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Top story
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Transport authority may need to cover Icelandic exposure
South Yorkshire Integrated Transport Authority (SYITA) may have to dip into its reserves to boost the Passenger Transport Executive’s coffers if it is to write off all or part of the cash still held in Icelandic banks. SYITA’s 2009/10 budget includes a grant of £97m to the PTE following a levy increase of 1.99 per cent on the local district councils. SYITA and four district councils have asked local government minister John Healey for support towards these potential losses and a change in the regulations surrounding the period in which these losses can be written off. If this is unsuccessful the PTE will receive an additional grant from the SYITA before March 2010.
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Business
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Transport study will show effect of growth
Sheffield City Council has done a Transport Modelling Study to consider how the city centre will cope with the successful delivery of the city’s economic masterplan, which seeks to attract another 30,000 jobs to Sheffield by 2020. A report to the council’s cabinet next Wednesday will outline the impact of economic development on the city’s transport infrastructure, and calls for a second phase of work to provide the basis of a full Transport Strategy Review for Sheffield to identify the need for extra resources in addition to submissions already made to the Regional Transport Board.
Dyson restructures but doesn’t make sale
Chemical group Dyson has cancelled the sale of its Fulwood Road site in light of discussions with banks after announcing in December that it had exchanged contracts to sell the site for £1.4m. The group said it has seen a reduction in sales between 10 October 2008 and 17 February 2009 – 16 per cent in its performance materials division and 3 per cent for its thermal technology division. Its Dytech business is progressing to plan. The company has had to reduce staff, implement short-time working and production shut-downs to align costs with demand. But the group says energy costs are coming down and the weakening of sterling has started to impact on its competitive position.
New directors bring experience to Gripple
Gripple has appointed two directors to sharpen its focus on innovation. Neil Curtis will be its first innovations director, heading its innovations and ideas department. Curtis spent 11 years with Stanley Tools as retail market manager, global product manager and marketing director. Dean Battersby joins as production director. He was previously managing director of a manufacturing company and spent 23 years with Dormer Tools.
Credit initiatives must bear fruit soon
Demand for UK manufactured goods is at its weakest in 17 years and companies expect output levels to fall sharply over the next three months, according to the CBI. Its latest Monthly Industrial Trends survey indicates that export order book levels have continued to slide with prices expected to fall in the next three months. Andrew Palmer, regional director for the CBI in Yorkshire & Humber, said: “Moves to get credit flowing around the economy must bear fruit soon if job losses and further damage to the sector are to be mitigated.”
Sheffield Chamber signs European contracts
Sheffield Chamber of Commerce has won four European contracts in Turkey and the Western Balkans. The chamber will work alongside the Chamber in Adana, Turkey, on Greentouch – a project to minimise the negative environmental impact of manufacturing on the region in Turkey. The chamber will also provide capacity training to the chamber of the city of Trabzon in Turkey. In the Western Balkans it will facilitate the development of a cluster of local businesses supplying the energy and metals sectors and also offer the Erasmus scheme to Sheffield entrepreneurs – a European-wide project aimed at encouraging entrepreneurs to travel.
Islamic expert answers your questions
In this month’s Ask the Expert, Sharon Needle, partner at law firm The Needle Partnership in Leeds, answers your questions about Islamic banking. “The two basic principles behind Islamic banking are the sharing of profit and loss and the prohibition of the collection and payment of interest,” she says. Find out what else Sharon has to say about how Islamic banking differs from conventional banking and how it may affect your business by visiting our online section on international trade and clicking on Ask the Expert.
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Property
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SYIF helps water technology company move
AtraNova, a water treatment company that uses its patented Ebonex technology to improve a company's effluent discharge into the sewer, is relocating to the Advanced Manufacturing Park after receiving a £500,000 equity-based investment from South Yorkshire Investment Fund (SYIF). AtraNova, a spin-out from Cambridge technology consultancy Sagentia Group, has been operational for 18 months and is ready to roll out the technology commercially with businesses from the food, beverage, chemical and textiles industries.
Tembe expands at Westmoor Park
Tembe DIY and Building Products, based at West Moor Park Networkcentre in Doncaster, has expanded into the 2,521 sq ft unit next door to its existing premises. The company has expanded in response to national demand for the supply of DIY products to builders' merchants and shops, said managing director Guy Malam. “Since relocating to West Moor Park Networkcentre two years ago our turnover has nearly doubled and further growth of 23 per cent in the first month of this year meant we had to expand our premises,” he said.
Scarborough Group expands serviced offices arm
Forsyth Business Centres, the serviced office arm of Kevin McCabe’s Scarborough Group, has taken over the management of 15,000 sq ft of serviced office space in Leeds city centre, which was due to be closed by MLS Group. Forsyth has taken over management of 117 The Headrow on behalf of the landlord, KG Properties, which builds on its continuing UK expansion.
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Insider in print
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Subscribe to Yorkshire Business Insider magazine
The latest issue of Yorkshire Business Insider, the best-read magazine for industry, commerce and professional services, will be unleashed within weeks. The March issue features a focus on regional regeneration and a commercial property review, as well as your usual monthly fixes of priceless information, peerless investigation, valuable views and unmatched analysis. New customers can subscribe online for one year at an exclusive discounted rate (22 per cent off the cover price – submit promotional code M3) and also receive complimentary copies of our annual Yorkshire Dealmakers Guide, Yorkshire Commercial Property Guide and UK Business Insider (combined RRP £240). To receive your personal copy order online and submit promotional code M3. This offer is available until 27 February 2009.
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