Category: Business News

Sports Direct has apologised for issuing a notice that appeared to ban staff from speaking languages other than English in its Bangor store, saying it was a “misunderstanding”.

It was understood to have been posted on a wall telling staff to only speak English for health and safety reasons.

A statement issued by the company said it had sent the guidance on its language policy to all UK stores.

Welsh Language Commissioner Meri Huws is investigating any breaches in rules.

The notice, which was printed on Sports Direct-headed paper, was criticised by Plaid Cymru AM Sian Gwenllian who said it was “discriminatory” in an area where a lot of people speak Welsh.

In a statement, the firm said the notice was intended to ensure that all staff fully understood health and safety briefings, and that the note would be re-written and re-issued.

“English is the most common language used by our multi lingual staff and, therefore, the most likely to be understood by all,” it said.

“This notice was not intended to restrict the use of the Welsh language, or prohibit staff from communicating in their local language, outside these briefings or with customers.

“We will be reviewing the wording of the notice to ensure this is made clearer and re-issuing an updated notice. We are an international business and fully support the use of the local language in all our jurisdictions.”

It added: “We apologise for any misunderstanding or upset this notice has caused.”

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AFP

Tesco will stop the sale of 5p carrier bags across the UK in three weeks’ time, and will instead offer 10p “bags for life” to shoppers.

Tesco sells about 700 million single-use carrier bags a year, the highest among the major supermarkets, but sales will end in stores on 28 August.

The supermarket said the decision followed a trial which led to a 25% cut in bag sales.

Charges for plastic bags have been in place in the UK since October 2015.

In 2011, Wales started charging 5p per bag and saw a 71% drop in the number used by customers. Northern Ireland introduced charges in 2013, followed by Scotland in 2014. England was the last country in the UK to charge, recording an 83% drop in use.

Tesco conducted a 10-week trial in Aberdeen, Dundee and Norwich in May. Plastic, single-use bags were withdrawn leaving shoppers with the choice of bringing their own or buying a “bag for life”.

That will now be a permanent move at stores across the UK. The more expensive bags are made from 94% recycled plastic and will be exchanged without charge when damaged, the supermarket says.

Online shoppers can still opt to receive their deliveries in single-use carrier bags after store sales end, Tesco says, although just over half already choose a bagless delivery.

Sales of the more expensive “bags for life” fund grants for community projects – similar to other supermarkets’ charity donations following the introduction of plastic bag charging.

Tesco said that its scheme had paid £33m to more than 6,400 groups.

Matt Davies, UK and Irish Republic chief executive at Tesco, said: “The number of bags being bought by our customers has already reduced dramatically. [This] move will help our customers use even fewer bags but ensure that those sold in our stores continue to fund thousands of community projects across the country chosen by customers.”

Sainsbury’s scrapped single-use bags from stores when carrier bag charges were introduced.

Louise Edge, senior campaigner at Greenpeace UK, said: “It is great to see major retailers moving away from disposable plastic. For too long we’ve seen plastic as something to be used once and thrown away. But there is no such place as ‘away’ – and millions of tonnes of plastic are ending up in our rivers, beaches, streets and in the sea every year, harming marine life.

“The plastic bag charge has done wonders for reducing the number of bags polluting our coastlines and waters. Now we need to see the same for throwaway plastic bottles – a deposit return scheme which encourages collection.”

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ERIC FEFERBERG

Upmarket cycling clothes brand Rapha has been bought by the grandsons of Walmart founder Sam Walton.

Steuart and Tom Walton and their firm RZC Investments will now own a controlling stake in the business.

Founder and chief executive Simon Mottram, who has only ever held a minority stake, said the deal marked “an exciting day” for the company.

Current shareholders, including Mr Mottram and private equity firm Active Investors, will retain smaller stakes.

How Rapha pedalled its way to success

Mr Mottram said the investment would enable Rapha to accelerate its global expansion plans.

“It heralds the start of the next stage of our journey and is testament to the growth and potential that people see in Rapha and in cycling,” he added.

Rival firms, including Aston Martin shareholder Investindustrial, were reported to have been interested in Rapha, which was valued at a reported £200m.

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Rapha

Founded in London in 2004, selling directly to consumers via its website and from a handful of shops, Rapha is today one of the biggest names in cycling clothing.

The firm is popular among serious amateur cyclists, and previously supplied the kit to Team Sky, the leading British professional cycling team that includes Chris Froome, the four-times winner of Tour de France.

Rapha saw its revenues grow by 30% in the year to January to £63m.

Despite the firm’s current success, Mr Mottram faced difficulties when he was first trying to secure funding to start the business back in 2001.

Mr Mottram told the BBC he was seen as a risky investment at the time because it was a number of years before the current boom in the popularity of cycling began.

“No bank would touch me,” he said.

“Who was really interested in cycling back in 2001 and 2002? It was just something us weirdos did.”

Mr Mottram, who had previously worked in brand development, was finally able to secure the funding from six wealthy private investors and “a long trail of friends and family”.

The overall investment deal meant that from day one he only had a minority stake in the business.

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Reuters

US electric car manufacturer Tesla plans to raise $1.5bn (£1.15bn) to fund production of its new Model 3 car.

Tesla will raise the money by selling bonds to professional investors, despite the company having $3bn in cash.

The company says it has 518,000 orders for its new car, whose price starts at $35,000.

Initial production of the Model 3 started in July, with a target of 400,000 to be made next year.

Tesla, which also makes batteries and solar panels, has been burning through its cash at a rapid rate.

The company’s founder and boss, Elon Musk, said at the vehicle’s formal launch in July that making the Model 3 would lead to “six months of manufacturing hell”, as it tries to make 100,000 of the cars this year at its California factory.

Some observers have predicted that the company, which has yet to make a profit, will use up at least $2bn this year, hence the need for more cash.

The Tesla bonds will have to be repaid to investors in eight years but the interest rate on offer to investors has not yet been decided.

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Analysis: Theo Leggett, business correspondent

Tesla has $3bn in its cash pile, but it is easy to see why it wants more.

The company has already proved that it can build high-performance, long-range electric cars.

The Model S and Model X have an enthusiastic following.

Now it has begun delivering its new, more basic and more affordable Model 3.

But building luxury premium cars for a small, wealthy and enthusiastic market is one thing.

Becoming a viable, mass-market manufacturer is quite another – especially when the mass market for electric cars does not actually exist yet.

Tesla built just under 84,000 cars last year and it hopes to be producing 520,000 annually by 2018.

That is a huge step forward, particularly for a company which saw production in the first half of this year slowed because of a shortage of batteries.

Tesla is throwing money at the problem, and is expected to burn through $2bn this year.

But why is Tesla being so ambitious? Why not build up production more slowly?

Well, the electric car market is about to get a lot more crowded.

Major manufacturers such as VW, Mercedes and Jaguar Land Rover all have high performance electric vehicles in the pipeline, while Renault-Nissan already dominates the more affordable end of the market.

Tesla’s brand has a Silicon Valley cachet that other manufacturers cannot match, for the moment.

But if it is to become a high-volume manufacturer, it needs to use that cachet to build its market share – or risk being sidelined when the more established auto giants roll out their new models.

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PA

A Scottish comic book company has been bought by streaming giant Netflix.

Millarworld, founded by Mark Millar from Coatbridge, includes his portfolio of characters and stories such as Kick-Ass, Kingsman, and Old Man Logan.

Mr Millar said he was still “blinking” over the news.

He said it was only the third time a comic book purchase on this scale had ever happened, with Warner Bros buying DC Comics in 1968, and Disney buying Marvel in 2009.

Mr Millar, who lives in Glasgow, started Millarworld as a creator-owned comic-book company nearly 15 years ago.

He runs the company with his wife Lucy Millar.

It is the first ever company acquisition in Netflix’s history. The terms of the transaction were not disclosed.

Mr Millar said: “I’m so in love with what Netflix is doing and excited by their plans.

“Netflix is the future and Millarworld couldn’t have a better home.”

‘Next generation’

Netflix said the acquisition was a natural progression in the company’s effort to work directly with prolific and skilled creators and to acquire intellectual property and ownership of stories.

Netflix chief content officer Ted Sarandos said Mr Millar was “as close as you can get to a modern day Stan Lee” – the co-creator of Spider-Man and other Marvel characters.

He said: “Mark has created a next-generation comics universe, full of indelible characters living in situations people around the world can identify easily with.

“We look forward to creating new Netflix Originals from several existing franchises as well as new super-hero, anti-hero, fantasy, sci-fi and horror stories Mark and his team will continue to create and publish.”

Netflix and Mr Millar will bring Millarworld’s portfolio to life through films, series and kids’ shows available exclusively to Netflix members globally.

Millarworld is to continue to create and publish new stories and character franchises under the Netflix label.

Mr Millar previously worked at Marvel for eight years where he developed the comic books and story arcs that inspired the first Avengers movie, Captain America: Civil War, and Logan (Wolverine).

In a statement on his website he said: “Over the years, Millarworld has amassed 20 different franchises working with the world’s greatest artists and now Millarworld has been bought by the hottest, most exciting entertainment company on the planet.

“To say this is the best thing that ever happened in our professional lives would be an understatement.”

Netflix is the world’s leading Internet entertainment platform with 104 million members in more than 190 countries.

Giving effective feedback is an essential management skill that can define the trajectory of a person, a team — or an entire project.

In a fast-paced work environment like Facebook, where I manage a number of people and teams, I know how easy it can be to give “drive-by feedback.” I set up time to meet with someone, tell them the feedback in a passive voice while caveating it heavily, and then congratulate myself on having had the hard conversation. Not surprisingly, feedback delivered this way doesn’t always land.

Related: Under Review: Rethinking the Employee Evaluation Process

Effective feedback is clear, actionable and focused on growth. If you are thinking of giving feedback simply to change someone else’s behavior, you should stop there. Good feedback comes from a good place. Doing it for the right reasons — and in the most effective way — means that it will stick.

As Wharton professor Adam Grant explains, people are very open to criticism when they believe it’s intended to help them. He suggests starting the conversation by stating, “I’m giving you these comments because I have very high expectations and I know that you can reach them.” 

Below are tips to guide the delivery of effective feedback, whether given verbally, visually, in writing or over video.

Verbal feedback: Start with the tl;dr (too long, didn’t read).

The least effective way to deliver feedback is often verbally. You put the content out there, and you expect the other person to understand it and take action.  

Unfortunately, verbal feedback is often sandwiched with so much other stuff that it is barely spoken, much less received. Here is a simple method to ensure your spoken feedback is heard: 

• Set aside a specific time to meet and state upfront you are giving feedback. “Can we take 10 minutes of our 1:1 to discuss some feedback I want to share?” 
• Say the tl;dr. “When we are together in meetings, I feel you are not listening because you interrupt me to get your point across.” 
• Give a concrete example. “For example, during the meeting on Wednesday, I was talking about increasing our investment in growth. You interrupted me and diverted the conversation twice to discuss another unrelated topic.”     
• Explain the impact. “It made me feel unheard, and I’m reluctant to speak up when you are in the room.”  

Give time for the feedback to sink in and then discuss ways you can jointly address. 

Related: 7 Tips for Delivering Negative Feedback to Employees Without Being a Jerk

Photo feedback: A picture says a 1,000 words.

A colleague and I had been working together for some time, and we had weekly meetings to discuss updates and progress on a specific initiative. Every couple of weeks I would see him make a face as someone was speaking, and I would wonder what was wrong. Sometimes I would ask him right after the meeting, and he would look puzzled and say, “Nothing.” This went on for months, and ultimately became a running team joke.

One day, I pulled out my phone, snapped a picture and emailed it to him during the meeting. He took one look at it and said, “This is the best feedback I’ve ever received.” He and I had fruitlessly talked about his faces for months, and in one moment the photo changed everything. 

Related: 5 Ways to Give Feedback That Inspires People to Grow, Not Shrink

Video feedback: Seeing is believing.

Sometimes it takes seeing and hearing ourselves to truly receive the feedback we are given.  

I was mock interviewing a data scientist who was interested in transferring to another position on the team that required interviewing again. He was doing a good job overall but struggled with the interviews; his nervousness drove him to speak at a frenetic pace. I had a hard time explaining this to him, so I asked if I could record the interview and show him. He agreed.

We did a five-minute segment and then watched it together. All I said was, “Would you hire this person?” And he replied, “No, he is all over the place.” Exactly. Fortunately, he corrected it, and he has since become an extremely strong member of the new team.

Related: To Motivate Employees, Give Honest Feedback

Written feedback: Remember the power of the pen

There are times when in-person feedback just doesn’t cut it. After struggling to verbally communicate with a peer, I knew it wouldn’t be possible for me to give direct feedback face-to-face since the feedback was about the challenge of our direct communication. So, I wrote out the feedback in detail and emailed it to him. 

Writing out the feedback gave us the space to consider why we fell into this dynamic without the pressure of having to respond in the moment. A couple of weeks later, we had a follow-up conversation, and we touched on the feedback I’d delivered in writing. That email helped us create a new mode of communication, and interactions since then are much more constructive. 

Written feedback should follow the same form as verbal feedback — simple and concise, with concrete examples that shows how the person’s actions affect you without accusation.

Related: Stop Avoiding It: 4 Tips for Delivering Tough Feedback

Feedback is truly a gift.

Feedback is sometimes hard to hear and to give, but when given in the spirit of support, it is a gift beyond measure. In any relationship, feedback is both in the giving and in the receiving. The most difficult feedback I’ve received throughout my career was also a turning point, unblocking the internal hurdles that stood in my way that I couldn’t see myself. 

When done thoughtfully, the feedback you share whether through spoken words, photos, videos or emails have the potential to transform the person who receives it — and impact your relationship inside and outside the workplace.

We live in an unprecedented age. There have never been so many tools and opportunities for an individual, regardless of upbringing or wealth, to become an entrepreneur. Thanks to the internet, we have access to knowledge on any topic. You can start a company tomorrow, launch your own radio program or podcast, start a web series, or become an Instagram star. The options are limitless, but do they make success any easier or satisfying?  

In an age of unlimited resources, you can create almost anything. How do you know if it will make you happy or successful? What do you consider success? Is it landing a corner office, gaining the respect of colleagues or traveling the world and getting paid for it?

Related: 5 Common Myths About Success That Could Be Holding You Back

Research has shown us that having more options doesn’t mean that we will be happier — although, we often think that it will. Psychologist Barry Schwartz called this notion The Paradox of Choice. When we have too many choices, it is more difficult to take action, and if we decide, we are less satisfied with our choice.

Most define their success by a series of accolades and awards. They define themselves by titles or the size of their paycheck. It is almost cliché to discuss the unhappy millionaire, the burnt out CEO and the lonely academic. Are you successful if:

• You have $10 million  in the bank but are angry at the world?

• You have a family that loves you but are constantly scared that you won’t have enough food to feed them?

• You are the CEO of a lucrative, publicly traded company, but don’t remember the last time you took a vacation?

No two people consider success in the same way. Yet, we talk about it in black and white — you are either successful or you’re not. It is more complex than that.

As a human behavior scientist, I travel the world to research what causes a select few to lead extraordinary and fulfilling lives. Over the course of 10 years, I have put scientific theories to the test. From my experiences, I’ve learned that there are four universal truths regarding success and happiness.

1. Money.

Can money buy you happiness? You probably won’t expect me to say this, but the answer is yes, under specific conditions. If you don’t have enough money to feed your family, more money will increase your happiness. Once you have met all of the basic needs, money is less influential.

If you don’t have a career that pays you enough to live comfortably, you will not feel successful or content. GOBankingRates conducted a study of the 50 most populous cities in the United States to discover how much it costs to live comfortably in each. Use that number as a baseline for you.

Some may not be satisfied unless they reach their own personal ideal of wealth. Whether it’s earning $300K a year or having 10 million in the bank, know what you consider success. Remember money is not the only factor.

Related: ‘Shark Tank’s Daymond John Explains Why Money Isn’t the Key to Entrepreneurial Success

2. Engagement and work.

People are happiest and perform their best when they are actively engaged in what they are doing. The magic question is, how do you reach that level of engagement? The answer can be found in Mihaly Csikszentmihalyi’s research on flow. According to Csikszentmihalyi, a person enters a flow state when they do activities that they have the skills to handle but are still challenging to complete.

To find happiness in work, the key is to have projects that take you just outside of your comfort zone.

3. Relationships.

The quality of your life is defined by the people who surround you. Negative people are not only toxic to you but to your entire community. This was proven by Christakis and Fowler, who researched the influence that our networks have on us. They found that everything from chances of obesity and smoking to the likelihood of divorce and happiness passes through our networks.

Surround yourself with positive, outgoing and supportive peers that come from diverse backgrounds. This increases your chances of experiencing the same positive outlook and opens up a wide range of opportunities.

Related: 101 Good Habits for a Productive, Prosperous, Happy Life

4. Health.

Clocking in intense hours can seem rewarding. When that comes at the price of health and mental well-being, it dilutes your success. Stress will wreck every part of your body. Lack of sleep affects your cognitive ability and can lead to poor performance and disastrous decision-making. Sleep is also the biggest influence on happiness, so get the rest that you need.

You define your own success. There is nothing wrong with wanting a corner office or having a position where you can create an impact, but remember these four truths. They are the primary influences on your happiness.

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EPA

French car firm Renault has agreed to step up production in Iran, at a refurbished factory which eventually will produce 300,000 cars each year.

The deal is a joint venture with the Iranian government and a private firm called Parto Negin Naseh, although Renault will have a 60% stake.

The revamped factory will be at Saveh, 74 miles south-west of Tehran.

“We are happy to sign one of Renault’s most historical contracts here,” said Thierry Bollore of Renault.

Mansour Moazami, head of Iran’s Industrial Development and Renovation Organisation (IDRO), said the first phase of the agreement would lead to 150,000 cars a year being produced within 18 months.

Production, initially of its Duster and Symbol vehicles, will then be ramped up to 300,000 cars per year by 2022.

Renault already makes about 200,000 cars per year in Iran, where it has been producing vehicles since 2004, side-stepping international trade and financial sanctions against the country.

Those were imposed by the European Union in 2012 because of Iran’s continued development of facilities to enrich uranium which might be used in nuclear bombs and missiles.

The sanctions were eased last year, paving the way for the new deal.

“This signing confirms our strong intent and commitment for long-term operations as a strategic partner of Iran’s automotive industry,” said Mr Bollore.

The IDRO will own 20% of the new venture and Parto Negin Naseh will hold the other 20%.

One element of the deal is that 30% of the cars and parts will go for export.

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Getty Images

About three million households are set to benefit from a tightening of the price cap on pre-payment energy meters, according to regulator Ofgem.

The regulator says the move will cut the average bill for pre-payment customers by up to £19 a year.

The change, which takes effect on 1 October, is set to cut the average annual bill for dual fuel pre-payment customers to £1,048 from £1,067.

On Sunday, a review was launched looking at ways to reduce energy costs.

The independent review, launched by the government, will examine how the UK can keep household bills down while also meeting its climate change targets.

Higher cost

A temporary price cap on pre-payment meters was introduced in April this year. It is updated by Ofgem every six months to reflect the estimated cost of supplying energy.

Ofgem said the change to the cap would reduce bills for electricity customers by about £19 a year on average, while the cap on pre-payment gas prices would remain broadly unchanged.

Many pre-payment meter customers pay through token- or coin-operated machines. Some of these customers may have had difficulties paying in the past. Others include some tenants whose landlords have the meters installed in properties.

Ofgem has found previously that competition among suppliers for pre-payment customers is less developed than for those who pay by direct debit, cash or cheque. This means that there are fewer tariffs available and they are generally more expensive.

Figures published in August last year showed that pre-payment customers paid an average of £220 a year more than those on the cheapest deals.

Leading suppliers argue that while their price rises were based on a longer-term view, the original prepayment cap was based on an overestimate of the cost of ensuring extra power capacity this winter.

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Getty Images

Britons are taking more holidays than they used to but are opting for shorter breaks, an official survey suggests.

It also found that one-day “booze cruises” across the Channel to stock up on alcohol and cigarettes are much less common than they used to be.

The Office for National Statistics found UK residents went on more than 45 million foreign holidays in 2016 – up from 27 million in 1996.

That represents a 68% rise in holidays over the last 20 years.

The ONS also said the most popular holiday destinations had largely remained the same between 1996 and 2016 – although visits to destinations including Germany and Dubai had shot up.

According to the ONS, one of the most likely explanations for UK residents going on more holidays than in the mid-90s is the growth of the budget airlines such as EasyJet and Ryanair.

It also found a “marked decline” in the popularity of two-week holidays since 1996 and the rise of short breaks.

“The week-long break is a lot more popular than before, and there’s also been an increase in the number of holidays lasting 10 nights,” it said.

That said, the survey found UK residents were making far fewer day-trips abroad than they did 20 years ago.

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Getty Images

One reason put forward is because many of those visits were “booze cruises” – journeys across the English Channel to stock up on alcohol and cigarettes – which are no longer as cost-efficient.

“Duty-free sales within the EU ended in 1999, France has been ratcheting up the price of cigarettes since 2000, and in recent years the pound has fallen in value against the euro,” the ONS said.

According to the survey, Spain was the most popular holiday destination, both last year and in 1996. However, visits in that time have shot up by 87%.

New options

France remained second most popular, but visits fell 9% as fewer families used cross-Channel ferries.

New options have also entered the top 10, including trips to Germany, while holiday cruises are now four times as popular as they were 20 years ago.

“This could be due to an ageing UK population,” the ONS said, “but cruise operators are also trying to extend their appeal to younger holidaymakers too.”

According to the survey, holidays to the UAE have also jumped more than 12-fold, largely because of the popularity of Dubai.

Interest in Iceland has also jumped, potentially because a fall in the currency after the country’s economic crisis has made it more affordable.

Only five countries with significant visitor numbers suffered a decline in the numbers of holidaymakers since 1996: Turkey, Egypt, Kenya and Tunisia.

The ONS said that all had experienced terror attacks in recent years.