concludes a difficult year, in which it faced a sexual harassment scandal, investigations by regulators and a lawsuit over allegedly stolen technology, among other challenges. It also continues to experience steep losses.

Uber: Softbank takes large stake in ride-hailing firm

Japanese giant Softbank is set to take a large stake in Uber, expanding its holdings in transportation companies around the world.

Softbank led a consortium that reportedly agreed to invest at least $8bn for a roughly 15% stake in the San Francisco-based ride-hailing company.

The group will buy most of the shares from early investors in a deal that values Uber at about $48bn (£35.7bn).

Uber said the investment would fuel its expansion and technology investments.

The deal, which includes additional investment, is expected to be closed in early 2018.

Uber said: "We look forward to working with the purchasers to close the overall transaction, which we expect to support our technology investments, fuel our growth and strengthen our corporate governance."

As part of the deal, Uber's board will expand from 11 to 17 directors, with Softbank's investor group taking two of the new seats.

The shake-up was supported by Uber's new chief executive Dara Khosrowshahi, who has said he hopes to list Uber's shares publicly in 2019.

The change is expected to reduce the influence of former chief executive Travis Kalanick, who was ousted from the top role in June but remains a board member.

The moves come as Uber concludes a difficult year, in which it faced a sexual harassment scandal, investigations by regulators and a lawsuit over allegedly stolen technology, among other challenges. It also continues to experience steep losses.

Apple has apologised after facing criticism for admitting it deliberately slows down some ageing iPhone models

The company now says it will replace batteries for less and will issue software in 2018 so customers can monitor their phone's battery health.

Some customers had long suspected the company slowed older iPhones to encourage customers to upgrade.

Apple admitted slowing some phones with ageing batteries but said it was to "prolong the life" of the devices.

In a statement posted on its website, the firm said it would reduce the price of an out-of-warranty battery replacement from $79 (£58) to $29 (£21) for anyone with an iPhone 6 or later.

It said it was pushing ahead with measures to "address customers' concerns, to recognise their loyalty and to regain the trust of anyone who may have doubted Apple's intentions".

"At Apple, our customers' trust means everything to us. We will never stop working to earn and maintain it. We are able to do the work we love only because of your faith and support - and we will never forget that or take it for granted," it said.