James Dyson is to invest Â£1 billion in research and development in the UK to produce hi-tech exports.
“Export is vital for Britain to create wealth,” said founder and chairman James Dyson. “In order to export you have to have high technology products that are better than those produced elsewhere in the world.”
To boost UK research and development, engineers who come to study in UK universities should be encouraged to work in the UK after their course has finished, Mr Dyson said.
“One important thing we should do is to keep those engineers in Britain. A lot of them come from overseas, in fact, 90% of researchers at British universities come from overseas, and we must encourage them to stay here.”
“I would change our immigration laws to allow the right sort of people to stay here,” he said.
“I think it’s a European Union dominated by Germany, and in our particular field we have these very large German companies who dominate standards setting and energy reduction committees, and so we get the old guard and old technology supported and not new technology.
“I want to keep EFTA – European free trade – and free movement of peoples, but I don’t see that we need to be dominated and bullied by the Germans.”
Dyson’s Â£1 billion investment plan represents a significant increase in R&D spending at the company, which first made a name for itself selling bagless vacuum cleaners. Since then it has produced fans, heaters and powerful hand dryers for toilets.
Dyson also announced an extra Â£45 million investment in research at UK universities. The company has already made a commitment to spend Â£5 million on a robotics lab at Imperial College London, but there was no indication as to which other institutions would receive funding.
In January, the firm said it would invest Â£250 million to expand its Malmesbury research and development campus, and create 3,000 jobs.
Dyson also announced an investment of Â£200 million for manufacturing expansion in South East Asia. A proportion of the investment will go to its West Park motor factory in Singapore.
Dyson faced criticism for a 2002 decision to shift its vacuum cleaner manufacturing to Malaysia with a loss of hundreds of jobs.
Mr Dyson said; “We manufacture where our suppliers are in South East Asia and Singapore.”
He added that his family and firm paid UK taxes. In the past there have been reports of schemes being set up in locations including Malta for tax purposes, then wound down.
“It’s quite clear and quite simple,” Mr Dyson said. “Our companies are based here in Britain, I and my family are based here in Britain, and we all pay British taxes. We paid Â£330 million in the last three years. We have no companies based offshore at all now.”
November 21, 2014 Tags: Business Exports, Business Growth, Business Jobs, Business Sales, Exporting Businesses, growing business, Growing Jobs, Growing Profits, Growing Sales, Technological businesses, winning businesses Posted in: Business Development, Business Exports, Business Jobs, Business Sales, Business Win, Exporting Businesses, Global Business, Growing Business, Technological Businesses, Uncategorized, Winning Business No Comments
Next year’s Rugby World Cup will add Â£982 million to the UK economy-Â says a report commissioned by the tournament’s organising committee.
The research, by accountancy firm EY predicts that the tournament will attract a total of 466,000 visitors who will spend as much as Â£869 million.
The 2015 Rugby World Cup will be hosted in 11 cities across England and Wales.
In terms of single sporting events only the football World Cup brings in more paid spectators, the report added.
Spending on food and drink by ticketholders will generate as much as Â£32 million in revenue, EY calculated, and a further Â£13 million will be spent in “fanzones” – city centre shopping attractions with a Rugby World Cup theme.
The report also estimated the benefit to host cities of improved infrastructure, through investment in transport and stadia.
Debbie Jevans, who is in charge of England Rugby 2015, said the report proved that the tournament was “set to create a wide range of economic opportunities across many different sectors”.
She added: “Whether through investment in infrastructure, supporting jobs or generating revenue in ‘fanzones’, the economic benefits will be shared around our 11 host cities and beyond.”
Eleven cities across England and Cardiff have been selected to host matches at Rugby World Cup 2015. These include Brighton, Cardiff, Exeter, Gloucester, Leeds, Leicester, London, Manchester, Milton Keynes and Newcastle.
November 17, 2014 Tags: Business Sales, Business Win, Global Business, Growing Sales, winning business Posted in: Business Growth, Business Sales, Business Win, Global Business, Growing Business, Growing Sales, Uncategorized, Winning Business No Comments
A South Korean collector has paid Â£1.53 million at auction for a hat worn by French Emperor Napoleon.
The two pointed hat-Â a style widely worn by military officers at the time, was apparently donned by Napoleon during the Battle of Marengo in 1800.
The Battle of Marengo was fought on 14 June 1800 between French forces under Napoleon Bonaparte and Austrian forces near the city of Alessandria, in Piedmont, Italy.
The French overcame General Michael von Melas’s surprise attack near the end of the day, driving the Austrians out of Italy, and enhancing Napoleon’s political position in Paris as First Consul of France in the wake of his coup dâ€™Ã©tat the previous November.
The hat was later offered as a gift to Napoleon’s veterinarian.
The Monaco royal family put the hat on sale, along with hundreds of other items of Napoleon memorabilia, at the auction in Fontainebleau, near Paris.
The collection was put together by Prince Louis II of Monaco, the great-grandfather of current monarch Prince Albert.
The family are selling the pieces to fund a palace restoration.
The auction house listed the hat with an expected selling price of between Â£250,000 and Â£325,000, but experts had predicted the bidding would go far higher.
The South Korean buyer eventually paid Â£1,200,000, however with added fees bringing the final price almost 1.53 million.
The bicorne is one of only 19 of Napoleon’s hats thought to still exist – the emperor is said to have worn some 120 similar hats during his career.
Although the two-pointed hat was a common feature of military uniform, Napoleon wore his sideways, apparently to make him more visible on the battlefield.
Napoleon declared himself emperor in 1804 and waged war with other European powers, conquering much of the continent, before his final defeat led by Wellington at the Battle of Waterloo on 18 June 1815. Wellington’s army withstood repeated attacks by the French and drove them from the field while the Prussians arrived in force and broke through Napoleon’s right flank.
Aldi is to create 35,000 new jobs in Britain as it almost doubles the total number of stores over the next eight years.
Aldi confirmed plans, first announced in September- to invest Â£600 million as it expanded operations in Britain.
Earlier this year the retailer said it aimed to reach the 1,000 stores milestone by 2021.
Aldi said the new jobs will include a range of management roles, both in-store and within Aldi’s offices, as well as shop floor and distribution centre positions.
Along with its fellow German counterpart Lidl, the chain has been putting the “big four” supermarket chains under pressure with lower prices that have proved popular with consumers.
Aldi has a 4.8% share of the UK grocery market, according to Kantar Worldpanel – higher than Lidl’s 3.5% and closing in on Waitrose’s 5.1% share.
By comparison, Tesco has a 28.8% share and Asda is second with 17.4% for the 12 weeks to September.
Roman Heini, group managing director of Aldi UK, said the company was also buying more locally produced products and expanding its fresh food range. “This approach is helping us to grow our market share and driving our investment in the UK,” he said.
Its UK pre-tax profits rose 65% to Â£260.9m for the 12 months to 31 December, 2013 on a 35% increase in turnover to Â£5.27bn.
Aldi has more than 7,000 stores across three continents.
November 8, 2014 Tags: Business Growth, Business Jobs, Business Profits, Business Sales, Business Win, growing business Posted in: Building Businesses, Business Growth, Business Jobs, Business Sales, Business Win, Global Business, Growing Business, Uncategorized No Comments
One of Australia’s biggest banks ANZ, has announced a record full year net profit of Â£4 billion- up 15% from a year earlier.
In the statement the lender also said its cash profit rose 10% to Â£3.91 billion during the same period- the cash profit number is the bank’s preferred measure of performance and came in line with expectations.
ANZ attributed its results, in part, to gains in its Asian operations.
The bank’s annual results follow an announcement from rival National Australia Bank (NAB) on Thursday of a 10% fall in annual cash profit, due mainly to problems at its UK operations.
NAB’s Â£2.47 billion profit result was described as disappointing by its chief executive, Andrew Thorburn.
ANZ and NAB are among the top four banks in Australia, together with Westpac and Commonwealth Bank. ANZ is regarded as the nation’s third biggest bank by market value.
Australia’s banking sector, particularly the so-called top four, is regarded as being highly profitable.
ANZ Chief Executive Mike Smith said it was a good performance from the bank and noted its overseas operations.
“The result also saw continued momentum from our international business in Asia Pacific, Europe and America,” he said, “which now accounts for 24% of group revenues.”
Mr Smith said the annual results provided the bank with more options for growth “without the need to take on more risk”.
“With the phase of high investment in Asia largely complete, we are seeing a greater share of Asia-led revenue growth translate to profit,” he said.
ANZ is not growing revenue enough to offset these issues, he added.
“So for us, we think the next few years will be slightly more challenging and a test for ANZ’s ability to withstand the good times with the bad in Asia.”
Shares in the bank rose on Friday, closing the trading day up more than 0.7%.
The rise follows a suspension from trade on Monday after the lender accidentally published part of its full-year profit results.
November 1, 2014 Tags: Business Finance, Business Growth, Business Profits, Business Sales, Business Win, Finance Business, winning business Posted in: Business Finance, Business Growth, Business Jobs, Business Win, Finance Business, Uncategorized No Comments
The US Federal Reserve has said that it is ending its quantitative easing (QE) stimulus programme which it began in 2008.
The Fed said it was confident the US economic recovery would continue, despite a global economic slowdown as the targets for inflation and reduction in unemployment were on track, the Fed said in a statement.
The central bank, which also said it would not raise interest rates for a “considerable time”, has gradually cut back QE since last year.
The statement suggested that although the jobs market is strengthening, it is still not back to normal- which is why interest rates are being held.
“The Committee continues to see sufficient underlying strength in the broader economy to support ongoing progress toward maximum employment in a context of price stability,” the Fed said.
Several analysts seized on the Fed’s comments about slack in the labour market. Previous policy statements have referred to “significant underutilization of labour resources”.
However Wednesday’s statement left out the word “significant”.
QE started in November 2008 amid the financial crisis and fears that the US, and the rest of the world, might be facing another great depression.
The Fed’s traditional ammunition, cutting interest rates, was running low – there was one more cut the following month, taking the main interest rate target down to practically zero.
So the central bank began buying financial assets and creating new money to pay for them.
In total, the Fed has added $3.7 trillion worth of assets to its holdings, about an eightfold increase.
Recent data has pointed to increase spending by consumers and businesses. However, the housing market is still struggling and pay is stagnant.
There is concern about the long-term impact of the US’s persistent low inflation, which risks undermining consumer spending as people delay purchases in the hope that prices will fall further.
October 30, 2014 Tags: Business Finance, Business Growth, Business Win, Finance Business, growing business, Growing Businesses, Growing Economy Posted in: Business Finance, Business Growth, Business Win, Finance Business, Growing Business, Growing Businesses, Growing Economy, Uncategorized No Comments
The rate at which UK citizens are becoming insolvent has fallen to its lowest since before the financial crisis, according to official figures.
The number of people going bankrupt was the lowest for 14 years, as people turned to other forms of insolvency.
For many people it is cheaper, and less damaging, to apply for either Individual Voluntary Arrangements (IVAs) or Debt Relief Orders (DROs).
The forms of personal insolvency in the UK are:
- Bankruptcy: The traditional way of escaping overwhelming debt. Ends after one year, but you are likely to lose all your assets, including your house, to pay something to the creditors
- Individual Voluntary Arrangement (IVA): A deal between you and your creditors, overseen by an insolvency practitioner. Less stigma, less chance of losing your home, but involves paying some of your debts in one go
- Debt Relief Orders: Introduced in April 2009, these allow people with debts of less than Â£15,000 and minimal assets to write off debts without a full-blown bankruptcy.
In particular, DROs have continued to prove popular, rising by 2.7% in the year to September.
DROs were introduced in 2009, and enable people with debts of less than Â£15,000 to be declared insolvent.
Some debt charities would like that amount raised to a higher level.
“Today’s figures show that the personal insolvency rate is at its lowest level since 2006,” said Graham Horne, the Insolvency Service’s deputy chief executive. “It is still important that people experiencing financial difficulties should seek early advice,” he added.
Singapore has been ranked the best country to do business for a ninth consecutive year, according to an annual survey by the World Bank.
The UK moved up one position to eighth while the US stayed at number seven.
Eritrea was at the bottom of the table, along with Libya, the Central African Republic and South Sudan.
The World Bank ranking uses metrics such as the time taken to launch and close a business, gain construction permits and pay taxes in a country’s largest business city.
“The list remains very similar to last year’s” the report said. “Economies in the top 20 continued to improve their business regulatory environment.”
The top 10 countries were ranked as:
2. New Zealand
3. Hong Kong
5. South Korea
The survey, which was first published in 2004, was expanded this year to include the second largest business city in countries that have more than 100 million people.
There were 11 countries that were affected by this change, including China, India, Indonesia, Bangladesh and Pakistan.
China advanced three places to 90th while Japan fell two spots to 29th.
Overall, the report found it is easier to do business globally in both developed and emerging economies as they adopt better practices and regulatory reforms that facilitate businesses.
Sub-Saharan African countries were among the most improved although many of them continue to occupy the bottom of the rankings.
The World Bank said 39 African nations had “reduced the complexity and cost of regulatory processes” while 36 had strengthened legal institutions.
Tajikistan in Central Asia topped the most improved countries list, but the rest of the top five were made up of Benin, Togo, the Ivory Coast and Senegal.
October 20, 2014 Tags: building business, business development, Business Exports, Business Growth, Business Win, Global Business, Global Businesses, Growing Economy Posted in: Building Businesses, Business Development, Business Growth, Business Win, Global Business, Global Businesses, Growing Business, Growing Economy, Uncategorized No Comments
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March 18, 2013 Tags: Business Win, Global Business, Online Sales Growth, search engine optimisation, search engines, Technological businesses, winning business, Winning Websites Posted in: Business Win, Digital Business, Global Business, Gloucestershire Businesses, Growing Business, New Business Development, Online Sales Growth, Search Engine Optimisation, Search Engines, Technological Businesses, Winning Business, Winning Websites No Comments
Panasonic has reported a net profit of Â£421 million for the October-December period, compared with a Â£131 million loss a year earlier.Panasonic, which kept its forecast for a full-year loss unchanged, said a weak yen had improved business conditions.
The Japanese currency has dipped more than 15% against the US dollar since November last year.
A weak yen boosts profits of Japanese exporters such as Panasonic when they repatriate their foreign earnings back home. It also makes Japanese goods more affordable to foreign buyers.
The firm has said it expects to make a net loss of 510 million for the financial year to 31 March 2013.
Panasonic has seen its fortunes slide in recent years amid a slowdown in global demand and falling prices for TVs.
To make matters worse, it has also had to face strong competition from rivals, including South Korea’s Samsung which has grabbed a big share of the global TV market.
In its latest results, Panasonic said that global demand for flat-panel TVs and digital devices had weakened further.
It said its overall sales in the last quarter fell 8% on the year to Â£1.2 billion.
For its part, Panasonic has been trying to restructure its business. But it has previously warned that the costs related to such moves may be almost 11 times more than previously estimated.
March 12, 2013 Tags: Business Profits, Business Win, Global Business, Gloucestershire Businesses, Growing Profits, Technological businesses Posted in: Business Profits, Business Win, Digital Business, Global Business, Growing Profits, Technological Businesses, Uncategorized No Comments