Western Mail

Fears Over Public Finances After Economy's Steepest Fall in 50 Years ; and Recession Began Earlier Than Thought, Figures Show

THE UK economy recorded its sharpest decline in more than 50 years during the first quarter of 2009, figures showed yesterday. And revisions to figures revealed the current recession began earlier than first thought, with a 0.1% decline seen between April and June last year compared with previous estimates of zero growth.

Admiral Drives Into the United States

THIS is the man leading Admiral Insurance's drive to conquer the United States - and he is under no illusions as to the magnitude of the task. In an exclusive interview with the Western Mail, Andrew Rose, chief executive of Admiral Americas, has outlined the challenges he faces in attempting to tap into a car insurance market worth $162bn annually.

Admiral Puts Trust in 'Old Man' Rose As It Bids to Conquer Us ; Insurance Giant's Arrival Makes Waves Across the Pond

ADMIRAL'S Andrew Rose is a man under the spotlight in the US state of Virginia. As America copes with one of the worst recessions of the post- war period, positive news stories on the jobs front are few and far between.

Pounds 8m Project Aims to Give Wales Better Leadership

A NEW pounds 8m project aimed at improving leadership levels in small companies has been unveiled. s by Swansea University, is being backed by pounds 5m from the European Social Fund (ESF).

Welshman Saves Kwik Save - in Spain

ONE of the iconic names on the UK high street, Kwik Save, has been revived by Welshman Peter O'Toole. Rhoose-born Mr O'Toole, a former regional manager with Kwik Save - which prior to its merger with Somerfield was a Prestatyn-based FTSE- 100 venture - has launched his first Kwik Save store in Spain.

Still Time to Enter the Race to Find Fastest-Growing Firm

COMPANIES still have time to enter this year's race to find the fastest-growing firm in Wales. First published by the Western Mail in 1999, the Wales Fast Growth 50 project has become firmly established as the list of business success to which entrepreneurs across Wales aspire.

Co-Operatives Have a High Profile in Wales, Survey Shows

THE concept of co-operatives is "embedded" in society in Wales, the movement said yesterday. It commissioned the University of Glamorgan to conduct a study into co-operatives and people's understanding of what co-operatives are and do.

Regulatory Pressure Will Hamper Banks' Ability to Lend, Bba Warns ; Conference Hears Plea for End to Tripartite Power Struggle

GOVERNMENT plans to tighten up regulation of the banking industry threaten to hamstring the sector and further add to the UK's lending woes, the British Bankers' Association has warned. Angela Knight, chief executive of the BBA, said at the group's annual conference in London that the impact of current swingeing changes to bank oversight had not been adequately thought through.

300 Jobs at Risk As Gala Coral Unveils Plans to Close Five Clubs

THE UK's biggest bingo operator Gala Coral yesterday said it planned to close five clubs and shed backroom staff, putting around 300 jobs at risk. The privately-owned firm is looking to make savings in support functions, and will begin consultation with staff tomorrow. Employees in Nottingham and Barking, Essex, are likely to be affected.

Normal Trading Conditions More Than a Year Away, Carpetright Chief Warns As Profits Plunge 72%

THE long-serving boss of Carpetright has revealed a 72% profits slump and warned more normal trading conditions were still more than 12 months away. Lord Harris of Peckham, the company's chairman and chief executive, described his 51st year of selling carpets as "extremely challenging" after like-for-like sales slumped 13.5% in the UK and Ireland during the year to May 2. Pre-tax profits fell to pounds 16.7m from pounds 59.5m a year earlier, despite continued growth from the company's estate ...

Rivals' Collapse Is Music to Hmv Ears in 'Difficult' Climate ; Growing Group's Profits Hit Pounds 63m

MUSIC and games group HMV yesterday said the demise of rivals and benefits from its turnaround plan had boosted profits in a "difficult" retail climate. The collapse of Woolworths and rival Zavvi late last year has helped HMV grow market share and it is "confident" over the current year.

Revenue Growth Slows at Transport Giant Arriva

TRANSPORT group Arriva yesterday warned that slackening growth at its CrossCountry rail franchise would dent first-half results. The franchise - which includes services from Aberdeen to Penzance and Bournemouth to Manchester - saw revenue growth slow to 2.4% in the first five months of 2009.

New Wave of Start-Ups Grow in Sir Terry's Graduate Garden ; Companies Established After 'Pressure Cooker' Mentoring

SIR TERRY MATTHEWS is turning to some of the world's brightest graduates to run a new wave of technology start-up companies. His self-described "ecosystem" - graduate entrepreneurship programme - is also pioneering a new start-up model in a sector where commercialisation of technology can take years to come to fruition.

'Don't Use Recession As Excuse to Close Pension Schemes'

A UNION leader warned yesterday against employers using the recession as an excuse to take a "slash and burn" approach to occupational pensions. TUC general secretary Brendan Barber urged pension scheme trustees and trade unionists to fight any attack on pensions and to help counter the "deliberately misleading" campaign against public sector schemes.

Manufacturers Call On the Government for More Support

BUSINESS leaders are today pressing the case for a bigger manufacturing base to help tackle challenges such as climate change, as well as boosting the economy. The Engineering Employers Federation said manufacturing should be at the centre of a more diverse and durable economy.

'At Present Terry Is Funding an Extension of Education'

SIR TERRY'S graduate entrepreneurship programme is attracting strong interest from governments around the world. Panel member of the programme Simon Gibson said the model was ideal in the current market, where funding for start-ups from venture capital funds was extremely hard to come by.

How to Win New Business - Over a Friendly Drink ; Advertising Feature: Business Scene's Regional Director Allan Blair Beaton Ii, Highlights the Benefits of Cardiff Connections

WITH the Cardiff Connections event two weeks away, we thought we would share with you some top tips for making the most of the event or indeed any networking event! If you haven't yet registered see the details at the bottom of this article. For those that don't network and don't really understand what networking is then you could be missing out on a highly-effective route to market for your business. Many that do will tell you it is their primary source of new business. So what is it? Busine...

For the Health of Our Society Let's Hope Help for Young Jobless Works

WHEN can a forecast of three million people unemployed be seen as good news? Well, I guess when the previous forecast was for 3.25m. The CBI has just released its latest economic forecasts and has reduced its estimated peak unemployment figure, expected to be reached in the second quarter of 2010.

Lloyds to Cut 2,100 More Jobs

THE finance sector was hit by another jobs hammer blow yesterday with news that Lloyds is to cut 2,100 posts. Staff were told that the cuts will affect the firm's commercial and group operations, hitting offices across the country.

Hi-Tech Ventures On Their Way to Wales - with 70 Jobs ; Two Projects Win Technium Awards

TWO technology ventures are moving to Wales with inward investment projects that will create more than 70 jobs. The projects are from Oxford-based start-up Madison Animal Health and USA-based Roomlinx, which won the UK and International Technium Challenge awards for business innovation.