Small businesses at sea over Brexit as the weak pound causes headaches

Monday 13 February 2017 1:00 am Small businesses at sea over Brexit as the weak pound causes headaches Rebecca Smith Read more: #Marmitegate: Tesco boss warns suppliers against hiking pricesMoore Stephens noted that various small businesses have been similarly affected; forced to raise prices or watch profit margins get eroded as their prices start to rise.Mark Lamb, partner at Moore Stephens, said: “Just six months on from the Brexit vote a large number of SMEs say they have already been affected by the UK’s decision to leave.”“The fall in the pound has meant that imports of raw materials and other goods are now significantly more expensive for businesses, particularly for those smaller businesses with a smaller cash cushion to fall back on.”“General uncertainty over the future is also a key contributor for some as clients put projects on hold and customers pull back on spending.” Share The accountancy firm surveyed around 700 business owners to gauge their views on how Brexit will impact their firms in the coming year.Read more: Parliament is likely to be virtually powerless as Brexit remakes BritainOf those, 35 per cent said they had already been negatively hit by Brexit, though more were in support of Brexit than the year before. While 17 per cent were in favour of leaving the EU in 2015, this had risen to 32 per cent for 2016, though 56 per cent of business owners still remained opposed to leaving the EU.Some 59 per cent were confident about the year ahead; a drop from 77 per cent recorded in the previous year and a three-year low from the survey. A fifth of business owners also expressed concerns that leaving the EU will make UK businesses less attractive to investors.While the rise in prices caused by exchange rates has been felt by firms of all sizes, it came to public attention most prominently in Marmitegate, when Tesco temporarily withdrew Unilever products from stores after Unilever said the increase in imported goods had forced the firm to raise prices. Theresa May has not triggered Article 50 yet, but the uncertainty stirred up by Brexit, and the weak pound, are already weighing on small and medium-sized businesses.According to accountancy firm Moore Stephens, the fall in sterling in the wake of the Brexit vote on 23 June has been a key problem for businesses, with exchange rates particularly affecting smaller firms that rely heavily on imports from overseas. whatsapp whatsapp read more

UK firms expect moderation in rapid economic growth

first_img Chris PapadopoullosChris Papadopoullos was City A.M.’s economics reporter until February 2016. He is an economist at OMFIF. UK firms expect moderation in rapid economic growth whatsapp Show Comments ▼ UK firms’ expectations of economic growth have seen a decline with weak global growth and low productivity hitting sentiment.Reductions in growth expectations have occurred in the manufacturing, distribution, and consumer, business and professional service sectors, accord­ing to survey data published today by the Confederation of British Industry (CBI).The CBI is forecasting 0.6 to 0.7 per cent growth over the rest of the year. Results from the Office for National Statistics showed last week that growth in the third quarter was 0.7 per cent. The figure was less than the second quarter’s 0.9 per cent growth.UK growth is still very robust compared with other developed nations.Expectations of growth over the rest of year have moderated, implying firms are not expecting a return to the strong expansion seen in the second quarter any time soon.The net balance (per cent of firms responding positively minus the per cent responding negatively) of firms expecting stronger growth over the next three months was 25 which marks a steep reduction from August’s 38.“Faced with huge political and economic uncertainties, ranging from a weak Eurozone, a deteriorating outlook for emerging markets and an increasingly febrile geopolitical climate, it’s little wonder that firms have been gradually scaling back their predictions for growth,” said economist Rain Newton-Smith from the CBI.Further research released today by accountants PricewaterhouseCoopers (PwC) suggests weak productivity growth may hinder growth. The firm believes employers have been increasing their headcount too quickly while revenue has failed to grow as fast.“Too many organisations are simply following the pack and recruiting because everyone else is, rather than because they need to. This will ultimately stifle workforce productivity levels,” Anthony Bruce, HR and workforce analytics leader at PwC. Tags: NULL whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryzenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comYahoo! SearchResearch Car Donation For CharitiesYahoo! SearchThe No Cost Solar ProgramGet Paid To Install Solar + Tesla Battery For No Cost At Install and Save Thousands.The No Cost Solar Programinvesting.comThe Military Spent $1 Billion On this New Vehicle, And Here’s The First Lookinvesting.comMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNational Penny For Seniors7 Discounts Seniors Only Get If They AskNational Penny For SeniorsMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekEquity MirrorThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryEquity Mirror Tuesday 28 October 2014 10:06 pm Sharelast_img read more

Mortgage rates lowest since 2007

first_img Mortgage rates lowest since 2007 Share whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeHero WarsThis game will keep you up all night!Hero WarsTele Health DaveRemember Pierce Brosnan’s Wife? Take A Deep Breath Before You See What She Looks Like NowTele Health DaveMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailThe No Cost Solar ProgramGet Paid To Install Solar + Tesla Battery For No Cost At Install and Save Thousands.The No Cost Solar ProgramUltimate Pet Nutrition Nutra Thrive SupplementIf Your Dog Eats Grass (Do This Every Day)Ultimate Pet Nutrition Nutra Thrive SupplementMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryNational Penny For Seniors7 Discounts Seniors Only Get If They AskNational Penny For SeniorsElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald Express KCS Record price cuts have taken mort­gage rates to their lowest rates since 2007, a mortgage broker said today.The average interest rate on two- year tracker mortgages – that track some interest rate, typically the Bank of England’s base rate – dropped by 0.28 per cent to 2.38 per cent in the three months to November, according to figures from the Mortgage Advice Bureau (Mab). The figure marks a post-2007 low and means two-year tracker rates have fallen by more than 0.5 per cent over the last year. Average two year fixed rates drop­ped by 0.27 per cent to 3.44 per cent in the three months to November – the biggest Autumn price drop since 2008, according to the Mab.  Three-year fixed rates were also cut by 0.27 per cent, to a record low of 3.52 per cent. Fixed-rate mortgages are the most popular choice for borrowers. However, with two-year tracker rates falling further than two-, three- or five-year fixed rates over the past year, there has been a slight shift in borrower behaviour. Last month saw 92 per cent of homebuyers applying for fixed-rate mortgages compared with 94 per cent a year earlier.  Meanwhile, 87 per cent of remortgaging homeowners opted to fix compared with 93 per cent in November 2013. Brian Murphy, head of lending at the Mortgage Advice Bureau, said: “Fierce competition between lenders has led to an all-out mortgage rate war, with two year fixed, two year tracker and three year fixed rates all at record lows.  “This is resulting in tangible monthly savings for consumers, particularly compared to this time last year.” He continued: “There may be room for further discounts, but as we edge closer to an interest rate rise – currently expected in autumn 2015 – it’s likely that we will soon hit the bottom of the curve. Consumers playing the waiting game could therefore risk losing out on the most competitive deals.”  Monday 15 December 2014 9:35 pm Show Comments ▼ whatsapp Tags: UK house priceslast_img read more

Onex looks to resuscitate UK’s Survitec with $680m takeover

first_img Onex looks to resuscitate UK’s Survitec with $680m takeover Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryHero WarsThis game will keep you up all night!Hero WarsMaternity WeekA Letter From The Devil Written By A Possessed Nun In 1676 Has Been TranslatedMaternity WeekThe No Cost Solar ProgramGet Paid To Install Solar + Tesla Battery For No Cost At Install and Save Thousands.The No Cost Solar ProgramFungus EliminatorIf You Have Toenail Fungus Try This TonightFungus EliminatorBeverly Hills MDPlastic Surgeon Explains: “Doing This Every Morning Can Snap Back Sagging Skin” (No Creams Needed)Beverly Hills MDUltimate Pet Nutrition Nutra Thrive SupplementIf Your Dog Eats Grass (Do This Every Day)Ultimate Pet Nutrition Nutra Thrive SupplementElvenarIf You Like to Play, this Fantasy Game is a Must-Have. No Install.ElvenarNational Penny For Seniors7 Discounts Seniors Only Get If They AskNational Penny For Seniors Express KCS whatsapp CANADIAN private equity firm Onex yesterday agreed to buy British marine, defence and aerospace survival equipment manufacturer Survitec from US buyout counterpart Warburg Pincus for $680m (£450m). The deal is expected to be completed in the first quarter of 2015. Onex Partners IV will make an investment of approximately $320m for most of the equity in the Southampton-based firm, with the remainder being owned by Survitec management. “Survitec is a pioneer in the survival technology industry, evidenced by its strong relationships with blue-chip customers in the marine and aerospace segments, as well as defence departments around the world,” said Tony Morgan, a managing director in Onex’s London office. “We look forward to working with the management team, led by Brian Stringer, to continue to build on the company’s leadership position through continued service line expansion and strategic acquisitions.” center_img whatsapp Show Comments ▼ Monday 12 January 2015 8:25 pm Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe Wrap’Drake & Josh’ Star Drake Bell Arrested in Ohio on Attempted ChildThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapKatt Williams Explains Why He Believes There ‘Is No Cancel Culture’ inThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap Tags: Mergers and acquisitionslast_img read more

OTC company and directors broke securities laws, says BCSC panel

Keywords Over-the-counter securities and derivativesCompanies British Columbia Securities Commission The news releases falsely stated the value of Brookmount’s principal mining property by stating that it had mineral reserves when in fact it had none, contrary to both geological reports Brookmount had received, and what Brookmount had reported in its filings with the US Securities and Exchange Commission. Additionally, the panel found that Flueck and Sungur breached a BCSC cease trade order when they sold Brookmount Explorations securities in July and August 2007. The panel directed the parties to make submissions on sanctions. CSA seeks changes to derivatives rules Share this article and your comments with peers on social media CSA delays margin requirements for OTC derivatives Facebook LinkedIn Twitter Derivatives markets grow, ESMA reports IE Staff Related news A British Columbia Securities Commission panel has found that a company quoted on the US OTC bulletin board and two of its directors contravened securities laws when it issued false news releases. The panel found that Brookmount Explorations Inc, Peter John Flueck and Zafer Erick Sungur made misrepresentations in news releases it issued between February 2005 and June 2007. In doing so, the company also contravened the national standard for mining disclosure. read more

The Internet of things comes to financial services

first_img Share this article and your comments with peers on social media “Companies in the insurance industry and the finance industry are adopting this technology,” says Satya Ramaswamy, ‎vice president and global head of TCS Digital Enterprise at Tata Consultancy Services in San Francisco. “It is a widespread phenomenon. We do believe that companies still haven’t seen the full potential of this technology, but it is clear that it is being deployed in a big way.” The study found that in the insurance industry, IoT technology is helping companies improve products, pricing, and marketing. Specifically, 49% of the executives with insurance companies that have adopted this technology said they are using mobile apps to monitor customers’ use of their policies, enabling them to create more customized products and pricing models. A recent example is Boston-based John Hancock Life Insurance Co.’s new Vitality program, which enables policyholders to qualify for lower premiums based on steps they take to improve their health, as tracked by wearable technology. “It allows the health insurance companies to incentivize consumers to stay healthy and therefore avoid claims, but also allows them to understand the risk profile of a customer more accurately,” says Ramaswamy. As another example, he notes that numerous auto insurance providers have embraced telematics devices — technology that uses telecommunications to monitor, control or direct remote objects, such as GPS devices in cars — to track policyholders’ driving behaviours. The goal is to reward drivers who demonstrate positive habits with lower premiums. In the banking and financial services industries, the most common way that firms are using IoT technologies is through mobile apps that customers use on smartphones, tablets and other digital devices, with 64.5% of executives indicating that they monitor customers in this way. Other ways that firms use these technologies includes tracking how customers are receiving services in branches and other locations where business is conducted. “They can monitor how things are happening in bank branches – whether customers are being served quickly and effectively…and making the customer experience within the physical premises much better,” Ramaswamy says. Across all industries, many companies investing in IoT are reporting revenue increases as a result of these investments. In the financial services industry, this rise in revenues stems from segmenting customers more effectively, matching pricing more appropriately to individual customers and developing more engaging, customized products that attract more customers, Ramaswamy says. The study highlights opportunities for banks and financial services companies to use these technologies in more advanced ways in the next few years. This includes creating more tailored products and services and improving customer service by providing service representatives with more data on customers and they way they’re using products. Facebook LinkedIn Twitter Many insurance and financial services companies are beginning to embrace wearable technology and other, so-called “Internet of things” (IoT) technologies as a way of monitoring and engaging customers, according to a recent study by global IT services and consulting firm Tata Consultancy Services Ltd. (TCS). In a survey of 795 executives from large multi-national companies around the world, TCS found that companies across all industries – including insurance and financial services – are increasing their investments in IoT technologies. It also found that many companies have boosted revenue as a result. Megan Harman last_img read more

Retail sales hit $54.6 billion in October: StatsCan

first_img Keywords Retail sales,  Economy,  CoronavirusCompanies Statistics Canada Related news Core retail sales, excluding gas stations and vehicle parts, were up 0.3 per cent in October amid a nearly 12 per cent sales bump for sporting goods, hobby, books and music stores. Furniture stores also saw sales spike 6.6 per cent in October, and building material and gardening shops saw sales rise 2.9 per cent during the month.E-commerce sales spiked by more than two-thirds in October compared with this time last year and now represent more than five per cent of overall retail trade.But the agency also said that retail sales fell in Ontario during October for the first time since April amid record increases in COVID-19 cases and stricter public health measures. Sales also fell 4.3 per cent in New Brunswick, where general merchandise stores were dinged during the month.“Today’s release surprised to the upside, with positive growth in October as well as an upward revision to an already-strong showing in September,” wrote Ksenia Bushmeneva, an economist at TD Economics.“That being said, this was likely the last bout of good news for some time. With COVID-19 cases remaining high or increasing across much of the country and restrictions intensifying, things will likely get worse before they get better.”Sales climbed in seven provinces in total and Statistics Canada noted a 2.1 per cent uptick in British Columbia, where health store sales rose in October.“Just like in other parts of the economy, the pandemic is creating winners and loser as it reshapes the retail landscape. With spending on services out of reach, consumers spent more on goods this year,” wrote Bushmeneva in a note to clients.Statistics Canada estimates that retail sales nationwide were relatively flat in November heading into the holiday shopping season, although the agency says that’s a preliminary estimate and will be revised.Priscilla Thiagamoorthy, an economist at BMO Capital Markets, wrote that given the 1.1 per cent drop in U.S. retail sales in November, “an unchanged reading is a major win for the Canadian economy.’”“A surge in virus cases and tighter restrictions in many provinces meant stores had to close their doors heading into the all-important holiday shopping season,” wrote Thiagamoorthy in a note to clients.“Given that retailers were discounting early and aggressively, it’s possible that some of the relative firmness in sales may have been ‘borrowed’ from December’s results.” Canadian Press Digital shift cushioned blow to post-pandemic growth outlook, BoC deputy says Facebook LinkedIn Twitter Covid vaccine-sharing discussions to dominate G7 summit talks Man with smart phone and credit card with online shopping and payment. wutwhan/123RF Share this article and your comments with peers on social media Economy grew at 5.6% annual rate in first quarter of year, Statistics Canada says Retailers made $54.6 billion in sales in October, marking the sixth monthly increase since April’s record decline at the start of the COVID-19 pandemic, Statistics Canada said on Friday.Car and truck part dealers led the 0.4 per cent overall increase, as sales of trucks and buses were up 4.1 per cent from this time last year, the report said. However, Statistics Canada also noted that passenger car sales are down 23.2 per cent from a year ago, and sales at gas stations fell 2.7 per cent in October, declining for the first time in six months. last_img read more

Dr. Phillips lauds JDF for Contribution to National Security

first_imgRelatedDr. Phillips lauds JDF for Contribution to National Security Advertisements Dr. Phillips lauds JDF for Contribution to National Security UncategorizedAugust 20, 2006 RelatedDr. Phillips lauds JDF for Contribution to National Securitycenter_img FacebookTwitterWhatsAppEmail Minister of National Security, Dr. Peter Phillips, has lauded the Jamaica Defence Force (JDF) for its contribution to national security and professed the government’s commitment to the modernization of the force in accordance with the Strategic Defence Review.“Let me make it clear that this administration is firmly convinced of the relevance of the JDF to the security and wellbeing of the Jamaican people and to the development of the country,” Dr. Phillips stated, as he addressed the opening of the newly constructed Delta Company Burke Barracks in Montego Bay, yesterday (Aug.19).He noted that over its 44 years of existence, the JDF has performed in military and non-military roles, and noted that Jamaicans were aware of its importance to nation building and social stability.Minister Phillips noted that while some persons have questioned the relevance of the JDF, in light of the fact that the country has not experienced any military threats, the force played a key role in the fight against the illicit drug trade, which threatened national security.“Let us realize that this international criminal elite provides the material basics for their local counterparts to challenge the state, establish their own zones of control, compete with elected representatives of the people and corrupt public institutions,” he pointed out.Stating that the “war against the international criminal elite needed to be waged with even greater intelligence and resources”, Dr. Phillips said, “this administration is convinced that any step to diminish the capacity and complement of the JDF would not be in the interest of the Jamaican people”.The JDF’s Strategic Defence Review, which was approved by Cabinet and tabled in Parliament, provides for a redesign of the structure of headquarters to improve command and control, and to more effectively administer the component parts of the force.Dr. Phillips said that the government remained committed to the implementation of the modernization programme as outlined in the document.The new Burke Barracks, which houses the third battalion of the Jamaica Regiment National Reserve, is located on the Flanker main road, on lands adjoining the Sangster International Airport. It was constructed through the collaborative efforts of the Civil Aviation Authority, Airports Authority, the Ministry of National Security, and the JDF’s Engineering Unit.The Burke Barracks is named in honour of World War 11 veteran and the first commanding officer for Delta Company, Major Basil Constantine Burke. The original barracks was damaged during recent hurricanes. RelatedDr. Phillips lauds JDF for Contribution to National Securitylast_img read more

Education Minister Emphathises With Plight of Tertiary Students

first_imgFacebookTwitterWhatsAppEmail Minister of Education, Hon Andrew Holness, in a statement Tuesday (April 13) said that he understands and empathises with the plight of tertiary-level students, who are concerned about reduced Government subsidies.Minister of Education, Hon Andrew HolnessMr. Holness said that while the Government acknowledges that the reduction in subsidy to the UWI will cause hardship to both the students and the administration, the Government is also committed to providing assistance to students who are at risk of deregistration.He stated, however, that the current means of funding tertiary education is not sustainable, and the crisis provided an opportunity to rethink tertiary funding and the role of the Students’ Loan Bureau.The full text of the statement issued by the Ministry read:“The Government of Jamaica’s Letter of Intent to the International Monetary Fund, which is a projection based on currently available data, recommended a nominal freeze of tertiary subsidies. This means that the Government would attempt to provide the same level of funding as in the 2008/09 budget without taking into account inflation.“The Minister of Education later went on to explain at the UWI Research Day in January, as well as in other fora, that this position was contingent on the Government being able to meet its revenue targets. Unfortunately, revenues have been less than projected and the Government has had to adjust some targets. In addition, the Ministry of Education had already given an indication that there would be a rebalancing of Government’s expenditures in favour of the foundation and secondary levels of education.“We were clear to say that the tertiary institutions would increase their fees based on our guidance in line with inflation. The universities have the authority to set their fees with reference to the Government. From our discussions with the institution it appears that they will comply as closely as possible with the guidance given.“The Government acknowledges that the reduction in subsidy to the UWI will cause hardship to both students and the institution’s administration. In this regard, the Government has also committed to providing assistance to students who are at risk of deregistration.“Finally, the current means of funding tertiary education is not sustainable and this current crisis provides the opportunity to rethink tertiary funding and the role of the Students’ Loan Bureau.“We remain committed to expanding access to tertiary education, and that will be the main thrust of all reform efforts going forward.” RelatedEducation Minister Emphathises With Plight of Tertiary Students Advertisements RelatedEducation Minister Emphathises With Plight of Tertiary Studentscenter_img Education Minister Emphathises With Plight of Tertiary Students EducationApril 13, 2010 RelatedEducation Minister Emphathises With Plight of Tertiary Studentslast_img read more

Google patent pact unlikely to solve disputes

first_img Tags KT makes LG Electronics trade-in move AppleFTCGoogleMicrosoftMotorola Mobility Previous ArticleSFR set to maintain investment planNext ArticleNvidia touts industry’s “fastest” processor; unveils gaming device Google’s settlement with the US Federal Trade Commission to allow competitors to have fair access to standard-essential patents for mobile technology is unlikely to end ongoing legal disputes with Microsoft and Apple, Bloomberg reports.Microsoft said Google’s agreement with the FTC does little to resolve the dispute between the companies, and that it is still waiting for a decision from a federal judge in Seattle about appropriate royalties it should pay to Google’s Motorola Mobility unit for access to patents.Motorola initially demanded royalties of 2.25 percent of retail prices of devices using the patents in question, which Microsoft said was equivalent to $4 billion per year. Motorola lowered this offer in June 2012, but Microsoft felt the new offer was still unreasonable.In a blog post, Microsoft deputy general counsel Dave Heiner criticised the FTC for not seeking industry input on royalties and for failing to secure “an enforceable consent decree”.“The FTC’s overall resolution of this matter is weak and—frankly—unusual. We are concerned that the FTC may not have obtained adequate relief even on the few subjects that Google has agreed to address,” Heiner wrote.James Kulbaski, a patent lawyer with Oblon Spivak, told Bloomberg that Google’s offer to appease the FTC and European regulators may not be enough to end litigation among the companies.Robert Stoll of Washington’s Drinker Biddle added that there might be further activity from the FTC if it believes Google is not being as fair as it could be around patent access.Microsoft and Apple have also accused Motorola of misusing patents, complained to regulators in the US and Europe and filed suits in federal court for breach of contract. Apple told a Wisconsin judge that it won’t pay more than $1 per handset to Motorola.Motorola also has a case against Microsoft with the US International Trade Commission (ITC) involving video decoding patents. The ITC has already cleared Apple of claims that it was infringing Motorola patents for wireless technology. Alianza sobre IA entre Nokia y Microsoft Tim joined Mobile World Live in August 2011 and works across all channels, with a particular focus on apps. He came to the GSMA with five years of tech journalism experience, having started his career as a reporter… More Read more AddThis Sharing ButtonsShare to LinkedInLinkedInLinkedInShare to TwitterTwitterTwitterShare to FacebookFacebookFacebookShare to MoreAddThisMore 07 JAN 2013 center_img Tim Ferguson Nokia makes AI move with Microsoft Home Google patent pact unlikely to solve disputes Español Related Authorlast_img read more