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Corporate insolvency figures fall
The rate of businesses going bust dropped between July and September.
Corporate insolvencies were down 4.7 per cent compared to the previous quarter with 4,716 compulsory liquidations, reports the Insolvency Service.
However, the number of businesses going into liquidation in the third quarter was 14.6 per cent higher than in the same period a year ago.
Carl Jackson, national head of business consultancy Tenon Recovery, says: ‘Low interest rates, the temporary reduction in VAT, low inflation and HMRC’s Time to Pay Scheme have given firms some breathing room, but there is a feeling that these initiatives are simply delaying inevitable failure. Onc
Royal Mail strikes put on hold
Small businesses can look forward to a trouble-free Christmas as the
Communication Workers Union (CWU) and Royal Mail announced a temporary cessation to the strikes until the New Year when talks are expected to be resumed between the two parties.
Thanks to the intervention of the Trades Union Congress (TUC) Royal Mail deliveries are expected to be “free of any disruption” over the Christmas period. However, according to the TUC secretary Brendan Barber, securing a deal between the warring factions is still a long way off.
The nature of this disagreement between the two sides arose as a result of the Royal Mail stating that redundancies would have to be made as part of its modernisation plans. Howe
Shares close higher on RBA outlook
At 4.15pm (AEDT), the benchmark S&P/ASX200 index was up 86 points, or 1.91 per cent, at 4594, while the broader All Ordinaries index had risen 85.2 points, or 1.89 per cent, to 4604.4.
On the Sydney Futures Exchange, the December share price index contract was 85 points higher at 4597 points on volume of 27,055 contracts.
The local bourse opened in positive territory thanks to a strong finish on Wall Street, and extended its gains through the afternoon after the release of the Reserve Bank of Australia’s (RBA) latest growth and inflation forecasts.
Today the market received a warm feeling from the Reserve Bank commentary, Bell Potter senior adviser Stuart Smith said.
It engendered confidence in the market.
The RBA said in its quarterly statement on monetary policy that gross domestic product (GDP) was expected to rise by 1.75 per cent in calendar 2009, before improving to a 3.25 per cent growth rate in calendar 2010.
This was up from 0.5 per cent for calendar 2009 and 2.25 per cent for calendar 2010y, forecast in the RBA’s previous quarterly statement.
We don’t want them wildly talking about the economy, we certainly don’t want to be talking it down, so it is a nice, steady-as-she-goes scenario,” Mr Smith said.
Gains were broad based on Friday, with mining and resources stocks among the best performers.
BHP Billiton up 96 cents, or 2.63 per cent, at $37.40 and Rio Tinto $2.41, or 3.85 per cent firmer at $65.00.
BHP said on Friday afternoon that repairs to the main haulage shaft at its Olympic Dam uranium and copper mine in South Australia would begin later this month.
Full production at Olympic Dam was expected to begin no later than the end of March next year.
Retailers welcome consumer confidence boost
Consumer confidence has recorded its highest growth for 18 months.
The latest Consumer Confidence Index, conducted by research firm Nielsen and the British Retail Consortium (BRC), showed an overall increase of 10 points to 75. This compared to the all-time low of 65 experienced in April.
Retailers will greet the findings, which suggest that consumers feel the economy is gradually improving. Some 31% of people now believe that it is a good time to buy items they want, compared to the previous 26%.
Stephen Robertson, Director General of the British Retail Consortium, commented:
“These figures suggest it will be a long, slow climb out of recession for many customers but some do now have their feet on the first rung of the ladder. T
Bosses ignore staff anxiety issues
Stress, anxiety and depression are undermining productivity at work, with more than a quarter of staff describing their mental health as moderate or poor.
According to a survey by the Chartered Institute for Personnel and Development (CIPD), 56 per cent of employees with poor mental health say they have taken time off sick, with more than 90 per cent saying it affects their performance on the job.
Ben Willmott, senior public policy adviser at the CIPD, says: ‘The survey findings provide compelling evidence for why employers need to become more proactive in how they manage mental health at work. C
Adversity creates entrepreneurs
Entrepreneurs owe their success in business to personal adversity, reveals a new study.
Some 69 per cent of entrepreneurs say overcoming personal adversity was their main motivation to achieve. Fifty-six per cent said determination was the most important factor for a successful entrepreneur, followed by passion (22 per cent), claims the survey by social enterprise charity the Aldridge Foundation.
Rod Aldridge, founder of FTSE 100 outsourcing company Capita Group and chair of the Aldridge Foundation, says he was spurred on to prove himself after underachieving at school. ‘It is admirable that so many entrepreneurs have overcome personal adversity to lead incredibly successful lives. I
A Motion To Make A Lawyer Wear Appropriate Shoes. Really.
It apparently really bothered one attorney that his adversary insisted on wearing shoes with holes in them.
So much so that he filed a motion with the court asking that the lawyer be ordered to wear “appropriate” footwear.
It is “well known” in the Palm Beach County legal community that the lawyer, Michael Robb, brings out the holey shoes for trial, the motion said. And, it continued, he also throws about statements such as, “I’m just a simple lawyer.”
Robb felt the shoes needed to be replaced to avoid the “unfair prejudice” suggested by the damaged soles that the moving attorney, Michael Bone, was “not as sincere and down to earth as Mr.