Business News Round Up (10/09/2020)
Cisco research finds small businesses can support economic growth
According to a new Cisco report, small businesses could add $2.3 trillion to these market’s overall GDP by 2024. Small business could contribute to the economic recovery of the world’s major economies during and post pandemic. The 2020 Small Business Digital Maturity Study conducted by IDC, and commissioned by Cisco, examines eight countries throughout June 2020. (The US, Canada, Mexico, Brazil, Chile, UK, Germany, and France). The research sought to understand the opportunities and challenges small businesses face and the correlation between digital maturity and faster recovery. The findings illustrate small business digital transformation efforts worldwide and details how the implementation of these technologies could aid economic recovery amid the coronavirus pandemic and beyond.
Hiring downturn eases further in August
Permanent post appointments and temporary billings continued to fall across Scotland in August, according to the Royal Bank of Scotland Report on Jobs. Staff appointments declined at the slowest rate since February, while the latest reduction in temp billings was the softest since December 2019 and was only marginal. Staff availability continued to expand rapidly amid reports of redundancies which, combined with muted demand for staff, led to starting rate of pay dropping further for both permanent and temporary workers. Recruiters across Scotland signalled a ninth successive monthly reduction in billings received from the employment of temporary workers during August.
https://www.insider.co.uk/news/hiring-downturn-eases-further-august-22649517
‘Tentative signs’ of North West trading recovery – Lloyds
The North West is displaying “tentative signs” that the tide is turning, a regional director at Lloyds has told Insider, as companies look to capitalise on opportunities for recovery. The pandemic dealt an unprecedented blow to the region, as it did the rest of the country, during a time when confidence was at a “relative high”, according to Glenn Bemment. “Efforts to rebalance the economy and bring greater prosperity were beginning to bear fruit, while the combination of the government’s levelling up agenda and local investment by the likes of like Avanti West Coast led many to predict a year of record growth,” he said. Confidence among North West companies fell 58 points between February and May, from 23 per cent to -35 per cent, according to figures from Lloyds Bank’s monthly Business Barometer. In April, at the peak of the crisis, 8 in 10 businesses in the area reported disruption to their supply chains and three quarters said they had experienced a significant fall in demand for their products or services.
https://www.insidermedia.com/news/north-west/tentative-signs-of-north-west-trading-recovery-lloyds
Plan to restart business conferences ‘under review’ in huge blow for £32bn sector
Plans to restart business events and conferences in October are “under review” following the Government’s new, tougher coronavirus laws announced on Wednesday. Back in July, the Government said socially-distanced business events and conferences had been given the “go ahead” to resume from October 1, “provided rates of infection remain at current levels”. Prime Minister Boris Johnson announced a host of new measures banning social gatherings of more than six people as the number of daily cases rose sharply – and with it, the announcement over business, sporting and music events. A statement last night said selected pilot sporting events can still go ahead – but that the capacity for these would be restricted to 1,000. It also said the Government will “make a decision” on whether people will be able to attend business conferences and events from October 1 – and if fans can return to sports stadia.