Business News Round Up (27/09/19)
Plans for Scottish National Investment Bank passed by Holyrood
Legislation to create a Scottish National Investment Bank to invest in projects linked to the Government’s economic strategy has passed stage one following a debate in Scottish Parliament. The Scottish Government has committed to support the establishment of the bank with the aim of creating sustainable and inclusive growth across Scotland.
Manchester businesses urged to get China ready
Businesses in Manchester are being encouraged to get ‘China ready’ following an event hosted by Greater Manchester Chamber of Commerce exploring the possibilities and practicalities of trading with China. China is the UK’s 6th largest trading partner for exports (3.6%) and the 4th largest trading partner for imports (7.0%).
https://www.cambridgewireless.co.uk/news/2019/sep/26/manchester-businesses-urged-to-get-china-ready/
SNP writes off £135m in loans to businesses
The Scottish Government has written off almost £135 million of loans and guarantees to private companies over the past year. A report publish by Audit Scotland revealed that loans totaling £45 million to Ferguson Marine Engineering had been reduced to zero, as was £21.4 million for providing financial guarantees to the Lochaber aluminium smelter.
https://www.thetimes.co.uk/edition/scotland/snp-writes-off-135m-in-loans-to-businesses-7wj59qd70
London overtakes NYC for FinTech investment deals
A new report comparing countries and cities around the world in terms of deal value, deal count and sources of investment has revealed London has overtaken New York for FinTech investment deals. A Fine Year for FinTech: Global Trends from a UK Perspective showed London had a total of 114 deals, overtaking New York who had secured 101 deals.
https://www.businesscloud.co.uk/news/london-overtakes-nyc-for-fintech-investment-deals