Notice is hereby given that the 116th Annual General Meeting of the Norfolk Chamber of Commerce & Industry will be held at the Dunston Hall Hotel, Ipswich Road, Norwich on Friday 5th October 2012, with registration at 9.30am for commencement of the meeting at 9.45am, for the purpose of transacting the following business:
By order of the Board September 2012
The UK petrol and diesel sector is being put under the microscope by the fair trading watchdog amid rising prices at the pumps.The Office of Fair Trading (OFT) will spend six weeks gathering evidence about whether competition is being curtailed. The watchdog will also consider whether falling costs of crude oil are reflected in prices paid by motorists.It will publish its findings in January.
The OFT said that the UK retail road fuels sector was estimated to be worth about £32bn.Petrol prices rose by 38% between June 2007 and June this year, and diesel prices went up by 43% over the same period.In June, the government announced it would postpone its 3p-a-litre rise in fuel duty from August until January.
‘Widespread concern’ The OFT said the review, which is not a full-scale investigation by the watchdog at this stage, would study whether the action of supermarkets and oil companies made it difficult for independent retailers to compete in the market.The review would also look into whether there was a lack of competition at the pumps in rural areas.
Claire Hart, of the OFT said“We are keenly aware of continuing widespread concern about the pump price of petrol and diesel and we have heard a number of different claims about how the market is operating.We have therefore decided to take a broad based look at this sector, to provide an opportunity for people to share their concerns and evidence with us.This will help us determine whether claims about competition problems are well-founded and whether any further action is warranted.”
A significant chunk of the price paid by consumers on petrol is tax, which will not be covered by the review. The Department for Transport has previously suggested that industry should come up with a voluntary code of conduct to ensure wholesale price falls were passed on within a fortnight to the motorist.
International concern The latest figures from Experian Catalist show that the average cost of a litre of unleaded was 138.99 pence on Tuesday. The average price of a litre of diesel was 143.52 pence.Earlier this year, the Retail Motor Industry Federation raised concerns with the OFT about the ability of independent traders to compete in the market.Similar concerns about prices at the pumps have led to investigations from regulators in Germany, Spain and Australia.
Commenting on the release of the independent SME Finance Monitor, Caroline Williams CEO Norfolk Chamber, said:
“The latest statistics from the SME Finance Monitor demonstrate that there are still serious obstacles for many companies seeking external finance. The figures strengthen the case for the creation of a British Business Bank, which would help address some of the problems in business lending.
“It is striking that the number of successful applications has fallen. Many companies still say they feel discouraged from applying or are put off by the process. Despite claims that financial institutions are open for business, only a minority of first-time applicants are being approved for loans and overdrafts by their banks.
“While it is good to see that most existing bank customers get the facilities they need when they ask for them, lenders’ low risk appetite means that too many young and fast-growing companies aren’t getting access to the capital they require. With companies less confident of a successful application for finance in the future, there is more to be done to restore relationships, improve transparency and rebuild trust between businesses and banks.
“The Norfolk Chamber’s Business and Finance group (BFG) which includes all the major banks repeatedly say that they are very much open for business and are willing for us to challenge them with any cases from our members who feel they are not getting a positive response. The BFG group are working on putting together an event which will pull together all types of finance opportunities to try to get more finance to the businesses who need it to grow”
Commenting on the trade figures for July 2012, published today by the ONS, Tracey Howard international Trade Director Norfolk Chamber of Commerce, said:
“The large decline in the July trade deficit more than reversed the setbacks recorded in June. Underlying export volumes rose in the last three months, while import volumes fell. We know that Norfolk exporters are facing major challenges due to problems in the eurozone and the global economy as a whole, so progress towards rebalancing will be slow and painful.
“However, the latest trade figures show encouraging progress, and reinforce our hope that the UK economy will return to positive growth in the third quarter of 2012. UK exports to non-EU countries were slightly higher than exports to the EU in the last three months, which shows a shift in the traditional pattern where exports to the EU are usually much stronger.
“These developments show that British including those from Norfolk exporters are making the right decisions and moving to faster-growing areas outside the EU. We have always stressed that exporting companies have huge untapped potential to expand, but need the right support to help them compete and break into new markets. We have developed a Global Market Place series of six seminars to assist Norfolk businesses to get into new markets and hear from industry experts. Firmer action from government in key areas such as trade finance, promotion and insurance would be a good start, but this needs to be part of a general shift in priorities towards more policies to boost growth.”
Representatives of the key Norfolk business groups (Norfolk Chamber, FSB, IoD, NWES, FIG, and the NFU) met with Chloe Smith, MP for Norwich North and Simon Wright, MP for Norwich South to highlight issues affecting local businesses. Among the topics for discussion was how to improve mobile phone coverage across Norfolk, an update on the newly formed federation, Transforming Education in Norfolk (TEN) and a progress report from New Anglia LEP on the Enterprise Zone in Great Yarmouth and their Going Places Fund.
(Photo courtesy of Marjorie Eade, FIG)
“The large decline in the July trade deficit more than reversed the setbacks recorded in June. Underlying export volumes rose in the last three months, while import volumes fell. We know that Norfolk exporters are facing major challenges due to problems in the eurozone and the global economy as a whole, so progress towards rebalancing will be slow and painful.
“However, the latest trade figures show encouraging progress, and reinforce our hope that the UK economy will return to positive growth in the third quarter of 2012. UK exports to non-EU countries were slightly higher than exports to the EU in the last three months, which shows a shift in the traditional pattern where exports to the EU are usually much stronger.
“These developments show that British including those from Norfolk exporters are making the right decisions and moving to faster-growing areas outside the EU. We have always stressed that exporting companies have huge untapped potential to expand, but need the right support to help them compete and break into new markets. We have developed a Global Market Place series of six seminars to assist Norfolk businesses to get into new markets and hear from industry experts. Firmer action from government in key areas such as trade finance, promotion and insurance would be a good start, but this needs to be part of a general shift in priorities towards more policies to boost growth.”
Jointly hosted by British Expertise and the British and Colombian Chamber of Commerce (B&CCC), a meeting to be held in London in October will explain why these organisations believe that the time is right to see Colombia as a market.
Those attending will hear the results of B&CCC’s newly completed research into the project opportunities created by the Colombian Government’s commitment to develop the country’s infrastructure, and will be provided with a copy of the report.
Carlos Sanchez, a lawyer with the firm of Duran & Osorio, will summarise the legal context of doing business in the fourth largest country in South America and will examine Colombian public-private partnership contracts and briefly describe how to take part in public procurement processes.
The meeting will be held at the London offices of British Expertise (10 Grosvenor Gardens) on 1 October at 3.30pm.
British Expertise is organising a UK infrastructure mission to visit Bogota and Cartagena from 19-23 November, to coincide with the Colombian Infrastructure Chamber Congress, the country’s largest infrastructure congress.
The October meeting will provide the background to the potential benefit of participating in the mission and will explain how, over the next eight years, Colombia will invest US$55 billion in its infrastructure, covering airports, ports, railways, hospitals, schools and roads.
Further details of the meeting, which is free to attend, can be found here.
The Middle East Association, in partnership with the Saudi Committee for International Trade, warmly invites you to attend this year’s 9th Opportunity Arabia Seminar on Monday 1st October at One Great George Street, London SW1.
Opportunity Arabia 9 aims to introduce British companies to a thriving and growing market place and to raise their awareness of the limitless business opportunities that Saudi Arabia has to offer.
David Lloyd, Senior Consultant at the Middle East Association will be coming to speak at our “Spotlight on Saudi Arabia” event taking place on 5 March 2013.
Chancellor George Osborne and Business Secretary Vince Cable have both announced that their Departments are considering the creation of a new bank to improve the flow of credit to small and medium-sized firms.
This comes as good news to the British Chambers of Commerce (BCC) which has long championed the idea and has now set out a detailed case for the establishment of a state-backed British Business Bank.
This argues that the Bank should be a clear “first port of call” for all viable companies seeking growth finance but should complement, not cannibalise, existing banks and other lenders, with commercial lenders having a “first right of refusal” on all applications received by the Business Bank.
The BCC suggests that its plan would particularly help dynamic and fast-growing companies, many of whom report difficulty accessing finance. It would also address “discouraged demand” among some existing bank customers.
The Chambers’ paper also notes that the Bank could help companies seeking mezzanine, export or supply-chain finance support, which it sees as being key to rebalancing the economy in the years to come.
Director of Policy and External Affairs, Dr Adam Marshall, said: “Our new report addresses many of the obstacles to the creation of a business bank, and shows that a new institution is both realistic and achievable. Ministers have a golden opportunity to pass enabling legislation for a business bank this autumn, and to dedicate their attention to ensuring that it is operational before the end of this Parliament.”
World trade is predicted to grow by 75% in the next 15 years, with merchandise trade volumes set to climb to US$48 trillion by 2025, up from US$27.2 trillion today.
That at least is the view of the International Chamber of Commerce (ICC), which is concerned that new financial solutions will be needed to enable corporates to maintain a resilient supply chain.
Accordingly, the ICC Banking Commission is organising its first-ever ICC Supply Chain Financing Conference, to be held in Paris on 4 and 5 October 2012.
Innovations in working capital solutions are more vital in today’s economic climate than they have ever been before, the ICC said, with companies and suppliers under conflicting pressures to improve payment terms, reduce prices and improve cash flow.
“From today’s emerging markets, new international powerhouses will arise to further drive world trade growth,” said Andre Casterman, Conference Co-Chair, Head of Banking and Trade Solutions, SWIFT and Co-Chair of the ICC Bank Payment Obligation (BPO) Project.
To support such growth in a volatile economic climate, he explained, new supply chain finance rules are being established. BPO rules, for example, offer a new instrument that combines the benefits of the letter of credit with those of open account trade.
The conference will combine educational sessions on different supply chain finance techniques while drawing on case studies and examples of best practice. Topics will be divided between invoice-based and purchase order-based supply chain finance techniques.
More details are available on the ICC website.
The UK’s aviation policy is under wide-ranging scrutiny at the moment, with attention variously on the desirability, or otherwise, of extending Heathrow and the possibility of creating a “Boris island” airport in the Thames.
The Director General of the British Chambers of Commerce (BCC), John Longworth, has widened the argument by suggesting that Stansted Airport can play an important role in boosting international trade and connectivity in support of British business.
On a recent visit to the UK’s fourth busiest airport, he met Stansted’s Managing Director, Nick Barton, to discuss a range of issues affecting aviation and business competitiveness, including aviation policy, infrastructure investment, export opportunities and access to finance.
He described Stansted as a superb airport with world-class infrastructure and noted that it has a burgeoning air freight market with significant spare capacity to take more flights, which would help to boost international trade.
“The UK desperately needs a coherent and comprehensive aviation policy for the short-, medium- and long-term,” Mr Longworth said. “Stansted clearly has a role to play.”
Mr Barton said that the airport had the permissions and facilities in place to serve 35 million passengers a year on its single runway and he was sure that it could help to build the international trade links that are vital for British business and prosperity.
The British Chambers of Commerce are carrying out a snap poll on “Access to Finance” this week.
The Snap poll is carried out over 3 days and starting from today, closing at midnight on Thursday.
The BCC have commented as follows:
“Considering the continuing economic challenges faced by UK businesses, we would like to quickly capture your views on how access to finance is shaping the current business environment.
Conducting this very short snap poll of Chamber members will enable us to represent the needs of business as effectively as possible at a time when major changes to the business finance system are being considered both here in the UK and globally.”
Please click hereto take part.
Please remember that the poll will end at midnight on Thursday (20 September).