Business News Round Up (07/05/2024)
Scottish business excellence celebrated in second year of The King’s Awards for Enterprise
The recipients of The King’s Awards for Enterprise have been announced, celebrating the achievements of UK businesses. This year, 13 businesses in Scotland have been recognised by His Majesty the King as among the best in the country. Businesses like these are central to delivering on the government’s priority to grow our economy – from creating new opportunities and supporting people into work through to developing new innovations and exporting the best of Britain around the world. Minister for Enterprise Kevin Hollinrake said: “I congratulate the incredible Scottish businesses who have received a King’s Awards for Enterprise this year. Businesses like JST Services who exemplify innovation, and Eribé Knitwear who are exporting British excellence across the globe truly inspire confidence in the British enterprise. I wish them every success and commend the invaluable contributions they make to communities both at home and overseas, helping to grow the UK economy.”
North West firms recognised by King’s Awards
North West businesses operating in a broad range of industries have been named as winners of the King’s Awards for Enterprise 2024. The awards are designed to recognise outstanding achievements in the fields of Innovation, International Trade, Sustainable Development and Promoting Opportunity. There were five winners in the innovation category, including EA Technology, a low voltage monitor that provides valuable insight into electricity networks, modular ropics specialist Createc Ltd and Idem Safety Switches, whose stop switches help workers in harsh and high load environments. Also recognised for innovation were Alfred H. Knight Holdings, which helps to digitally transform complex inspection services in the metals and minerals sector in Africa, and Safety Shield Global Ltd, which develops AI human detection technology designed specifically for the construction industry to eliminate onsite collisions. There were 17 international trade winners, including 2M Group, Lash House, Gentronix, Scott Partnership Holdings, AMS Neve, and Recycling Solutions.
https://www.insidermedia.com/news/north-west/north-west-firms-recognised-by-kings-awards
Retailers faced drop in sales ‘across the board’ last month, Scottish Retail Consortium report says
Retail sales in Scotland decreased by 4% in April when compared with the same month in 2023, fresh data has said. The Scottish Retail Consortium (SRC) says retail, across all sectors in Scotland, had seen a drop in sales on a year-on-year basis in April, despite having grown by 9.1% in April last year. Food sales dropped by 3%, and non-food sales, not including online, decreased by 4.9%. Non-food sales, including online sales, decreased by 7.1%. David Lonsdale, director of the SRC, said: “Scottish retail sales tumbled in April compared to the same trading period the year before. Much of this can be attributed to Easter falling unusually early this year, into March, which brought forward shopper purchases and meant shopper footfall and spending in April was constrained. The decline was felt across the board with food retailing, DIY, gardening, furniture, and household appliances all suffering.”
https://www.insider.co.uk/news/retailers-faced-drop-sales-across-32746833
Investment banks forge alliance for Scotland’s economic growth
Scottish and UK investment banks strengthen ties with a Memorandum of Understanding to boost Scotland’s economic growth. In an effort to boost Scotland’s economic landscape, the Scottish National Investment Bank (SNIB) and the UK Infrastructure Bank (UKIB) have solidified their collaboration through a Memorandum of Understanding (MOU). This agreement underscores their mutual commitment to fostering increased private investment within Scotland while advancing their individual mandates. Both institutions, although government-owned, function autonomously to deploy public funds in a commercially viable manner, aiming to generate broader societal, environmental, and economic benefits. The MOU establishes a framework for the exchange of sector insights, impact assessments, and developmental opportunities, facilitating cooperation on projects that align with their respective goals. While SNIB and UKIB will continue to support separate initiatives according to their mandates, the MOU paves the way for discussions on potential co-financing opportunities.
https://www.digit.fyi/investment-banks-forge-alliance-for-scotlands-economic-growth/