Month: March 2022

Fundraising Returns – Is It Worth It?

Fundraising Returns – Is It Worth It?

Fundraising is marketed as one of the easiest ways to enter the real estate market, but are returns worth it? The platform looks great on the surface with a minimal and easy to understand process, but there has to be a catch, right?

Most of us have a laid back attitude when it comes to painting a picture about ourselves.

Collect funds at a glance

Real estate investing has become synonymous with wealth (and wealth expansion). This is no longer true because the goal of platforms like Fundrise is to eliminate the high barriers to entry that prevent the average person from getting a piece of the pie.

The main products of Fundraisers are real estate investment trusts (platforms such as REITs, or eREITs). You will buy a fundraiser plan, which is: Starter, Supplemental Income, Balanced Investment and Long Term Growth. The title of each plan speaks for itself.

You can also choose from 2 Account Levels (Advanced and Premium), which will help you gain access to more real estate investment opportunities.

Advantages and disadvantages of fundraising

This sounds amazing, because now the average middle-income earner (or less) will have an entry point for every average Joe’s real estate investment, but is there a downside to opening these doors, in other words, what are the pros and cons?

Professional

  • You do not have to be a recognized investor to use it
  • The minimum investment is very low
  • Investment selection
  • Easy to use platform
  • Redemption option
  • Decent return

Cons

  • There are some fees involved, which are complicated

Fundraising average return

Fundrise’s average income will change over time. All we can do is look at last year’s fundraiser performance to find an average. Let’s take a look at the annual return statistics year by year.

The real-time return chart (which is updated daily) shows that the 10% return after each year is quite standard. After two years, an account sees an impressive return of 19.4%, then 32% after 3 years, 45.7% after 4 years, 57.9% after 5 years and an impressive 74.7% after 6 years.

The increase we see in charges is considered to be gradual but indicative. While this is a very encouraging view of what your fundraising account can do for you, it is important for us to remind investors that past performance is not indicative of the future.

That being said, there is always a strong market for investing in real estate because there will always be demand and some cities have seen rapid growth (including more space) over the past decade or two. Imagine if you had invested in real estate in these cities before the market boom, your net worth could have increased by millions (we see you in Sydney, Tokyo and Vancouver).

You can also view annual returns of client accounts split across all clients of Fundrais, Public US REIT and Public Stock. This is an overview from 2017 to 2021, with returns of 10.63%, 8.81%, 9.16%, 7.31% and an amazing 22.99%, respectively.

Fundraise VS REITs

What is the real difference between Fundrise REITs and Standard REITs? Well, one of the biggest factors is that fundraised REITs are not universally traded, which means they are extremely scarce. However, the advantage of not doing too much yourself is that Fundrise has a profile that can meet your needs which can exceed liquidity.

Fundraising offers a lower minimum investment than regular REITs, which makes entry barriers more realistic for many. We mentioned that there could be a catch, and unfortunately, there is. Fundraising charge fee which is higher than regular REIT. You will be charged with 1% of your total annual fee, which includes a 0.85% asset management fee and the remaining 1% for advisory services.

Compared to regular REIT, which charges 0.50%, the fee difference can be huge depending on the quality of your assets. In terms of returns, Fundraise private eREITs may not see the same high returns as the public standard REIT, which can sometimes surpass the S&P 500!

Is there a correct answer for Fundrise VS REITs? If you have the funds, the answer is quite clear. However, many do not have enough resources to be recognized, which makes Fundrise the best and only choice.

The latest thought

From the data we collected for Fundraiser between 2017 and 2021, our confidence in the annual return platform has grown. Even if past performance does not indicate the future, it can be used as a measure and a rather positive one for Fundrise. If you don’t have the funds and want to add real estate investments to your portfolio for diversification, Fundrise is a great choice.

French investors have bought half of the Hornsy to Offshore Wind Farm

French investors have bought half of the Hornsy to Offshore Wind Farm

A 50 per cent stake in a giant offshore wind farm built off the coast of Yorkshire has been sold to a pair of French investors for 3 billion.

Axa, the insurance group and Credit Agricole, the bank’s investment arm, bought half of the Hornsea Two project from the Danish company Orsted, the world’s largest offshore wind developer.

Analysts at Bernstein say the price paid by Axa and Crédit Agricole is about one-third more than the price of Hornsea Two, which they thought was worth it. They added that this “proves that foreign investors are willing to pay a price on such assets” as the world embarks on a journey of change in how energy is generated.

Hornsy Two, located about 50 miles off the coast of Yorkshire in the North Sea, is 160 square miles wide. It is still being built but with the launch this year, it will be the largest offshore wind farm in the world at this time, a title currently held by Hornsea One.

Once completed, Hornsea Two’s 165 turbines will have a capacity of 1.3 gigawatts, enough to produce 1.3 million homes a year – or the equivalent of all homes in Greater Manchester.

The UK government is aiming for 40 gigawatts of offshore wind power by 2030, and Orsted believes that Hornsy II will be a “core project” if that goal is achieved.

The deal is expected to close in the second half of this year, after which Axa Investment Management and Credit Agricole will own 25 percent of each project.

Orsted, which will run and maintain the wind farm for at least the first 20 years, will hold another 50 percent stake in the project.

“Our investment strategy is decarbonization, electrification and digitization,” said Mark Giligan, head of infrastructure equity at AXA IM Alts.

Credit Agricole Assurance had previously committed to doubling its investment in renewable energy by 2025 and had purchased a large chunk of Hornsy II “completely”. [its] Climate commitment, ”said Philip Dumont, its chief executive.

Orstad was formerly known as Dong Energy and began life as Denmark’s state oil and natural gas company before switching to offshore wind development. It has since installed more than a quarter of the world’s offshore wind power and owns or co-owns 12 offshore wind farms in UK waters. About 50.1 percent of the company is owned by the Danish government.


How the Russia-Ukraine conflict is affecting Vietnamese business

How the Russia-Ukraine conflict is affecting Vietnamese business

When the Russia-Ukraine conflict unfolds and a month passes, the Vietnam briefing looks at the impact of the conflict on Vietnam as well as the country’s business. While it is still too early to determine the long-term effects, we examine the short-term effects that will play a key role in how the economy moves forward.

The Russia-Ukraine conflict, which began on February 24, sent shockwaves through global markets and led to an unprecedented response from countries around the world in the form of economic sanctions and other sanctions. In doing so, the West and its allies are sending a clear signal that they want to isolate Russia politically by isolating Russia from the global financial system.

Russia-Ukraine could have limited direct consequences on Vietnam

Although analysts say the impact of the Russia-Ukraine conflict on Vietnam may be limited to direct consequences, the conflict could have significant consequences for Vietnam’s trade and commerce. From disrupting trade and global supply chains to creating geopolitical tensions, we discuss the effects that can be felt by businesses operating in Vietnam.

Neutral position of Vietnam

Vietnam has maintained a neutral position, refusing to directly condemn or pardon Russia’s actions, and has called for a peaceful and diplomatic solution to the conflict.

Nevertheless, due to the sanctions imposed on Russia and the subsequent indirect consequences, Vietnamese businesses are bound to be stuck in cross-hair.

Businesses engaged in direct trade with Russia, Ukraine and Belarus will experience the most immediate effects of the conflict. Ukraine is now largely closed for trade and commerce, and only essential goods and supplies are entering the country through the Polish border.

Transportation costs are rising

Vietnam-based businesses are already facing trade challenges with Russia and Ukraine. Several businesses have complained that transportation costs have risen due to the exclusion of Russian banks from the leading international payment system SWIFT.

Also, businesses are facing supply chain problems caused by the epidemic. Vietnam is a major manufacturer of smartphones. Although the US has not yet imposed restrictions on imports and exports between Vietnam and Russia (excluding high-tech products using US machinery and technology), disruption of the raw materials used to make smartphones could affect Vietnam’s smartphone manufacturing industry unless alternative plans are made. Implemented

In particular, it is becoming increasingly difficult to obtain inputs from wood processing industries that rely on timber imported from Russia and Ukraine.

Vietnam has also faced inflation which could only be exacerbated by rising oil and gas prices. According to Dragon Capital, Vietnam has imported about 1.5 1.5 billion worth of fertilizer, iron, steel, coal and agricultural products from Russia and Ukraine in recent years. Although Vietnam has exported about US $ 2.4 billion for mobile phones, garments and textiles and electronics.

Read more

This article was first produced by VietnamBriefing which is produced by Dejan Veins & Associates. The company supports foreign investors across Asia from the office Around the worldIncluding China, Hong Kong, Vietnam, Singapore, IndiaAnd Russia. Readers can write [email protected]

5.6 million people have extra income as a result of the cost of living crisis

5.6 million people have extra income as a result of the cost of living crisis

More than 18.6 million Britons have secured or are looking for an additional source of income due to the cost of living, as four out of five have reduced their spending.

Inflation is at its highest level in three decades and a new peak is expected in April.

Research by beauty brand Avon suggests that women are particularly affected, with nearly three-quarters saying they worry about their finances when prices rise in April, compared to 56% of men. As a result, about two-fifths of women are considering, or have already secured, an additional source of salary, which is reduced by 31% for men.

For more than 45.2 million people, the potential financial impact of the crisis has forced them to cut costs. Among the top things that the British are reducing their spending are eating out, buying new clothes and spending the holidays. Although 19% of Britons would unsubscribe from streaming or TV services, this would increase to about a quarter of a millennium. Interestingly, there is also a disparity between women and men; More than half of women are reducing their self-medication compared to 30% of men.

In addition to luxury, the British are reducing their spending on more practical or essential items such as energy consumption, groceries, travel expenses and fuel purchases.

For more than 135 years, Avon has been providing women with opportunities to earn and learn, helping them build financial independence on their own terms. In order to increase accessibility and break down barriers, Avon has revolutionized its representative revenue model: lowering the revenue threshold from the first sale of any product and increasing its chances of earning up to 32%.

Based on their relationship by running their own high-touch, high-tech beauty business committed to supporting their representatives, Avon continues to invest in digital development to grow their business online through its Avon On App and Avon Connect training platform. It has also launched its industry-leading, personalized Avon Rewards program, leading more engagements from custom discounts and special offers to grocers and even big money prizes on holidays.

Tracy Powers, head of sales at Avon UK, commented: “It is understandable that there are concerns about the financial impact of the cost of living crisis, especially as prices rise again in April and as a result, more people are looking for one. Additional source of income.

“Our research shows that women are unequally affected by it. For the past 135 years we have championed women, given them the opportunity to earn on their own terms, encouraged financial independence and without compromising on quality we are proud of ourselves as an accessible beauty brand. Whether women want to supplement their income or become a full-time beauty entrepreneur, we’ve introduced an overhaul of our representative earning model to further break down barriers for women to set up their own businesses. “

Avon’s latest study follows a previous study conducted on 9,000 Avon delegates worldwide in the summer of 2021, which revealed that 43% of UK delegates said that making money on their own terms was the most lucrative factor in running their beauty business. For about a quarter of women (22%) in the UK, this has made them more financially self-sufficient, saying they no longer depend on other people for money as much as they used to and increased confidence by almost a third (29%).


The Philippines has amended its foreign investment law

The Philippines has amended its foreign investment law

On March 2, 2022, President Rodrigo Duterte signed the Republic Act No. 11647 (Act 11647), which amends the Foreign Investment Act (FIA), also known as the Republic Act No. 7042.

The amendment aims, for the first time, to promote and attract foreign investment by allowing international investors (including small and micro enterprises in the Philippines) to establish and fully own domestic enterprises.

Under the FIA, micro, small and medium-sized enterprises (MSMEs) with a paid-up capital of less than US $ 200,000 are reserved for Filipino citizens. However, under the amendments, foreign nationals may own an MSME with a minimum paid-up capital of US $ 100,000, but enterprises meet the following conditions:

Under the revised FIA, the government will create the Inter-Agency Investment Promotion Coordination Committee (IIPCC), an organization that integrates all promotional and facilitation efforts to encourage foreign investment. An inter-agency agency will provide a unified approach to promoting foreign investment, as different government agencies may have different strategies for promoting and facilitating foreign investment.

In the national interest, the revised FIA authorizes the President of the Philippines to direct the IIPCC to review foreign investment that could threaten the safety, security and well-being of Filipinos. Examples include cyber infrastructure, military-related industries, and pipeline transportation, among other foreign investments.

Foreign businesses that employ foreign nationals and enjoy financial incentives must create a study or skills development program that benefits Filipino workers. This ensures that local workers receive knowledge and skills from their overseas colleagues.

The programs that companies develop will be overseen by the Department of Labor and Employment.

The Philippines has long struggled to attract foreign investment, and a 2019 Organization for Economic Cooperation and Development Index shows that the country had one of the most restrictive foreign investment laws in Asia.

The Philippines is also plagued by problems such as policy uncertainty, corruption, red tape and weak infrastructure. Moreover, its economy is dominated by aggregates (many family-owned) who have expanded their industry to include telecommunications, real estate and retailers, and strict foreign investment rules have served as a form of protectionism to protect these local brands.

Read more

This article was first published by AseanBriefing which is produced by Dejan Veins & Associates. The company supports foreign investors across Asia from the office Around the worldIncluding China, Hong Kong, Vietnam, Singapore, IndiaAnd Russia. Readers can write [email protected]

The UK’s SME has celebrated the inaugural Business Champion Awards

The UK’s SME has celebrated the inaugural Business Champion Awards

Recognized at the Outstanding Nationwide SME Awards in the UK.

Speaking after the inaugural British Champion Awards, a lifelong dream of Richard Alvin, Group Managing Director of Capital Business Media, he was thrilled with the results: ‘We have always supported and profiled with our Business Matters brand. The incredible work that SMEs do in our country, so organizing an annual award to celebrate and reward these hardworking business owners seemed like a normal step forward.

“Our journey to bring the Business Champion Awards to life has been a challenge over the past year, but seeing everyone here and feeling proud in the room for all of their accomplishments has made it a whole success.”

And what a celebration of national business it was …

Guests walked the red carpet and were greeted at East Wintergarden in the heart of Canary Wharf, a place chosen to reflect the award’s green values ​​as a carbon neutral and sustainable location. With a jazz trio to complement the drink reception, each guest wore their evening dress without exception and was ready to enjoy a full evening of entertainment, fine dining and prizes … of course, with a few surprises.

Electric drummers signaled the start of the event, then Cherry Martin, associate editor of Business Matters, gave an introductory speech on the importance of the original story for business.

Richard Alvin was on stage for his personal welcome speech, where he was named Michelle Owens CBE Business Person of the Year. There was none other than Siri’s real voice at the event, John Briggs, which garnered widespread acclaim.

Dinner was then served alongside a silent auction that raised £ 10,000 in funding for the event’s main charitable partner: Mind.

Guests were then treated to a dazzling comedy by regular stars of the TV show, Mock the Week, Tiff Stevenson and Macy Adam. Both comedians performed a separate set, to perform an ‘Things You Would Not Normally Have an Awards Ceremony’ before returning to the stage.

The country’s favorite news broadcaster, Hou Edwards from the BBC, then took to the stage to lead the event. Delivering a humorous speech, Huu then completely captures the hearts of the audience with a sincere respect for Mind Charitable and his own struggle points during the epidemic.

Then it was the turn of the prize. Each award was introduced by Huw and presented by one of the award’s 40 strongest judging panel. Phil Jones MBE, MD of Brother UK with many UK business leaders; Alex Robson, founder of Soho Jean and Charlie Mullins OBE, who just left Pimliko Plumbers on a 150 million deal.

The trophies were produced in the UK using completely durable wood sources and methods. To further exemplify and inspire the values ​​of the Business Champion Award, ten trees will be planted in each of the winners in their area.

Winners will be announced by category:

New business of the year

Bronze – JOMO Club
Silver – Combined marketing and events
Winner – Seeblue Marketing

Champion in a crisis

Bronze – Sahan Cares
Silver – Pantre Tech
Winner – Network Central

Business innovation of the year

Bronze – B-Secure
Silver – Beatriz
Winner – ScenePro Digital Forensics

Growth business of the year

Bronze – Global Procurement Group
Silver – G&L Scientific
Winner – Kill the kittens

The best SME business of the year

Bronze – LitPR
Silver – JHP Recruitment
Winners – Whiskey and Wealth Club

Best exporter business of the year

Silver – Double Dutch drink
Winner (large company) – RS material
Winner (SME) – Funny promise

Sustainable business rewards

Bronze – SRL Publishing
Silver – shot
Winner – DPD UK
Winner (not for profit) – Planet Tracker

Diversity and Inclusion Rewards

Winner – Channel 4

Young Entrepreneur of the Year

Winners – Raisa and Joyce de Haas – Double Dutch Drinks

Best Entrepreneur of the Year

Bronze – Linda Norton – Ranmore Rise Retreat and Surrey location
Silver – Mark Stringer – SKOOT
Winner – Daniel Priestley – Dent Global

Outstanding Achievement Award

Winner – Michelle Owen CBE

Summarizing his thoughts on the night, Richard Alvin said: ‘Congratulations to all the winners, the silver and bronze trophy holders. They were outstanding in their presentation and business mentality, values, statistics and approach.

‘Everyone should be incredibly proud of being a finalist and appearing on the night. Of the 5.6 million SMEs that make up 99% of the country’s business, reaching the finals is not an achievement at all and an incredibly proud achievement.

‘Huw has already confirmed his involvement for next year’s award when they return to East Wintergarden on March 22, 2023. ‘


Cherry Martin

Cherry is the Associate Editor of Business Matters, responsible for writing more in-depth for future features, interviews and current business news in the UK’s largest print and online source.


The boss of P&O Ferris has admitted that the firm has violated the law by dismissing the employees without any advice

The boss of P&O Ferris has admitted that the firm has violated the law by dismissing the employees without any advice

The firm’s boss admitted that the P&O Ferry violated the law by deciding to lay off 800 workers without consulting “no union could accept our offer”.

Peter Hablethwaite said at a Commons hearing on Thursday about last week’s dismissal that the firm was halving its costs under a “new operating model” that would mean international seafarers would be paid less than the minimum wage.

New questions have also been raised about the ministers’ warnings about the dismissal after Heblathwaite told P&O’s parent company, DP World, the transport secretary, Grant Shaps, about the planned changes to its business model in November.

Heblathwaite faced an intense test at a joint hearing of the Transportation and Business Committee. The chairman of the business committee, Darren Jones, opened up about the recent rise to the position of chief executive of Heblathwaite at P&O: “Are you in this mess because you don’t know what you’re doing, or are you just a shameless criminal?”

Heblathwaite apologized but said the company “had no future otherwise”.

He later admitted: “There is no doubt that we need to consult with the unions. We decided not to do it. “

Andy MacDonald MP intervened: “Did you choose to break the law?”

Habelthwaite says: “We chose not to consult … and we will fully compensate everyone for it.”

McDonald’s says: “You cannot exclude yourself from the UK legal framework.”

Heblethwaite replied: “It was our assessment that the change was so great that no union could accept our proposals.”

The P&O boss said the sailor who was fired under a previous Jersey deal was paid £ 36,000 per year.

Replacement crews will receive an hourly rate starting at 5.15 excluding the Learn-Cairnarian route between Northern Ireland and Scotland, where it will be bound by UK minimum wage law.

He told MPs he was “saving business”, adding: “I will make this decision again, I am afraid.”

Heblethwaite said he was paid £ 325,000, including two performance-related bonuses, although he said he “did not know” whether he would receive the bonus this year. He did not answer questions when asked if he would be able to maintain his lifestyle at the rate of £ 5.15 per hour, given to the new crew.

McDonald asked: “How do you expect them to be able to feed their families and pay their bills? It is not understandable that you have broken the law as a business decision.”

Heblathwaite acknowledged that people were canceling their trips, especially on the Dover-Calais route: “There must be some people.”

He added: “There is no question that the brand has hit. But we now have a competitive, modern business. We have a future now. We don’t have to close our business. I’m sorry to hear that. “

Incredible MPs asked Heblathwaite to confirm his earlier testimony. Gavin Newlands asked: “Which employment law provisions have you violated?”

Habelthwaite said: “We did not consult, and we are fully compensating people for this.”

Jones later asked: “You told this committee you deliberately broke the law …”

Habelthwaite responded: “I totally hold our hand that we chose not to consult.”

Hebblethwaite lawmakers said Shapps was informed on November 22 by P&O Ferry’s parent company, Dubai-owned DP World, that it would change its business model.

Appearing after the hearing, Robert Courts, Minister of Maritime Affairs, said: “Business challenges were discussed, but not more.” He said he would send a copy of the minutes of the meeting with Shaps to the committee.

Asked if the government wanted to prosecute the P&O ferries, Business Minister Paul Scully said they were still awaiting directions from the Insolvency Service and were investigating whether the company had broken the law. But, he added: “You absolutely heard that he has.”

Regarding employment laws, he said: “We have heard that they have deliberately, intentionally broken the law. It will be to address the workers and their representatives. “

The chairman of the transport committee, Hugh Merriman, closed the hearing by describing the evidence as “a story of corporate fraud where a large company thinks it could break the law with impunity”, hoping the government would seek speedy legal redress against the P&O ferry. And legislate to tighten the law.

The unions have called on the government to immediately impose sanctions to stop shipping and reinstate the sacked crew. RMT General Secretary Mick Lynch said: “This should involve the government controlling the ship if necessary. We also call for the immediate disqualification of Peter Heblathwaite as director because he has admitted he has violated company law and will do so again.”

Lynch said at the hearing how the dismissed workers were paid to receive pay-offs to date, on the basis of non-disclosure and on the basis of an agreement to forfeit any further legal action.

Legal experts also told the committee that P&O should have notified the flag states of their ships in Cyprus, Bermuda and Bahamas 30 to 45 days in advance – not in a day.

After the hearing, Liberal Democrats said Schapps had “serious questions to answer” about what he knew and when he planned to shamefully dismiss P&O workers.

Transportation spokeswoman Sarah Olney said: “It increasingly appears that Grant Shaps was asleep at the wheel, and missed important opportunities to intervene and save lives.”

A spokesman for the Department of Transportation said DP had not told World Shapes about “any changes made to the P&O ferry” or any indication that “subsequent changes are completely unacceptable.”


The UK government has promised to increase the charge for electric vehicles by 10 times by 2030

The UK government has promised to increase the charge for electric vehicles by 10 times by 2030

The UK government has set a new goal of increasing the number of electric vehicle chargers more than tenfold to 300,000 by 2030, which is too slow to match the rapid growth of public infrastructure rollout sales after widespread criticism.

The Department for Transportation (DFT) says it will invest an additional £ 450 million to do this, in addition to a hefty sum of private capital. Sales of new cars and vans, including petrol and diesel engines, will be banned from 2030.

There were 420,000 pure-electric cars on UK roads at the end of February, according to the comparison website Next Green Car. However, according to data company Zap-Map, there were only 29,600 public charge points in the UK as of March 1.

The £ 450m local electric vehicle infrastructure funding will focus on charger hubs and on-street chargers, DfT said.

BP has also confirmed that it will spend £ 1bn on new charger infrastructure in the UK as part of its revenue diversification plan. The company relies heavily on fossil fuels for its profits, and is under pressure from investors and workers to show how it can reach net zero carbon emissions.

Boris Johnson has linked the electric car move to the pressure to reduce dependence on foreign fossil fuel supplies. Fuel prices have risen to record highs as global dependence on oil and gas exports is expected to exacerbate the crisis over Russia’s invasion of Ukraine.

“Clean transport is not only good for the environment, it is another way we can reduce our dependence on external energy supply,” she said.

The car industry has repeatedly complained that the government is not doing enough to provide chargers, which means many consumers have been reluctant to buy battery-powered electric cars for fear of being unable to top up.

According to the Society for Motor Manufacturers and Traders (SMMT), a lobby group, electric car sales accounted for 18% of new-car registrations in February.

Public chargers have better access than the poorer parts of the UK in the south-east of London and England, although many electric car owners can rely on personal chargers in their homes.

Automotive industry officials responded with relief to the government’s promise, adding to earlier plans to invest £ 950m in fast chargers. However, SMMT chief executive Mike House said he wanted a mandatory goal in the charger rollout.

“The charging infrastructure needs to keep pace with the rapid growth of sales of these vehicles,” he said. “Deployed nationally and at speed, this expansion will give drivers confidence that they will be able to charge as easily as they refuel wherever they are.”

Edmund King, president of AA, said: “While great progress has been made, there is still much to be done to understand the number of drivers, and most importantly the reliability of charge posts.”

He said urgent steps were also needed to address issues with the ease of use of chargers, which may require separate accounts, and that more work needs to be done in rural areas to make isolated charging stations feel safe. Access to disabled drivers was also a problem, he said.


The government has named Lord Grade as the preferred candidate for the Ofcom chair

The government has named Lord Grade as the preferred candidate for the Ofcom chair

Culture Secretary Nadine Doris announced today that Michael Grade is the government’s preferred candidate for the Ofcom chair.

Lord Grade has a long career in broadcasting for more than nine years as chief executive of London Weekend Television, BBC, ITV and Channel Four television.

He was appointed chairman of the BBC in May 2004, replacing Gavin Davis, and resigned in November 2006 when his appointment as executive chairman of ITV was announced, a position he resigned in 2009.

Lord Grade was the non-executive chairman of Pinewood and Shepperton Film Studios for 16 years. He is also the non-executive chairman of Talent Bank and production company StoryFirst. He is also on the advisory board of Miroma SET (formerly R4E Plc), a media and entertainment marketing company.

Lord Grade is a co-founder of the GradeLinite Company, a drama production company. He was the chairman of Ocado, First Ledger Corporation, Camelot, the charity fundraiser and the Bradford Media Museum, as well as a member of the former Press Complaints Commission and a trustee of the Science Museum.

In January 2011 he became a conservative peer in Yarmouth’s Lord Grade. However, if he is appointed as the offcom chair, he will move to the cross-bench at the earliest opportunity. Lord Grade will also relinquish any non-executive role that could lead to a conflict of interest in making him an offcom chair.

Culture Secretary Nadine Doris said: “I am delighted to announce that Lord Grade is the Government’s preferred candidate for the new chairman of Ofcom. The highest level of experience of a large number of Lord Grade broadcasters and his expert knowledge of the British media landscape make him an ideal candidate for the role.

“In the future, Ofcom will play a more important role as the UK’s communications regulator. The introduction of online security bills will give digital platforms new responsibilities and resources to ensure that illegal and abusive content is dealt with online. I am confident that under the leadership of Lord Grade, Offcom will meet the challenge with great success. ”

Lord Grade said: “Ofcom is honored as the world’s first rate communication regulator so I am particularly proud to be its chair. Ofcom’s role in British life has never been more important at the top of the ever-changing broadcast landscape, with new responsibilities on the horizons of online security control. I look forward to my presence before the DCMS Selection Committee to outline what I can bring into this role and how I can help ensure that Ofcom is appropriate for the future.

Lord Grade will now appear before MPs on the Digital, Culture, Media and Sport Select Committee for pre-appointment verification.

Under the terms of the Act, the appointment is made by the Secretary of State. The recruitment process for this role was always conducted in accordance with the Public Appointments Governance Code, with due process followed.

Ministers were assisted in their decision-making by an advisory evaluation panel that included a departmental official and a senior independent panel member approved by the Commissioner of Public Appointments.


The economy shows resilience as prices rise

The economy shows resilience as prices rise

Russia’s aggression in Ukraine has hit the economy a little slower than expected, but businesses have experienced the biggest price increases since at least 1999, according to a key survey.

According to the Flash Composite Purchasing Managers Index (PMI) published by S&P Global and IHS Markit, strong growth in UK services and manufacturing companies continued this month, despite war uncertainty. The index fell 0.2 points to 59.7 this month, well above the 50 point mark that separates growth from contraction.

However, according to a survey of 1,300 manufacturers and service providers between March 11 and 22, optimism among business leaders fell to the lowest level since October 2020 due to concerns about inflation and the impact of Russia’s aggression on Ukraine. Fuel, energy and labor costs are rising as a result of the sharp rise in prices charged by companies since the index began in November 1999.

Higher commodity prices have raised concerns that energy bills, which will rise 54 percent next month, will jump again in the fall. Rising fuel and store prices will push up the cost of living this year and push for disposable income, which government forecasters have warned will dampen demand and consequently increase it.

The activity index in the services sector reached a nine-month high of 61, rising to 60.5 in February, as the hospitality sector regained momentum after lifting restrictions. However, manufacturing output fell to a five-month low of 52.6, a sharp fall from 56.9 in the previous month. The overall production index fell to a 13-month low of 55.5, down from 58 in February, as orders fell due to uncertainty among clients over the war in Ukraine.

Nicholas Farr, an assistant economist at Capital Economics, says rising commodity prices since the Russian invasion have increased business costs. “Surprisingly, due to rising commodity prices since the start of the Ukraine war, the input price balance of the composite PMI has increased slightly, from 81.6 to 81.7, and companies have reported passing these costs, the output price balance has reached a maximum since the series began in 1999. Level up, ”he said.“ Overall, the PMI survey gives some encouragement that the economy has so far been fairly resilient to the war in Ukraine. But it probably won’t last. “

Martin Beck, chief economic adviser at the YY Item Club, says the economy seems to have faded well since the post-Omicron activity and the impact of the Ukraine war on business sentiment. “While the flash manufacturing PMI fell from 58.0 to 55.5 in February, the service index rose to 60.5 from 61.0,” he said. “As a result, the March Flash Composite PMI was 59.7 slightly lower than 59.9 in February and was better than the long-term average.”

Beck added: “That said, the frontline indicators were less bullish. Significantly, the S&P Global / CIPS survey’s business confidence measure has dropped to its lowest level since October 2020. ” Although direct trade between the UK and Russia is low, the new supply chain has been disrupted due to the importance of Russia and Ukraine as raw material exporters, he said.