6:34 am, September 13, 2024
Funding woes see nearly 20% of female business leaders ‘delay or cancel plans’
Almost one in five female business leaders have been forced to scrap or delay their company plans due to difficulties in securing financing, according to new research.
A survey commissioned by banking giant HSBC laid bare the difficulties facing women entrepreneurs, with one in 10 saying that securing the financial support they need was their number one challenge.
The poll of over 1,000 female business owners revealed that nearly half of them are planning to expand their businesses in the UK or overseas next year, but that many are being held back by not being able to access loans or financing.
Unions hail ‘important’ legal victory for workers over ‘fire and rehire’ plans
Union chiefs have hailed a Supreme Court ruling over so-called ‘fire and rehire’ proposals as an ‘important victory’ for workers across the country, claiming the practice has ‘no place in a modern economy’.
The Union of Shop Distributive and Allied Workers (Usdaw) took legal action against Tesco over the supermarket’s plans to fire staff at some distribution centres and rehire them on less favourable terms in 2021. Five Supreme Court justices ruled unanimously on Thursday that Tesco should be blocked from dismissing the staff, with Paddy Lillis, Usdaw’s general secretary, saying he was ‘delighted’ with the decision.
Following the judgment, the government said it would be bringing forward legislation to end ‘unscrupulous fire and rehire practices’, which it claimed had ‘no place in a modern labour market’.
Genesis will enter the FIA World Endurance Championship
Genesis has revealed that it will be fielding an entry into the gruelling FIA World Endurance Championship.
Its new LMDH car is currently in the works and will be the car that will take on one of the most famous races in motorsports history – the 24 hours of Le Mans. The LMDH ruleset requires competitors to use a variety of off-the-shelf components rather than the equivalent Le Mans Hypercar specification.
Genesis has not announced when its LMDH prototype will be entering into the World Endurance Championships, however with the WEC season nearly over, a 2025 entry could possibly be the perfect opportunity.
The markets
The FTSE 100 made gains amid a positive session for global markets after the European Central Bank (ECB) moved to cut interest rates.
The blue-chip index nevertheless finished below its intraday highs after a mixed start to trading on Wall Street took the edge off early positive sentiment. London’s top index finished 47.03 points, or 0.57%, higher to end the day at 8,240.97.
Elsewhere in Europe, sentiment across the main indexes was firmly positive after the ECB’s rate-setting council lowered the deposit rate from 3.75% to 3.5% at a meeting. The Cac 40 ended 0.52% higher for the day and the Dax index was down 0.97% at the close.
Poll shows sharp dip in public backing for prime minister and chancellor
Public favourability for both Sir Keir Starmer and Rachel Reeves has fallen sharply, according to a poll.
As the government faces criticism for withdrawing winter fuel payments from all but the poorest pensioners, research this month found 32% of people viewed the prime minister favourably, a six-percentage point drop since August.
Those who view Sir Keir unfavourably increased by eight points to 46% over the same period, leaving a net score of minus 14 compared with a net score of zero last month. The chancellor has seen her favourability fall by four points to 23%, at a time her unfavourability has risen by nine points to 44%, resulting in a net score of minus 21. Ipsos interviewed a representative sample of 1,147 adults aged 18 and above.
Plan unveiled for new slower, cheaper rail line as alternative to axed HS2 route
A proposal to build a new 50-mile railway line as a slower and cheaper alternative to a scrapped section of HS2 has been unveiled.
Creating a new rail link between the Midlands and the north west is critical to enhance capacity for passengers and freight moving between the regions, a report commissioned by the mayors of Greater Manchester and the West Midlands found.
The consortium found the new line has the potential to deliver ‘roughly 85% of the benefits of HS2 Phase 2’ at 60-75% of the cost. Costs would be lower than with HS2 because of the need to design tracks for lower speeds and using simplified connections with the existing rail network, according to the report.
Thursday on Car Dealer
‘Bullying’ used car salesman loses job and licence for ‘spectacularly dangerous’ drug driving
Car dealer Joshua Morriss lost his job after being caught driving over 100mph while over the drug limit with a child in the car. He admitted to dangerous driving and drug use, received a suspended jail sentence, and was banned from driving.
US giant Lithia’s new UK business saw pre-tax profit plummet in 2023 after major acquisitions
Lithia UK, formerly Jardine Motors, reported a 51% profit drop in 2023, with profit before tax at £15.1m, down from £31.0m in 2022. Despite turnover rising to £1.89bn, operating profit fell, impacted by exceptional and interest costs.
Scottish car dealer Macklin Motors opens new £5m Toyota franchise in Ayr
Macklin Motors, part of Vertu, invested £5m in a new Toyota site in Ayr, expanding its presence in the west of Scotland. The facility features a showroom, service area, and parking, aiming to boost the local economy and create jobs.
Weather
A bright and chilly start today before turning cloudier later on, reports BBC Weather. Some rain will move into Northern Ireland and Scotland, but it will stay dry elsewhere. Temperatures will top 17 degrees.
A dry night for most with clear skies. Scotland will have a few outbreaks of rain.
