News

The UK economy expanded at a much faster rate than originally estimated in 2023, according to revised data from the Office for National Statistics (ONS).

The updated figures show that the economy grew by 0.3% last year, triple the previously reported 0.1% growth.

This upward revision follows the collection of more detailed data on wages and corporate profits. Despite the better-than-expected performance, the UK remained one of the slowest-growing economies in the G7, with only Germany faring worse by contracting 0.1% during the same period.

The improved economic outlook is likely to fuel criticism of the Labour government’s claims of inheriting the worst economic situation from the previous Conservative administration since World War II. However, the ONS also revised down GDP growth for the second quarter of 2024 to 0.5%, a slight decrease from the earlier estimate of 0.6%, highlighting challenges for the economy as Sir Keir Starmer took office in July.

The Organisation for Economic Co-operation and Development (OECD) forecasts that the UK economy will grow by 1.1% this year, indicating modest recovery. Gora Suri, an economist at PwC, noted that while GDP growth for the second quarter was slightly below initial estimates, the broader economic outlook has improved due to lower inflation, declining interest rates, and increased political stability following the general election.

Real GDP per head, considered a better measure of living standards, rose by 0.2% in the three months to June, although it remains 0.3% lower than during the same period last year. Meanwhile, disposable incomes increased by 1.3% in the second quarter, down from a 1.6% rise in the previous quarter.

The household savings ratio also saw a notable increase, reaching 10% in the second quarter, up from 8.9% in the first quarter, according to the ONS.

Liz McKeown, Director of Economic Statistics at the ONS, explained that the revised GDP figures for 2023 and 2024 include new annual survey data, VAT returns, and updated industry size estimates. However, she noted that the overall growth trajectory for the last 18 months remains largely unchanged.

The ONS has faced previous criticism for underestimating the strength of the UK’s recovery post-Covid, and concerns have been raised about the accuracy of its labour market data due to a decline in survey response rates.

Read more:
Revised 2023 UK economic growth figures show significant improvement, but challenges remain

For more than a decade, I’ve prided myself on being a work-from-home veteran. I’m not one of those newcomers thrust into the world of remote work by a global pandemic, awkwardly balancing a laptop on the ironing board or converting the spare room into a sterile office.

No, I’ve been working from home long enough to see trends come and go, to witness the rise and fall of the “work from the couch” movement and the inevitable return of some people to physical offices, weary of the isolation. Through it all, I stayed resolute in my setup—a sturdy desk, a good chair, and, let’s be honest, far too many snacks within arm’s reach.

But the winds of change are relentless, and it seems not even I could resist them forever. So here I am, after all these years, writing to you from a standing desk, perched elegantly like a modern-day work martyr, my feet gliding along on a walking treadmill beneath me. The very idea of it a few years ago would have had me rolling my eyes. Standing desks and walking treadmills? What are we, lab rats? But after working from home for so long, there came a point when even the most seasoned remote worker had to admit: things needed to change.

I suppose it all began with the nagging aches that started creeping into my body, the ones I had long chosen to ignore. I’m no stranger to stubbornness—who is after working from home for as long as I have? There’s a certain pride, or perhaps delusion, that comes with having your home office locked down just the way you like it.

But while I had embraced the freedom, my body had quietly declared a rebellion. The endless sitting—sometimes for hours at a stretch—had done me no favours. Let’s not mince words: years of sitting glued to a screen in the same chair can do unspeakable things to your posture, your back, and your waistline. And as the days turned into years, those small aches turned into a low hum that followed me around, until one day I realised, well I do turn fifty next year, I wasn’t a sprightly young thing anymore but rather someone who now grimaced every time they got up from their desk.

Enter the standing desk

The one that caught my eye was the FlexiSpot E7 Pro, a rather sleek piece of machinery that promised to solve all my woes and I have not looked back. Adjustable at the push of a button, sturdy as a tank, and with enough room to hold my array of notebooks, coffee cups, podcasting microphone, GoPro camera and all the other accompanying tech to deliver the weekly Everything EV podcast for EV Powered for our 100,00 plus listeners. I liked the idea of being able to change my position throughout the day—up when I needed to focus, down when I needed to relax (or, you know, read the news and pretend it’s research).

Standing, I have to admit, felt revolutionary. After years of slumping in my chair, albeit a posh Herman Miller Aeron from the days when we had our physical office at Canary Wharf that I trudged to every day. Here I was, upright, alert, feeling as though I had unlocked some kind of productivity superpower. I found myself moving more naturally, shifting my weight, stretching, and even feeling a little more engaged with what was happening on the screen in front of me. My legs stopped feeling so restless, and, dare I say, my back even started feeling better. It’s a simple change, really, but one that has made a remarkable difference to how I approach my workday. No longer do I feel as though I’m stuck in one spot for hours on end, slowly fusing to the chair like some kind of office furniture chimera.

Of course, standing alone wasn’t enough to completely shake up my routine. If I was going to go full wellness guru, I figured I might as well go all the way and invest in a walking treadmill. Yes, that’s right, I became one of those people—the ones who type away while walking at a slow, steady pace like a hamster on a wheel. At first, it seemed ridiculous, the sort of thing I’d have mocked over a cheeky g’n’t with friends pre-pandemic. But as my treadmill hums quietly beneath me, I have to admit that the novelty of it faded quickly, replaced by a real sense of purpose.

There’s something almost meditative about it, the gentle rhythm of the belt beneath your feet as you go about your day. No longer do I feel like my body is being held hostage by my desk. Instead, I’m in motion, constantly, even if it’s only at a modest pace – around 6mph is my average. It’s not about breaking a sweat (although that could come in handy during a particularly stressful deadline). It’s about moving, keeping the blood flowing, and not succumbing to the aches and lethargy that can so easily take hold during those long, stationary days.

It hasn’t transformed my life into a montage of fitness magazine perfection, but it’s a subtle shift that has made me feel better, more energised, and frankly, a bit smug about my setup. After years of believing I had everything just right, I’m realising that perhaps it’s not about locking into one way of working forever. Change is good, even for us old remote work dogs. And who knows, maybe in a few years I’ll be writing another piece extolling the virtues of some new gadget that I swore I’d never adopt.

For now, though, I’ll just be here—standing tall and taking it all in stride. Literally.

Read more:
The standing desk revolution: Why I finally gave in

Technology has revolutionized our ability to learn and acquire skills over time, significantly changing education for individuals worldwide.

From online platforms and mobile learning apps to new digital tools offering flexibility and interactivity for individual learning methods, technology continues to transform how people learn and improve their skills. This is especially concerning employees who must stay relevant and possess certain skills pertinent to the job market. For employers, having staff with strong, up-to-date skills is highly important; according to research, 77% of business leaders state that their organizations must provide their employees with relevant skills.

In general, technology is making learning accessible and personalized for individuals everywhere. Traditional methods may now need supplementing with digital ones that offer more interactivity for effective knowledge acquisition. Understanding these changes in today’s digital era is very important if individuals wish to remain competitive within their workplace environment. Read on to find out more.

An Explosive Rise in Learning Management Systems

One area in which technology has had an extraordinary effect on education is through learning management systems (LMS). These platforms act as centralized hubs for delivering educational content and tracking activities more efficiently for educators. Such platforms have revolutionized students’ engagement with course materials while communicating directly with instructors. On a global scale, these learning management systems are indispensable tools used by educational institutions, corporations and independent learners looking to advance their skill sets.

Learning management systems have quickly gained widespread adoption across institutions and businesses in the UK, for example, as learning professionals rely on them for training and development opportunities. The learning management system UK-based companies favor offers tailored solutions specifically for particular industries, ranging from education to professional development. In essence, LMS tools ensure learning remains accessible, efficient, and compliant with the latest industry standards. Having such essential tools facilitates the continuous training needs of organizations attempting to keep pace with rapid technological changes.

Personalized Learning and Adaptive Technologies

Personalized learning enabled by adaptive technologies represents another transformative development in education. Where traditional approaches often fall short in meeting learners’ individualized needs, adaptive technologies now enable educational content to be tailored specifically to each learner based on strengths, weaknesses and pace of learning. This level of personalization ensures that learners interact with material specifically tailored to them, leading to better outcomes for each individual.

These adaptive learning systems use algorithms to constantly assess a learner’s progress, adapting content to focus on areas in which they most require help, and providing individuals with personalized and effective methods for developing their abilities. Such technologies have gained popularity across a variety of platforms, including corporate training programs and educational apps, offering individuals the opportunity to enhance their skills more quickly.

Mobile Learning and Accessibility Solutions

Mobile technology has also revolutionized learning methods. Mobile learning, or m-Learning, allows individuals to access educational material anytime and anywhere through mobile phones. This opportunity makes m-Learning perfect for commuters or traveling professionals seeking quick educational content during their downtime or other off periods.

Mobile learning apps have experienced exponential growth over recent years, offering courses on everything, from languages to coding. Their accessibility makes learning much simpler for those with busy lifestyles or remote employees seeking knowledge improvement or developing their skills. Thanks to smartphones and tablets being widely available, mobile learning platforms now play a vital part in modern education, and technology will likely play an even larger part in shaping our access and interaction with educational content in future years.

Virtual Reality and Simulated Learning Environments

Virtual reality (VR) and augmented reality (AR) technologies have quickly emerged as integral tools in education and skill development, offering immersive learning experiences, otherwise hard to attain in traditional settings. Industries such as healthcare, aviation, and engineering involve complex procedures that benefit from virtual simulations, including training in aviation and engineering. These virtual simulations provide learners with hands-on training without the risks associated with real-world training experiences.

VR can increase engagement by creating lifelike environments where learners can interact with virtual objects in realistic settings, making learning more experiential and impactful than ever. VR technology serves as a powerful way of speeding up the acquisition of hands-on skills in industries requiring practical abilities. Its increased use is expected as it becomes more affordable and accessible, in both educational and professional training applications.

The Bottom Line

Hands down, there’s no doubt that technology is revolutionizing how we learn and build skills. From learning management systems (LMSs) and personalized learning platforms to immersive VR experiences and personalized AR environments, technological advances are revolutionizing the educational landscape by miles.

As technology develops further, its effects will only intensify on education. Therefore, learners, educators and businesses must stay abreast of changes that arise to remain competitive in an ever-evolving landscape.

Read more:
How Technology Is Transforming the Way We Learn and Develop Skills

As businesses seek to grow globally, managing the complexities of hiring across borders can pose considerable obstacles.

Each country has its unique labor regulations, taxation frameworks, and compliance criteria, making it essential for organizations to obtain specialized assistance.

What are EOR services?

EOR services empower companies to hire personnel in various regions while guaranteeing compliance with local legal requirements. By delegating the employment process, businesses can reduce the risks tied to international hiring. An EOR oversees a range of administrative responsibilities, including payroll management, tax adherence, employee benefits, and contract oversight. This strategy not only facilitates operational efficiency but also enables organizations to focus on their key business priorities. By utilizing EOR services, companies can successfully navigate regional regulations and recruit high-caliber talent from around the globe.

Key benefits of utilizing EOR services

The benefits of collaborating with an EOR are significant:

Regulatory compliance: EOR services ensure that hiring practices are in line with local employment laws, thereby minimizing the chances of legal issues arising.
Cost efficiency: By outsourcing employment tasks, organizations can save crucial time and resources that would otherwise be spent understanding intricate legal frameworks.
Broader access to talent: Businesses can tap into a larger pool of skilled candidates without the need to set up a physical presence in each market.
Operational effectiveness: EOR providers manage a variety of employment-related duties, allowing internal teams to concentrate on essential business functions.

Partnering with an EOR enables companies to navigate the intricacies of international hiring while upholding local compliance. This support allows organizations to confidently enter new markets, ensuring that they are fulfilling all legal obligations.

GEOR specializes in providing EOR services designed for businesses pursuing smooth international expansion. With a commitment to compliance and effective management of employment tasks, GEOR helps organizations hire globally while minimizing risks. This strategic alliance empowers companies to focus on their growth initiatives, secure in the knowledge that their employment needs are managed by experienced professionals.

Read more:
How EOR Services Facilitate Global Workforce Management?

Surviving in a difficult economic climate is very hard for small businesses.

It takes more than just being in business for one to stay afloat given the ever changing market trends, high expenses that are experienced and also the dynamic consumer behavior. But there are ways that small businesses can survive, and even prosper, during tough economic times.

Leveraging Digital Tools for Growth

Our life these days is more digital and online than ever. We have social media sites to share our content with crowds, we have messengers to communicate with friends privately and platforms like InstaCams to do the same with strangers. We consume news and movies online, even some events that used to be offline only have gone digital. Considering all that, it is very important to have a good online presence in the current economy. The digital tools should be used by small businesses so as to improve their operations and also be able to reach many different customers. This consists of making sure that their websites are easily found on search engines, engaging with clients on social media, as well as taking up e-commerce options for internet transactions. Digital marketing is cheap and helps in keeping the customers as well as attracting new ones. With these in place, small businesses can now compete effectively and also adjust to changing consumer behaviors.

Exploring New Connections for Growth

Building a strong network is crucial for surviving tough economic times. If you don’t have any ongoing partnerships it may be hard to survive but most small businesses are willing to cooperate if it will lead to a win-win scenario. Think of who could be helpful to you and how you could help them and start out building those relationships step by step. At some point you’ll be in a place where there are no problems that you can’t solve via making a call to the right person from your “network” of partners. That’s what you should be aiming for.

Enhancing Efficiency to Reduce Costs

In order to survive a bad economy, it is very important that one cuts on cost and still maintains effectiveness. It is important for small business enterprises to critically assess how they can reduce their costs while still maintaining the quality of their products and services. Some of the examples include; renegotiating suppliers’ contracts, reducing excess stock through inventory control and using green sources of energy among others. The adoption of lean management approaches is instrumental in waste reduction while enhancing productivity; this means that all available resources are well utilized and at the same time the costs are monitored.

Diversifying Revenue for Greater Stability

It is dangerous for a small business to depend only on one source of revenue, more so when the economy is unpredictable. Diversification of income streams is vitally important for small enterprises as it will help them mitigate the risks associated with depending from one sector. Some of the ways through which this can be achieved may include adding new products or services, tapping into new market demographics, and venturing into e-commerce. By doing this, business organizations are able to evenly distribute risks as well as create more ways through which extra income may be obtained. To illustrate, a restaurant may opt to introduce take away services or even deliver while a retail shop may consider e commerce trading.

Although there are many challenges that are encountered by small businesses, there are ways to overcome them if one is smart. It’s much better to take some time seeking guidance than letting your business sink so keep on gathering useful bits of information and we are sure that you will not only survive but strive.

Read more:
How Small Businesses Can Survive in a Challenging UK Economy

Tamaz Somkhishvili was born on 22 June 1957 in Tbilisi in the family of Valerian Amiranovich Somkhishvili and Lili Archilovna Melikishvili. He was the second of five children.

The first three children were boys: Jemal, Tamaz, and Zurab, who were born a year apart in 1956, 1957, and 1958. In 1962, the fourth boy, Anzor, was born, and in 1966, a girl, Lali, completed the family.

Tamaz’s family belongs to an ancient Georgian lineage whose history in Tbilisi begins in 1935, when Tamaz’s grandfather, Amiran Somkhishvili, bought land in the Elia area, in one of Tbilisi’s historic neighborhoods. The grandfather Amiran, built the house together with Tamaz’s grandmother, Mariam Kavtaradze. Tamaz’s father Valerian was 5 years old when they moved into a new house built by his grandfather. Later, the house was expanded and renovated to meet the needs of the growing family. When Tamaz’s father got married, Amiran allocated two rooms with a separate entrance for him. In one of the two rooms there was a hallway, a kitchen, and a laundry area which transformed into a bedroom for the parents and sister at night, while the second room served as a bedroom where the four brothers slept. Living conditions were difficult as there was no water supply in the house, so the family had to walk 300 meters from the house for clean water (running cold water was only installed when Tamaz turned six).

Tamaz’s father, a shoemaker, worked in Russia and Ukraine, to earn money for the family. His return home was always eagerly anticipated. He didn’t visit the family often, mainly on New Year’s, as well as during the November and May holidays.  In the summer, the family traveled to see him.

Tamaz recalls that his parents taught him from childhood to be friendly with his family and to be honest and loyal to people close to him. Caring and love for those close are the main values that Tamaz has carried throughout his life. He believes he has inherited the following traits from his parents: he takes everything to heart like his mother and cares for his loved ones like his father.

Education

After graduating from school, Tamaz entered a bachelor’s program at the technology faculty of a culinary arts college, from which he graduated with honors through an accelerated program after serving in the army. He says that he still uses the knowledge gained at that time, primarily with respect to the aesthetics and physiological value of nutrition. In 1980, Tamaz enrolled in the Tobolsk Pedagogical Institute in the faculty of physics and mathematics from which he transferred in his fourth year to Tyumen State University in the faculty of finance and credit. The knowledge gained from these years later proved to be very useful for conducting business. In 2002, Tamaz defended his doctoral dissertation on the topic “Conditions and Sources of Financing Investments in the Development of the Oil Industry” at the National Academy of Economics and Public Administration under the President of the Russian Federation in Moscow.

Army service

In the fall of 1975, during his second year at the technology faculty of the vocational culinary school, Tamaz was called up for military service. He subsequently went to serve alongside his older brother Jemal, who had completed his studies at the faculty of chemistry of the vocational school.  For the first six months, the brothers served at the Artillery Bootcamp in Chernovtsy, Ukraine. Tamaz was to be assigned to the sports company after winning a sambo (martial art) competition in Ukraine, but he refused this option in order to continue serving with his brother. After that, the brothers were sent to serve in Czechoslovakia, where the older brother was appointed deputy platoon commander while Tamaz was appointed squad leader. As a graduate of the culinary college, Tamaz was immediately offered the position of head chef in the officers’ mess which he declined, stating at the time that he “came to serve in the army, not to cook”. The majority of his military service was spent at the training range. Throughout this phase, articles about him were twice published in the newspaper with the title: “Senior Sergeant Somkhishvili at the firing range.”

The army taught Tamaz many useful skills. During his two years of service, he became a fully grown independent man and learned to stand up for himself.

Starting a career

The director of the culinary college that Tamaz graduated from encouraged him to participate in a prominent Komsomol construction project at the time and embark on a Komsomol trip to Siberia, specifically to the Tyumen region. His task was to organize the food and essential goods supplies for the workers involved in the construction of the Urengoy-Pomary-Uzhgorod main gas pipeline. This endeavor presented a potentially lucrative opportunity ranging from six hundred to fifteen hundred rubles per month, depending on the nature of the work and specialization. In October 1978, Tamaz, together with his childhood friend and classmate Givi Guishvili, traveled to Tyumen, where they were assigned to the Uvat district at the Demyanskoe station in the taiga forest along the pipeline construction route to Chebuntan. There, Tamaz began his career in the labor procurement department where he quickly rose to become the director. Once a week, he flew by helicopter to Tobolsk and submitted requests for supplies required for the gas pipeline workers: food, clothes, building materials, etc. In a short period, he made valuable connections across various supply bases (commercial, food, industrial goods, construction materials), which were important during the Soviet era. The living conditions during the construction of the gas pipeline were very harsh; in winter, the temperature would drop to minus 50 Celsius, and soon, only two remained from the original team: Tamaz and Beridko Tavshavadze. Tamaz suggested moving to Tobolsk, where he got a job as an administrator at a restaurant called “Irtysh,” working for his acquaintance Nikolay Doev, while Beridko found a job at a beer hall. While working for Doev, Tamaz met Alexander Sheller, who was then managing the city’s most successful new café-restaurant, “Vstrecha.” In 1981, together with Alexander Scheller, Tamaz opened the first bar in Tobolsk. At the end of 1982 Tamaz started work as manager of the restaurant “Druzhba.”

Olympic shirts

Money was always hard to come by. Tamaz looked for ways to earn a living to support his family and took on any job available. Prior to the 1980 Olympics in the Soviet Union, Olympic symbols appeared everywhere. Tamaz, with an eye for beautiful clothing, trusted his business instincts and decided to organize the production of shirts with Olympic emblems. To set up the shirt production operation, he needed to file for a patent. In no time, a patent was secured under the name of his friend’s father, a participant in the Second World War. After making arrangements with tailors, he purchased a cutting machine and an overlock sewing machine, and bought calico and colorful fabrics in Moscow. The shirts were immensely popular so the venture proved successful in Tyumen. In fact, he managed to earn as much as the value of three cooperative four-room apartments in Soviet times.

Car accident

In 1984 Tamaz’s father Valerian Amiranovich came to Tyumen to the regional hospital for a checkup. Tamaz arrived to visit him in his personal car – a new model six Zhiguli. While driving  back from Tyumen to Tobolsk in the rain, near the village of Zashchitino, while turning a corner, Tamaz’s car hit a pothole on the side of the road. The car skidded while Tamaz tried to steer, but he ended up crashing into an oncoming dump truck. Tamaz broke some cervical vertebrae, but he recovered quite quickly due to his athletic training. This was the only sick leave he took in his entire life. After his recovery, the head of the administration of the Uvat district of the Tyumen region, Yuri Olegovich Svyatsekevich, invited Tamaz to head the public catering department.

Business during restructuring

In the late 80s period of restructuring, specifically in 1987, a package of resolutions was adopted allowing for the establishment of cooperative businesses. Tamaz received an offer from Arkady Yelfimov, chairman of the Tobolsk City Executive Committee, to set up private cooperatives. This is how the trading and purchasing cooperative and restaurant ‘Kolkhida’ came into being. In order to supply the cooperative, two Kamaz trucks with refrigerators were purchased to transport melons, fruits, and vegetables from the Central Asian republics, as well as berries and fish from Siberia. Soon after, Tamaz moved to Tyumen, where he purchased a new restaurant called “Druzhba” opposite the bus station on Permyakov Street. Quickly establishing the business and realizing that the restaurant’s earning potential was limited by the number of seats, Tamaz began to think about how to increase revenue. He decided to transform the restaurant into a pastry shop specializing in the production of cakes, primarily focusing on the popular “Ptichye Moloko” (Bird’s Milk) cake. Being a food technologist by training, Tamaz realized that pastry manufacture would be a profitable business. Despite the shortage of products available only with ration cards—such as sugar, butter, and eggs—Tamaz took the risk of converting the restaurant hall into a production workshop. Tamaz’s brother Anzor became the manager of the new enterprise. Having bought the required equipment for the new production facility, the question arose: where to get sugar.

At the Ministry of Trade of Ukraine in Kyiv Tamaz negotiated and contracted for supplies of sugar, but to comply with formalities, a letter from the Main Trade Administration of the Tyumen region would be required. So, Tamaz flew to Tyumen and, after three days, received the corresponding letter from the Main Trade Administration of the Tyumen region, then returned to Kyiv. He then held meetings with the directors of sugar factories across Ukraine, who had received directives from the Ministry of Trade of Ukraine for the shipment of sugar for Tamaz’s cooperative enterprise “Druzhba,” thereby securing 5,000 tons of sugar. Warehouses in Tyumen and the Sverdlovsk region were rented to store the huge volumes of sugar. Thus, a new confectionery shop was opened in Tyumen where the excellent Bird’s Milk cake was prepared. The delicacy was in great demand so revenue poured in. Tamaz worked nonstop, especially enjoying Sundays when no one disturbed or distracted him from his work.

Oil

In 1991 Tamaz had a fortunate meeting with Viktor Dolgov, Deputy President of Lukoil Company Vagit Yusufovich Alekperov. Dolgov was then responsible for opening a Lukoil branch in Tyumen. After the opening of the Tyumen branch of “Lukoil-Tyumen,” a joint venture was registered between “Lukoil-Tyumen” and Tamaz under the name CJSC “Lukoil S” (“Lukoil Service”). Tamaz became the owner of the company and its general director. After opening the company, Tamaz acquired several mobile petrol stations. So, in parallel with the highly profitable confectionery business, he entered the oil business. He proceeded to purchase crude oil, process it at the Perm Oil Refinery, and sell the resulting petroleum products. In 1993, recognizing the successes of the Tyumen branch, Vagit proposed that Tamaz create the company “Lukoil Market.” Thus, Tamaz became a co-founder and commercial director of the new company, which focused on supplying the cities of Langepas, Uray, and Kogalym with consumer goods and food products, primarily sourced from France, Germany, and the Netherlands.

Rosnefteexport CJSC

In 1994, the company Rosnefteexport CJSC was established, with Tamaz owning 15%, Lukoil 35% and Rosneft 50%. Tamaz became the general director of the new company, whose main area of focus was coordinating oil supplies to the Belarusian refineries at Mozyr and Novopolotsk, where oil from Rosneft and Lukoil was processed, in addition to the further sale of petroleum products. After a year, it became clear that Rosneft was not fully engaged in the development of the joint company, so Tamaz decided to buy out the 50% equity owned by Rosneft. The company is still successfully conducting business, purchasing oil, processing it at the Omsk, Perm, Nizhny Novgorod, and Ryazan refineries, selling part of it on the Russian market while the rest is exported through trading companies Vitol and Glencore.

Security Service

In the early 90s, the difficult economic situation in the country provoked a complex problem of widespread criminal activity. As a result, big business had a need to create structures responsible for security.  And Tamaz’s business was no exception. In 1993, Tamaz moved to Moscow and began to establish an effective service that could support his business and respond to emerging threats. Vladimir Pavlovich Dmitriev was invited to head the security service, having previously been instrumental in the establishment of the Main Directorate for Combating Organized Crime of the Ministry of Internal Affairs of the Russian Federation. He held the position of deputy head of that agency. The effective work of its own security service has enabled the Closed Joint Stock Company “Rosnefteexport” to flourish.

Rosnefteexport CJSC and debt redemption

In the country’s difficult economic situation of that time, debt delinquency was a huge problem. Agricultural companies were unable to pay for needed petroleum products; consequently, oil producers could not settle their debts with energy companies for electricity consumed. Thus seeing an opportunity, at the end of 1995, Tamaz began to buy out the debts of oil companies to energy companies, specifically the debts of Lukoil and Nizhnevartovskneftegaz to Tyumenenergo, which was then headed by Valentin Fedorovich Bogan. Subsequently, a contract was made with Surgutgazprom, led at that time by Yury Ivanovich Vazhinin, to buy out the debts owed by Tyumenenergo for gas supplied to the Surgut GRES.

Debts were purchased at significant discounts and in installments.

The scheme was complex, with the most important aspect being the coverage of Lukoil’s electricity costs through crude oil payments, which amounted to 250,000 tons per month.

The chain of debts looked like this: oil producers owed energy companies, energy companies owed gas producers, gas producers owed transport companies, and so on. And each offered a discount ranging from 12% to 18% of the full debt. At that time, everyone had goods, but there was little money, so these companies welcomed the debt swap. Following Lukoil was Nizhnevartovskneftegaz whose oil production was 60% lower than that of Lukoil, but electricity costs were almost the same due to the fact that the water content of the extracted fluid through its wells was up to 93%, so water had to be injected back into the reservoir using compressor stations.

Successfully implementing a debt buyout scheme, Tamaz soon acquired a controlling stake in the Odessa Oil Refining Plant from Alexander Zhukov (Synthesis Company). Each month, Tamaz sent up to 250,000 tons of oil for processing, part of which was sold on the Ukrainian market, while the majority was exported.

Oil production

In 1999, Tamaz decided to engage in the challenging business of oil extraction so he established two companies: “Tomsk Oil” and “Danao Engineering.” He assembled a team of specialists including geologists, technologists, engineers, and mechanics. The team included Yuriy Anastasievich Bratishko, the executive director of the first American-Russian joint venture, Polar Dawn; Vladimir Mikhailovich Ignatenko, general director of Megionneftegaz; and Marat Midhatovich Arslanov, deputy general director of the Tobolsk Oil and Chemical Plant for capital construction, who brought along serious specialists in exploration, development, and oil extraction. The company “Tomsk Oil” successfully found reserves of 16 million tons of oil and 11 billion cubic meters of gas at its two oil fields in the Tomsk region: “Verkhne-Salatskoye” and “Yuzhno-Mildzhisnoye.” In just two years, a massive infrastructure was created in the impenetrable taiga forests and swamps, including a 70-kilometer oil pipeline, a 40-kilometer road, 17 wells, a central oil preparation facility, a gas-piston power station with a capacity of 3 MW, as well as accommodation for 50 people, a repair and mechanical shop, an oil depot, a laboratory, and a gas station. Equipment and building materials were delivered by large barge along the Ob River. It was necessary to await the spring flooding of the small river Nyurolyka, which allowed for navigation over a thousand kilometers to the oil field using small barges. The general contractor was “Stroitransgaz,” while in the south, it was “Obneftestroy.” The contractor was Urengoyspetsstroy. Everyone worked cohesively and quickly.

In parallel with the development of the Tomsk field, Tamaz conducted exploratory geological surveys in the Nenets Autonomous Okrug in the northern part of the Arkhangelsk region on  licensed land through the company “Danao Engineering,” where Yuriy Anastasevich Bratishko served as the general director. The flow rate of the well in the Nenets Autonomous Okrug was 5-7 times that of the “Tomskaya Neft” well. The fields were located in the permafrost zone, which made it impossible to lay the pipeline underground. Therefore, engineers laid the pipes above ground on special supports. The company confirmed oil reserves of 35 million tons. The depth of the first well was 4,878 meters, while the daily flow rate was 280 tons compared to 30 tons from the “Tomskaya Neft” well, which reached a depth of 2,750 meters.

In 2004, Tamaz successfully implemented a new business idea by establishing the company “Regionenergo gas” for the construction and operation of gas-piston power plants using associated petroleum gas (APT: gas lost during the extraction process). Power plants were thus built in the territory of Lukoil’s oil field to produce and supply electricity to oil companies. Tamaz signed a contract with Jenbacher (owned by General Electric), and in just over a year, he constructed a gas-piston power plant with a capacity of 36 megawatts using Jenbacher gas-piston units and distribution devices with Siemens automation.

Being in the oil business, Tamaz started thinking about environmental issues much earlier than his colleagues. Thus, in March 2006 he was the first in Russia to sign an agreement with the World Bank, represented by Kristalina Georgieva (current Managing Director of the International Monetary Fund), which provided for the reduction of harmful emissions (APT) and greenhouse gasses into the atmosphere in accordance with the Kyoto Protocol.

In 2005, Tomskaya Neft was sold to RussNeft, owned by Mikhail Gutseriev, and DanaoEngineering was sold to Lukoil.

Building in Moscow

In 2006, the Moscow Government issued a decree on the design and construction of a multifunctional building on Kosygina Street. From 2008 to 2010 (1 year 8 months), Tamaz built the elite office and residential complex known as ‘Family House’ with an area of 29,000 square meters in classical style. Tamaz’s business in Russia ended in 2010 with the completion of this project.

Business in Georgia

Back home in Georgia, Tamaz founded the company, “AirplaneTechnics.” Vincenzo Morelli, with 35 years’ experience at “Lufthansa Technik”, was invited to be the chief manager. Within 10 months, a maintenance center for civil aviation was built at Tbilisi Airport, designed to service Boeing and Airbus civil aviation aircraft.

Tamaz later made a strategic decision to establish an Aviation College under the motto “For the Success of Tomorrow.” Its goal was to provide the youth of Georgia with the opportunity to receive high-quality training within the framework of an internationally recognized program, leading to certification for maintenance of civil aviation in international airlines.

The college subsequently signed an agreement with the licensed European Aviation Safety Agency “INSTITUTO SCOLASTICO SAN CARLO,” located in the city of Verona, Italy, under which a joint training program was launched in Tbilisi.

35 students who were sent to Germany, Switzerland, Italy, Turkey, Dubai, and Kazakhstan to gain practical skills, participated in the training program.

Prior to the COVID-19 pandemic, the company was successful, working with aviation companies around the world.

During the pandemic, the company’s operations, like many other airline-related operators, declined significantly.

Businesses today

Tamaz is continuing to develop important areas of business, such as metallurgy (ferrochrome), with special attention to projects in the field of new technologies and telecommunications.

Charity

Tamaz  purchased the church for the Georgian Orthodox Church in London in 2009. He is also one of the largest patrons of St Andrew’s University of Georgia of the Patriarchate of Georgia.

Working as a sports official

From 2017 to 2021, Tamaz served as the president of the National Federation of Sporting Shooting of Georgia. Shooting sports, along with martial arts, have always been one of the main sources of medals for Georgia in world championships and the Olympics. In 2017, Tamaz also built a European-level shooting club in Tbilisi, featuring armories, shooting ranges, and modern infrastructure for athletes.

Hobbies

Tamaz has had a passion for pistol and rifle shooting since his youth. He also achieved a professional level of skill in sambo and judo in addition to playing tennis.

Read more:
Tamaz Somkhishvili: One Man’s Path to Success

The gambling industry in 2024 continues to be a highly dynamic and profitable sector, with major players demonstrating strong stock market performances.

This growth is fueled by a combination of technological innovations, evolving regulations, and rising consumer demand for both online and offline gambling experiences. Investors are closely monitoring these developments, as the gambling sector presents both lucrative opportunities and unique challenges. In this article, Innovate Change provides an in-depth analysis of key gambling companies, examining their stock market performance and the trends influencing their success.

Innovate Change: The leading platform for in-depth online casino reviews and industry insights

Innovate Change is a premier platform dedicated to delivering expert reviews and in-depth analysis in the gaming and gambling industries, with a primary focus on providing comprehensive online casino reviews. The platform’s mission is to help players find the best and most trustworthy online casinos by thoroughly evaluating their game offerings, bonus structures, payout speeds, security measures, and overall user experiences. These detailed casino reviews are designed to guide players toward the most reliable and enjoyable gaming experiences. Innovate Change also offers strategic insights into the broader gambling sector, identifying emerging trends, assessing market movements, and analyzing the financial performance of key gaming companies. The platform is widely recognized for its ability to provide valuable guidance to both casual players and seasoned investors. Through its extensive research and expert analysis, Innovate Change enables investors to make well-informed decisions, helping them understand the risks, opportunities, and future prospects within the gaming industry. This makes Innovate Change a trusted resource for anyone involved in the rapidly evolving world of online gambling and gaming investments.

Major players in the gambling sector

Innovate Change, a leading platform in the gaming sector, has conducted an in-depth analysis of the major players in this dynamic industry, focusing on their market performance and stock growth. By examining companies like Flutter Entertainment, DraftKings, MGM Resorts, and Las Vegas Sands, Innovate Change provides valuable insights into how these organizations have capitalized on trends such as the expansion of sports betting, technological innovation, and global market consolidation.

Flutter Entertainment (FLTR)

Flutter Entertainment, the parent company of FanDuel, has firmly established itself as a dominant player in the global sports betting market. By 2024, Flutter holds an impressive 40% share of the U.S. sports betting market, thanks to its success in both the American and Canadian markets. Flutter’s stock price increased from $193.45 to $252.88 per share in early 2024, showcasing its growing market influence. The company has made strategic acquisitions, including PokerStars and Fox Bet, which have bolstered its position as a leader in online gambling. Innovate Change notes that Flutter’s success is not only due to its market share but also its ability to adapt to evolving regulatory environments.

DraftKings (DKNG)

Another major player in the U.S. gambling industry, <strong>DraftKings</strong> holds around 25% of the U.S. sports betting market. The legalization of sports betting in more U.S. states continues to drive DraftKings’ growth. Its stock surged from $11 to $34 by the end of 2023, and its performance remains strong in 2024. DraftKings has leveraged innovative partnerships with major sports leagues, which further solidifies its position as a leader in sports betting. Investors are attracted to DraftKings due to its user-friendly mobile platform and its ability to engage a broad range of sports fans.

MGM Resorts (MGM)

MGM Resorts is a key player in both the traditional casino and online gambling spaces, particularly through its joint venture BetMGM with Entain. In 2024, MGM saw its stock price rise by 6.8%, thanks to consistent revenue generation from its land-based casinos and digital platforms. MGM has a strong presence in the U.S. and Macau, making it an attractive option for long-term investors. Innovate Change highlights that MGM’s continued focus on expanding its online presence while maintaining its physical casino operations positions it well for future growth.

Las Vegas Sands (LVS)

Las Vegas Sands remains a leader in the global casino market, with a heavy focus on the Asian gaming markets, particularly in Macau and Singapore. The company has a market capitalization of $30.9 billion and has seen steady revenue from its integrated resorts. Despite facing challenges such as fluctuating tourism and geopolitical uncertainties, Las Vegas Sands continues to be an appealing option for investors interested in the Asian market. Innovate Change emphasizes that Las Vegas Sands’ stock performance in 2024 reflects the company’s resilience and ability to adapt to shifting market conditions​.

Key trends impacting stock performance: Overview by Innovate Change

The gambling sector in 2024 is marked by rapid shifts and emerging trends that are influencing the stock performance of leading companies. Innovate Change has identified the critical elements propelling growth and posing potential challenges for these companies. This comprehensive insight offers a strategic overview of the industry’s direction, enabling investors and stakeholders to better understand the shifting dynamics within the gambling and gaming sector.

Regulatory changes

Regulatory changes have always played a pivotal role in the gambling industry, and 2024 is no exception. The expansion of legalized sports betting in the U.S. and the regulated iGaming market in Canada have opened up new opportunities for companies like Flutter, DraftKings, and MGM Resorts. These companies are capitalizing on newly available revenue streams, bolstered by the growing popularity of sports betting across North America. However, not all regions offer such a welcoming regulatory environment.

In markets like the UK and Australia, stricter regulations are increasing compliance costs for gambling operators. These heightened regulatory pressures are prompting companies to invest in responsible gambling initiatives and enhanced player protection measures. Innovate Change emphasizes the importance of staying ahead of regulatory developments, as they directly impact stock performance and overall company growth. For companies operating in multiple jurisdictions, navigating these shifting legal frameworks is crucial for maintaining a competitive edge.

Technological innovation

Technological innovation continues to be a game-changer in the gambling industry, with companies increasingly integrating cutting-edge tools like artificial intelligence (AI) and blockchain technology. Innovate Change has observed that key players such as Flutter and MGM Resorts are leveraging AI-driven tools to enhance customer service, detect fraud, and offer personalized gaming experiences. These technological investments not only improve operational efficiency but also attract a broader audience by providing innovative gaming solutions.

Blockchain technology is another key driver, particularly in facilitating secure and transparent transactions. The growing interest in cryptocurrency betting has led companies to incorporate blockchain into their platforms, appealing to tech-savvy players who prioritize security and privacy. Companies that adopt these technological innovations are better positioned for sustained growth, particularly as the digital evolution in the gambling industry continues to progress.

Market expansion and consolidation

The gambling industry is undergoing significant consolidation, with larger operators acquiring smaller ones to strengthen their market positions. This trend is particularly pronounced in regions with high operational costs and strict regulatory environments, where smaller companies struggle to compete. Major players like Caesars Entertainment and Boyd Gaming are expanding their reach through mergers and acquisitions, which allows them to tap into new markets and drive revenue growth.

Innovate Change suggests that this wave of market consolidation could create more stable growth opportunities for investors. By reducing competition and streamlining operations, these larger companies can focus on scaling their businesses while maintaining profitability. The consolidation also benefits consumers, as larger operators often offer a broader range of gaming options and better overall experiences.

Consumer demand

The global demand for both online and land-based gambling has surged in the aftermath of the pandemic, with consumers increasingly spending on entertainment. The rise of online sports betting, in particular, has been a significant growth driver for companies like DraftKings and FanDuel. These platforms have capitalized on the popularity of fantasy sports and live betting, creating interactive experiences that keep players engaged.

Mobile gaming has also become a central focus for gambling operators. Innovate Change points out that companies offering seamless mobile platforms and interactive gaming options are attracting a new generation of players. As mobile devices become the preferred method for accessing gambling platforms, companies that invest in user-friendly apps and real-time betting capabilities are set to benefit from the shifting consumer preferences. This trend is expected to continue driving growth, particularly in the online gambling space.

As the gambling industry continues to evolve in 2024, companies that are able to adapt to regulatory changes, invest in innovative technologies, and expand into new markets are likely to see sustained stock market success. Innovate Change’s analysis of key trends highlights the opportunities and challenges that investors should be aware of when considering gambling stocks. By staying informed about the latest developments in regulation, technology, and consumer demand, investors can make well-informed decisions that align with the future direction of the industry.

The impact of global expansion on stock performance

Global expansion continues to be a key strategy for gambling companies in 2024. The U.S. sports betting market is projected to generate $10 billion annually by 2025, with companies like Flutter Entertainment (holding a 40% market share through FanDuel) and MGM Resorts benefiting from this growth. Additionally, the reopening of Macau has boosted companies like Las Vegas Sands, which has seen its stock rise by 15% year-to-date, with Macau’s gaming revenue expected to recover to 80%of pre-pandemic levels​.

However, operating in volatile regions like Macau comes with risks, including regulatory uncertainty and geopolitical issues. For example, China’s capital control measures and the 7% devaluation of the yuan in 2024 have added complexity to operations. Innovate Change advises that while global expansion drives growth, investors should be mindful of currency fluctuations and political instability. Despite these challenges, markets like Japan and Brazil continue to offer strong long-term potential.

Conclusion: The future of gambling stocks according to Innovate Change

As the gambling industry continues to grow, companies that are adaptable and innovative are best positioned for long-term success. The changing regulatory environment, technological advancements, and increasing consumer demand will continue to influence the future of gambling companies and their stock performance. For investors, companies like Flutter Entertainment, DraftKings, MGM Resorts, and Caesars Entertainment offer strong potential for growth due to their dominance in key markets, strategic investments, and ability to leverage technological innovations.

Innovate Change believes that while the gambling sector offers exciting opportunities, understanding the complexities of the regulatory environment and market risks is crucial. Investors should stay informed about ongoing changes in compliance costs, consumer behavior, and technological trends to make informed decisions in this fast-paced industry. With global demand for gambling continuing to rise, the sector remains a lucrative area for those looking to diversify their portfolios, but careful consideration of the risks involved is essential for achieving long-term success.

Read more:
Innovate Change: Gambling Companies and Stock Market Performance in 2024 | Insights for Investors

Next’s chief executive, Lord Wolfson, has sold a £29m stake in the retail giant ahead of potential changes to the capital gains tax (CGT) system, expected in Chancellor Rachel Reeves’s maiden Budget next month.

New filings reveal that the Conservative peer offloaded 290,000 shares between Friday and Tuesday, valuing his total stake at £29.2m. Prior to this sale, Lord Wolfson owned approximately 1.4 million shares, equating to a 1.2% stake in Next, valued at around £141m.

The company has declined to comment on the sale. Following the announcement, Next shares dropped by 2%.

The timing of the sale has raised speculation, as Reeves is anticipated to target CGT in her upcoming Budget, potentially aligning it with income tax rates. Currently, higher earners pay up to 45% on income but are subject to CGT rates of 20% for assets like shares and 24% on property gains. Basic-rate taxpayers face 10% and 18%, respectively.

Many investors have been rushing to sell assets before any changes take effect. Duncan Mitchell-Innes of TWM Solicitors noted, “With many expecting CGT increases, we’ve seen a surge in asset sales in recent weeks.”

HMRC recorded its highest August CGT receipts since 2008, with £197m paid by landlords and investors looking to offload assets in anticipation of the tax hike.

This latest sale marks the third time Lord Wolfson has reduced his shareholding, now leaving him with a stake worth around £100m. The disposal follows a remarkable rally in Next’s share price, which has surged by 123% since October 2022.

Next’s performance has outpaced many of its competitors, bolstered by a series of profit upgrades. Earlier this month, the retailer raised its profit forecast by £15m, with pre-tax profits expected to reach just under £1bn, fuelled by growing international sales.

The company has credited the convergence of global fashion tastes, driven by trends popularised through streaming services like Netflix and TikTok, as a key driver of its success.

Read more:
Next CEO sells £29m stake as capital gains tax reforms loom under Reeves

At the recent 2024 Global Search Awards, rugby news platform, RugbyPass, was named the winner of two hotly contested and highly coveted awards – the ‘Best Use of Content Marketing’ and ‘Best Use of PR’.

RugbyPass, alongside its partnered digital agency, Another Concept, were recognised in these categories for their campaign work during the 2023 Rugby World Cup.

The content marketing award entry was primarily for RugbyPass’ custom-built, on-site interactive content tools that allowed users to select and share their predictions and greatest line-ups for the sport’s flagship tournament.

These ‘picker tools’ and their supporting, search-led content saw big engagement for existing and new audiences, increased keyword rankings and huge traffic numbers. Additionally, the PR award was for the promotion of these tools to international audiences. This was achieved by utilising the views and expertise of rugby legends to create interesting and engaging stories which cut through the noise, in what was a highly competitive news cycle during the tournament.

First launched in 2011, the Global Search Awards is one of the leading awards events in the digital and online arena. It welcomes entries from companies and agencies across the world who wish to showcase their exemplary search strategies and results. This year’s event, held in Kraków, Poland, was no exception, with the competition being nothing short of fierce, particularly within the two categories where RugbyPass emerged as eventual winners.

The judging panel – a large contingent of digital experts from around the world – also offered glowing feedback to RugbyPass and its supporting team, championing the creativity involved in their entries:

“[RugbyPass] excelled in creating original content by leveraging the expertise within their team and emphasising EEAT. Their strategy showcased a clear sense of individuality and they have achieved incredible results.

“The strategic use of digital PR, SEO and interactive content tools showcase a creative and engaging way to capture audience interest and drive sign-ups. Their engaging and well-thought-out approach to content not only delivered compelling PR opportunities, but also served dual purposes, all accomplished with a quick turnaround.”

Speaking about the two honours, RugbyPass’ Head of Product, Tom Rendell, who was also in attendance at the ceremony, offered these comments:

“We’re absolutely delighted to have won these two awards. It’s incredibly satisfying to see all the hard work the team put into these campaigns to be recognised like this on the global stage and lauded by the judging panel. This level of content quality is something we strive for here at RugbyPass across all our channels and I believe this is just the start of many more awards to come.”

Another ceremony attendee, and the person responsible for campaign oversight, was RugbyPass’ Head of SEO, Kim Ekin, who said: “From the pre-planning stage of our Rugby World Cup campaign, the teams at RugbyPass and Another Concept considered user experience from end to end, researching search intent, historic keyword rankings and user need. We then used this data to uncover what would deliver unique, interesting and performant content – it’s testament to this process which led to both excellent results for our site, and two international awards.

“We knew how competitive the landscape was during one of the world’s biggest sporting tournaments, so achieving these results – particularly with the PR coverage – demonstrates the incredible drive, expertise and dedication of all involved.”

Read more:
RugbyPass scores major double win at the 2024 Global Search Awards

Marlow Foods, the parent company of plant-based brand Quorn, has reported a £63m loss as demand for meat alternatives continues to wane.

Sales fell by 6.9% to £205m in the last financial year, prompting the company to shed nearly 100 jobs as part of a restructuring programme. Quorn’s sales across retailers dropped 8.6% in the 12 months leading to December 2023, reflecting a broader decline in the popularity of veganism in the UK.

The downturn comes as inflation and rising costs for energy and ingredients put additional strain on the company. Marlow Foods’ overall workforce decreased from 934 to 874 last year as it sought to control costs amid a challenging market environment.

Marlow Foods’ CEO, Marco Bertacca, acknowledged the difficulties, stating, “Twenty twenty-three was a challenging year where high inflation and interest rates continued to put pressure on consumers and on the cost of producing our great food.” He added that despite efforts to minimise price increases, the company’s attempts to maintain affordability led to losses.

The slump in the plant-based industry has affected other brands as well, with companies like Meatless Farm and VBites collapsing into administration. Market data shows sales of chilled meat alternatives fell by 9.7% in the 12 months to May, further reflecting the industry’s struggles.

Despite the challenges, Bertacca remains confident in Quorn’s mycoprotein technology, which uses a fermented fungus to create protein-rich alternatives: “We truly believe that there’s nothing quite like mycoprotein. Fungi and fermentation can be the protein solution the planet needs.”

Read more:
Quorn parent company suffers £63m loss as demand for plant-based products falls