BGN Entrepreneur

The components of the monthly jobs report by the Department of Labour were universally dispiriting in this month. It dashed hopes that the recent soft patch in economic recovery would be reversed quickly. Surprised economists reacted with dismay at the overwhelmingly poor figures on the health of the US labour market.
Employers in the US added more than 200K vacancies every month in the three months including April. However, the pace of job creation has slowed dramatically as a result. When only 25,000 new positions were generated in May, a lot of economists thought it would be the low point of the year. However, last month’s figure indicating the addition of only 18K vacancies were even worse. The news has shattered the expectations for a quick transition back to a more solid economic recovery.

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Savers are now warned that the rates are wobbling on a precipice because the likelihood of the Bank of England hiking base rate from 0.5% is pushed further into the long grass. In the first half of 2011, the fixed bonds rates and instant access accounts had crept higher, buoyed on by fierce competition between banks and building societies.
The average instant access account now pays 0.9%, which become the highest ever since the Bank of England cut base rate to 0.5% in March 2009. However, big players such as Nationwide are now warning that a revised rate rise forecasts and a sharp rise in the cost of offering a top rate has threatened to tip them over the precipice.
Several high profile names have already cut rates over the last few weeks, including Nationwide. For example, UK’s biggest building society has cut down the bonus off its e-Isa, which used to be a 3.1% best buy. Instead it is offering 2.75% tax-free on its new Online Isa. BM Savings, part of 41% taxpayer-owned Lloyds Banking Group, has also cut its best buy 5% Isa, leaving Coventry BS’ equivalent deal as the best savings rate in the UK after tax. Sainsbury’s is another to exit the savings tables via withdrawing its fixed-rate bonds, including the top 3.85% two-year deal.

Under the new plans from Brussels which will delight customers but also deliver a big blow to the mobile operators, the average cost of using smartphones and tablets when travelling in the European Union will be more than halved.
According to the European Commission, it is announced that the strict regime of price caps on mobile phone roaming within the EU is to be extended by 4 years to 2016. It wants to abolish premium charges for roaming data and voice services eventually. In a setback to mobile operators, which had lobbied to stave off further regulation of what remains a lucrative segment, new price caps will be imposed on data downloads as well as on voice calls and SMS messages from next year.

According to the purchasing managers’ index reported on Friday, it is revealed that the manufacturing sector suffered another setback as weak export orders and jobs growth undermined activity and pushed it to a 21-month low in June.
The closely watched measure edged down to 51.3 in June from 52 in May. It disappointed economists who had expected a slight increase. However, the manufacturing PMI level still matched its almost 20-year historical average of 51.4. The composite PMI measure has been declining ever since it peaked in January, when the manufacturing output growth has also slowed.

According to the result of a new study by the Centre for Social Justice think-tank, it is revealed that having a good work ethic is considered as more important than skills in securing a first job. Eight in ten employers surveyed has rated attitudes as important when recruiting for entry level positions, compared to 38% who required literacy and numeracy.
The report comes only days after business leaders branded many British youngsters as too lazy and ill-educated to compete for jobs. When asked why they turned down applicants for unskilled jobs in sectors such as catering, manufacturing and retailing, 62% employers indicated ‘poor work attitude and ethic’. As a result, about 80% jobs created under Labour went to migrant workers, and official figures suggest the figure has risen ever since the coalition government took power last year.

Nanoco, one of UK’s most promising high-tech businesses, is now threatening to locate its first commercial plant in Japan or Singapore should it fail to win the financial aid from the government.
The Manchester-based nanotechnology company, announced that its difficulties in raising funds in the UK contrasted with what was available in other nations. It is added that the lack of practical assistance for companies was at odds with government proposals to “re-balance” UK’s economy towards production industries. The news that Nanoco might move manufacturing operations overseas raises wide concern that UK is losing its strong position in emerging materials technology.
The Department of Business Innovation and Skills refused to comment on Nanoco’s individual case. But it said supporting economic growth was the government’s key task and it was also keen to strengthen the Britain’s manufacturing sector.