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Top story
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Spending cuts will hit business, says Assembly Government
The Welsh Assembly Government has warned that capital spending cuts imposed in the UK government’s Comprehensive Spending Review are so deep they will hit the private as well as public sector. Its spending budget was cut by less than some feared in the UK government’s Comprehensive Spending Review. But Assembly Government ministers say Wales has been hit disproportionately hard in the review unveiled by Chancellor George Osborne yesterday.
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Government and politics
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Business leaders positive on spending review
The Comprehensive Spending Review was greeted positively by business leaders in Wales.
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FSB has doubts over economy plan
The Federation of Small Businesses (FSB) has said there is a “disconnect” between the Assembly Government’s economic renewal consultation and the way the policy is working in practice. Members felt the consultation’s engagement with business was “not genuine” and called for the Assembly Government to seek business views on detailed implementation of the Economic Renewal Programme.
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St Athan defence college cancelled
The UK government has scrapped plans for a planned 1,000-acre £14bn defence academy at RAF St Athan in the Vale of Glamorgan. The Welsh Assembly Government the criticised the cancellation, and said it had spent £5m in preparation for it.
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Swansea BID could be extended
Swansea Council’s cabinet is being asked to support the renewal of the Business Independent District (BID) for another five years. The scheme was set up in August 2006 and has helped deliver projects including footfall cameras, additional city centre rangers and more street cleaning.
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Hopes fade for rail electrification
Hopes for the electrification of the mainline from Swansea to London appear to have been dashed by the Chancellor’s spending review. George Osborne announced transport projects across the UK during his speech to the Commons, but there was no mention of the electrification of the Great Western mainline from London to Bristol and then Swansea.
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Companies
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Genset sold out of administration
Genset, the provider of power generators to the UK rental, construction, agricultural, electrical, rail, pipeline, quarry and MoD sectors, has been sold out of administration to a new successor company, Genset UK. Joint administrators from Begbies Traynor were appointed at the Port Talbot-based company on 12 October.
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Dow hit by downturn
Reduced production and exceptional costs totalling £14m were blamed by silicone products manufacturer Dow Corning for its £3.6m pre-tax loss for the year to 31 December 2009 - down from a £22.2m profit in the previous year. The Barry-based business, a subsidiary of Dow Corning Corporation, said its loss was connected to the worldwide economic downturn.
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Property and construction
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Prego Estates buys £3.8m Homebase site
Prego Estates has bought a retail warehouse in Cwmbran which houses Homebase for £3.8m. The Henderson UK Property Unit Trust sold the property to Prego, which was assisted by Eagle Land.
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Bluebell Hotel acquires Full Moon
The owners of Neath-based Bluebell Hotel have bought the adjoining Full Moon public house. Additional facilities will be added to the Full Moon as part of an expansion plan.
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