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Tosyalı SULB Embarks on Major Investment in Benghazi with World’s Largest DRI Complex

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BENGHAZI, LIBYA – Tosyalı, a leading global producer of green steel, has taken a significant step in its international expansion strategy by partnering with Libya United Steel Company for Iron and Steel Industry (SULB) to establish the world’s largest Direct Reduced Iron (DRI) complex in Benghazi, Libya. This venture marks a critical milestone in Tosyalı’s investment journey across Europe, Africa, and Asia.

The project, announced on July 19th, 2024, signifies Tosyalı’s growing influence in the Mediterranean region, complementing its existing operations in Turkey, Algeria, Senegal, Angola, and Spain. The new DRI complex in Benghazi is poised to bolster the local economy by focusing on sustainable, value-added steel production.

Commenting on the new initiative, Fuat Tosyalı, Chairman of Tosyalı Holding, said, “We are excited to expand our investments on the Mediterranean coasts of Africa, a priority investment region we identified and committed to years ago with great foresight. By focusing on value-added steel based on local production, our regional investments create a positive economic, environmental, and social impact by fostering value, employment, development, and welfare in the countries we enter.”

He added, “We will be very pleased to bring our expertise and capabilities in value-added steel production to Benghazi, Libya, with this new complex where we have completed the ground investigation and engineering works, and where construction and assembly will start in the upcoming days. I firmly believe we will pioneer transforming the Libyan steel industry into an ecosystem that meets world steel industry needs by producing high-standard, high-quality green steel products with low carbon emissions, utilising advanced technology, innovation, and R&D in the integrated facility we will establish. I hope this agreement will benefit both companies and our friendly and brotherly country, Libya.”

Ahmed Gadalla, Chairman of SULB, expressed his optimism about the partnership, stating, “We are delighted and proud to make a crucial step towards Libya’s industrialisation and the development of the steel industry by partnering with Tosyalı, a global steel producer and leader in green steel across three continents. This agreement will help both groups to make a big move forward and strengthen economic ties between Libya and Turkey even more. This investment will position Libya as a key player in global steel production and significantly impact green steel and decarbonisation. I hope this major global investment will benefit both companies and Libya, following the rapid progress made in our partnership.”

The newly formed Tosyalı-SULB company in Benghazi will oversee the creation of the DRI complex, which will have a total capacity of 8.1 million tonnes, making it the largest of its kind globally. The facilities will utilise MIDREX Flexi DRI technology, allowing for hydrogen use, a clean energy source, thus reinforcing Tosyalı’s commitment to green steel production.

The project’s first phase will start immediately, featuring an integrated iron and steel complex with a capacity of 2.7 million tonnes. This plant aims to supply Hot Briquetted Iron (HBI) to the nearby region and Europe, further establishing Tosyalı’s leadership in the green steel sector. Once completed, Tosyalı will emerge as the largest supplier of HBI, a critical component in the green steel transformation.

This investment is expected to drive industrial development, create jobs, and solidify Libya’s position in the global steel market, benefitting both the local economy and the broader region.

Turnaround in Confidence Amongst Small Businesses as 1 in 5 Secures Funding for Growth in Q2 2024

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In a significant boost for the UK’s small business sector, more small enterprises applied for finance to support growth initiatives in the second quarter of 2024 than at any time in the past three years. This is according to the latest analysis by Purbeck Insurance Services, the UK’s sole provider of personal guarantee insurance for small business loans.

Purbeck

Purbeck’s data reveals a notable shift in the purpose of these loans. In Q2, 19% of small business owners securing personal guarantee backed loans did so for investment in growth initiatives. This marks the highest level since Purbeck began collecting this data in Q1 2021. Conversely, loans secured for working capital fell to 31%, the lowest level since Q3 2022, down from a peak of 37% in Q1 2024.

The findings from Purbeck highlight several key trends:

  • Increased Appetite for Growth Finance: 19% of applications were aimed at growth initiatives, the highest proportion recorded to date.
  • General Election Influence: June 2024 saw a surge in applications for personal guarantee insurance, making it the second highest month on record, likely influenced by the announcement of the General Election at the end of May.
  • Rising Demand Year on Year: There was a 69% increase in applications for personal guarantee insurance for small business loans in Q2 2024 compared to Q2 2023.
  • Rising Insurance Cover Amounts: The average cover for a personal guarantee has risen to £195,051, a 33% increase from the same quarter in 2023. In the construction sector, this average cover soared to £230,910, the highest level recorded.
  • Loan Types: 40% of applications for personal guarantee insurance were for unsecured loans, while 16% were for secured loans. Asset finance accounted for just 8% of loans, with invoice finance loans dropping to a record low of 5% of applications.

Todd Davison, Managing Director of Purbeck Insurance Services, commented on the data: “The General Election was announced at the end of May and within days we saw a marked uplift in applications for personal guarantee insurance for personal guarantee backed small business loans. This, and the notable rise in loans for growth initiatives, suggests a turnaround in confidence in the small business community after a tough few years.”

He added, “The new Government will now need to deliver on its promises and help ensure that any barriers to finance for small businesses are broken down. This should include making small business owners aware that they may need to sign a personal guarantee for a business loan. Being open to this idea will improve their options, and they can mitigate the risk with personal guarantee insurance being one solution.”

Purbeck Insurance Services, a specialist in personal guarantee insurance, supports Small and Medium-sized Enterprises (SMEs) and promotes business confidence. Their insurance policies are backed by Markel International Insurance Company Limited, an A-rated insurer. Purbeck is directly authorised and regulated by the Financial Conduct Authority, operating as an authorised Managing General Agent of Markel.

For further media information, contact Alison Reeson at HSL on 07876 597466, or via email at [email protected].

Fresh Financials Group Acquires AccountsForMe Ltd in Strategic Expansion

LONDON, UK. July 18th, 2024 – Fresh Financials Group (FFG), a renowned Xero Platinum Partner known for its innovative cloud-based financial operations services, has announced the acquisition of AccountsForMe Ltd. This strategic move marks FFG’s second acquisition and underscores its commitment to enhancing bookkeeping and financial operations services for UK SMEs.

Under the leadership of Vip Patel, AccountsForMe Ltd. has built a strong reputation for delivering personalised and high-quality financial services to small and medium-sized enterprises (SMEs). The acquisition will see AccountsForMe’s expertise and client base integrated into FFG’s growing portfolio, boosting its capacity to offer comprehensive financial solutions.

Marc Scrimshire, CEO of Fresh Financials Group, expressed his enthusiasm for the acquisition. “We are thrilled to welcome AccountsForMe Ltd. into the Fresh Financials Group,” Scrimshire said. “This acquisition aligns perfectly with our vision of offering top-tier, technology-driven financial operations across the UK. Vip Patel has built a fantastic business, and we are honoured to continue his legacy, ensuring clients receive the best possible care and expertise.”

Vip Patel, owner of AccountsForMe Ltd., echoed this sentiment, expressing his confidence in the transition. “After careful consideration, I believe that Fresh Financials Group is the ideal home for AccountsForMe,” Patel said. “Their commitment to innovation and excellence mirrors our own values, and I am confident that our clients will be in the best possible hands.”

Patel will remain with FFG as a consultant for three months to facilitate the smooth integration of AccountsForMe Ltd. into Fresh Financials Group. The transition aims to uphold the high service standards that AccountsForMe’s clients have come to expect, ensuring continuity and quality throughout the process.

This acquisition reflects FFG’s ongoing dedication to providing superior financial operations and bookkeeping services, empowering businesses throughout the UK to thrive and grow. By combining AccountsForMe’s personalised approach with FFG’s technological prowess, the merged entity is set to offer enhanced financial services tailored to the needs of SMEs.

The integration of AccountsForMe Ltd. is expected to bolster FFG’s market presence and reinforce its position as a leader in the financial operations sector. This move highlights FFG’s strategic growth plans, focusing on acquiring firms that complement its service offerings and enhance its capabilities.

FFG’s reputation as an award-winning Xero Platinum Partner has been built on its innovative use of technology to deliver exceptional financial services. The acquisition of AccountsForMe Ltd. is anticipated to further strengthen this reputation, enabling FFG to provide an even more comprehensive range of services to its clients.

The acquisition is a significant step in FFG’s strategy to expand its footprint and deliver top-quality financial services to a broader client base. As the integration process unfolds, clients of both firms can expect continued excellence and a seamless transition.

For more information about the acquisition and Fresh Financials Group’s services, please visit: Fresh Financials Press Release

Omnitronics Omnicore Dispatch System Proves Resilient Amid CrowdStrike Disruption

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Osborne Park, Australia – In a recent global IT disruption caused by a defect in CrowdStrike’s software, the resilience of Omnitronics‘ Omnicore Enterprise Dispatch system has been highlighted. Despite running on Windows Servers, which were significantly impacted by the defect, organisations using Omnitronics’ dispatch consoles were able to swiftly restore their operations once their Dispatch Console PCs were functional.

The defect in CrowdStrike’s software led to the notorious ‘blue screen of death’ for numerous organisations worldwide, resulting in total system outages. However, the majority of Omnicore Enterprise Dispatch users experienced far less disruption due to the system’s built-in redundancy features.

John Jordan, CEO of Omnitronics, emphasised the importance of their system’s resilience, stating, “Omnitronics systems are used by mission- and business-critical organisations and their solutions need 24/7/365 uptime. If there is a disruption to a client’s technology ecosystem, if a server fails or the internet drops out, Omnicore Dispatch users still need to be able to continue their work. We have hardened our technology so that our clients can continue their important work, no matter what.”

Even though the Windows servers were impacted by the defect, the omnicore dispatch consoles continued to function normally for up to 48 hours without a server connection. This redundancy ensured that during the outage, omnicore Consoles maintained essential voice communication via direct connections to radios and phone gateways, even when network issues related to CrowdStrike prevented server access.

Quick fixes were available for users who also had CrowdStrike running on their Dispatch Consoles, which played a crucial role in maintaining operational continuity. Advanced features like Satellite Location Services and Call Queues operated in a degraded mode during the outages but remained functional. This contrasts sharply with other systems that completely halt when disconnected from servers. Omnitronics’ approach of soft degradation allowed for uninterrupted operation, even in challenging circumstances.

The recent events underscore the importance of robust and reliable dispatch systems for mission-critical operations. The ability to maintain communication and operational functionality during a widespread IT disruption is vital for many organisations. Omnitronics’ omnicore Enterprise Dispatch system’s performance during the CrowdStrike incident is a testament to its design and reliability.

As organisations continue to navigate the complexities of digital transformation and cybersecurity threats, the need for resilient and dependable systems has never been greater. Omnitronics’ proactive approach to ensuring operational continuity, even in the face of significant disruptions, sets a benchmark for the industry.

In conclusion, while many organisations grappled with the severe impacts of the CrowdStrike defect, Omnitronics’ omnicore Enterprise Dispatch system demonstrated exceptional resilience. The system’s built-in redundancies and quick recovery capabilities enabled users to continue their critical operations with minimal disruption. As CEO John Jordan aptly put it, the technology is hardened to ensure that clients can carry on with their important work, regardless of the challenges posed by their technological environment.

Autumn Budget Projected To Cut Stamp Duty

Rumours suggest that Chancellor Jeremy Hunt is expecting to cut Stamp Duty in the upcoming Autumn Budget. 

The claim was made by The Times newspaper early this year, with sources backed by the HM Treasury. The initial change will be that the minimum threshold for paying stamp duty will be increased from £250,000 to £300,000. 

For anyone buying their first property and it is under the price of £300,000, no stamp duty will be applied. This rate is currently set at 5% for this threshold, so a purchase on a £250,000 property, currently costs £12,500 in stamp duty. 

As it stands, the UK government makes around £3 billion from this structure per year, but this change means that around 50% of Britons who buy a home each year would pay no stamp duty. 

Some suggest that this proposal was a ploy to increase popularity in the recent election, but there is a real possibility of this change being introduced.

Currently, inflationary pressure appears to be subsiding, hence Treasury officials are more relaxed about it being featured in the Autumn budget this coming September, with the exact date yet to be confirmed.

This decision will be welcomed by many, with the housing market incredibly tougher for new buyers and mortgage rates at a record high. The current average age in the UK for first-time buyers is 33 years and 8 months and 36 years and 8 months for those in London. Some action needs to be taken to make the property market more accessible for first-time buyers and the general British public.

Now that inflationary pressures are subsiding, Treasury officials are more relaxed about it being featured in the Autumn budget in September, the exact date of which has yet to be set.

Tomer Aboody, director of property lender MT Finance, commented: “With property prices increasing month-on-month, we are seeing the strength in demand and confidence within buyers who are taking advantage of steading interest rates and lower inflation.

“But comparatively, the sales volume (of property) is considerably lower than last year. So we are seeing higher demand versus lower supply will always push prices up.

“Sellers need to be encouraged to move in order to increase availability of stock in the market, and some movement in Stamp Duty rates would certainly help.”

Experts say Taylor Swift Eras Tour Added Minimum of £300 Million to The UK Economy

The talk of the summer has been the Taylor Swift Eras Tour at Wembley Stadium, where over 8 nights the 34-year pop sensation would have generated a minimum of £300 million to the UK economy.

With more than 700,000 people in attendance during the Wembley leg of the tour, the combination of ticket sales, hotel bookings, transport, food and merchandise has added significant value to the British economy.

The report, carried out by financial experts, Lending Expert, showed that Taylor Swift generated huge attention and interest, not just domestically but also internationally, with fans coming from all over Europe and the world to attend her shows. 

Despite the cost of tickets often ranging in the hundreds or thousands of pounds, some fans, known as “Swifties,” traveled abroad to France or the Netherlands to pay a fraction of the price, but paying for flight tickets and transport, which inadvertently helps the UK economy.

The report was made in connection with data from the UKInbound’s Tourism Statistics for 2018, which showed that, excluding day visits, each domestic and international tourist to the UK generated about £396 to the UK economy in 2018. 

Adjusted for inflation (using Consumer Price Index including Housing) this would translate to £471 in 2023. This figure was multiplied by 640,000 – a conservative estimate on the expected audience at Wembley Stadium across the gigs, which totals to £301 million. However, sources expect this figure to be significantly higher.

This is not the first time that a musician has had a big impact on the UK economy, with sources revealing that Beyonce’s tour last year contributed towards UK inflation.

David Beard of Lending Expert commented: “It is quite remarkable the impact of Taylor Swift’s Eras tour on the UK economy and its hospitality and travel industries. With a nation still somewhat recovering from the effects of Covid and Brexit and continued hikes in interest rates, this injection of cash is very welcomed.”

“Taylor Swift benefits from being the only real headliner in terms of gigs this summer, with Ed Sheeran and Beyonce’s major tours taking place last year and the year prior, so being the standout performer has only added to the hype.”

“This tour coupled with England’s run to the Euro 2024 final has seen a prosperous summer for the UK financial economy, only hoping that the newly elected government can bring the UK out of its financial crisis, lower interest rates and get the nation back on track.”

Many fans have enjoyed the tour which is still continuing, with the pop princess having a photo snapped with Prince William and his children.

Emily Davis appointed leader of the Hallé Orchestra

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The Hallé is thrilled to announce the appointment of violinist Emily Davis as leader of the Hallé Orchestra, alongside Roberto Ruisi.

Together they will share the leader seat as the orchestra heads into its 2024/25 season with new principal conductor, Kahchun Wong.

Emily commands a strong international reputation as an orchestra leader, having been invited as a guest leader with orchestras including the Oslo Philharmonic Orchestra, Singapore Symphony Orchestra, Royal Scottish National Orchestra, Odense Symphony Orchestra, Royal Philharmonic Orchestra, Royal Northern Sinfonia and the Bergen Philharmonic Orchestra. She formerly held the position of Concertmaster with the Stavanger Symphony Orchestra and for two years as a student was Concertmaster of the European Union Youth Orchestra.

As a soloist, she has performed in festivals and venues across the world, with highlights including Arvo Pärt’s Fratres with Vasily Petrenko at the Pärnu Festival in Estonia, Piazzolla’s Four Seasons at the Bergen International Festival, and the Cuban premiere of Vaughan Williams’s Lark Ascending. She is also passionate about directing larger chamber ensembles and is founder of ‘Thirteen North’ – an ensemble influenced by both classical and folk music.

Emily will make her debut as leader on October 3, in a concert featuring Stravinsky’s The Firebird. Conducted by Kahchun Wong, the concert is part of the orchestra’s popular new Rush Hour series, at The Bridgewater Hall.

Emily said: “Joining the Hallé as Leader is an immensely joyful moment for me. Having attended Chetham’s School of Music as a teenager, I have a great love for both Manchester and the Hallé. I spent many formative moments watching this wonderful orchestra at The Bridgewater Hall, and am very proud to now be able to call it my new musical home.”

Image credit: Nino Felbab

Shopstar Opens Online Doors for Small Businesses with UK Launch

Shopstar, a leading ecommerce platform for online shop creation, has officially launched in the United Kingdom. With over a decade of experience empowering creative entrepreneurs in South Africa, Shopstar brings its expertise to the UK market, targeting small and micro-businesses seeking an accessible and supportive ecommerce solution.

Unlike many competitors that cater to larger enterprises, Shopstar specialises in serving “mum and pop” businesses—small ventures with limited budgets, resources, and technical know-how. The platform offers personalised support and avoids the use of AI and bots.

“Our mission is to make ecommerce accessible to everyone, especially those who are new to the digital marketplace,” said Chris Edington, CEO of Shopstar. “We understand the challenges faced by small business owners, which is why Shopstar offers not just a platform, but a partner in building successful online businesses.”

“Shopstar walks the journey with its customers,” explained Edington. “Especially those who don’t have huge budgets to pay developers and fees, and don’t need all the bells and whistles – just something simple with a human touch to help them. The platform aims to provide a straightforward, human approach that empowers entrepreneurs to thrive in the competitive ecommerce landscape.”

Shopstar’s entry into the UK market comes at a time when ecommerce is booming, yet many smaller businesses struggle to find affordable, user-friendly solutions that meet their needs. By offering competitive pricing starting at £6 per month with a current promotion of 50% off for the first two months, Shopstar aims to lower the barriers to entry for aspiring online entrepreneurs.

The platform’s features include a drag-and-drop designer for easy shop customisation, seamless integration with social media platforms like Google, Instagram, and Facebook for enhanced visibility and sales, as well as tools for marketing, sales management, and dropshipping. This comprehensive suite of tools is designed to simplify the ecommerce journey for makers and creators who may lack technical expertise but want to start, manage, and grow an online business.

“We are not just providing a platform; we are fostering a community of creative entrepreneurs who want to turn their passions into thriving online businesses,” added Edington. “Whether you’re a solo entrepreneur or a small team, Shopstar is here to support you in realising your business dreams.”

In South Africa, Shopstar has established itself as a market leader, known for its commitment to customer success and affordability. Now, with a strategic expansion into the UK, the company aims to replicate its success by empowering a new wave of British entrepreneurs.

For more information about Shopstar’s ecommerce solutions tailored for small businesses in the UK, visit their website at www.shopstar.io. New users can take advantage of the current promotional offer and 14-day free trial.

HS2 partners with pioneers to chart a sustainable future

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Digital Catapult, the UK authority on advanced digital technology, has today welcomed eight technology pioneers to the Made Smarter Innovation Sustainability Accelerator to improve resource and energy efficiency in UK manufacturing. Working with industry leaders BAE Systems, HS2 and Creagh Concrete, the participating companies will receive support from innovation experts at Digital Catapult to co-develop solutions that will establish a more sustainable industrial future. 

Delivered by Digital Catapult, the programme is funded by Made Smarter and Innovate UK, to build on the success of the Made Smarter Technology Accelerator, which paired UK manufacturers with technology companies to adapt and improve their approach to industrial innovation. The new programme will foster deeper strategic collaborations between tech innovators and industrial pioneers to advance sustainable manufacturing initiatives, including the application of digital twin technologies. 

BAE Systems, which provides some of the world’s most advanced defence, aerospace and security assets, will work with Digica Solutions Ltd to develop a digital twin of its Factory of the Future research centre. Digica’s solution will demonstrate how environmental factors affect manufacturing operations, while Quasir Ltd will combine physics-based models with data-driven machine learning tools to increase operational efficiency, whilst reducing energy consumption and resource waste.

HS2 is constructing Britain’s new high-speed railway, comprising 140-miles of track, four new, state-of-the art stations, two depots, 32 miles of tunnel, and 179 bridges. Construction is based at over 350 active sites between West Midlands and London, most of which will be converted to green sites in the coming years, with Infinitive Group Ltd and Material Index seeking to improve the sustainability of this work by optimising the planned deconstruction process. Both startups will develop digital software tools to integrate and analyse deconstruction-related data effectively to support informed decision making about material recapture and reuse, ensuring that when sites are no longer needed, they are sustainably deconstructed. 

One of the UK’s largest producers of concrete products, Northern Ireland-based Creagh Concrete, will collaborate with DataFlowIQ, Linearworks, Kinsetsu and Coraledge Ltd to gain accurate, comprehensive insight into its production process. Optimising and digitalising the manufacturing process, while improving energy and operational efficiency, will enable Creagh Concrete to maintain its competitive edge and achieve its sustainability goals. 

The programme will offer participants support in the form of sustainability masterclasses, technical monitoring, innovation expertise and peer-to-peer support, to grow each company’s capabilities. The programme will play a critical role in advancing industrial sustainability through the adoption of deep technology, and comes as it was announced that the country is halfway to net zero, with emissions cut by 53% between 1990 and 2023.

Participating startups and SMEs will each receive £75,000 funding to develop a proof of concept and a further £100,000 will be available for up to four companies to progress to phase two. Phase two will support the successful companies to develop pilot prototypes, culminating in a showcase in early 2025 to pitch their solutions to investors and industry leaders.

Man jailed after raping woman in hotel room while she slept

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A man has been jailed after raping a woman while she slept at a London hotel.

Ian Foster (41) of no fixed address, was sentenced to 16 years’ imprisonment at Wood Green Crown Court yesterday. He was also given a restraining order preventing him from directly or indirectly contacting the victim.

He was unanimously found guilty of rape in April following a trial supported by extensive and damning evidence gathered by investigating officers.

The court heard that the victim, aged in her 30s was known to the suspect. They attended a hotel in Edmonton, in January 2020. A heated argument ensued in the hotel room between the two, where Foster displayed sexual jealousy.

Following the row, Foster (pictured) and the woman went to sleep and in the early hours of January 18, 2020, he raped her while she slept.

Officers attended the hotel later that day, after a concerned phone call from the victim’s mother following the argument. However, the victim did not disclose to officers that she had been raped because she was scared and just wanted to go home – her parents were en route to collect her.

In the early hours of January 19, once the victim was safely home, she reported the incident to police via her friend and detectives from the North Area’s Public Protection team launched an investigation.

The victim was supported by specially trained sexual offence officers in her own force area of Devon and Cornwall, on behalf of the Met.

Foster was circulated as wanted and was arrested in Devon on the afternoon of January 19, on suspicion of rape. He was recalled to prison in breach of his licence conditions following his conviction for two rapes in 2012 at Truro Crown Court. He had been released on licence in 2017.

He was subsequently charged on January 31, 2023 after an extensive investigation, which included taking witness accounts from hotel staff and family and friends of the victim and reviewing CCTV of the pair in the public areas of the hotel from check-in to check-out. This showed Foster following the victim around like a ‘puppy dog’ and trying to ‘reason with her’ in the foyer on January 18, following the rape.

Officers reviewed hundreds of communications on their phones, which highlighted Foster’s sexual jealously. There was also a message on January 18, with Foster saying he was unsure why he committed the act after he was challenged by the victim who said: “What go through ur head to have sex with someone when they are not even awake?”

Detective sergeant Myles Bossman, who led the investigation, said: “Foster is a highly dangerous individual, as reflected by his sentence, who has now been convicted of rape on two separate occasions. Foster appears enraged by sexual jealousy and insecurity, and chose to attack the woman when she was at her most vulnerable as she slept. Foster has showed zero remorse for his actions.

“Thanks to the years of hard work by the North Area’s Public Protection team, Foster is now back behind bars. We were committed to gathering enough evidence to ensure the victim got the justice she deserved,

“With the support of her family and friends, the victim showed immense courage and bravery in supporting a police investigation. I would like to thank the victim for her strength, and the many witnesses who provided evidence.

“This sentencing shows that such violence against women will not be tolerated and those who commit such offences will be dealt with robustly.

“I would encourage anyone who is a victim or witness to sexual assault to contact police immediately where you can access support from specially trained officers.”