- 39% of people believe there will be no change in disability laws post-Brexit
- 38% believe there will be no impact on employment rates of disabled people
- 47% believe Brexit will have no effect on the number of opportunities for disabled people
- 75% of business-owners believe Brexit will make no difference to the way they hire workers post-Brexit
- 71% of business-owners believe Brexit will have no effect on their ability to accommodate disabled employees and customers
- 57% of business-owners didn’t foresee a fall in profits due to Brexit
- Figures released to senior business leaders at event sponsored by Sopra Steria Recruitment on 8 February
Crucial gains for disability rights secured by the business community must not be reversed post-Brexit due to a lack of planning and preparation, Business Disability Forum has warned.
According to a survey of 1611 people (including 140 business-owners) run by Business Disability Forum with YouGov in January 2018, high proportions of people believe there will no impact on disability employment and three-quarters of business-owners that there would be no effect on their ability to cater for the needs of disabled people.
But Diane Lightfoot, Chief Executive Officer at Business Disability Forum, warned:
“Numerous economic forecasts point to a considerable impact on the UK during the transition out of EU Membership. Any rise in unemployment is likely to hit disabled people harder than it will the general population and risks growing the already huge disability employment gap. Likewise, a squeeze on budgets could slow progress in securing accessibility in our public places, transportation networks, and businesses.
“Business Disability Forum is urging businesses to prepare for changes to the economic landscape after Brexit so that they are ready not only to mitigate risks but also to seize opportunities.”
Business Disability Forum unveiled the research to senior figures from the business world on Thursday, 8 February, at an event sponsored by leading UK resourcing company Sopra Steria Recruitment.
The event sought to examine ways that the challenges and opportunities posed by Brexit could be approached constructively, securing the vital gains for disabled people made over the last twenty-five years for a post-Brexit UK.
Commenting on the results of the survey, and why his business sponsored the event, Pete Holliday, Managing Director of Sopra Steria Recruitment, added:
“These findings suggest that many employers are simply unaware of the potential impact of Brexit, specifically with regards to demand for skills and access to talent. We would really like to see employers reaching out through recruitment channels to explore the benefits of tapping into disabled talent pools – and getting advice on how to remove barriers in the recruitment process to make this possible.
“This is a real opportunity, which is why events such as this are so important. They allow like-minded organisations throughout the recruitment supply chain to share experiences and pool resources to the benefit of disabled candidates and businesses alike.”
Diane Lightfoot said: “Approaching this challenge in the right ways could bring great dividends for businesses. The potential loss of a migrant labour workforce would mean that businesses must work much harder to attract the talent that they need – and that could be a real opportunity for disabled people who are still hugely under-represented in the workforce, with just 49% of disabled people in employment as compared to 80% of the general population. Similarly, this could be the perfect time to look at tapping into a massive domestic market, the Purple Pound, valued at £249 billion. The change in markets that could come post-Brexit means that businesses must plan to attract a new customer base.”
In the same survey, 39% of small business owners did not see Brexit having any effects on disability law.
Bela Gor, Head of Campaigns, Resources and Legal at Business Disability Forum, said: “Significant parts of the Equality Act 2010 have basis in EU law, so we must ensure that laws around disability discrimination and inclusion are not put at risk. Our members were instrumental in securing the landmark Disability Discrimination Act in 1995 and businesses, government and third-sector organisations must work together to ensure that these legal foundations are protected to ensure the best possible Brexit for disabled people.”
Robinhood plans confidential IPO filing as soon as March – Bloomberg News
(Reuters) – Online brokerage Robinhood, at the centre of this year’s retail trading frenzy, is planning to file confidentially for an initial public offering as soon as March, Bloomberg News reported late on Friday, citing sources.
The California-based brokerage has held talks in the past week with underwriters about moving forward with a filing within weeks, Bloomberg said.
Robinhood did not immediately respond to a request for comment.
Reuters reported last year that Robinhood has picked Goldman Sachs Group Inc to lead preparations for an initial public offering which could value it at more than $20 billion.
Robinhood was at the heart of a mania that gripped retail investors in late January following calls on Reddit thread WallStreetBets to trade certain stocks that were being heavily shorted by hedge funds.
The online brokerage tapped around $3.4 billion in funding after its finances were strained due to the massive trading in shares of companies such as GameStop Corp.
(Reporting by Ann Maria Shibu in Bengaluru; editing by Richard Pullin)
Analysis: How idled car factories super-charged a push for U.S. chip subsidies
By Stephen Nellis
(Reuters) – When President Joe Biden on Wednesday stood at a lectern holding a microchip and pledged to support $37 billion in federal subsidies for American semiconductor manufacturing, it marked a political breakthrough that happened much more quickly than industry insiders had expected.
For years, chip industry executives and U.S. government officials have been concerned about the slow drift of costly chip factories to Taiwan and Korea. While major American companies such as Qualcomm Inc and Nvidia Corp dominate their fields, they depend on factories abroad to build the chips they design.
As tensions with China heated up last year, U.S. lawmakers authorized manufacturing subsidies as part of an annual military spending bill due to concerns that depending on foreign factories for advanced chips posed national security risks. Yet funding for the subsidies was not guaranteed.
Then came the auto-chip crunch. Ford Motor Co said a lack of chips could slash a fifth of its first-quarter production and General Motors Co cut output across North America.
“It brings home very clearly the message that the semiconductor is really a critical component in a lot of the end products we take for granted,” said Mike Rosa, head of strategic and technical marketing for a group within semiconductor manufacturing toolmaker Applied Materials Inc that sells tools to automotive chip factories.
Within weeks, automakers joined chip companies calling for chip factory subsidies, and U.S. Senate Majority Leader Chuck Schumer and President Biden both pledged to fight for funding.
Industry backers now aim to be part of a package of legislation to counter China that Schumer hopes to bring to the Senate floor this spring. Still, all agree it will do little to solve the immediate auto-chip problem.
Headlines about idled car plants resonated with the public that had shrugged off abstract warnings in the past, said Jim Lewis, a senior fellow at the Center for Strategic and International Studies. Lawmakers, already worried that a promised infrastructure bill will not materialize this year, decided to push for quick solution.
“Nobody wants to be seen as soft on China. No one wants to tell the Ford workers in their district, ‘Sorry, can’t help,'” Lewis said. “It was one of those moments where everything aligned.”
The package includes matching funds for state and local chip-plant subsidies, a provision likely to heat up competition among states including Texas and Arizona to host big new chip plants that can cost as much as $20 billion.
The subsidies could benefit a factory in Arizona proposed by Taiwan Semiconductor Manufacturing Co and one in Texas eyed by Samsung Electronics Co Ltd, even though those factories would be geared toward high-end chips for smartphones and laptops, rather than simpler auto chips. And those factories would not come on line until 2023 or 2024, according to plans disclosed by the companies, the world’s two largest chip manufacturers.
In the longer term, a raft of U.S. companies are also poised to benefit. Any chipmakers that build factories will source many tools from American companies such as Applied, Lam Research Corp and KLA Corp.
Intel Corp, Micron Technology Inc and GlobalFoundries – which already have U.S. factory networks – will also likely benefit.
Smaller, specialty chip factories also could benefit.
“The recent chip shortage in the automotive industry has highlighted the need to strengthen the microelectronics supply chain in the U.S.,” said Thomas Sonderman, chief executive of SkyWater Technology, a Minnesota-based chipmaker that makes automotive and defense chips. “We believe that SkyWater is uniquely positioned due to our differentiated business model and status as a U.S.- owned and U.S.- operated pure play semiconductor contract manufacturer.”
Even with subsidies, the U.S. companies still must compete with low-cost Asian vendors over the long run, and the immediate auto chip troubles will probably persist.
Surya Iyer, a vice president at Minnesota-based Polar Semiconductor, which makes chips for automakers, said his factory is booked beyond capacity and has started to speed some orders up while slowing others down, to meet automakers’ needs as best it can.
“We are expecting this level of demand to continue at least for the next 12 months, maybe even longer,” he said.
(This story has been refiled to add attribution to quote in paragraph 9, add dropped words in paragraphs 10 and 17)
(Reporting by Stephen Nellis and Hyunjoo Jin in San Francisco and Alexandra Alper in Washington. Editing by Jonathan Weber and David Gregorio)
Atlantia disappointed with CDP bid for unit, continues talks
By Francesca Landini and Stephen Jewkes
MILAN (Reuters) – Italy’s Atlantia said on Friday an offer by a consortium of investors led by state lender CDP for its 88% stake in Autostrade per l’Italia fell short of the mark and asked its top managers to see if the bid could be sweetened.
“The offer falls below expectations,” the Italian infrastructure group said in a statement, adding it had mandated the chief executive and the chairman to assess “the potential for the necessary substantial improvements” to the bid.
Italian state lender CDP, together with co-investors Macquarie and Blackstone, has presented a proposal valuing all of Autostrade per l’Italia at 9.1 billion euros ($11 billion).
The consortium also requested Atlantia guarantee up to 700 million euros in potential damage claims and another roughly 800 million euros for a pending legal case, making the bid less attractive than previously expected.
One source said the consortium estimated overall pending legal claims against Autostrade at 3 billion to 4 billion euros, adding the 700 million euro cap did not mean the amount would be detracted from the offer price from the start.
Earlier on Friday Atlantia’s minority investors TCI and Spinecap had called on Atlantia’s board to reject the offer, saying it undervalued the asset.
“No deal is better than a bad deal, especially a bad deal and a wrong price,” TCI Advisory Services partner Jonathan Amouyal said in a emailed comment to Reuters.
TCI, which holds an indirect stake of around 10% in Atlantia, repeated that the value for 100% of Autostrade should be no less than 12.5 billion euros.
The board will hold a further meeting in order to take a final decision on the offer in due time, Atlantia said.
The negotiations between Atlantia and the CDP-led consortium are part of an effort to end a political dispute over Autostrade’s motorway concession triggered by the collapse of a motorway bridge run by the unit.
(GRAPHIC – Atlantia share performance: https://fingfx.thomsonreuters.com/gfx/mkt/qzjpqggjdpx/image-1614331237501.png)
The bid expires on March 16, but the deadline could be extended in case Atlantia calls an extraordinary shareholders meeting (EGM) on the issue, according to one source with knowledge of the matter.
Shares in the group ended down 0,7%, after recovering some losses, as investors waited for the decision of the board.
Atlantia, which is controlled by the Benetton family, owns 88% of Autostrade, with Germany’s Allianz and funds DIF, EDF Invest and China’s Silk Road Fund holding the rest.
The group also kept open an alternative plan to demerge and sell its stake in Autostrade per l’Italia unit and called an EGM on March 29 to extend to end-July a deadline for offers for the demerged stake.
(Additional reporting by Stefano Bernabei, editing by Louise Heavens and Steve Orlofsky)
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