Business

Steelworkers’ Union presses Tata to adopt expert plan ahead of talks

Published

3 weeks ago

April 25, 2024

THE Steelworkers’ union, Community, is pressing Tata Steel UK to scrap its bad deal for steel and commit to the alternative Multi-Union Plan ahead of crucial talks with the company this week.

The call follows a meeting between steel unions and Tata officials last week, and the publication of a new report from industry experts Syndex which slams Tata’s approach for pursuing ‘what’s cheap’ over ‘what’s best’. The report highlights that the company’s current proposal – which would cut around 2,800 jobs in South Wales by moving production at Port Talbot to a single 3mt Electric Arc Furnace – comes with significant risks, and would make Tata Steel UK an outlier in Europe.

In contrast, Syndex describes the Multi-Union Plan as “the only solution offering to maintain all the volume currently produced by Tata Steel UK” providing “a future for all the company’s assets and a roadmap for a just transition under the constraint of the financial hurdles and the reality of market dynamics for the UK steel industry.”

Community General Secretary Roy Rickhuss said: “During our meeting with Tata last week, members of the National Trade Union Steel Coordinating Committee provided our final conclusions on the company’s restructuring proposals: namely that the company’s plan is reckless; that it weakens national security by removing Britain’s primary steelmaking capacity; and that it would have devastating consequences for steel communities in South Wales and beyond.

“Our Multi-Union Plan is a credible alternative to Tata’s destructive scheme. It would safeguard the future of Port Talbot steelmaking, protect all the downstream plants, save thousands of jobs and can be delivered with no compulsory redundancies.

“It is not too late for Tata to do the right thing and adopt the Multi-Union Plan – and we hope that they will take this step. However, should the company choose to reject it, we will fight them every step of the way. To enable us to do this, we will need the strongest possible mandate from our ongoing industrial action ballot. For that reason, I am urging all our members to vote ‘YES’ and ‘YES’ and return their ballot papers at the earliest opportunity.”

Community’s Assistant General Secretary Alasdair McDiarmid said: “Syndex’s new report demonstrates clearly that our Multi-Union Plan is viable and sustainable, whilst Tata’s proposals are reckless and harmful. The company must change course, and the UK Government need to step up too. Our alternative plan would require additional investment from the government – taking total public support for the decarbonisation of Port Talbot to £950m overall – but this is still significantly less than the support packages other governments are providing to green their steel industries. It’s also in line with the £3bn Green Steel Fund the Labour Party has guaranteed to deliver in the next parliament.

“We are at a critical moment, and the choices that Tata and the government make now will reverberate for generations to come. The fundamental question here is whether we want to be a country that makes its own steel, or a country that imports it – as would be inevitable under Tata’s damaging proposal. With the spectre of a CBAM exemption for India hanging over free trade talks, we risk under current plans becoming little more than a simple processor for imported Indian Steel. We can’t allow our industry to be sacrificed on the altar of Rishi Sunak’s search for a legacy.

“With so much at stake, we are urging our members to vote ‘YES and ‘YES’ in our industrial action ballot to enable us to fight to maintain blast furnace steelmaking into the 2030s and to prevent compulsory redundancies.”

Leading South Wales steel MPs have also thrown their support behind Community and the GMB’s Multi-Union Plan.

Stephen Kinnock, MP for Aberavon, said: “As industry experts at Syndex have laid out this week, the Multi-Union Plan is a detailed, serious, robust and compelling proposal for the future of the Port Talbot steelworks and it has my full and unequivocal support. It’s the only realistic route to retaining our customer base, and it’s also the only credible pathway to a strong, competitive and profitable future for steel-making in Port Talbot and throughout the downstream plants across Wales and the UK. By contrast Tata’s shortsighted and counter-productive plan will mean exporting jobs from Port Talbot to India, a country where steel plants have a far higher carbon footprint.

“It’s vital that steel is at the heart of a forward-looking industrial strategy, which is why Labour has pledged £3billion to support the industry over the next decade.”

Jessica Morden, MP for Newport East which includes Llanwern Steelworks, said: “Tata and Rishi Sunak’s bad deal for steel would represent a huge blow to our steel industry and steel communities like our own in Newport. The deal would also leave the UK country dependent on imported steel from heavy-polluting countries at a time of global uncertainty.

“It doesn’t have to be this way, and the Multi-Union Plan for steel which Community and GMB have put forward represents a viable alternative to protect jobs and preserve steelmaking capacity here in South Wales. I urge Tata to think again and change course from their damaging proposals.”

Business

Alex Lovén named richest young person in Wales

Published

18 hours ago

May 17, 2024

Tom Sinclair

ALEX Lovén has been named the richest young person in Wales according to the 2024 edition of The Sunday Times Rich List, published online today and in print on Sunday, 19 May. The comprehensive list, detailing the wealth of the 300 richest individuals in Britain, includes a special focus on young entrepreneurs under 40.

The 76-page edition of The Sunday Times Magazine reveals significant trends, including a notable decrease in the number of billionaires, from a peak of 177 in 2022 to 165 this year. The combined wealth of the top 350 individuals and families amounts to £795.361 billion, surpassing the annual GDP of Poland.

Key Welsh Figures

Sir Michael Moritz and Harriet Heyman have been identified as the richest people in Wales, with their wealth increasing by £1.27 billion to a total of £4.603 billion. Moritz, originally from Cardiff, made his fortune through early investments in tech giants such as Google, PayPal, and YouTube.

Lovén, aged 36, is the founder of Net World Sports, a leading retailer selling over 100,000 football goals annually. Starting with a £13,000 savings from his job at a builder’s merchant, Lovén’s wealth now stands at £200 million, making him the 15th richest person under 40 in the UK.

Footballer Gareth Bale and AU Vodka founder Charlie Morgan from Swansea City also feature prominently among the richest young Welsh individuals, with fortunes of £70 million and £56 million respectively.

Philanthropic Efforts

The Sunday Times Giving List, in association with the Charities Aid Foundation, highlights the philanthropic activities of Britain’s wealthiest. Sir Michael Moritz and Harriet Heyman are noted for their significant charitable contributions, donating over 4 percent of their wealth, which amounts to £190.5 million. Their philanthropic focus includes education, democracy, and community projects.

Broader Trends

The Rich List also reveals broader economic trends. Robert Watts, the compiler of the list, commented on the shifting landscape: “This year’s Sunday Times Rich List suggests Britain’s billionaire boom has come to an end. Many home-grown entrepreneurs have seen their fortunes fall, and some of the global super-rich are moving away. Thousands of British livelihoods rely on the super-rich to some extent. We’ll have to wait and see whether we have now reached peak billionaire, and what that means for our economy.”

The Sunday Times Rich List continues to celebrate entrepreneurs from diverse backgrounds who have built fortunes in various industries, including artificial intelligence, virtual worlds, plumbing supplies, and teaching aides. Watts noted the inspirational stories of individuals from humble beginnings who have achieved significant wealth.

Top Five Wealthiest in Wales

Sir Michael Moritz and Harriet Heyman – £4.603 billion
Simon Nixon – £1.88 billion
Douglas and Dame Mary Perkins – £1.587 billion
Sir Terry Matthews – £1.340 billion
David Sullivan – £1.168 billion

For the complete list of the 350 richest people in the UK, visit www.thetimes.co.uk/sunday-times-rich-list.

Business

Welsh savers are missing out as over £14bn is sitting in accounts earning 1% or less

Published

19 hours ago

May 17, 2024

Tom Sinclair

SAVERS in Wales are missing out on higher interest payments as new data reveals almost £15bn is held in savings and current accounts earning 1% or less.

The figures come from Principality’s recent analysis of CACI data, which shows £14.5bn is sitting in accounts earning 1% or less. Across Wales there is around £38bn in savings and current accounts, meaning almost 40% of this money is missing out on better interest rates. Currently, the average amount held in savings accounts in Wales sits at £7,337, which means the return difference between a 1% and a 5% interest account could be as much as £293 for these savers, across the year.

The Bank of England’s 14 consecutive base rate hikes have led to the highest interest rates seen in 16 years, recently held for the sixth time at 5.25%. This has resulted in higher savings rate accounts being available on the market, offering customers interest as high as 6%.

Despite this, billions of pounds in savings across Wales remain in low-interest rate accounts.

In response, Principality Building Society is urging people in Wales to consider letting their savings work harder for them through higher interest accounts. Last year, Wales’ largest building society paid a higher interest rate than the market average and currently offers savings rates between 3.5% and 6% for new and existing customers.

Vicky Wales, Chief Customer Officer at Principality Building Society, said: “We strongly urge savers across Wales to compare their current returns with other available rates on the market. Interest rates have been a focal point over the last few years due to the prolonged period of a higher Bank of England base rate. This has led to calls for banks and building societies to pass higher savings rates on to their customers, which is something we are committed to at Principality. Last year, we paid our members better interest returns than the market average demonstrating our loyalty to our customers. However, not enough emphasis is being placed on encouraging customers to stay informed about the rates available.

“As a customer, doing your research and shopping around can now significantly impact the return on your savings.

We invite people across Wales, whether you’re currently a Principality customer or not, to drop into one of our 53 branches across Wales to speak with one of our savings specialists who are on hand to help answer any questions you might have and to find out how to make your money work harder for you. We’re here to make life’s hopes and aspirations possible.”

A survey conducted by the Building Society shows that 42% of Principality’s members regularly check their savings rates to compare with other market rates, with 70% of members saying Principality offers a range of products suitable to their financial needs. More than 60% also said they would need to rely on their savings to some extent for their retirement plans.

Principality Building Society remains committed to supporting Welsh communities and has 53 branches and 15 agencies across Wales and the borders.

For more information on making your money work harder for you, visit your local Principality branch today, or go to: https://www.principality.co.uk/en/savings-accounts

Image: Huw John

Business

Welsh Water wins share of £40m to tackle environmental challenges

Published

2 days ago

May 16, 2024

Tom Sinclair

An innovative solution that could save Welsh Water two tonnes of carbon per year through transforming the management of organics during the treatment of drinking water, is one of the winners of a £40 million competition from Ofwat, the economic water regulator.

Welsh Water provides safe and reliable drinking water to over 1.4 million homes and businesses, making it the sixth largest of the 23 water companies in England and Wales. The not-for-profit water company has water treatment works where raw water is treated to make it safe enough to drink, which supplies over 800 million litres of water every day through a network covering 27,000km. By the time water reaches rivers, reservoir or aquifers, water already contains a wide variety of substances including organics which determines its quality. It absorbs dirt, dust and gases from the air, debris and bacteria from the ground, and soluble minerals from rocks.

At a water treatment works, the main objective is to remove bacteria and other unwanted substances from raw water through a drinking water treatment process. Granular activated carbon (GAC) is used during this treatment process to remove organics from the raw water– an exhaustive process that means the GAC requires thermal regeneration every three years.

The current process is carbon intensive, creating around two tonnes of carbon per year costing around £1m per year to manage. The solution proposed by Welsh Water’s innovation team and partners including Swansea University and Panton McLeod, seeks to investigate ways to regenerate GAC in situ, reducing both financial costs and carbon footprint before proposing a recommended solution that can be adopted by Welsh Water and shared with the wider industry.

Paul Gaskin, Research and Innovation Manager of Water Services at Welsh Water said: “We are excited to be leading this project to investigate transformative ways of regenerating granular activated carbon locally. This project is an example of Welsh Water’s commitment to finding innovative solutions to environmental challenges, whilst bringing the wider industry along with us. This project ties in with our 2050 vision to become a truly world class, resilient and sustainable water service for the benefit of future generations. Along with our partners working on this project, this funding will help us tackle a key challenge faced by the entire water industry.”

Helen Campbell, Senior Director, Ofwat said: “There are big challenges in the water industry that must be solved, some are well known, and others are less so. In our fourth Water Breakthrough Challenge we called for solutions with potential to deliver wide-scale, transformational change for customers, society and the environment – and that’s exactly what today’s winners have done. From raingardens to prevent flooding to green energy from treated sewage, innovations to cut the water sector’s carbon footprint to robots that patrol the pipe network, the winners are all helping shape a more sustainable and efficient water sector.”

Welsh Water is also partnering with others in the industry on other innovative projects including rainwater harvesting, robotic solutions for rising water mains and no-dig leak repair.

The Water Breakthrough Challenge is part of a series of competitions from Ofwat, run by Challenge Works with Arup and Isle Utilities, designed to drive innovation and collaboration in the sector to benefit individuals, society and the environment.

It supports initiatives that help to tackle the biggest challenges facing the water sector, such as achieving net zero, protecting natural ecosystems and reducing leakage, as well as delivering value to society.

For more information, visit: https://waterinnovation.challenges.org/breakthrough4/