Business News Round Up (23/07/2024)
Women ‘now as entrepreneurial as men’ in Scotland
Women are starting and running new businesses at virtually the same rate as men for the first time, while one in five entrepreneurs are non-white, according to new analysis. The Global Entrepreneurship Monitor (GEM) report found 8.6% of working-age women were actively engaged in setting up a business or already running an enterprise in 2023, slightly lower than men at 9.8%, a difference which is not statistically significant. Globally, GEM finds that the female to male gap in entrepreneurship rates is narrowing, but Scotland appears to lead the way on this. Rates amongst the 250,000-strong non-white population in Scotland also reached a new high of 24.1% – around one in five of the estimated 300,000 individuals in the working-age population of 3.3 million 18-to-64-year-olds who are engaged in early-stage entrepreneurial activity. At 9.1% Scotland’s overall total early-stage entrepreneurial activity (TEA) rate, however, remains the lowest amongst the nations of the UK.
https://www.insider.co.uk/news/women-now-entrepreneurial-men-scotland-33296443
Profit warnings issued by North West listed companies down 21% in first half of 2024
Profit warnings in the North West by UK-listed companies fell by 21% in the first six months of 2024. The latest EY-Parthenon’s latest Profit Warnings report shows a total of 11 profit warnings were issued over the six-month period, compared with 14 warnings issued in the same period last year. Three of the warnings were issued by consumer-facing businesses in the North West, reflecting recent consumer confidence challenges. A further three warnings were issued by companies in the FTSE Industrials sectors in the region. In Q2 there were just four profit warnings issued in the region, down from five in Q2 2023, marking the region’s lowest quarterly total for three years. This also represented a 43% fall quarter-on-quarter, with warnings down from seven in Q1 2024. Similarly, a total of 49 profit warnings were issued in Q2 across the UK, representing the smallest number of quarterly warnings since Q2 2021.
Universities urge Labour to back degree apprenticeships
Scotland’s top universities believe that higher and degree apprenticeships hold the key to the newly elected Labour government driving national economic growth and addressing the skills gap across the country. The survey by the University Vocational Awards Council (UVAC) of its university members, explores what policy commitments and funding support the new government should make to ensure higher and degree apprenticeships meet the nation’s employer talent needs. Those surveyed believe Labour should continue the progress made across higher and degree apprenticeships under the previous government, with 84% urging Labour to support their continued growth. The survey showed nine-in-ten of the top Scottish universities were of this view. From a financial perspective, 64% believe the new government should commit to helping universities meet the cost challenges of delivering higher and degree apprenticeships in partnership with Scottish employers and help them diversify their provision to meet the needs of more business sectors.
https://dailybusinessgroup.co.uk/2024/07/universities-urge-labour-to-back-degree-apprenticeships/
North West businesses plan multi-million pound investments over the next five years
Nearly half of North West mid-sized businesses plan to invest more than £3 million in expansion over the next five years. Businesses are calling on the new government to offer the support needed to action these ambitious growth plans. Mid-sized businesses in the North West plan to invest millions over the next five years, with nearly half (47%) planning to spend upwards of £3 million to grow their business, according to accountancy and business advisory firm, BDO LLP. The firm’s bi-monthly Economic Engine survey of 500 mid-sized businesses, which g Nearly half of North West mid-sized businesses plan to invest more than £3 million in expansion over the next five years. Businesses are calling on the new government to offer the support needed to action these ambitious growth plans.