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UK Government generates over £590 with sale of remaining Royal Mail share

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The Government of the United Kingdom has authorised the sale of its last remaining share of the Royal Mail, generating £591.1 in the process.

The news was confirmed on Tuesday (13th October) as the Government sold off the remainder of its stake in the national network to institutional investors. The stake was 13% of the overall share of Royal Mail, whilst in a gesture of goodwill a remaining 1% stake was gifted to eligible Royal Mail staff in the UK.

The sale spells an end to the Government’s involvement in the operation of the

postal system which boasts 500 years of history. The privatisation process was really set in motion two years ago, sparking criticism from political opponents of David Cameron’s Tory coalition with the Liberal Democrats at that time.

Critics suggested that the Royal Mail had been sold of too cheaply, with trade unions supporting that argument.

But the Department for Business, Innovation and Skills has continued the privatisation process, which culminated in Tuesday’s news of the final stake being sold off. In total the privatisation was generated proceeds of £3.3bn, with the delivery operator now fully controlled by private management for the first time in more than five centuries of operation.

Sajid Javid, Secretary of State for Business, stated, “This is a truly historic day for Royal Mail with the workers gaining a share of this history. We have delivered on our promise to sell the Government’s entire remaining stake which means that for the very first time the company is now wholly owned by its employees and private investors. This is the right step for the Royal Mail, its customers and the taxpayer. Proceeds will also go to help pay off the national debt – a crucial part of our long-term plan to provide economic security for working people.”

Chancellor of the Exchequer George Osborne added, “By fully leaving state ownership we have a win all round – for customers, the workforce and the taxpayer. And every penny will be used to pay down our national debt as we continue to bring our public finances under control. Once again, we are also going to recognise the hard work of the staff who have done a great job in turning the company around, and give them a 1% stake to share between them.”

A government statement also explained, ‘There is no policy need for government to hold shares in Royal Mail, as the universal postal service remains well protected by law and by Ofcom. Post Office Ltd, which operates the network of branches throughout the UK, remains wholly-owned by government and was separated from Royal Mail in April 2012.’

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Macduff Shellfish to be acquired in £98.4m deal

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Macduff Shellfish Group (“Macduff”), one of Europe’s leading wild caught shellfish processors, has entered into an agreement for 100% of the assets of Macduff to be acquired by Canadian-based Clearwater Seafoods (“Clearwater”) for £98.4m from the Beaton family and Change Capital Partners, the specialist pan-European private equity fund.

Based in Mintlaw, near Peterhead in Scotland, Macduff has factories in Mintlaw, Stornoway and Exeter and owns and operates 14 mid-shore scallop harvesting vessels from its Dumfries facility.  It employs approximately 400 people at the seasonal peak, specialising in scallops, langoustine, whelk and crab.

Nova Scotia-based Clearwater is one of North America’s largest vertically integrated seafood companies, employing approximately 1,400 people, delivering premium wild seafood including scallops, lobster, clams, coldwater shrimp, crab and groundfish.

The deal brings Macduff access to new markets, investment and opportunities for growth.  For Clearwater, the acquisition of Macduff provides access to market leading supply in key markets and channels along with a well-established brand, UK-based harvesting and processing expertise, a strong management team and a talented workforce.

Under the deal Macduff will retain its name and operate as a wholly-owned subsidiary of Clearwater, sharing resources and best practice between the businesses. Current Chairman Euan Beaton will become President of Macduff and Managing Director Roy Cunningham, will assume the role of Vice President.

Euan Beaton, Chairman of Macduff Shellfish, said: “Having reached our goal of building a £52m business, we had one suitor in mind which shares our vision and values to enable us to accelerate our growth on a global scale.  With a similar vertically integrated business model, sustainability at its heart, sound employee practices and strong relationships with fishermen but operating on a much bigger scale, Clearwater is an ideal fit for Macduff.

“This deal is great news for our operations in the UK, bringing investment and access to new markets within an extremely successful and respected business.  It provides learning and development opportunities for our staff as we share best practice with Clearwater and it gives fishermen access to more markets.”

Ian Smith, CEO of Clearwater said, “The acquisition of Macduff brings together two of the world’s leading and fastest growing vertically integrated wild shellfish harvesters. The transaction will allow Clearwater to integrate its vessel management and sustainable harvesting practices, innovative processing technologies along with its global sales, marketing and distribution footprint into Macduff; a company that already possesses a talented management team, excellent resource assets and a strong presence in Europe, the world’s largest and most valuable seafood market.  Our companies have been building a working relationship for more than three years and we are confident Macduff represents a highly attractive investment with a strong strategic fit for Clearwater.”

Steven Petrow, Partner at Change Capital Partners, said: “When we invested in Macduff in 2011 there was a compelling opportunity to transform the business through international expansion and strategic acquisitions. Thanks to our highly successful partnership with the Beaton family and Management we have delivered on all fronts and are incredibly proud of Macduff’s achievements.  This has been a very successful investment and we are convinced that the next chapter in the company’s history will be very exciting.”

Macduff was advised by Burness Paul, KPMG and Anderson Anderson & Brown.

Struggling retailer Tesco announces drop in profits

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It may seem an exaggeration to describe British supermarket chain Tesco as ‘struggling’ as they announce underlying profits of £354m for the first half of the financial year, but considering that figure was £779m for the same period in 2014, the firm has seen a 55% decrease in profitability.

The pre-tax profit figure tells a healthier story at £74m, compared with a £19m loss for the same period in 2014. Meanwhile like-for-like sales have dropped 1.1% in the UK, but overall sales volume has risen 1.4% and the total number of transactions at Tesco in the first half of its financial year are also up 1.5%.

So what does all this really mean? The answer is somewhat complex, but the Tesco chief executive Dave Lewis who arrived from Unilever just over a year ago is rebuilding the company after they announced the worst results in their history in April. Those results showed a record pre-tax loss for the financial year to the end of February of £6.4bn.

Lewis has adopted a strategy of putting pressure on profits in the short term by introducing widespread price cuts and increasing the number of staff on the shop floor, to attempt to attract customers back.

Tesco have sold their South Korean Homeplus stores and reduced their overall debt by £4.2 billion in the process, but they have also confirmed that to meet the UK government’s potential National Living Wage of £9 an hour for workers by 2020 it will cost them about £500m.

Interviewed about the latest set of results by the BBC, Mr Lewis commented, “If I compare it to the second half of last year, the first half of this year feels like we’ve made some progress. We obviously had some issues to deal with, we dealt with them. It meant that in the second half of last year we made no profit whatsoever in the UK.”

“Our sales are growing compared to where they were either a year ago, or indeed in the second half of last year and we’ve generated some profit as we rebuild the profitability of Tesco business.”

Tesco’s announcement of poor results come shortly after competitor Sainsbury’s predicted rosier than anticipated full year profits.

The UK supermarket scene is an ultra competitive landscape. In relative terms sales are still dominated by the big four supermarkets Asda, Morrisons, Sainsbury’s, Tesco, who had a combined market share of 73.2% of the UK grocery sector in the quarter ending 4th January 2015.

That is a small decrease from 74.1% in 2007, but the ‘big four’ are coming under increasing pressure from discount retailers such as Aldi and Lidl.

Tesco plan to strike back with additional price cuts, after this week’s announcement of their underlying profits essentially dropping by more than half in the first six months of the financial year.

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Volkswagen counting cost of emissions scandal

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Following the global Volkswagen scandal prosecutors in Germany have commenced an investigation into the “allegations of fraud in the sale of cars with manipulated emissions data”, with former Volkswagen chief executive Martin Winterkorn reportedly facing criminal charges.

Winterkorn resigned last week, after nearly a decade leading the world’s largest automakers, insisting at the time of his resignation that he had no knowledge of the deliberate manipulation of emissions results in more than 11 million diesel-engine vehicles produced by the company.

Regulators in the United States discovered “cheat” software in some VW built diesel engines which lowered emissions when cars were being inspected.

Several parties – apparently even including VW themselves – have raised official complaints about the matter to prosecutors in Braunschweig, near the company’s HQ in Wolfsburg.

The number one global carmaker in terms of absolute sales have apparently set aside €6.5bn to deal with the fallout of the scandal but some experts believe VW could face up to $18bn in potential fines.

The former boss of VW owned brand Porsche, Matthias Mueller, was announced as the successor to Winterkorn on Friday. The revelations about the deliberately deceptive emissions software have rocked the European car industry and senior VW executives have been called to Brussels for discussions with senior EU officials.

VW owned brand Audi say more than two million of its cars are fitted with the software worldwide, mostly in Europe but also in the United States. Several news agencies have reporting that VW has suspended senior Research & Development directors across its family of brands, including Audi and Porsche.

Volkswagen shares have lost about 35% of their value since the manufacturer acknowledged wrongdoing in the US emissions tests. In addition to potential fines from authorities across the world, senior staff are facing potential lawsuits from clients and shareholders.

Investigations have also been initiated in Italy, France and South Korea, whilst authorities in Switzerland have even temporarily banned the sale of diesel-engine VW vehicles. The company have been told to recall more than half a million vehicles in the U.S. and sales have been suspended there.

Owners of VW vehicles have been advised by U.S. regulators that their cars are safe to drive, but ultimately the cars involved need to be repaired by mechanics in order to pass emissions tests with the benefit of the ‘cheat software.’

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Apple undertakes App Store clean-up following malware attack in China

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US tech giant Apple has admitted it is undertaking work to counter breaches of the App Store, after malware code was added to a number of apps for iPads and iPhones which are popular in China.

Apple, who earlier this year reported the biggest quarterly profit ever by a public company when a net profit of approx £12bn was reported in the fiscal first quarter, has generally been regarded as producing security tight platforms and products, so this attack comes as something of a surprise.

The attack is believed to be the first large-scale attack the App Store, after hackers produced a fake version of Apple’s iOS app-building software, which was promoted to developers to download. Apps created with the software allowed leaking of app-user data, with the information being sent back to the hackers’ servers.

The malware also prompted users to reveal passwords and additional data through fake alerts on infected apps and devices. The apps affected were typical mass consumption apps such as an Uber-style taxi app, a music download management app and the WeChat app developed by Tencent.

Most of the apps were only available in China and most users affected were Chinese, but some affected apps are also available outside China.

A spokesperson for Apple, Christine Monaghan, stated that apps created with the malicious software, called XcodeGhost, were now eliminated. She commented, “We are working with the developers to make sure they’re using the proper version of Xcode to rebuild their apps.”

For years the stability of Apple’s devices has been one of the company’s core strengths with their MacBook computers, in addition to their handheld devices, hailed by users for their consistently well performing operating systems.

computerworld.com recently said of the new iOS 9, “Apple’s free update to its mobile OS, delivers relevant information, smarter search, better security and much needed stability.” Such plaudits have long been commonplace for the California based tech giant, but this weekend’s Chinese attack shows that no-one is immune to cyber security issues.

The App Store is generally regarded as a secure marketplace as the barrier to entry is kept high by Apple and instances of malware on iOS apps have occurred.

However, on this occasion both Apple and the Chinese iOS app developers have been caught out.

Reacting to the attack Wee Teck Loo, head of consumer electronics at market research firm Euromonitor International, told the BBC he did not expect it to have any significant impact on Apple’s product sales.

“It is definitely embarrassing for Apple but the reality is that malware is a persistent problem since the days of PCs and the problem will multiply as the number of mobile devices explodes from 1.4 billion units in 2015 to 1.8 billion in 2020,” he commented.

Apple will hope this is a blip and will continue to maintain their undoubtedly high standards. Their aforementioned record Q1 profit of approximately £11.8bn ($18bn) is the biggest in history for a public company, beating the $15.9bn made by ExxonMobil in Q2 of 2012.

The company recently revealed their new iPhone 6s and iPhone 6s Plus, which are officially launched for sale on 25th September. The pre-order period commenced on 12th September after the new phones were unveiled earlier in the previous week.

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Catalan businesses divided over talk of split from Spain

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Forthcoming local elections in Spain’s North Eastern region of Catalonia on 27th September are being viewed as a de facto opinion poll on a theoretical independence push, though the voting public and business leaders are clearly undivided on the matter.

Catalonia is a relatively prosperous area compared to some parts of Spain though it too has suffered with political corruption issues and a slow economy since the global financial crisis. During this period of austerity a Catalan independence movement has grown louder, yet they have never truly been able to demonstrate that a majority of their population are in favour of independence – the polls swing back and forth.

However, with its own language and a strong cultural identity, some Catalans feel they are not Spanish and they also feel unfairly treated by the central government in Madrid when it comes to taxation and the subsequent re-distribution of wealth.

In short, some Catalans feel they put in more than they get out and some would even prefer to be worse off than be dictated to by the rest of Spain. One major issue that pro-independence Catalan politicians have is that they have been unable to get a clear majority behind them and are unable to form a sensible dialogue with the Spanish government on the matter, though not for lack of trying.

The upcoming elections may change that if the population demonstrates a clear appetite for a split from Spain. Even if the pro-independence parties do gain more power, it is unclear what their way forward will be in legal and constitutional terms.

One key issue is that Catalan businesses have widely varied views on the situation. Some politicians in Barcelona and those aligned with the Catalan president Artur Mas believe Catalonia can split from Spain yet remain within the EU.

British Prime Minister David Cameron ought to be aware of the implications of testing EU legislation given his sometimes choppy relationship with the union, but at a recent press conference with his Spanish counterpart Mariano Rajoy in Madrid he commented, “If part of a state secedes, it’s no longer part of the EU and has to take its place at the back of the queue behind other countries applying to become members. Just like the UK, Spain is a great country with a long and proud history, and if I had a message, it would be the same as the one in the UK, that we are better off together.”

The respected Catalan business group, Foment del Treball, recently noted that a theoretical new independent Catalonia would not be a part of the European Union.

The Chancellor of Germany Angela Merkel also recently expressed similar opinions, whilst U.S. President Barack Obama highlighted his opposition to the ambition of some Catalans to break away, after his talks with Spain’s King Felipe VI on 15th September, stating, “As a matter of foreign policy, we are deeply committed to maintaining a relationship with a strong and unified Spain.”

In response, the pro-independence bloc in Catalonia insist these statements are being provoked by Rajoy and Spanish government to sway sentiment against them. They believe Catalonia, with its industrial past, excellent trade links with Europe, modernised infrastructure and productive micro-economy can survive and prosper without Spain.

The separatists claim an independent Catalonia could have GDP per capita higher than the European average, have lower taxes and more generous pensions. They believe as a nation they could post a surplus of €11.5 billion euros per annum. The autonomous region already produces a fifth of Spain’s economic output.

Clearly no-one can prove that viability before any potential split. Catalonia has no military, relatively little access to natural resources and is highly dependent on the rest of Spain in terms of exports, with over 40% of its trade being with the rest of Spain. Meanwhile the powerful Catalan banking sector relies heavily on business with the rest of the country.

Nonetheless, if the separatist succeed at the ballot box on 27th September president Mas has pledged to create an 18-month roadmap to secession.

Many local business leaders have kept quiet on the issue due to concerns over causing offence to their fellow Catalans or local government. One exception to that trend is the president of Freixenet, Jose Luis Bonet, whose company are a leading producer of sparkling wine.

He recently told AFP, “a unilateral declaration of independence would be a disaster for the Catalan economy.”

In addition this week, statements from Cercle d’Economía, a prominent collective of Catalan businessmen and economists, described their opposition to the proposed roadmap to a unilateral declaration of independence even in the case of a majority in the regional parliament for the separatists.

The Cercle d’Economía acknowledge that they are concerned about the ‘economic, financial and investment’ implication the election result could produce for Catalonia. Their statement read, “As we have said in previous opinions, we do not support unilateral declarations that put the principle of legality and belonging to the European Union and the euro at risk.”

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FFP proves effective as 15 Champions League clubs curb spending in 2015

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One of Spain’s biggest secondary ticket market platforms Ticketbis.net have revealed that Manchester City were the biggest spenders out of this seasons Champions’ League Group Stage participants as well as being top of the Champions League ‘Net Spend Table’ on transfers in 2015.

City are followed by Ligue 1 champions PSG and Spanish side Valencia who had to qualify for this seasons competition through a play-off victory over PSG’s French counterparts Monaco. However, despite some of the major net spends of some of Europe’s elite in 2015, 15 of the 32 teams in this seasons competition had a negative net spend for the year, highlighting that many of the sides are taking a prudent approach towards spending despite FFP rules being relaxed in recent times.

Many of the teams in Europe’s biggest club competition have shied away from spending huge figures in 2015  due to the effects Financial Fair Play may have on them, with penalties including a potential eight figure fine and squad deductions for next seasons European competitions if they were to qualify. Even teams who have spent large amounts on transfers in the past including the likes of Zenit St.Petersburg, Shakhtar Donetsk and Galatasaray have been unable to loosen their purse strings significantly  in 2015.

AS Roma were penalised by UEFA over FFP in May this year and have an overall net spend of minus £27.7 million. In this summer’s transfer window they’ve had to resort to signing players on loan instead of purchasing them outright, with the most notable loan signings being Manchester City’s Edin Dzeko and Arsenal goalkeeper Wojciech Szczęsny.

Not surprisingly, Portuguese sides Benfica and FC Porto are the two sides in this seasons Champion’s League competition with the lowest net spend in 2015. As both sides continue to develop highly talented footballers from both their homeland and South America, the big sides in Europe’s most coveted leagues such as the Premier League and La Liga continue to invest in the league’s biggest talents for astronomical fees. The most high profile departure from the Portuguese Superliga in 2015 was FC Porto’s Columbian forward Jackson Martinez who joined Spanish giants Atletico Madrid for an estimated £25.5 million.

Manchester City are way out ahead with regard to money spent in 2015, spending £175m on new signings, including the £51m signing of Wolfsburg’s Kevin De Bruyne and the £44m acquisition of England international Raheem Sterling. They have also acquired Fabian Delph, Nicolas Otamendi and Wilfried Bony this year and whilst they have recouped just over £50m by selling players their net spend is the highest in Europe at £124.7 million.

City are one of six teams in the Champions League to break their transfer record in 2015 along with Wolfsburg, Porto, Valencia, Maccabi Tel Aviv and FC Astana.

Like City, PSG have also highlighted their confidence in avoiding further FFP punishment with a net spend of £71.8 million in 2015, as they too aim to achieve European success on the back of their domestic progress.

Unsurprisingly, City’s neighbours Manchester United are also one of the competition’s biggest spenders in 2015 as Louis Van Gaal’s rebuilding continues with momentum. However, United were able to recoup just over £73 million on players in the two 2015 transfer windows and were second to Benfica in terms of total money received from transfers.

Despite being under a transfer embargo, Barcelona have a total net spend of £10.8 million due the acquisitions of Arda Turan and Alexis Vidal and the departure of versatile forward Pedro. The Catalan club fell well behind the biggest spenders in Spain, Valencia, who have a total net spend of £71.8 million in 2015 as they look to make ground in Europe again, having overcome financial difficulties in recent years. Meanwhile, Real Madrid have not spent as heavily as in previous years.

FC Astana and Maccabi Tel Aviv are the only participants outside of UEFA’s top six ranked leagues to have a positive net spend in 2015.

Irene Recio from Ticketbis.net, who commissioned the study, commented, “The Champions League is club football’s elite competition so it’s no surprise that some of the world’s biggest teams are continuing to flex their muscles in the transfer market as they strive for European glory. For Manchester City and PSG the Champions League trophy is certainly the next step if they are to be regarded as two of the world’s biggest clubs and the net spend figures show they are certainly going for it.”

champions league table

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Hewlett-Packard set for big changes as IT giant prepares to split

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American IT giant Hewlett-Packard has announced plans for significant job cuts, as it prepares to restructure over the coming months. HP is also set to be divided into two separate companies before the end of 2015.

The company’s chief executive Meg Whitman addressed the press this week, with figures revealing that HP is planning to reduce its workforce by 25,000 to 30,000, adding to the 54,000 jobs that have been cut in the last three years as the firm pushes to streamline its operations.

The proposed job losses would mean HP will have shed 100,000 employees in a decade, a notable figure given that the entire firm’s workforce is estimated to be around 300,000 in total. The number of job losses are reminiscent of the big telecoms and IT boom and bust cycles of the late 1990s and early 2000s.

Many of HP’s staff reductions will come from their corporate hardware and services operations, which is to be rebranded as Hewlett Packard Enterprise (HPE) later this year. The new company will operate separately from HP Inc, which is focused on the printer and PC marketplace.

Plummeting sales of PCs are perhaps what has hit HP hardest over recent years. Meanwhile, competitors have made massive gains in the mobile and tablet markets, while Apple’s tech market share has skyrocketed over the past five years.

HPs streamlining and split will be undertaken with the aim of putting its new HPE enterprise business in a more advantageous position as an independent entity.

Whitman and her fellow management executive team at the Silicon Valley firm have been fighting hard over recent years to turn the company’s fortunes around. A large percentage of its services workforce has already been moved to lower cost offshore facilities.

On the restructuring and changes of direction that have already taken place, in addition to the latest plans, Whitman insisted this week, “This has been a bit of a moving target. It has been a bumpy road, no doubt about it. We are conscious there have been a number of restructuring plans for this business. While we need more restructuring, I have the highest confidence I’ve had in four years that we will get there.”

Whitman will lead HPE after the split and has also warned analysts to expect modest growth rates for the company, more closely aligned with global GDP than the booming tech enterprise market. Meanwhile, in the quarter which ended on 31st July HP revenue from the PC and printer side of its business – its biggest concern – fell by over 11%.

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Markets react positively to China’s fifth rate cut in nine months

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Global stock markets breathed a sigh of relief yesterday as markets recovered billions of dollars after China’s ‘Black Monday’.

European equities saw strong European investment, with indications that many losses were being recovered after losses incurred on what may describe as the worst day of trading for years.

After gaining 183 points, the FTSE ended the day 3.1% higher, it’s best performance since 2011. This reversed a 10 day run of losses, with much of the 280 point wipe out recovered.

It seems investors were tempted back into the markets after US and Chinese central banks reassured investors about the state of their respective economies.

In a much anticipated move to prevent further damage and stimulate their economy, the People’s Bank of China simultaneously cut interest rates and eased lending rules for banks.

In Shanghai the composite closed under the 3,000 mark for the first time since late 2014, shedding 42pc of its value since its May peak.

The index was the biggest faller in Asia. Japan’s Nikkei plunged another 4pc, while Hong Kong’s Hang Seng recovered from its steepest decline in over 30 years on Monday, to close up 0.75pc.

Aspects relating to the rise of the British Pound

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The soaring pound is making holidays much cheaper for the British. This is surely something many British tourists are grateful for because it is one of the best times to schedule a holiday. With the rising pound British tourists are availing of holidays to 19 Eurozone countries that are nearly 12% cheaper than what they cost last year. The rising pound is also being supported with the fall in the Euro. The Euro has in fact fallen below 70p on the 16th of July 2015. This was the first time in eight years that this happened.

Since the average Briton typically takes some £450 of spending money, it basically means that there is about £50 being saved thanks to the currency cost. Spain is the most popular tourist destination for British tourists, with France and Italy being favourites too.

Those tourists who were planning to travel to Turkey should make the most of it right now. This is because one will be able to save even more since the Turkish lira has fallen victim to the political uncertainty that there is in the country and also because of their neighbour, Syria. Tourists heading to Turkey will be able to spend some 20% less than what they would have spent in the same time last year.

Those who are considering going to Ukraine should also pack their bags and head there this summer as it can be a great bargain. Since the Ukrainian currency, the Hryvnia weakened considerably against the sterling because of the sanctions that were imposed by Russia, Ukraine is a must-go this summer if you want to save a great deal of money.

After outlining some of the best countries to visit this summer, it may be worth pointing out some of the less advantageous ones. With the strengthening Swiss franc and US dollar, holidays to areas such as Geneva or Orlando are going to cost more from a currency perspective.

Following the Central Bank’s decision last January to scrap the three-year cap on the Swiss franc, this currency had a tumultuous year as it surged to parity against the euro.

The rising British pound is proving to be great news to travellers, but it certainly is not so favourable for exporters. Now UK exports are going to be more expensive and so sales volumes will suffer. According to the British Chamber of Commerce, the UK will not be hitting its target of £1tn worth of exports by the year 2020, and it will fail to do so by some 14 years.

Considering that the UK is the second biggest exporter of services in the world, just after the US, this is something worth considering. The BCC believes that besides the usual three countries, namely, Germany, France and the USA, there are also the United Arab Emirates and China as being possibly new service hot spots for the UK over the next five years.

The relative strength of the pound might end up dampening the Bank of England’s keenness for an early interest rate rise. Considering the implications this will have on exports, it is critical to take such a decision very carefully.

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