Business and Financial News

Stocks gapped higher at the opening bell this morning on news that China would (slowly) allow the Yuan to float.  The “Renminbi Rally” was to be short lived, however.  The S&P 500 (INDEXSP:.INX)(…)Read the rest of Is The S&P 500 ETF On The Cusp Of A Significant Reversal? (SPY, SDS)
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 We’re here. We need to get there. But how?

(Well, that’s project management summed up in under 10 words. But I’m sure you probably want a little more than that, right?)

I found a great post by friend and colleague, Josh Nankivel on the powers of using mind mapping as a project management tool.

In short, a mind map is an amazingly effective brainstorming tool which allows you to keep your thoughts organized in a series of hubs and spokes as you continue to build out.  It’s not as linear as “traditional brainstorming” and quite frankly, that’s a good thing.

This weekend, I will be leading a workshop with a group of high schoolers attending an entrepreneur camp.  

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Adam Bell, National Campaigns co-ordinator at RenewableUK, believes large-scale projects are needed to provide power to enough homes to make a difference.

“It takes six to eight weeks to get planning permission for a supermarket or housing estate whereas it’s months to get planning permission for a new wind farm,” he explained.

Mr Bell revealed that just 25% of applications for wind farms actually get approved, meaning the potential for improving energy efficiency is significantly reduced.

Recent research from Cardiff University shows support for renewable energy from wind is very high, even within five miles of a respondent’s home.

Nuclear power, however, was identified as being much less popular, especially if the site were to be constructed in or close to the area where the person lives.

Co-operative Group members will share a record £50.4m dividend payout, it was announced today.

The dividend, which will be paid this month, represents a 30 per cent increase on last year’s £38.8m.

It is based on the Manchester-based group’s £402m profits for 2009, which were up 85 per cent on 2008 on the back of its acquisition of Somerfield and the merger of its financial services arm with Britannia Building Society.

The remaining profits will be invested back into the business, although a spokesman said there were no plans for any more acquisitions.

Funding is required for the group’s travel arm, which is looking to open up to 150 high street shops over the next four years in a bid to take on Tui and Thomas Cook.

The group is also planning a multi-million pound new 350,000sq ft headquarters in a corner of Manchester city centre which will be renamed the Co-op Quarter.

Patrick Allen, director of marketing, said: “Last year was particularly successful for us.

“The trading group acquired Somerfield in March, Co-operative Financial Services merged with Britannia in August and we launched the new Co-operative brand with a high profile advertising campaign.”

The dividend pot will be shared between the Co-op’s 5.1m members, who will get a cash payment based on the number of points they earn when they spend money at any of the Co-op’s businesses.

Members met at the Co-op’s AGM in May to vote on what proportion of profits would be paid out and how much would be retained for internal investment.

They chose a payment of 2p per point, with one point awarded for every pound spent in Co-op stores.

That means an average payment of £9.88 per member.

Dividends are paid to members every six months, in June and an interim payment in November.

More than a million members elect to donate a percentage of their payout to the Co-operative Membership Community Fund, which will this year distribute £1.6m to charity groups working in local communities.

Nearly 400 jobs are at risk after the parent group of Pilkington’s Tiles, which has its landmark headquarters in Greater Manchester, was placed in administration.

Staff at the privately-owned company were in tears yesterday when they were told the grim news.

The decision to appoint administrators follows an unsuccessful attempt to refinance the Pilkington’s Group business.

Pilkington’s Tiles has its main base at Clifton Junction, Salford, a factory and quarry site in Poole, Dorset, a showroom and factory shop in Audenshaw, Greater Manchester, and a facility in Swords, Dublin.

Brian Green and Paul Flint, of KPMG Restructuring in Manchester, were appointed joint administrators of the group yesterday.

They have also been appointed joint administrators to Pilkington’s Tiles (Ireland), Pilkington’s Tiles Ltd and Quiligotti Access Flooring.

Most of the group’s 380-strong workforce have been laid off with immediate effect although there have been no redundancies so far.

Around 40 employees have been kept on as the administrators try to come to agreements with customers over outstanding orders.

Pilkington’s was founded in 1892 and last changed hands in 2004 when it was taken private by a consortium.

Last year it announced a £500,000 investment at its Salford factory to develop product ranges, manufacturing equipment and a new factory outlet bathroom showroom.

Its tiles are supplied directly to householders as well as builders, DIY chains, builders’ merchants and architects.

They are used in schools, airports, hospitals and homes and its brands include Pilkington’s and Quiligotti Terrazzo.

One distraught employee said: “Pilkington’s is an institution and to see it go into administration is heartbreaking.

“A lot of people were in tears when they heard the news. Ma

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