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Top story
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Brace yourselves – the pre-Budget Report looms
As Chancellor Alistair Darling announced that the pre-Budget report will take place on 24 November, businesses and advisers on Merseyside were calling for business tax cuts and help for the property industry. “The government needs to do all it can to revive the ailing property market,” said John Sutcliffe, managing director of civil and structural engineering firm Sutcliffe. “I’d like to see the Chancellor abolish tax on empty properties. More radically, I like them to cut VAT or look at employer’s national insurance contributions. Unfortunately, what they’ll probably do is introduce a few headline-grabbing incentives that won’t make any real difference to businesses.” Andrew Noon, a partner in the Liverpool office of law firm DLA Piper, said: “I am sure there will be dramatic, big-picture proposals designed either to stimulate the economy, stave off the worst of a recession, or simply help consumers and businesses survive. The fiscal response could be as breathtaking as the monetary one last week with the rate cut; nor can you discount the political dimension and the prospects of an election in the near future encouraging vote-friendly plans.”
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Deals
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Insider Dealmakers Awards tonight
The wait is nearly over. Tonight Insider is holding its prestigious North West Dealmakers Awards. In preparation, you can still read the thoughts of Insider editor Michael Taylor on the voting process and on who could win the much-coveted Deal of the Year Award. As he says in this week’s online deal column, In Focus: “You have to take a punt in this game. Someone has put their balls on the line to back a deal, or at least to get it over the line.” Click here to find out more. And for those of you who are not lucky enough to have a ticket for tonight's event, we will be sending out a special email tomorrow morning listing all the winners.
Ultimate move for Baty
The AIM-listed commercial finance operator Ultimate Finance Group has appointed Lee Baty as managing director for the north of England, based in Manchester. Baty joins from Bank of Scotland, where he was head of business development for Midlands and the north. Ultimate Finance yesterday reported that trading in the first four months of the financial year had been in line with management expectations.
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Business
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Pilkington faces European fine
Pilkington, the St Helens-based glassmaker, is being fined €370m by the European Commission (EC) following investigation into a number of glass manufacturers in the European automotive sector relating to infringement of competition rules. Japanese parent company NSG announced in 2007 that it had made a provision of around £250m for this fine, which will now be updated, resulting in a loss of ¥8.9bn in its income statement for the second quarter of the year to 31 March 2009. NSG is examining the EC’s decision and will decide on future action, including a possible appeal. The EC’s statement said that between early 1998 and early 2003 four manufacturers – Asahi, Pilkington, Saint-Gobain and Soliver - discussed target prices, market sharing and customer allocation in a series of meetings and other contacts, in violation of the EC Treaty’s and the EEA Agreement’s ban on cartels and restrictive business practices.
Wind farm collaboration
Doncaster-based UK Coal has joined forces with North West development giant Peel to develop wind farms on land in its portfolio. The agreement will see Peel Energy evaluate, at its own expense, 14 potential sites with the potential for 54 turbines generating 133 megawatts, or enough to power around 80,000 homes per year. Peel already has experience of operating wind farms and is also looking at the prospect of developing a tidal power scheme on the Mersey. Earlier this month, Peel built its stake in UK Coal to 28 per cent, fuelling yet more talk of a takeover.
Diversity is key for comparison site
Ewloe-based price comparison site Moneysupermarket.com is banking on the diversity of its offering to see it through the current economic conditions. In an interim management statement this morning, chief executive Simon Nixon said performance of the group to date was in line with expectations but the credit crisis was having a big impact on some of its financial services products. “The third quarter was, as anticipated, a tough one. But the strength of our diversified model is now evident. The business is strongly cash generative and our balance sheet remains strong, so we are well placed to withstand the current difficult environment,” he said.
The culture of celebrity
According to a new study by Bank of Scotland Corporate, 90 per cent of people in the North West business community believe that TV shows such as Dragons’ Den and high-profile entrepreneurs has a positive effect on entrepreneurship. The region recorded the highest figure in the UK. Tim Rigg, head of corporate banking in the North West, said: “The North West has a long history of producing successful entrepreneurs. At the same time, our region has always been multicultural, cosmopolitan, open to new ideas and willing to learn from the success of people across the country. We are prepared to listen to the ideas and successes of others and use them as we make our own way in the business world.”
New recruit for Steve Stuart
Liverpool-based corporate finance house The Steve Stuart Partnership has appointed Paul MacMahon as an executive. MacMahon joins from PricewaterhouseCoopers, where he spent five years working in assurance at its Manchester office. He will be working on acquisitions, disposals and raising capital.
In the box
In support of next week’s Enterprise Week, Make Your Mark, the campaign to unlock the UK’s enterprise potential, is giving away free “Ideas Boxes” in Liverpool, to help businesses engage with their staff and make their businesses better. Sarah Bevan-Fischer, head of Make Your Mark North West, explained: “The Idea Boxes have already been extremely popular with Merseyside businesses. Staff get a unique opportunity to deposit their own ideas for new marketing or sales methods, ways to save money or anything else they feel would benefit the business.”
Creative advisers with vision
Eleven media development professionals have been appointed by digital and creative industries body Northwest Vision and Media to nurture the next generation of creative talent. Working in conjunction with the regional screen agency, they will offer advice and expertise to anyone hoping to follow in their footsteps in the film, TV, radio or digital industries. “We’re incredibly fortunate in that we’ve been able to bring together a group of people with a huge and varied amount of professional experience, contacts and networks,” said Lynn Kelly, head of skills. “They will work on a freelance basis, acting as trainers, mentors and ambassadors of the region’s creative talent.”
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Property
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People in green cars
Warrington-based fit-out, housing and maintenance company Morris & Spottiswood has introduced hybrid cars across its company car fleet in a bid to save energy. The cars will help to slash fuel costs by at least 20 per cent and the company is also introducing speed restrictors to all its 208 vans, which means they will now be only able to reach a speed of 68 mph, in a further attempt to save energy. These moves follow the decision to bring in environmental specialists from Enviros to help put together a sustainability strategy.
Ridge at Horton House
Quantity surveying firm Ridge is taking space at Horton House at Exchange Flags in Liverpool, a joint venture between developers Pochin and UK Land & Property. In July Ridge acquired rival firm Walfords, which had three offices in Liverpool, Edinburgh and Milton Keynes, providing Ridge with national coverage and a 280-strong staff.
G&J Seddon receives education tribute
Construction company G&J Seddon have been presented with a Rising Star tribute by the Halton Education Business Partnership in recognition of its work with young people in the area. The company has been involved with the partnership and local Riverside College for the past three years and is offering advice on the new 14-19 Diploma in Construction and the Built Environment, for which the company’s training manager leads the National Employer Engagement Group.
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