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  • Business Cornwall: Cornwall IFCA names new chief
    Sam Davis has been appointed as the new chief officer at the Cornwall Inshore Fisheries and Conservation Authority (IFCA).
  • BBC Business News: Airbus cancels Skymark contract
    Airbus cancels its contract with Japan's Skymark Airlines for the purchase of six A380 aircraft.
  • Business Cornwall: Survey reveals solar concerns
    Cornwall’s solar policy needs to be more “thoroughly thought through to work in tandem with the county’s natural resources, landscape and tourism industry”, according to the findings of a new survey.
  • CNN Business: Yukos ruling a $50B blow to Putin
    CNN's Jim Boulden speaks to GML's Tim Osborne about the $50B ruling against Russia for expropriating assets from Yukos.
  • CNN Business: Tehran's empty luxury homes
    Countless homes are sitting empty for months and years because of Iran's struggling economy. CNN's Reza Sayah reports.
  • CNN Business: Opinion: End trade in weapons of war
    Green MEP Molly Scott Cato argues UK, France have not demonstrated decency as they've defended arms trade. The Green MEP says that, even if people don't want an arms ban, they should not treat the industry like others.
  • BBC Business News: Mortgage approvals back on the rise
    The number of people taking out mortgages is back on the rise, according to figures from the Bank of England.
  • Business Matters: Top Tips For UK Exporters Facing A Strong Sterling

    However, sterling strength is not a boon for everyone. UK exporters, in particular, have suffered from currency costs which chip away at profits. Larger companies have reported significant losses due to currency swings – Rolls-Royce is projected to suffer from a £300m loss and Diageo £330m. These losses happen regardless of sales levels, meaning that a company can see significant growth in sales, but still have their profits eroded by currency costs.

    But all is not lost for businesses engaged in exports. Carl Hasty, Director of international payments specialist Smart Currency Business, offers these top tips for UK exporters facing a strong sterling:

    1. Don’t give up
    Companies that trade internationally are at the mercy of currency markets, regardless of their size. However, this does not mean that they should stop trading overseas. The benefits of exporting, in particular, are vital to business growth. New markets mean more potential customers, which means more potential profits.

    2. Minimise Losses and Mitigate Risk on Currency Costs
    Currencies are always at the risk of fluctuation. Even if sterling were to remain stable, the performances of other currencies would affect sterling strength. Businesses should look to hedging their currency purchases by strategizing in advance. Locking in an exchange rate at current levels will allow a business to know how much it will be spending on currency exchange, allowing it to budget for production, sales and profit more effectively.

    3. Reconsider Your Pricing Strategy
    Businesses that use a cost-plus pricing model – one that determines sale prices based on costs and a desired mark-up – should reconsider their strategy. As the cost element makes up a large proportion of the overall price, any currency fluctuations will mean higher costs than budgeted. This can chip into the desired mark-up, and can even result in losses.

    Businesses that opt for value-based pricing can be relatively less susceptible to shocks from currency swings, as the cost element of the prices they set make up a smaller proportion of the overall price compared to cost-plus pricing.

    Growing a business when currency costs appear to be unfavourable can be tricky and risky. However, businesses should judge for themselves if this guidance can help them anchor their profits given rapidly-changing currency markets. Currency fluctuations are often short-term, whereas plans for growth are long term, and the latter should not be abandoned because of the former unless figures suggest otherwise.

    The post Top Tips For UK Exporters Facing A Strong Sterling appeared first on Business Matters.

  • BBC Business News: New chairman for troubled Morrisons
    Morrisons, Britain's fourth largest supermarket chain, announces the appointment of former Tesco finance director Andrew Higginson as its next chairman.
  • BBC Business News: Bankers should 'swear ethics oath'
    An oath for bankers should be introduced to raise accountability and standards in banking, says a think tank.
  • BBC Business News: BP warns of Russia sanctions risk
    Oil giant BP reports a rise in second quarter profits to $3.2bn (£1.9bn), but warns that further economic sanctions against Russia could affect its business.
  • BBC Business News: London Market Report
    Car and plane parts maker GKN and clothing retailer Next are the biggest risers in early London trading.
  • Pubs For Sale (Info for customers): Chequers Pub In Retford For Sale
    FREE OF TIE LEASE AVAILABLE - £30,000 P.A Key Features: Country Dining Pub Adjacent Chesterfield Canal Close to A1 & Clumber Park 40 Car park Spaces
  • Business Cornwall: Hotel MD joins airport board
    Will Ashworth, MD of the Watergate Bay Hotel, has been appointed to the board of directors of Cornwall Airport Limited, the company which manages Newquay Cornwall Airport on behalf of Cornwall Council.
  • BBC Business News: Microsoft in China anti-trust probe
    An anti-monopoly investigation into US technology giant Microsoft is launched by Chinese authorities.

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