Business News Round Up (15/09/2020)
Scottish business returned to growth in August but pandemic still hitting jobs
The Scottish private sector returned to growth in August, with business activity rising at its quickest pace for more than six years, according to the Royal Bank Purchasing Managers Index. The seasonally adjusted headline Royal Bank of Scotland Business Activity Index – a measure of combined manufacturing and service sector output – rose from 49.3 in July, to 55.8 in August, to signal the first increase in Scottish private sector output since February. Growth was broad-based across sectors, although uneven as manufacturers showed noticeably sharper increases in both output and order book volumes than service providers. Adjusted for seasonal factors, the New Business Index posted above the 50.0 threshold for the first time in six months during August to signal an increase in new work at Scottish firms.
https://www.insider.co.uk/news/scottish-business-returned-growth-august-22677863
West Midlands revealed as one of the UK’s most entrepreneurial hubs
The West Midlands has been named as one of the UK’s top entrepreneurial hubs as new small business ‘births’ in lockdown outstripped the national growth rate. The State of the Nation report by GoDaddy shows that between April and June 2020, at the height of the coronavirus outbreak, the West Midlands hub experienced 18% growth in new micro-business ‘ventures’, compared to a nationwide average of 14%. New polling shows West Midlands micro-businesses are confident in the face of adversity, with over half (51%) believing their business will surpass pre-COVID-19 revenue levels by end of 2020.
UK shares will not make up lost ground – Capital Economics
UK shares will not continue to underperform but they will fail to make up the ground lost to other countries, Capital Economics said as it cut forecasts for the FTSE 100 in 2020 and 2021. Since equity markets plunged in March the UK has underperformed the US and other markets. The S&P 500 is down 1% from 19 February but the FTSE 100 is down 19%. The reasons for this underperformance against the US are mainly a larger weighting in the UK towards energy, financials, utilities and other sectors hit hard by the virus and the boost the US market has received from big tech stocks such as Apple, Facebook and Google, Capital said.
GMCA and Manchester Digital launch tech career pivot programme
Tech and digital trade body Manchester Digital has teamed up with the Greater Manchester Combined Authority (GMCA) for an initiative set to advise and inform those looking to switch to a digital career. The ‘Switch to Digital careers week’ is hoped to help people who have been impacted by COVID-19 job losses with advice on how their experience in other roles and sectors could secure a role in digital or technology. The online event aims to help attendees identify and apply transferable skills and will feature speakers and events from Microsoft, Code Nation, Co-op Digital and AutoTrader.
https://www.businesscloud.co.uk/news/gmca-and-manchester-digital-launch-tech-career-pivot-programme/