Link to the article: BBC News
Prime Minister Gordon Brown has said financial markets need "morals" if they are to function properly.
Speaking at the Labour conference in Brighton, he defended the government's handling of the financial crisis and stressed his economic credentials.
He vowed that the banks that were bailed out would pay back taxpayers.
And Mr Brown said the government would pass new rules covering bankers' behaviour, including disqualifying those unfit to run banks.
"Any director of any of our banks who is negligent will be disqualified from holding any such post," he said.
Tuesday, 29 September 2009
Boardroom lessons for the dugout
Link to the article: BBC News
Major sports such as football, cricket, rugby, Formula 1, and many others are now recognised as being part of a multimillion pound global industry, with extensive budgets, media exposure, and customer bases.
However, despite the outward trappings of a FTSE or Dow-listed bluechip company many sports clubs, particularly in football, do not operate along traditional business lines.
Many still operate with a "fan-turned-chairman" ethos, or, at the other extreme, they are destabilised by a sudden influx of cash and become a billionaire's trophy asset.
All of which makes the jobs of both managing the team from the touchline and managing the business from the boardroom increasingly difficult.
To try to address some of these problems top business leaders and major figures in football management met at Arsenal's Emirates Stadium for the League Managers' Association (LMA) annual meeting.
Major sports such as football, cricket, rugby, Formula 1, and many others are now recognised as being part of a multimillion pound global industry, with extensive budgets, media exposure, and customer bases.
However, despite the outward trappings of a FTSE or Dow-listed bluechip company many sports clubs, particularly in football, do not operate along traditional business lines.
Many still operate with a "fan-turned-chairman" ethos, or, at the other extreme, they are destabilised by a sudden influx of cash and become a billionaire's trophy asset.
All of which makes the jobs of both managing the team from the touchline and managing the business from the boardroom increasingly difficult.
To try to address some of these problems top business leaders and major figures in football management met at Arsenal's Emirates Stadium for the League Managers' Association (LMA) annual meeting.
Visa to sponsor Olympic hopefuls
Link to the article: BBC News
Visa is to sponsor Team 2012, the 1,200 British athletes training to participate in the London Olympics, the British Olympic Association has said.
The multi-million pound deal with the US credit card giant will provide funds to help the Olympic and Paralympic hopefuls continue their preparation.
The association said it was the largest national team to gain sponsorship.
Visa is to sponsor Team 2012, the 1,200 British athletes training to participate in the London Olympics, the British Olympic Association has said.
The multi-million pound deal with the US credit card giant will provide funds to help the Olympic and Paralympic hopefuls continue their preparation.
The association said it was the largest national team to gain sponsorship.
BA launches business-only plane
Link to the article: BBC News
Transport correspondent Richard Scott takes a look at the new British Airways business class only plane.
BA chief executive Willie Walsh said he is confident about the service, which will link London's City Airport to New York.
The Airbus 318 in use will carry only 32 passengers, in seats that recline to fully flat beds.
However, the service has been criticised by environmentalists.
Transport correspondent Richard Scott takes a look at the new British Airways business class only plane.
BA chief executive Willie Walsh said he is confident about the service, which will link London's City Airport to New York.
The Airbus 318 in use will carry only 32 passengers, in seats that recline to fully flat beds.
However, the service has been criticised by environmentalists.
Ending the postal dispute?
Link to the article: Channel 4 News
By Channel 4 News
Ben King reports on how delivery disruption is hitting businesses, as Royal Mail workers take their dispute to Labour conference.
Outside the hall at the Labour party conference today will be members of the Communication Workers Union, who are there ahead of a nationwide post office strike which could start next month.
The CWU have been in an ongoing dispute with Royal Mail's management over modernisation and working practices.
Talks are on to resolve the dispute before the planned industrial action, but months of regional strikes have already caused massive disruption to postal services.
By Channel 4 News
Ben King reports on how delivery disruption is hitting businesses, as Royal Mail workers take their dispute to Labour conference.
Outside the hall at the Labour party conference today will be members of the Communication Workers Union, who are there ahead of a nationwide post office strike which could start next month.
The CWU have been in an ongoing dispute with Royal Mail's management over modernisation and working practices.
Talks are on to resolve the dispute before the planned industrial action, but months of regional strikes have already caused massive disruption to postal services.
Monday, 28 September 2009
The benefits and pitfalls of G20 shift
Link to the article: BBC Newsnight
Emily Mailtlis is joined by entrepreneur Sir David Tang, academic Dr Linda Yueh and MEP Daniel Hannan to discuss the decision to make G20 into a permanent fixture and whether it will be beneficial in avoiding future global financial crises or not.
Maitlis begins by asking Sir David whether Foreign Secretary David Miliband, who appeared on the programme just prior to the discussion, was right to say that the world needed an alliance like the expanded bloc.
Emily Mailtlis is joined by entrepreneur Sir David Tang, academic Dr Linda Yueh and MEP Daniel Hannan to discuss the decision to make G20 into a permanent fixture and whether it will be beneficial in avoiding future global financial crises or not.
Maitlis begins by asking Sir David whether Foreign Secretary David Miliband, who appeared on the programme just prior to the discussion, was right to say that the world needed an alliance like the expanded bloc.
CBI sets out plan for economic growth
Link to the article: Channel 4 News
By Channel 4 News
The CBI put forward a 12-point agenda today, setting out what any new administration should do to help put the economy on a path to sustainable growth.
The CBI said that whichever party wins the next general election, a new government should act quickly, and establish clear timetables for putting the 12 points into place within 100 days of taking power.
The business group particularly emphasised the need for a new government to commit to getting the public finances balanced by 2015 with a clear and credible plan for doing so.
This target year would require a new explicit commitment by the main political parties.
The CBI has launched the plan, titled New Government in Action: The Business Agenda, during the party conference season that precedes the next election, which must take place by June.
Its 12 priorities range from tackling youth unemployment because of its potential to scar a generation, to developing a stronger banking system.
John Cridland, CBI Deputy Director-General, said: "Any new government will have a lot to do in its early days, but the economy must be central to its plans, especially given the state of the public finances and the global downturn.
"Our proposals make clear what the priorities should be to help put our economy on the road to sustainable growth.
"The major political parties really need to focus on the public finances, even though this requires tough decisions. They should make it their ambition to set out a clear, credible plan that would return the budget to balance by 2015.
"We also emphasise the need for speed. A new administration should act quickly and decisively. This will not only put the right priorities in place quickly, but also help win confidence.
"Some of the priorities may surprise people. Not everybody expects youth unemployment to be a particular priority for business, but we know from previous recessions that it can scar generations and create lasting problems for young people as they make the transition to the world of work."
The 12 priorities spelt out in the CBI agenda are:
- Set out a sustainable path for the public finances
- Establish competitive business taxes
- Develop a strong banking system
- Prioritise energy security
- Work towards a low-carbon economy
- Develop the infrastructure for economic growth
- A global voice for UK business
- Skill students for the future
- Tackle youth unemployment (including a £2,500 subsidy for firms giving offering apprenticeships)
- Attract and cultivate enterprise and industry
- Reforming services to improve the economy
- Address public sector pensions
By Channel 4 News
The CBI put forward a 12-point agenda today, setting out what any new administration should do to help put the economy on a path to sustainable growth.
The CBI said that whichever party wins the next general election, a new government should act quickly, and establish clear timetables for putting the 12 points into place within 100 days of taking power.
The business group particularly emphasised the need for a new government to commit to getting the public finances balanced by 2015 with a clear and credible plan for doing so.
This target year would require a new explicit commitment by the main political parties.
The CBI has launched the plan, titled New Government in Action: The Business Agenda, during the party conference season that precedes the next election, which must take place by June.
Its 12 priorities range from tackling youth unemployment because of its potential to scar a generation, to developing a stronger banking system.
John Cridland, CBI Deputy Director-General, said: "Any new government will have a lot to do in its early days, but the economy must be central to its plans, especially given the state of the public finances and the global downturn.
"Our proposals make clear what the priorities should be to help put our economy on the road to sustainable growth.
"The major political parties really need to focus on the public finances, even though this requires tough decisions. They should make it their ambition to set out a clear, credible plan that would return the budget to balance by 2015.
"We also emphasise the need for speed. A new administration should act quickly and decisively. This will not only put the right priorities in place quickly, but also help win confidence.
"Some of the priorities may surprise people. Not everybody expects youth unemployment to be a particular priority for business, but we know from previous recessions that it can scar generations and create lasting problems for young people as they make the transition to the world of work."
The 12 priorities spelt out in the CBI agenda are:
- Set out a sustainable path for the public finances
- Establish competitive business taxes
- Develop a strong banking system
- Prioritise energy security
- Work towards a low-carbon economy
- Develop the infrastructure for economic growth
- A global voice for UK business
- Skill students for the future
- Tackle youth unemployment (including a £2,500 subsidy for firms giving offering apprenticeships)
- Attract and cultivate enterprise and industry
- Reforming services to improve the economy
- Address public sector pensions
Friday, 25 September 2009
Ireland's Guinness marks 250 years
Sep 25 - Ireland marks 250 years since Sir Arthur Guinness founding his stout beer brewery in Dublin.
Jennifer Marostica reports.
Jennifer Marostica reports.
Thursday, 24 September 2009
Jaguar Land Rover to close UK plant
Link to the article: Channel 4 News
By Channel 4 News
Jaguar Land Rover is closing one of its three British factories, but says there will be no compulsory redundancies.
Jaguar Land Rover has announced that it intended to close one of its factories in the West Midlands.
Either Castle Bromwich or Solihull will be closed with a final decision to be made next year.
Around 7,000 people are employed across both the sites. But Jaguar, who is owned by the Indian firm Tata, insists there will be no compulsory redundancies.
The company also said it will create 800 new jobs at its factory on Merseyside.
Jaguar Land Rover gave details of a new business plan it said was designed to increase its global competitiveness significantly, drive growth and sustained profitability, and respond to the challenges of climate change.
Chief executive David Smith said: "This is a plan that recognises the impact the economic collapse has had on our business, and at the same time the opportunities that lie ahead for these two great brands.
"We are confident that a new, more efficient and competitive structure combined with future investment will unlock the true potential of this business."
Jaguar Land Rover employs more than 14,000 people, including 2,000 at its Halewood plant near Liverpool, 5,500 at Solihull and approximately 2,200 people at Castle Bromwich.
The Castle Bromwich site thought to be most at risk, though a union agreement promises no compulsory redundancies.
The future for the company will be fuel-efficient cars. The LRX, the smallest, most fuel-efficient Range Rover ever, is to be built in Halewood, with the creation of 800 new jobs. And Jaguar will launch new, lightweight sport cars, with electric or hybrid engines.
Jaguar Land Rover has been losing money since the Indian company Tata bought it from Ford last year. Demand for its luxury cars and four-wheel drive vehicles has been hit by high fuel prices and the recession. From April to June the company lost £62m.
The company has already responded to the downturn over the past year by cutting production by 100,000, axing 2,500 jobs, freezing pay and cancelling bonuses.
Tata had asked the government for a bailout, but when the terms offered were too harsh, it managed to raise cash from private sources.
Business Secretary Lord Mandelson said: "Today's announcement of Jaguar Land Rover's business plan shows how focused it is on the future of the industry and the opportunities available as we move to a low carbon future.
"The Government will continue to do everything it can to help businesses fully exploit the opportunities that green manufacturing has to offer.
"I know that trading conditions are difficult for the car industry as a whole. It is inevitable that we will see further re-structuring across the industry.
"There is global over-capacity and car manufacturers recognise that they have to take some of this capacity out and cut back on their costs. There are opportunities and that's why we must continue to innovate and lead the way."
By Channel 4 News
Jaguar Land Rover is closing one of its three British factories, but says there will be no compulsory redundancies.
Jaguar Land Rover has announced that it intended to close one of its factories in the West Midlands.
Either Castle Bromwich or Solihull will be closed with a final decision to be made next year.
Around 7,000 people are employed across both the sites. But Jaguar, who is owned by the Indian firm Tata, insists there will be no compulsory redundancies.
The company also said it will create 800 new jobs at its factory on Merseyside.
Jaguar Land Rover gave details of a new business plan it said was designed to increase its global competitiveness significantly, drive growth and sustained profitability, and respond to the challenges of climate change.
Chief executive David Smith said: "This is a plan that recognises the impact the economic collapse has had on our business, and at the same time the opportunities that lie ahead for these two great brands.
"We are confident that a new, more efficient and competitive structure combined with future investment will unlock the true potential of this business."
Jaguar Land Rover employs more than 14,000 people, including 2,000 at its Halewood plant near Liverpool, 5,500 at Solihull and approximately 2,200 people at Castle Bromwich.
The Castle Bromwich site thought to be most at risk, though a union agreement promises no compulsory redundancies.
The future for the company will be fuel-efficient cars. The LRX, the smallest, most fuel-efficient Range Rover ever, is to be built in Halewood, with the creation of 800 new jobs. And Jaguar will launch new, lightweight sport cars, with electric or hybrid engines.
Jaguar Land Rover has been losing money since the Indian company Tata bought it from Ford last year. Demand for its luxury cars and four-wheel drive vehicles has been hit by high fuel prices and the recession. From April to June the company lost £62m.
The company has already responded to the downturn over the past year by cutting production by 100,000, axing 2,500 jobs, freezing pay and cancelling bonuses.
Tata had asked the government for a bailout, but when the terms offered were too harsh, it managed to raise cash from private sources.
Business Secretary Lord Mandelson said: "Today's announcement of Jaguar Land Rover's business plan shows how focused it is on the future of the industry and the opportunities available as we move to a low carbon future.
"The Government will continue to do everything it can to help businesses fully exploit the opportunities that green manufacturing has to offer.
"I know that trading conditions are difficult for the car industry as a whole. It is inevitable that we will see further re-structuring across the industry.
"There is global over-capacity and car manufacturers recognise that they have to take some of this capacity out and cut back on their costs. There are opportunities and that's why we must continue to innovate and lead the way."
Wednesday, 23 September 2009
World's cheapest car is unveiled
Link to the video: BBC News
he Tata Nano, the world's cheapest car, has been launched in India.
Costing just 100,000 rupees ($1,979; £1,366), the Nano will now go on sale across India next month.
he Tata Nano, the world's cheapest car, has been launched in India.
Costing just 100,000 rupees ($1,979; £1,366), the Nano will now go on sale across India next month.
Tuesday, 22 September 2009
£129m fines for construction firms
Link to the article: Channel 4 News
By Channel 4 News
Some of the country's biggest construction firms are fined millions of pounds for illegally rigging contracts across England at the taxpayers' expense. Faisal Islam reports.
The Office of Fair Trading found firms guilty of anti-competitive collusion during the bidding process and warned the practice had been "endemic" throughout the industry. But the companies involved will not be barred from future tenders for public sector work. And the fines, which follow a five-year investigation, are far lower than had been expected.
The OFT found 4,000 instances of bid-rigging involving more than 1,000 companies but only focused on the cases where the evidence was strongest.
Most of the cases came in the form of so-called "cover pricing", where one or more bidders arrange for competitors to put in high bids so they will not win the contract, but will increase the appearance of competition.
By Channel 4 News
Some of the country's biggest construction firms are fined millions of pounds for illegally rigging contracts across England at the taxpayers' expense. Faisal Islam reports.
The Office of Fair Trading found firms guilty of anti-competitive collusion during the bidding process and warned the practice had been "endemic" throughout the industry. But the companies involved will not be barred from future tenders for public sector work. And the fines, which follow a five-year investigation, are far lower than had been expected.
The OFT found 4,000 instances of bid-rigging involving more than 1,000 companies but only focused on the cases where the evidence was strongest.
Most of the cases came in the form of so-called "cover pricing", where one or more bidders arrange for competitors to put in high bids so they will not win the contract, but will increase the appearance of competition.
Monday, 21 September 2009
Adidas and Puma end feud
Link to the article: Channel 4 News
By Channel 4 News
More than 60 years after a feud between brothers Adi and Rudolf Dassler produced the Adidas and Puma sportswear firms, the two companies are making peace for one day.
A historic handshake today between the chief executives of the two firms was followed by a football match in which employees from both companies played on mixed teams to celebrate International Peace Day.
"We are uniting on this day as a commitment to Peace Day," Puma CEO and Chairman Jochen Zeitz said in the statement.
In a joint statement last week, the two companies said they were making up to support the Peace One Day organisation, which has its annual non-violence day today.
They say that the events will be the first joint activities held by the two companies since the brothers left their shared firm in 1948.
"I am looking very much forward to our Adidas and Puma football match and I hope that our joint initiative helps to raise further awareness for Peace One Day around the world" – Adidas CEO Herbert Hainer.
Company split
In 1924 Rudolf Dassler joined his brother Adolf’s sports shoe business, which subsequently became Gebruder Dassler Schuhfabrik.
In 1936 the company provided the spiked shoes for Jesse Owens, who went on to win four gold medals in the Berlin Olympics that year.
But the brothers fell out during the war, and in 1947 went on to found separate companies. Rudolf formed a new firm called Ruda (from Rudolf Dassler), later renamed Puma. Adolf formed Adidas (Adi Dassler).
The rivalry that developed between the two companies even divided the firms' home town of Herzogenaurach, a small town of 23,000 people in southern Germany, where Adidas and Puma have rival factories on opposite sides of the river.
Both names went on to become huge global brands and continue to dominate the trainer market today in both fashion and professional sport.
The world's fastest man Usain Bolt wears Puma shoes, while tennis star Novak Djokovic is sponsored by Adidas.
Neither group is now controlled by the descendants of its founding families, although Rudolf's grandson Frank Dassler raised some eyebrows in the town by working for both Puma and Adidas.
Since 2007, Puma has been majority-owned by PPR, the French luxury goods maker that also owns Gucci.
Adidas Group is much more widely-owned, with no individual shareholder having more than 5 per cent.
By Channel 4 News
More than 60 years after a feud between brothers Adi and Rudolf Dassler produced the Adidas and Puma sportswear firms, the two companies are making peace for one day.
A historic handshake today between the chief executives of the two firms was followed by a football match in which employees from both companies played on mixed teams to celebrate International Peace Day.
"We are uniting on this day as a commitment to Peace Day," Puma CEO and Chairman Jochen Zeitz said in the statement.
In a joint statement last week, the two companies said they were making up to support the Peace One Day organisation, which has its annual non-violence day today.
They say that the events will be the first joint activities held by the two companies since the brothers left their shared firm in 1948.
"I am looking very much forward to our Adidas and Puma football match and I hope that our joint initiative helps to raise further awareness for Peace One Day around the world" – Adidas CEO Herbert Hainer.
Company split
In 1924 Rudolf Dassler joined his brother Adolf’s sports shoe business, which subsequently became Gebruder Dassler Schuhfabrik.
In 1936 the company provided the spiked shoes for Jesse Owens, who went on to win four gold medals in the Berlin Olympics that year.
But the brothers fell out during the war, and in 1947 went on to found separate companies. Rudolf formed a new firm called Ruda (from Rudolf Dassler), later renamed Puma. Adolf formed Adidas (Adi Dassler).
The rivalry that developed between the two companies even divided the firms' home town of Herzogenaurach, a small town of 23,000 people in southern Germany, where Adidas and Puma have rival factories on opposite sides of the river.
Both names went on to become huge global brands and continue to dominate the trainer market today in both fashion and professional sport.
The world's fastest man Usain Bolt wears Puma shoes, while tennis star Novak Djokovic is sponsored by Adidas.
Neither group is now controlled by the descendants of its founding families, although Rudolf's grandson Frank Dassler raised some eyebrows in the town by working for both Puma and Adidas.
Since 2007, Puma has been majority-owned by PPR, the French luxury goods maker that also owns Gucci.
Adidas Group is much more widely-owned, with no individual shareholder having more than 5 per cent.
Pension 'quality mark' unveiled
Link to the article: Channel 4 News
By Channel 4 News
Pension funds launch a scheme aimed at rebuilding workplace confidence in pensions and making them understandable.
The pension quality mark is being awarded to schemes which meet a range of criteria.
The annual contribution must equal 10 per cent or more of an employee's salary, with at least six per cent of that coming from the employer.
Management charges should not exceed 1% of the total value of the fund.
A number of big companies, including Marks & Spencer, Kellogg's and the computer giant IBM, were awarded the quality mark today.
Samira Ahmed spoke to Nigel Peaple, director of policy at the National Association of Pension Funds, which is launching the scheme.
By Channel 4 News
Pension funds launch a scheme aimed at rebuilding workplace confidence in pensions and making them understandable.
The pension quality mark is being awarded to schemes which meet a range of criteria.
The annual contribution must equal 10 per cent or more of an employee's salary, with at least six per cent of that coming from the employer.
Management charges should not exceed 1% of the total value of the fund.
A number of big companies, including Marks & Spencer, Kellogg's and the computer giant IBM, were awarded the quality mark today.
Samira Ahmed spoke to Nigel Peaple, director of policy at the National Association of Pension Funds, which is launching the scheme.
Friday, 18 September 2009
Top brand values fall in recession
Link to the article and video: BBC News
For the first time in 10 years, the total value of the World's top 100 brands has fallen.
Coca Cola and IBM remain top of the league but the recession has battered overall brand value badly, with the financial services and automotive sectors especially hit.
Philip Hampsheir reports.
For the first time in 10 years, the total value of the World's top 100 brands has fallen.
Coca Cola and IBM remain top of the league but the recession has battered overall brand value badly, with the financial services and automotive sectors especially hit.
Philip Hampsheir reports.
Probe into unfair internet pricing
Link to the article: Channel 4 News
By Channel 4 News
The Office of Fair Trading is looking into internet advertising, with so-called "drip pricing" likely to come under the spotlight.
It is a story familiar to many internet shoppers - you spot a bargain price, but when you go to the website, the extra charges pile up, and before you know it, a price which is "too good to be true" turns out to be just that.
As a test Channel 4 News tried to book a flight to Geneva next month on a budget airline website. The initial price was a tempting £37. But when you add £14.50 for priority boarding, £16 for a hold bag, and £6.95 for paying by credit card, the price ended up at over £90.
Now the Office of Fair Trading is investigating internet advertising and additional costs.
Matthew Bath from the consumer group, Which, told Channel 4 News:
"Where these companies fall down in our eyes is that they are not being transparent and clear certainly with these kinds of unavoidable charges.
"Paying by credit card offers consumers a lot of protection. But often extra charges for credit card payments are tacked on late in the game. Those charges should be right up there at the beginning, at the advertising stage."
By Channel 4 News
The Office of Fair Trading is looking into internet advertising, with so-called "drip pricing" likely to come under the spotlight.
It is a story familiar to many internet shoppers - you spot a bargain price, but when you go to the website, the extra charges pile up, and before you know it, a price which is "too good to be true" turns out to be just that.
As a test Channel 4 News tried to book a flight to Geneva next month on a budget airline website. The initial price was a tempting £37. But when you add £14.50 for priority boarding, £16 for a hold bag, and £6.95 for paying by credit card, the price ended up at over £90.
Now the Office of Fair Trading is investigating internet advertising and additional costs.
Matthew Bath from the consumer group, Which, told Channel 4 News:
"Where these companies fall down in our eyes is that they are not being transparent and clear certainly with these kinds of unavoidable charges.
"Paying by credit card offers consumers a lot of protection. But often extra charges for credit card payments are tacked on late in the game. Those charges should be right up there at the beginning, at the advertising stage."
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