Local and international news

INSOLVENCIES THROUGH THE ROOF

Over 20,000 company insolvencies have been registered in the UK in the past year – 72% more than year before. August saw 1,933 companies enter insolvency, with pubs, bars and restaurants among hardest hit. Insolvencies have increased from 11,949 to 20,512.

Businesses have struggled to pay their hugely increased energy bills. Unlike households, business energy bills are not capped. The hospitality sector has been hit especially hard, with 216 insolvencies of pubs, bars and restaurants in August – up 37% from 158 in July. Over the past year, insolvencies in this sector have increased 59%, from 1,354 to 2,156. Spikes in energy bills are forcing many to consider closure.

NEWS BULLETIN

❛❛ You have to be burning with an idea, or a problem, or a wrong that you want to right. If you’re not passionate enough from the start, you’ll never stick it out ❜❜

STEVE JOBS Apple founder

OUT TO PASTURE

Employers are driving away older workers just as the country needs them most. 62% of over 55s have been overlooked for promotion within their current company. 62% feel the main challenge is lack of training and opportunities. One in five over 50s feel ‘misunderstood’ by employers, while 45% of over-50s are actively looking for part-time, freelance roles over full-time work

The findings – from an upcoming Diversity & Inclusion report - highlights how, in spite of a fiercely competitive hiring market, over 50s are being overlooked for opportunities in favour of much younger and less experienced workers.

In fact, in a survey of 6,000 professionals, a third of over 55s stated that they are not at all aware of what they need to do to receive a promotion, in comparison to just 12% of Gen Z professionals.

LAST CHANCE

The Bank of England has revealed it is seeing queues as holders of paper banknotes try to exchange them at its counter in the City of London. People and businesses have until September 30th to use the paper Bank of England £20 and £50 notes after which they will no longer be in circulation, and will no longer have legal tender status.

❛❛ Train people well enough so they can leave, treat them well enough so they don’t want to ❜❜

RICHARD BRANSON Founder of Virgin Group

PLANTED INVESTMENT

LVMH, known for Moet Champagne and Dior fashion, is a leading new investor in Planted, a Swiss company trying to make and sell whole vegan ‘chicken breasts’ to chefs and supermarket shoppers.

CHINA TO INDIA

Apple says it has started making its iPhone 14 in India as it diversifies its supply chains away from China.The company makes most of its phones in China but has shifted some production outside the country as tensions rise between Washington and Beijing. China’s ‘zero-Covid’ policies, that have triggered widespread lockdowns, have also caused major disruptions for businesses during the pandemic.

The technology giant unveiled its latest iPhone last month. ”The new iPhone 14 line-up introduces groundbreaking new technologies and important safety capabilities. We’re excited to be manufacturing iPhone 14 in India,” Apple said in a statement.

WARRANT APPLICATION

When Queen Elizabeth II passed away at her Scottish estate in Balmoral, more than 600 Royal Warrants passed with her.

These symbols on packaging or websites not only show that the companies meet exacting standards, but have also supplied the Royal Household on a regular basis.

The Royal Warrant Association has said, however, that these businesses must now re-apply for their warrants. They are reviewed after a change in reigning sovereign but companies can continue to use the Royal Arms in connection with the business for up to two years. Firms that lose the Warrant will be faced with not only a dent to their reputation but a huge cost in removing the coat of arms from their entire range and all their marketing.

❛❛ I have not failed. I’ve just found 10,000 ways that won’t work ❜❜

THOMAS EDISON Inventor

BANKING HUBS

Thirteen locations have been earmarked for shared banking hubs in areas where the last branch has closed. A swathe of branch closures has raised concerns about access to cash for those who need it, and difficulties for small businesses trying to deposit takings. Ten other areas were previously identified, but the doors have yet to open on any of their new hubs.

Ministers have prepared legislation to ensure people can access cash locally, while experts say hubs are not enough.

“Cash is disappearing at a frightening rate, and so are ATMs and branches, and it is not acceptable to leave communities without access to cash,” commented John Howells, chief executive of Link, the biggest interbank network in the UK.

At these hubs, customers of any bank can access their accounts, deposit cash and cheques, and withdraw money at any time. Trickier enquiries are dealt with by a representative from one of each of the major banks who each visit once a week.