http://www.simplybusiness.co.uk/knowledge/news/ en Copyright 2008 Fri, 16 May 2008 15:57:00 +0000 http://www.sixapart.com/movabletype/ http://blogs.law.harvard.edu/tech/rss News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages. UK airline British Airways (BA) has reported details of a strong rise in profits. Represented in annualised terms, profits at the airline have increased by a total of 45 per cent, a level which the company's head Willie Walsh has referred to as an "outstanding" achievement. Specifically, over the period of a year up to the end of March 2008, BA generated profit levels of £883 million. "We operate in a volatile market and this year has been no different. We have continued to work hard on our costs savings to deliver these strong results," said Mr Walsh. And in an interview with the BBC, Mr Walsh noted that he would not be taking his annual bonus, stating: "I thought it would be inappropriate that I be paid a bonus." The bonus payment to Mr Walsh could have been up to a maximum of £700,000. BA was established in 1974, following the merger of British European Airways and the British Overseas Airways Corporation. ]]> http://www.simplybusiness.co.uk/knowledge/news/finance/ba_reports_strong_rise_in_prof.html http://www.simplybusiness.co.uk/knowledge/news/finance/ba_reports_strong_rise_in_prof.html Finance Fri, 16 May 2008 15:57:00 +0000 News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages. An accident which resulted in an employee losing his finger has prompted the UK's Health and Safety Executive (HSE) to issue a warning on the dangers of workplace machinery. Following the accident, which took place in May 2007, the HSE is warning that all workplace machinery risks should be comprehensively assessed, in addition to operating such machinery with safeguards considered to be adequate. "Allowing machines to be operated without suitable and appropriate guards is ignoring basic safety principles, an act which cannot go unpunished," said Wayne Owen, an investigating inspector with the HSE. As a consequence of the incident, the firm was found to have breached Section 3(1) of the Health and Safety at Work etc Act 1974 and ordered to pay a fine of £2,000, excluding costs of £2,645. The HSE operates with the mission "to protect people's health and safety by ensuring risks in the changing workplace are properly controlled". ]]> http://www.simplybusiness.co.uk/knowledge/news/insurance/business_insurance/tradesman/accident_prompts_warning_by_hs.html http://www.simplybusiness.co.uk/knowledge/news/insurance/business_insurance/tradesman/accident_prompts_warning_by_hs.html Tradesman Fri, 16 May 2008 15:35:06 +0000 News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages. The Eurozone's economic performance over the first quarter of 2008 has been better than expected, new data has revealed. Data released by Eurostat has revealed that over the course of 2008's first quarter, the eurozone's gross domestic product (GDP) increased by a total of 0.7 per cent. The reported level of growth exceeds expectations as it had been thought that the area would expand by 0.5 per cent. However, Martin Lueck, an analyst from UBS, warned that "despite the positive surprise contained in today's numbers, it is important to realise that they are a look in the rear mirror". "Going forward, we expect the euro area economy to slow." Nevertheless, compared with the same point in 2007, the eurozone's GDP has increased by 2.2 per cent. Within the European Union, the eurozone is made up of a total of 15 different member states, including Austria, Slovenia, Spain and Malta. ]]> http://www.simplybusiness.co.uk/knowledge/news/general_business/data_shows_betterthanexpected.html http://www.simplybusiness.co.uk/knowledge/news/general_business/data_shows_betterthanexpected.html General Business Fri, 16 May 2008 15:31:12 +0000 News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages. The United Nations Food and Agriculture Organisation (UN FAO) has reported a fall in worldwide food prices, it has emerged. According to the findings of the organisation's food price index, global food prices have declined for the first time in a total of 15 months. "Since the beginning of May, there have been some positive signs, especially coming from the wheat crop prospects, which are very good," said Abdolrea Abbasian, a representative from the UN FAO, in an interview with the BBC. "Overall, I think as time goes on, we are getting a little bit optimistic". Specifically, the latest figures from the index report show a fall to 216.7, from a March total of 217. Established in 1945, the UN FAO works in the international arena - in a neutral way - towards the elimination of hunger in both the developed and developing world. ]]> http://www.simplybusiness.co.uk/knowledge/news/insurance/business_insurance/shop_retail/un_fao_reveals_global_food_pri.html http://www.simplybusiness.co.uk/knowledge/news/insurance/business_insurance/shop_retail/un_fao_reveals_global_food_pri.html Shop & Retail Fri, 16 May 2008 14:34:12 +0000 News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages. Driven by exports, Japan's economy has reported better-than-expected growth, it has emerged. Covering the first quarter of 2008, the rate of growth in the country's gross domestic product pushed annualised expansion levels to a rate of 3.3 per cent. Moreover, compared with the final quarter of 2007, the latest figures show growth levels of 0.8 per cent. However, analysts have expressed some caution in relation to the country's future growth prospects. "The strong growth suggests there may be a backlash in the April-June quarter," said Takeshi Minami, chief economist at Norinchukin Research Institute. "The results appear a little too good to be true." In contrast, growth in the US has been at a rate of 0.6 per cent. Specialising in the field of consultancy and research, the Norinchukin Research Institute is affiliated to the Norinchukin Bank, an organisation established in 1923 and privatised in 1959. ]]> http://www.simplybusiness.co.uk/knowledge/news/finance/japanese_economy_boosted_by_ex.html http://www.simplybusiness.co.uk/knowledge/news/finance/japanese_economy_boosted_by_ex.html Finance Fri, 16 May 2008 14:28:45 +0000 News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages. The Chartered Institute of Purchasing and Supply (CIPS) has stressed the importance of purchasing and procurement within a business during times of economic difficulty. Roy Ayliffe, director of professional practice with CIPS, has stressed that while it may be advantageous for an organisation to outsource certain elements of the purchasing process, it is not an advisable strategy for all areas of business procurement. "What [businesses] can do is outsource the purchasing of certain categories to specialist organisations who are particularly good at that," said Mr Ayliffe. "At a time like this, as budgets are tight for people right now, what tends to happen is that purchasing people are valued a bit more." Indeed, according to the findings of the latest salaries and reward survey, created by CIPS in partnership with Croner Reward, the earnings of senior members of staff operating in the purchasing sector have increased beyond the current national average. ]]> http://www.simplybusiness.co.uk/knowledge/news/general_business/cips_stresses_importance_of_pr.html http://www.simplybusiness.co.uk/knowledge/news/general_business/cips_stresses_importance_of_pr.html General Business Fri, 16 May 2008 14:24:38 +0000 News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages. Britain's Health and Safety Executive (HSE) has issued a new warning in relation to the dangers of asbestos. The organisation has warned that when engaging in refurbishment work, those within the building sector should ensure they conduct surveys and checks in order to ensure that individuals including employees - such as plumbers, builders and electricians - are protected from the dangers of asbestos. "If you inhale asbestos fibres … they can become lodged in the tissue of your chest and your body's natural defences may not be able to easily break them down," said the HSE. "This can lead to lung diseases (mainly cancers), particularly if you are repeatedly exposed to fibres over a number of years." Indeed, the substance has been linked with a number of conditions, including asbestosis and mesothelioma. The HSE issued its warning following the prosecution of building surveyor after he was found to have contravened The Control of Asbestos Regulations 2006. ]]> http://www.simplybusiness.co.uk/knowledge/news/insurance/business_insurance/tradesman/asbestos_warning_issued_by_hse.html http://www.simplybusiness.co.uk/knowledge/news/insurance/business_insurance/tradesman/asbestos_warning_issued_by_hse.html Tradesman Fri, 16 May 2008 14:01:16 +0000 News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages. The UK's Federation of Small Businesses (FSB) has come out against recent comments made by the Office of Fair Trading's (OFT) chief executive, John Fingleton. Simon Briault, a representative for the FSB has criticised comments made by Mr Fingleton, stating that 2,000 small shops close every year partially as a consequence of his own failings and the failings of the OFT. Mr Fingleton had blamed consumers for the closure of small stores across the UK, stating that although consumers wanted small stores to remain open, this sentiment contrasted with an unwillingness to purchase produce from such locations. "There isn't a level playing field when it comes to grocery retailing, and the OFT and the Competition Commission have failed to ensure that there is one," said Mr Briault. "With their third inquiry in eight years, they didn't do a good enough job." ]]> http://www.simplybusiness.co.uk/knowledge/news/insurance/business_insurance/shop_retail/fsb_criticises_oft_over_superm.html http://www.simplybusiness.co.uk/knowledge/news/insurance/business_insurance/shop_retail/fsb_criticises_oft_over_superm.html Shop & Retail Thu, 15 May 2008 14:35:37 +0000 News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages. The Bank of England has ended any hopes of interest rate cuts in order to spur growth, it has emerged. According to reports, the governor of the Bank of England Mervyn King, has confirmed that for inflation to be brought back under control, it will be necessary for the UK's economy to slow significantly over the course of 2008. The Bank's belief was also confirmed that the cost of living in the UK is set to rise, reports the Guardian. "We still expect the [monetary policy committee] will cut rates by a percentage point or so, but, as inflation expectations surge and the near-term inflation spike climbs ever higher, we now expect that easing will be delayed," said Michael Saunders, a representative from Citigroup. A number of factors will cause the cost of living to rise in the UK, including the fall in the value of sterling and the rising cost of food. Interest rates in the UK are currently set at five per cent. ]]> http://www.simplybusiness.co.uk/knowledge/news/finance/interest_rate_cut_speculation.html http://www.simplybusiness.co.uk/knowledge/news/finance/interest_rate_cut_speculation.html Finance Thu, 15 May 2008 14:31:17 +0000 News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages. The UK government has announced plans to extend the right of employees to request flexible working arrangements, it has emerged. Britain's secretary for business John Hutton has confirmed details of the extension, which will enable parents with children up to the age of 16 to request the right to work on a flexible basis. "I am convinced that the challenges which parents with older children face are considerable, and that the arguments for raising the age to 16 are compelling," said Imelda Walsh, human resources director at Sainsbury, a UK-based retailer established in 1869. "This change would offer an important opportunity for parents to have extra flexibility at key times in their children's lives." However, the move is not popular in some quarters, with leaders from the small business sector who believe that employers may fail to cope with levels of demand. At present, parents can request flexible working arrangements for children up to the age of six. ]]> http://www.simplybusiness.co.uk/knowledge/news/general_business/flexible_working_rights_extend.html http://www.simplybusiness.co.uk/knowledge/news/general_business/flexible_working_rights_extend.html General Business Thu, 15 May 2008 14:22:23 +0000 News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages. Financial organisation Barclays has announced details of further asset writedowns, it has emerged. Although the organisation has issued data showing a further writedown of £1 billion, the organisation has opted to not approach shareholders for additional funds. However, according to Chris Lucas, finance director for Barclays, "we are not going to rule in or rule out anything at this stage." Mr Lucas's comments were made in a report by the Press Association. Among the organisations which have chosen to approach shareholders are HBOS, Bradford & Bingley and the Royal Bank of Scotland. Barclays has also confirmed that profit levels for the first three months of 2008 will be lower than at the same point in 2007 - the bank has so far opted to not disclose further details of its fall in profits. Established in 1690, Barclays has its headquarters based in London. ]]> http://www.simplybusiness.co.uk/knowledge/news/finance/barclays_announces_further_cre.html http://www.simplybusiness.co.uk/knowledge/news/finance/barclays_announces_further_cre.html Finance Thu, 15 May 2008 14:18:53 +0000 News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages. DIY and home improvement firm B&Q has introduced a new tradesmen discount card for use nationwide. According to reports, the retailer is offering tradesmen such as builders and plumbers a discount of upon to 25 per cent, although building materials attract a lower rate of five per cent when the card is used, reports Builders Merchants Journal. The card has been introduced after an initial successful trial north of the border in Scotland. "The B&Q Trade Discount Card is designed specifically for tradesmen and couldn't be easier to use," said the company. "Earn a monthly product discount on a range of purchases, plus the more you spend on a monthly basis, the higher the level of rebate you will receive quarterly by cheque." Volume rebates of five per cent are also available providing certain criteria are met. Established in 1969, B&Q has its headquarters based in Southampton. ]]> http://www.simplybusiness.co.uk/knowledge/news/insurance/business_insurance/tradesman/bq_launches_new_trade_discount.html http://www.simplybusiness.co.uk/knowledge/news/insurance/business_insurance/tradesman/bq_launches_new_trade_discount.html Tradesman Thu, 15 May 2008 14:14:22 +0000 News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages. Entrepreneurial talent is not being nurtured in the nation's schools and colleges, a study has revealed. Conducted for the Prince's Trust Business Programme, the study has revealed that a majority of respondents (73 per cent) held the opinion that schools and colleges in the UK treated entrepreneurship as less favourable that careers regarded as safe. A further 81 per cent of respondents confirmed that the option to pursue entrepreneurship was not offered by careers advisers, reports the Financial Times. "[Britain] has produced some of the world's most talented business people but it risks falling behind when it comes to investing in young talent," said Martina Milburn, chief executive of the Prince’s Trust. James Murray Wells, founder of optician GlassesDirect, added: "When you talk to teachers there is frustration. They would like to run enterprise classes but they feel that the syllabus is straitjacketing them." The survey's findings are based upon the responses of 1,000 individuals between the ages of 16 and 30. The Prince's Trust charity was established in 1976. ]]> http://www.simplybusiness.co.uk/knowledge/news/general_business/survey_warns_of_failure_to_pro.html http://www.simplybusiness.co.uk/knowledge/news/general_business/survey_warns_of_failure_to_pro.html General Business Thu, 15 May 2008 14:08:50 +0000 News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages. Nationwide Building Society has confirmed details of a cut in the interest rates of a number of its fixed-rate mortgage products. With the new interest rates earmarked to become available from May 16th, the new rates are to be made available on the building society's two and five-year fixed-rate mortgage products. "Recent reductions in money market swap rates mean we are able to reduce the rates on our two year and five year fixed rate mortgages," said Matthew Carter, divisional director for mortgages at Nationwide Building Society. "This is good news for homebuyers, remortgage customers and borrowers who are coming to the end of their existing deals." These selected mortgages have been given interest rate reductions of up to 0.3 per cent by Nationwide. Established in 1884, Nationwide merged with Portman Building Society in August 2007 after announcing merger plans in September 2006. ]]> http://www.simplybusiness.co.uk/knowledge/news/finance/mortgages/nationwide_confirms_interest_r.html http://www.simplybusiness.co.uk/knowledge/news/finance/mortgages/nationwide_confirms_interest_r.html Mortgages Wed, 14 May 2008 16:02:20 +0000 News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages. Human rights organisation Privacy International has noted that the forthcoming employee blacklist is potentially illegal, it has emerged. The organisation has issued a warning that the creation of a database of dismissed employees could, under certain conditions, lead to something close to both defamation and libel should a named individual find themselves unable to secure a new job. Upon the launching of the site later this month, the online database will enable employers to lodge reports against individuals irrespective of whether or not the named person faced charges relating to the listed incident. "There is no way that this database is necessary or in the substantial public interest. So these employers who want this database have to make their case to Parliament, or else they will be soon in the courts," said a representative from Privacy International. Specifically, the database will feature the details of former staff members who have left an employer amid accusations of either theft or misconduct. ]]> http://www.simplybusiness.co.uk/knowledge/news/insurance/business_insurance/employers_liability/privacy_international_cautions.html http://www.simplybusiness.co.uk/knowledge/news/insurance/business_insurance/employers_liability/privacy_international_cautions.html Employers Liability Wed, 14 May 2008 15:56:02 +0000