Business News Round Up (16/05/2024)
Scottish carbon capture and storage deployment ‘could support 3,000 jobs’
More than 3,000 full-time equivalent jobs could be supported and £300m generated for the wider UK economy through the establishment of a CO2 transport and storage sector in Scotland, linked to the deployment of carbon capture utilisation and storage in the UK. The findings, published in a report from the Centre for Energy Policy (CEP) at the University of Strathclyde, suggest that action on skills shortages will be key to realising these potential economic gains. The jobs and GDP figures for a transport and storage sector that is fully operational by 2030 are respectively 300% and 84% higher than estimates for a scenario where no action is taken to alleviate current labour market constraints. The study was undertaken as part of the Scotland’s Net Zero Infrastructure programme – funded by UKRI’s Industrial Decarbonisation Challenge and focusing on the Acorn transport and storage system; one of four supported by the UK Government.
https://www.insider.co.uk/news/scottish-carbon-capture-storage-deployment-32817020
Entrepreneur named Greater Manchester innovation ambassador
Tech entrepreneur Nick Richardson has been appointed as an innovation ambassador for Greater Manchester. He will work across the city region with the aim of accelerating commercialisation and growth of local businesses as part of Innovation Navigator, launched by GM Business Growth Hub. Richardson set up market intelligence company The Insights Family in 2016 and helped steer its turnover to more than £4m. In 2023, he secured a £5.6m investment round. GM Business Growth Hub said that firms will now benefit from even more ‘focused support’ with the launch of the programme, which targets health innovation, clean growth, advanced materials, manufacturing and the digital, creative and media sectors. “GM Business Growth Hub has been a huge part of The Insights Family’s journey almost from day one. So, when I was approached about getting involved as an ambassador and mentor for this fantastic innovation programme, I didn’t have to think twice.”
Scotland leads global finance sector in hybrid work practices
According to a recent study conducted by the Association of Chartered Certified Accountants (ACCA), Scotland has emerged as a global leader in adopting hybrid work practices in the finance sector. The research, which surveyed around 1,200 finance professionals at the end of last year, revealed that almost three-quarters (71%) of respondents in Scotland are embracing hybrid working, surpassing the global average of 41%. This marks a slight decline from 2023 figures, where 73% reported working in a hybrid fashion. Despite the popularity of hybrid working, the survey uncovered mixed sentiments among professionals. While 47% agreed that team collaboration becomes more challenging when working remotely, a significant majority (63%) felt they were more productive in this setup. Moreover, almost two-thirds (65%) of Scottish respondents expressed a preference for hybrid working, indicating a clear inclination towards flexible work arrangements.
https://www.digit.fyi/scotland-leads-global-finance-sector-in-hybrid-work-practices/
Office sale ‘could be year’s biggest Glasgow deal’
An office block occupied by Morgan Stanley has been put up for sale in what could be one of the biggest deals in the city this year. The nine-storey building at 122 Waterloo Street was completed in 2018, costing £45 million and providing space for 2,000 workers. It has been put up for sale by its owner – a client of Knight Frank Investment Management – and is being jointly marketed by Knight Frank and Cushman & Wakefield. It provides the largest European office outside London for Morgan Stanley, with 156,980s sq ft of Grade A space and has a ground floor gym and fitness centre operated by Nuffield Health. John Rae, head of office at Knight Frank Glasgow, said: “122 Waterloo Street is a prime asset located at the heart of Glasgow’s International Financial Services District, backed by a very strong covenant in Morgan Stanley – particularly given its ‘mission critical’ status.
https://dailybusinessgroup.co.uk/2024/05/office-sale-could-be-years-biggest-glasgow-deal/