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  • 📈 Ticketmaster's Dynamic Pricing Drama

📈 Ticketmaster's Dynamic Pricing Drama

New AI Treaty: Algorithms on a Leash

September 06, 2024

This is Cliff Equity, the UK’s business newsletter that keeps you informed on what’s important in tech, business and finance in less than 5 minutes

In today’s stories:

  • CMA Probes Ticketmaster's Dynamic Pricing Drama

  • New AI Treaty: Algorithms on a Leash

  • UK Homes Reach 2-Year High, Wallets Cry!

The summary: Oasis fans were left fuming as ticket prices soared unexpectedly, prompting the CMA to investigate Ticketmaster’s sneaky pricing tactics, with hopes that future gig-goers won't face the same shocking sticker price.

The details:

  • The CMA has launched an investigation into Ticketmaster's handling of Oasis ticket sales, particularly the eyebrow-raising "dynamic pricing" that left fans gasping at soaring prices.

  • What began as jubilation over the Gallagher brothers' reunion quickly devolved into outrage as ticket prices skyrocketed from £135 to a staggering £355, leaving fans clutching their pearls.

  • The CMA is sniffing around to see if consumers were misled or pressured during the buying frenzy, urging fans to submit their damning screenshots and tales of woe.

  • While Ticketmaster claims it's all about thwarting ticket touts, the CMA and even No.10 want to know if the ticket giant played fair—or just played fans.

Why it matters: Fans hoped for Wonderwall but got wallet-walloped instead, sparking a public outcry over ticketing trickery. The CMA's probe could expose whether Ticketmaster’s pricing wizardry crossed the line from clever to cunning. If proven, it could mean the jig’s up for dynamic pricing shenanigans, and ticket buyers might finally get a fair shake—or at least fewer shocks at checkout.

The summary: The UK’s new AI treaty is like giving our tech a top-notch chaperone, ensuring it boosts our economy while keeping our privacy intact and democracy safe from any rogue algorithms.

The details:

  • The UK has hopped aboard the AI treaty train with the EU and US, signing the world's first legally binding AI agreement, aiming to keep both humans and democracy intact while AI evolves.

  • This treaty demands nations to not only watch AI like a hawk but also to guard human rights, protect data, and uphold democracy, all while keeping AI from causing mischief.

  • With the treaty soon to be ratified, Britain will see a boost to existing laws, although the long-demanded AI Bill is still nowhere in sight – just a few friendly summits to keep us entertained for now.

  • In the spirit of "AI should serve us, not the other way around," the treaty ensures that AI respects privacy, avoids discrimination, and doesn't undermine public trust or the rule of law – all while promising an economic boost, if handled properly!

Why it matters: With AI’s power to upend everything from our daily lives to our democracy, keeping it in check with international rules is a bit like having a bouncer at the door of a very posh party—essential to keep things from getting out of hand. The new treaty ensures that AI behaves itself, respects our privacy, and doesn’t start picking favourites, all while promising to boost the economy without turning society into a sci-fi dystopia. It’s a grand plan to make sure we can enjoy our tech revolution without it having a meltdown and taking us down with it.

The summary: With house prices nudging record highs and a cheeky interest rate cut offering a glimmer of hope, the property market’s still buzzing—though cash buyers are breezing through while the rest of us keep an eye on those mortgage rates!

The details:

  • UK house prices have hit a two-year high, with a modest 0.3% rise in August, bringing the average home to a tidy £292,505 – just a whisker away from June 2022’s record.

  • The Bank of England’s recent interest rate cut has spurred confidence among homebuyers, though at 5%, rates still linger at levels reminiscent of 2008’s financial chaos.

  • Northern Ireland is leading the property party with a 9.8% price surge, while the North West of England is making a respectable showing at 4%.

  • Despite all the mortgage buzz, cash buyers remain the quiet powerhouses, making up a third of all housing sales, blissfully unaffected by rate jitters.

Why it matters: UK house prices creeping back to record highs means homeownership is still a distant dream for many, especially with interest rates clinging on like an over-eager guest at a party. Even though a rate cut has perked things up a bit, mortgages still feel more "ouch" than "ah, finally." And while some regions like Northern Ireland are riding a property boom, those cash buyers are quietly sashaying in, avoiding all the mortgage mayhem.