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news opinion
On the outside, looking in on the eurozone, we can be forgiven for feeling a little smug. Thank God and Gordon Brown that we never became part of this dysfunctional club
But we should also sympathise with our European friends. Because life in some parts of the eurozone is hideous – and, as ever, it‘s the ordinary folk who are suffering the most.
For businesses here in the south, uncertainty over the fate of the euro is acting like a chain around the foot of the economy, a chain that companies are having to drag along as they strive for growth.
A number of local business leaders have argued recently that the south is not really in recession – and it‘s all something that is happening north of Birmingham.
But they would also contend that the Greek election vote changes nothing. We are mired in a cycle of uncertainty that is likely to continue for months – perhaps even years – to come.
As we go to press, Spanish bond yields are back up to 7%. It seems the 100 billion euro bailout of Spain‘s banks bought the country just 18 hours of good news. After that, the rally was over as the markets decreed the bailout had done little to solve the underlying problems.
And so on, and so on. The single currency‘s woes will mean summit meeting after summit meeting – and sticking plaster after sticking plaster. The leaders of Europe will not want to admit that the whole project is fatally flawed, and while they dither and debate, the pace of our own recovery is slowed.
David Murray Publisher
www.businessmag.co.uk
Extended berth allows larger ships to be docked
A major construction project at Portsmouth International Port was completed amidst the busiest month for cruise ship visits in the Port‘s history.
The project to lengthen Berth 2, which is used by both cruise ships and ferries, took four months to complete. The Berth has been extended by nearly 50 metres, to improve flexibility, allowing for a greater number of larger ships to be docked at any time. Until now the largest vessel able to use the Port has been 210m. With the extension this has increased to 240m.
It is expected the multi-million pound investment will help secure current customers and attract additional trade, as ships continue to grow in size.
In one four-week period alone, starting in May, there were 18 visiting liners. Known as ‘Britain‘s best-connected cruise and ferry port‘, Portsmouth has long held the reputation as the UK gateway offering the biggest choice of destinations to passengers heading to Europe by ferry. However, in recent years it has also attracted a growing number of cruise ship companies, keen to take
advantage of the excellent transport links and its proximity to London and major historical attractions.
Martin Putman, manager of Portsmouth International Port, said: “We have invested heavily in new passenger facilities during the past few years, and one result is a growth in our cruise business. 90% of cruise ships calling at Portsmouth this year are repeat callers.“
In May the Port also celebrated its first anniversary of its new passenger terminal, part of a £16.5m package of improvements that have been a key factor in attracting new cruise ship business.
Passenger and vehicle numbers are up, with managers more positive than ever about the long-term future of the Port and its contribution to the local economy. There was an increase of more than 22,000 passengers coming through the Port in March, compared to figures from the same month in 2011. There was also a large rise in the number of vehicles – more than five thousand (5,048) extra travelled through Portsmouth International Port in March
2012, compared to the previous year.
Portsmouth International Port is owned and operated by the city council. Mike Hancock, MP, executive member for the Port, commented: “When we took a decision four years ago to invest in new passenger facilities we could never have known what lay in store for the world economy. A year since it first opened, the decision to build a new terminal has proved to be the right one – improving the service we can offer to ferry and cruise ship operators, and helping the Port to stay competitive during testing times.
“Portsmouth International Port continues to make a significant contribution to the local economy, it is with a sense of pride that I watch the business go from strength to strength.“
In the September issue of The Business Magazine
• Mergers & Acquisitions • Focus on M27 & Southampton
• Sustainability
Details: 0118-9766411
sales@elcot.co.uk
THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – JULY/AUGUST 2012
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