Manchester's Economy (updates)

[Cherguevara]

I meant for smaller production runs. Like skirts shaped like flamingos that people (women one would presume) will wear for a summer and then realise they look stupid and put in one of those big wooden crates so that African orphans can look slutty and odd. There is a very limited market for those sorts of items.

Or at least one hopes so. I'm just a styless gay who wears a constantly rotating roster of muted shaded jumpers. What do I know?

[Jongeman]

that's a lot of sq.ft.

I'm just a styless gay who wears a constantly rotating roster of 2 pairs of jeans and 2, maybe 3 t-shirts. The textile industry and the Trafford Centre have got nothing to do with me.

[Cherguevara]

I don't wear jeans. It started as an ideological statement that I can't really remember and may have been a joke, but now I just think they're too restrictive when the come out of the wash. So I just wear the thighs out of trousers and buy a new pair all the time. The textile industry must love me.

[The Longford]

Trust a couple of wooly woofters to drag a thread about the Economy to the level of fashion tips! You'll be talking about skincare products next!

[Jongeman]

....

[Irwell]

Originally Posted by Cherguevara

That must be a misprint. Reserve buying has kept the American economy afloat for over 5 years, it must be billions at least.

As of September 2006 China's foreign exchange reserves, excluding gold, amounted to US$987.9bn.

[jrb]

Dunbar Bank to open an office in Manchester.

http://www.dunbarbank.co.uk/

[Metrolink]

Me stupid.

[Cherguevara]

Originally Posted by jrb

Dunbar Bank to open an office in Manchester.

http://www.dunbarbank.co.uk/

and not Liverpool! This state directed socialist enterprise must be stopped!

[URBANISER]

Interestingly a new study shows that contrary to the views of our London cousins The South East IS the region that attracts the most Government assistance. Why, because we in the other regions pay for the employment of thousands of Civil Servants in all the Government depts, the vast majority of whom are based in London, a prime example (nearly a gov dept!) is the BBC, how valuable is that to the SE when you consider all the economic benifits and add ons to about 5% of em moving up ere!

[macc]

http://www.manchestereveningnews.co....1000_jobs.html

Kevin Feddy
20/ 7/2007


THE Co-op announced plans today to axe about 1,000 jobs from its financial services businesses by the end of the year.

The cuts by Co-operative Financial Services, which has six million customers across online bank smile, the Co-operative Bank and Co-operative Insurance, amount to one in 10 of its total workforce.

Greater Manchester will bear the brunt, with more than half the cuts expected in Manchester, Stockport and Salford, as well as at Skelmersdale.

Management and staff in `back office' roles like finance, administration and human resources will be hit. But CFS chief David Anderson said customer-facing roles, such as financial advisers, branch staff, telesales and customer service, would not be affected.

Nineteen managers have already left as part of the cull.

Trade union Unite described the move as a `devastating blow' - and staff arriving for work this morning at the CIS tower in the centre of Manchester were angry that the first they had learned of the cuts was through the media.

Unavoidable

Mr Anderson, meanwhile, said the cuts would reduce costs by £50m a year, but the job losses were `regrettably unavoidable'.

"Decisions taken which lead to a reduction in colleague numbers are not taken lightly," he said, "and consultation is underway with all the reorganisation will mean that compulsory redundancies are inevitable.”

CFS plans to slash a further £50m a year from its overheads through improved buying and simplifying business processes.

At the same time, it is investing £250m in the business to support growth in its retail and corporate banking and general insurance operations, for example by improving its internet services and providing more up-to-date technology for its 1,000-plus financial advisers.

Mr Anderson said: “The investment we are making in our business is substantial and supports a clear business strategy that will see our customer and membership base grow significantly in the coming years.

“To ensure this growth is both sustainable and profitable, it is essential that we continue to improve our operational effectiveness and remove any business processes which do not add value for our customers and members.”

Trade union Unite described the move as a “devastating blow” for CFS staff.

National officer David Fleming said: “Unite will be taking a zero tolerance approach to compulsory redundancies and we have high expectations that CFS will enter into meaningful consultations with the unions.

“We expect CFS to honour its reputation as an ethical corporate citizen and to manage change in a way that reflects its high standing in the communities that it serves.”

Staff arriving for work this morning at the CIS tower were angry that the first they had learned of the cuts was through the media. A staff meeting was due to be held at 9.30 am when employees were expecting to be told officially of the move.

Andrew Miller, 24, from Prestwich said: “I am temping here at the moment as a data entry clerk. Yesterday was my first day. I did hear people talking about the job situation in the office yesterday. People sounded concerned.

“It doesn’t make any sense, they are crying out for temps at the moment because of all the extra work caused by people claiming back their bank charges.”

Another worker said: “This has been going on for some time. Over the last two or three years the Co-Op has already lost about 3,000 staff. Today’s news is the first we have heard about it. Hopefully, I will be one of those people who get to keep their job, but you just don’t know.”

“The first I heard about this was in the newspapers and on the television. We had heard that managers were told about it yesterday and we are expecting to be told officially this morning. It’s a bit disappointing that everyone else seems to know before we do yet again,” another worker said.

On his way into the CIS tower this morning, another worker said: “We don’t even know whether there are going to be job cuts, we haven’t been told anything about this at all.”

Angie Robinson, chief executive at Greater Manchester Chamber of Commerce, said news of the job cuts was another major blow for the region.

Competitive

“Greater Manchester is the home of the Co-operative Society and the firm remains one of the largest employers in the area. While details are still being released as to the need to make these job cuts, we are all aware of the competitive nature of today’s financial services sector.

“The workforce will be understandably shocked by the news. It is vital that they are offered help and given the necessary support to find other work.”

CFS, known for its ethical business and investment policies, has 90 retail banking and 11 corporate banking branches across the UK.

But it is facing increased competition in the financial services market from online rivals and supermarkets and profits last year nosedived more than 13 per cent to £146.2m as the business came under pressure and suffered from a rise in bad debts.

In 2004, CFS made 2,500 redundancies were made following its creation via the merger of the banking and insurance businesses.

Today’s announcement was the third big job loss blow to the region in the past month.

Holiday firm MyTravel announced in June it is shedding 1,000 posts while up to 655 jobs are to go from the Robertson’s jam factory at Droylsden and others also owned by Premier Foods, in Wythenshawe, Manchester, and Middlewich, Cheshire.

[man med]

hmmm lots of jobs going in manc - though lots stilll being created

[STUBBY]

That is seriously bad news.

[Manc Guy]

I've got a job interview with them next week.

[Mancunian Monkey]

So Manchester loses about 600 jobs. If Gordon had pulled his finger out and allowed the casino it would have been problem solved as 3000 jobs would have been created.

Ah well.

[heatonparkincakes]

Erm there is already (looks furtively over the shoulder) the min. of defence and the civil defence dept and various linked organisations, there as well at piccadilly in city tower. (apparently)

Some monitoring aspect of civilians comes from around that areas (apparently).

if a real substantial "number of "men in grey suits" descends on piccadilly, surely that would spark the need to re locate the pollution drenched bus station and tidy up the land between chinatown and city tower.

[heatonparkincakes]

That study about whitehall and state invest in the south east would be interesting reading here in heaton park.

Any links please.

[URBANISER]

HPIK, I think it was in The Economist magazine. The study was carried out I think on behalf of the Scottish Parliment, this was to assess how accurate the imbalances really are in economic aid delivery from south to north. The per capita results showed London gained by far the most with (rough remem) NI Wales and Scotland, N England following. The true value to the South East was huge.

[heatonparkincakes]

cheers urbaniser

its been located

[jrb]

The Yanks are coming again.

US web firm moves in
Sheryl Moore
24/ 7/2007

AN AMERICAN company which handles the registration of internet domain names has chosen Manchester for its first European office.

The Seattle-based business, eNom, which is owned by Demand Media, a venture founded by former mySpace.com chairman Richard Rosenblatt, expects to recruit up to 50 staff over the next three years for its operation on Portland Street to support its continental customer base.

It follows internet giants Google and Yahoo in establishing a presence in the city and is another feather in Manchester's cap as a key hub for the sector.

The company is the world's largest registrar of domain names and its arrival in Manchester was orchestrated by the Northwest Regional Development Agency and Call Northwest, which supports the region's call centres and is assisting eNom in its recruitment drive.

The two organisations met eNom at the Call Centre Expo, held at the Birmingham NEC in 2005, where it expressed an interest in opening a UK office.

Mark Hughes, executive director of enterprise, skills and innovation at the agency, said: "The addition of a company of eNom's stature to the business community in the north west is an example of the type of industry we are now attracting to the region."