Business News Round Up (11/04/2024)
Half of businesses fell victim to cyber attack in last year
Half of businesses (50%) and around a third of charities (32%) have experienced some form of cyber security breach or attack in the last 12 months. They’re among the headlines of the latest Cyber Security Breaches Survey, which looks at the state of the UK’s cyber resilience. Earlier this week vet group CVS revealed it suffered ‘considerable’ disruption after being hit by a cyber-attack. The survey found the likelihood of a cyber-attack increased in medium sized businesses (70%), large businesses (74%) and high-income charities with £500,000 or more in annual income (66%). By far the most common type of breach or attack is phishing, (84% of businesses). The survey estimates that UK businesses have experienced approximately 7.78 million cyber-crimes of all types and approximately 116,000 non-phishing cyber-crimes in the last 12 months.
Scottish Government launches new deal for pub tenants
A new Scottish Pubs Code should enable eligible tied pub tenants to sell a guest beer from brands that have small production levels, or switch to a market rate lease under which they could purchase products from any supplier. Ministers will lay secondary legislation in Parliament next week which, if approved, would see the Code come into force on 7 October. It will be overseen by an adjudicator who is expected to be appointed next month, subject to parliamentary approval. A tied lease involves tenants buying some or all of their alcohol and other products and services from the pub-owning business. Ministers expect the legislation will deliver a fairer tied pubs sector, with risks and rewards being more equally shared between tenants and their landlords. In 2023, it was estimated that there were just under 700 tied pubs in Scotland.
https://www.insider.co.uk/news/scottish-government-launches-new-deal-32561543
UK economy: ‘no overall improvement’ for business in first quarter
The UK’s economic prospects have looked distinctly brighter since the turn of the year, but a new survey shows the economy is not out of the woods yet. According to the British Chamber of Commerce’s (BCC) quarterly outlook, there was “no overall improvement” in business conditions during the first three months of 2024, as measured by investment, sales and cashflow. For the second consecutive quarter, 56% of surveyed firms expected turnover to increase over the next year. Similarly, 48% of firms predicted profit would increase, only slightly higher than the 47% in the final quarter of last year. The survey – which included over 4,800 firms, 92% of whom are SMEs – showed that firms are still reluctant to invest. 60% of companies kept their rate of investment the same over the past year while an additional 16% invested less.
US & UK may diverge on rates after inflation data
Bank of England policy makers may choose to cut interest rates earlier than the Federal Reserve after US inflation came in slightly higher than expected. Inflation rose to 3.5% in March from 3.2% in February and ahead of forecasts of 3.4%, driven by higher costs for fuel, housing, dining out and clothing. The FTSE 100 in London, which had moved higher on the back of strong figures from Tesco, dipped on the US data which pointed to a delay in a rate cut that had been pencilled in for June. Some traders are now cancelling any expectation of cuts in the US this year. The dollar, which rises when interest rates are likely to remain high, strengthened by 0.9% against a basket of leading currencies to reach a six-month high, making commodities more expensive. All three key indices on Wall Street closed around 1% lower.
https://dailybusinessgroup.co.uk/2024/04/us-inflation-rise-may-put-interest-cuts-on-hold/