The latest issue of the BCC’s Global Monthly Economic Review is out. This briefing is intended to be an easy-to-use commentary on key global economic indicators relevant to UK businesses. The report also aims to provide a regular update on UK’s trade position in comparison to its key trading partners.
This month’s headlines:
• IMF lowers global growth forecast as it sees risk of the eurozone re-entering recession for a third time.
• Weaker growth prospects for Brazil, Russia and Japan while India shows some glimmer of hope.
• Oil prices fall again amid worries about global growth outlook.
Please follow this link to view this report.
Scottish Chambers of Commerce’s Quarterly Business Survey engages with 5 of Scotland’s key sectors: Construction, Financial & Business Services, Manufacturing, Retail & Wholesale and Tourism.
These findings, released in conjunction with the University of Strathclyde’s Fraser of Allander Institute show the position of businesses for Quarter 3 of 2014.
Liz Cameron, Director/Chief Executive of Scottish Chambers of Commerce said:
“Scottish businesses have performed strongly throughout the year with positive indications of further expansion throughout the economy. However, a number of businesses had cited the referendum on Scotland’s future as a concern and the continued difficulties in the Eurozone and world economies present a challenge to business growth.
“International events such as the Commonwealth Games and the Ryder Cup boosted Tourism performance with average room rates increasing for the 6th consecutive quarter. This boost does not seem to have been replicated in the Retail & Wholesale sector where more firms reported a fall in sales revenue than a rise: a trend that is expected to remain largely unchanged in the next quarter.
“It is important that Scotland builds upon the successes that the tourism industry has experienced in 2014 and this may be an opportune time for the UK Government to consider reducing the rate of VAT chargeable on accommodation, tourist attraction admission and restaurant services to 5%, in order to help our industry to compete on an even basis with other European nations.
“The Construction sector and Manufacturing sectors are still performing well but face ongoing challenges as both sectors experienced lower sales growth compared with the previous high performing quarter. For Construction, almost half of businesses that tried to recruit in Q3 faced difficulties in doing so, potentially hindering further growth prospects.
“Businesses have indicated that employment trends remain promising and are expected to grow, as more firms report increased levels of hiring. In particular, the retail sector reported its highest increase in employment for 10 years.
“As business looks to hire more people, continued challenges exist, as key sectors are often unable to find the right talent to employ, potentially slowing down the pace of economic growth. For our members, creating a nation of skilled people is the priority which will strengthen Scotland’s pace of economic growth and boost our productivity.”
Follow this link to access the survey
The Health Promotion Scheme is an exciting new partnership aimed at businesses across central Scotland launched by Scotland’s Health Charity, Chest Heart & Stroke Scotland (CHSS).
This innovative programme combines blood pressure screenings with individual lifestyle assessments and a choice of interactive workshops from a team of Health Promotion Specialists, to reduce the risk of chest, heart and stroke illness.
What’s on offer?
Blood pressure screening and lifestyle assessments
As well as checking blood pressure levels for staff, the Charity’s Health Promotion Specialists offer individual lifestyle assessments to raise awareness of risk factors and provide advice on how to reduce these by making healthier lifestyle choices.
Interactive workshops
There are fun and engaging sessions to equip staff with important healthy lifestyle messages
Support for staff-run health promotion activities
Further resources can be provided to support employees to run their own regular health and wellbeing groups.
“I enjoyed the fact I could get a blood pressure check without making an appointment and waiting at my GP outside of work hours” Workplace attendee.
What are the benefits?
By investing in the health and wellbeing of employees, businesses benefit by seeing an increase in staff productivity and morale, as well as a decrease in staff absence and turnover.
How you can get involved?
In return for this service, you can work in partnership with CHSS to raise funds to support people living with chest, heart and stroke conditions across Scotland.
Ideas include:
- Choosing CHSS as your ‘Charity of the Year’
- Organising fundraising events in your workplace
- Entering CHSS fundraising events – individually or as corporate teams
- Promoting payroll giving
- Encouraging staff or colleagues to volunteer for us
To find out more: www.chss.org.uk/healthpromotion
or call George Grierson or Laura Hastings on 0131 225 6963
Ebola is devastating communities in West Africa. It has already killed almost half of the people it has infected. We are stepping up our response to the disease to try to slow down the spread of infection
The Ebola outbreak started in Sierra Leone, Guinea and Liberia and cases have spread to Nigeria and Senegal. More than 9,000 people have been infected with Ebola and almost 4,500 have already died.
Oxfam’s response to the Ebola crisis across the West Africa region is being led a Scot, David MacDonald.
David said: “The need to break the spread of Ebola is absolutely key. Right now infection rates are accelerating and we have no option but to rapidly increase our work. We work on prevention to stop the disease spreading. Oxfam has already helped over half a million people, but with your help we can reach many more.”
Our response
We are supplying water, hygiene equipment and sanitation to treatment and community care centres and boosting mass publication about the disease. We are also giving personal protective clothing to front line community health workers.
We are working in six districts in Sierra Leone and stepping up our prevention programs in Liberia, Senegal and Guinea Bissau. We have started a radio program advising people how to avoid catching Ebola and on what to do if it spreads in their community.
How you can help
We are appealing to Scottish companies support Oxfam’s Ebola Crisis. We need to treble the size of our programme and help 2.5 million people at risk of catching the disease. Your company could make a massive difference.
Please contact Kathryn Porteous for more information on how you and your company could make a massive difference to this crisis.
0141 285 8866
Image: Water tanks donated to Sierra Leone by Oxfam
Award winning interior fit-out specialist, Market Prepare, has launched a brand new website with a fresh and improved user-friendly layout.
With its customer base encompassing both residential and corporate clients, the dynamic new site offers a clear division between the two directions of the business. Private landlords and homeowners can learn more about renovation and refurbishments that require multi-trade co-ordination and property owners and tenants of industrial, retail or office spaces can be assured of Market Prepare’s strong infrastructure and high level of professionalism.
Through this improved innovative site, it is now possible for customers to submit star rated reviews of the business directly. All reviews, be them through the site itself, Google or the East Lothian Council Trusted Trader, are amalgamated in one central hub for easy access.
From project management to refurbishment, from interior design to heating installation, comprehensive details about a wide range of Market Prepare’s services are included. In-depth downloadable case studies including client testimonials with accompanying high resolution images taken before, during and after project completion stages, as well as regular blogs, keep visitors up to date with news from the growing business.
The site is clearly divided into specific sections with subtle black and white photography throughout. Visitors to the site can also read all about each individual member of Market Prepare’s team.
You can visit the new site via www.market-prepare.co.uk or click the image below. Please call 0131 524 8194 to talk to the team directly or you can submit and enquiry directly through the ‘contact us’ page of the new website.
Commercial, cutting edge, low carbon technologies from innovative Scottish companies will be showcased for the first time at Cleantech Innovate Scotland 2015.
From wind-powered cargo ships to liquid air engines, from abseiling cavity wall insulators to smart-hubs that enable consumers to make real savings, Cleantech Innovate celebrates the very best of green industry innovation in the largest showcase of its kind in the UK.
This new conference, an extension of the successful Cleantech Innovate Programme going into its 3rd year in London in 2015, is being brought to Scotland by ecoConnect CIC as part of Glasgow’s Green Year 2015 with Zero Waste Scotland in a key partnering role.
The conference, to be held in Glasgow on 4 June 2015, will connect Scottish innovators with the investors, buyers and sector support services actively looking for the low-carbon stars of the future.
A €20,000 cash prize will be awarded to one finalist at the event by Climate KIC to directly support company growth.
Zero Waste Scotland’s Director, Iain Gulland, has also been confirmed as keynote speaker at the event. Gulland said:
“The development of new green technologies which can help move resource economies towards a more circular system, where valuable resources are used and reused in a continuous value chain, is potentially of huge interest in the global market place. In Scotland, we are looking to lead the way in creating a circular economy to maximise the value of our resources and future-proof our economy from global concerns like increased scarcity of raw materials.
“Scotland has a long history of producing and supporting innovation, and now is the ideal time for Scotland’s next generation of entrepreneurs and innovators to really turn their attention to green technologies which can provide solutions for a more circular economy. ecoConnect’s Cleantech Innovate Conference is a perfect event to showcase ideas and secure investment. This is exactly what is needed to deliver a more prosperous and sustainable Scotland, and help us continue our legacy of leadership and innovation.”
Catherine Hokin, Co-Founder and Director, ecoConnect CIC said: “Cleantech Innovate, with its focus on commercial innovation, is proof that green growth is economic growth. Zero Waste Scotland, with its focus on promoting efficient use of resources which will bring measurable gains to the economy and long term benefits to the environment is the perfect partner for the programme; we are delighted to have their support.”
Technology applications and delegate registration are now open – full details at www.cleantechinnovate.com Individuals can also nominate companies for the competition by contacting lakvinder.dhillon@ecoconnect.co.uk
Crude oil’s precipitous decline since the end of June is important for many reasons, but not necessarily the ones that some market observers are currently fretting over. Commodities in general have been poor this year, but oil has been particularly weak since the summer, with Brent Crude falling over 20%. Many suspect that commodity markets ‘know something’ about global growth that bond markets have long hinted at and equity markets are only just waking up to. We suspect this view risks underplaying the effects of a rising US dollar on an asset class predominately quoted in dollars, but, more importantly, the fact that prices are not just a function of demand, but also supply.
With regard to oil in particular, figures released last Friday showed OPEC lifted output in September by the largest amount in almost three years. The US supply story is also no doubt instrumental in oil’s continued retreat, as are continued efficiencies with regards to utilisation. In the words of the famous former Saudi oil minister, Sheikh Zaki Yamani “the stone age didn’t end for lack of stone…”
Even if we do not see the recent decline in the oil price as particularly sinister with regard to the prospects for global growth, it does have important ramifications for equity markets. Companies reliant on energy prices rises for revenue growth tend to outweigh those either agnostic to, or benefiting from, falling oil prices in most equity indices. With oil prices now moving towards widely suspected thresholds for Saudi Arabia’s fiscal balance, we suspect further downside should be capped given the kingdom’s role as the marginal supplier in a global oil market.
What about the rising dollar…?
Amidst all the concerns about the likely affect of a rising dollar on the prospects for the US economy, one often neglected point is its historic influence on the amount that investors are willing to pay for a dollar, euro or pound of quoted corporate sector earnings. There is a strong relationship between a rising dollar and the price earnings ratio of US and global ex-US equity indices.
Intuitively this makes sense. More often than not a rising US dollar is a symptom of robust health in the world’s largest and most important capitalist economy. Most of the time, this suggests that the prospects for global growth will, in varying lags, follow suit. In such an environment, investors should be willing to pay more for the earnings of the quoted corporate sector.
Welcoming the release of official figures which show that Scotland’s manufactured exports grew by 2.8% in the second quarter of 2014, Liz Cameron, Director/Chief Executive of Scottish Chambers of Commerce, said:
“This latest increase in manufactured exports shows that Scotland’s manufacturing businesses have been competing well in the global marketplace and are succeeding. This reflects the positive indications which we have been picking up from the sector throughout this year and shows that high levels of confidence are being justified by solid results.
“What these figures do not show is the performance of our services sectors, which account for 36% of our international exports, who also have a positive story to tell about growth in 2014.
“Of course there will be challenges ahead. The International Monetary Fund remains concerned about growth prospects in key international markets, including the Eurozone, which accounts for around 45% of our international exports of goods and services. This underlines the need to think globally in terms of exports and is a reminder of the need to develop business to business connectivity when supporting internationalisation.”
Did you know Edinburgh Waverley is the only railway station in the world named after a novel?
Queen Margaret University media students, Phillip Ellarby and Fausta Avizienyte, have created a special hyper-lapse film at Edinburgh’s Waverley Station to help celebrate the 200th anniversary of Sir Walter Scott’s historical novel – ‘Waverley’.
To mark the occasion, Edinburgh UNESCO City of Literature Trust and Network Rail have teamed up to stage a special exhibition at the station named after Scott’s novel. Quotes from Scott’s books and the thoughts of the man himself are now written across the floors, windows and walkways of Edinburgh’s Waverley Station, bringing Scott’s words alive for a new audience. The campaign aims not only to celebrate the 200th anniversary of the publication of Waverley, but also to mark the 10th anniversary of Edinburgh’s designation as the world’s first UNESCO City of Literature.
Edinburgh Rugby’s European home game gets underway against French contenders Lyon who are new to the Top 14 on Friday 24 October, Kickoff is 7:45pm
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