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Year-end high for Manchester’s Somo as it smashes £300m lending goal

Manchester-based property lending firm Somo has ended the year on a high with the announcement that it has lent £313m to date with no capital losses.

All investors received 100% of their capital investment and a cumulative £25.9m interest was earned.

The alternative lending firm will celebrate its 10-year anniversary going into 2024 in a strong position, underlined by some of the highest return rates across the property lending sector, an experienced recovery team and the backing of reputable industry bodies.

Somo’s ability to lend and recover is the result of over 300 combined years’ experience in the sector, and a team of seasoned bridging specialists that are passionate about providing human-touch client service.

The firm experienced 12% growth during 2023 and doubled its Investor Relations team in April. Somo expects 2024 to be another record-breaking year.

Thanks to its market-leading products, years of expertise and funding lines, Somo is able to complete on a wide variety of loan scenarios. This year, it was amongst the first property lending platforms to pass on successive base rate rises, with returns reaching up to 13.2% in September and trending at over 10% p.a on average.

Somo’s head of recoveries & investor relations, Simon Cottrell said: “We’re delighted with what we’ve been able to offer investors this year – they’re getting the highest possible returns and we’re known for our skill in recovering loans where needed.

“As we go into our 10th year, we’ll continue with our ‘slow and steady wins the race’ strategy to ensure the longevity of our firm and to maintain the confidence of our investors. It works for us and is one of the main reasons we’re also celebrating zero capital losses on over £313m of loans.”

Louis Alexander, founder and CEO at Somo said: “Our ability to lend and recover with confidence has helped Somo to develop from a small family firm to one that has over 50 highly experienced colleagues who are passionate about alternative lending and the returns it can bring for investors.

“We have always operated to the highest standards and we were very proud that this year it has been recognised again. We became a patron lender of National Association of Commercial Finance Brokers (NACFB), which lets clients know they’re dealing with a team who knows the market inside out and adheres to a strict code of practice. Then we ended the year with a Bridging & Commercial award, several new company records and two exceptional endorsements from 4thWay.”

 

Regifting Revolution: Brits Turn Holiday Exchanges Into Swap-Fest.

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As the festive season approaches, an intriguing trend emerges in the United Kingdom – the practice of regifting Christmas presents. This phenomenon, where individuals pass on gifts they’ve received to others, is becoming increasingly prevalent among Britons. Several factors contribute to this shift in gift-giving habits. Economic considerations play a significant role, as people look for ways to manage their spending amidst fluctuating financial landscapes. Additionally, environmental concerns are driving more people to consider sustainable options, reducing waste and promoting more thoughtful consumption.

The concept of regifting, though often seen with mixed feelings, is gaining acceptance as a practical solution to various modern-day challenges. It allows people to declutter, repurpose items, and give them new life in another’s hands, all while maintaining the essence of gift-giving – the joy of sharing and caring.

This trend isn’t unique to the UK. Across the pond in the United States, regifting has evolved into a significant economic phenomenon. A recent article on MSN highlighted the staggering value of America’s regifting economy, estimated at $17.3 billion. This figure underscores not just the financial impact of regifting, but also its widespread acceptance and integration into the cultural fabric of holiday celebrations. It reflects a changing mindset towards gifts and the act of giving, one that balances personal sentiment with practicality and social responsibility.

When analyzed on a state level, it was found that, unsurprisingly (given its larger population), California is the king of the gift swap with a whopping $2 billion market, whereas Delaware’s was the smallest at $17 million.

However, when Dodo Burd weighed each state by population, it was found that it was Rhode Islanders who are the biggest re-gifters, where 83% admit to doing this.

Top 5 Regifting States:

  1.   Rhode Island: 83%
  2.   Nevada: 59%
  3.   New York: 56%
  4.   Arizona: 54%
  5.   Utah: 53%

Survey Reveals Top Unwelcome Christmas Gifts: Diet Books and Unaligned Charity Donations Lead the List

When it comes to the worst Christmas gifts Brits could receive, there are certainly some standout choices that are likely to disappoint. A survey by Argos, cited in multiple articles, highlights some of these less-than-desirable gifts. Among the top offenders are expired vouchers and dead plants, both disliked by 28% of respondents, followed by out-of-date chocolates (25%) and toilet roll (22%). Other gifts that made the list include something the recipient gave the giver the previous year, a wig, weed killer, items that were obviously freebies from work, ill-fitting clothes, and a mop and bucket. It’s noteworthy that these gifts range from the impractical to the downright bizarre, with items like a can of WD40 and a packet of risotto rice also making the list​​​​​​​​.

Contrasting this with American preferences, an article on MSN highlighted that the worst gift in the U.S. was a diet book.

The least appreciated Christmas gift among Americans is diet books or weight loss program memberships, which seem to subtly critique one’s lifestyle choices. Equally unwelcome are donations made in the recipient’s name to causes they don’t support, such as a donation to a cat lovers society for a dog enthusiast. Unsolicited self-help books also make the list, often leading to unintended personal reflections. Personal hygiene products, though practical, can imply a personal critique, making them a less-than-ideal gift choice.

Books on social skills or manners are similarly tricky, potentially suggesting the recipient lacks social graces. Practical items like cleaning supplies or vacuum cleaners, while useful, are perceived as lacking emotional warmth and are not received well as gifts. Cookbooks for beginners might unintentionally comment on someone’s cooking skills, and bulk packs of everyday items like socks or batteries are seen as impersonal and thoughtless. Office supplies are a stark reminder of the post-holiday return to work, making them a poor choice for a festive gift.

The study by Merchoid.com also sheds light on broader gifting trends and perceptions. A significant 24% of people feel their partner’s gifts lack thoughtfulness, and alarmingly, for 39%, a thoughtless gift has been a deal-breaker in relationships. The presentation of a gift greatly influences its reception, with 63% stating it affects their perception. Nearly half of the respondents equate the monetary value of a gift with its emotional value, indicating the importance of perceived investment in the relationship. Two-thirds admit that a gift has led to a long-lasting change in their perception of the giver, highlighting the impact of what’s inside the box. Lastly, choosing gifts for in-laws is a source of stress for 50% of people, showing the pressure associated with gifting during the holidays.



Rising Trend of Unpaid Overtime Across the UK and Us: A Growing Concern for the Workforce.

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In recent years, the culture of overtime work has become increasingly prevalent in the United Kingdom. Data reveals a significant trend among British employees working beyond their contracted hours. 

According to TUC’s research, in 2021, UK employers claimed approximately £27 billion in free labor due to employees working unpaid overtime. This situation affected about 3.8 million people, each contributing an average of 7.6 unpaid hours per week, equating to an average of £7,100 in unpaid wages per year. The data also highlighted an increase in unpaid overtime from 2020 to 2021, with a growing number of workers (about 427,000) undertaking unpaid overtime​​.

For the year 2019, TUC reported that more than 5 million UK workers contributed to over £35 billion worth of unpaid labor. The average unpaid overtime per person was 7.6 hours per week, which translates to an average loss of £6,828 annually from each worker’s pay packet​​.

In 2018, the scenario was similar, with more than 5 million people contributing to over £32 billion worth of unpaid labor, averaging 7.5 hours of unpaid overtime per week. This meant an average loss of £6,532 per worker per year​​.

Echoing these concerns, MSN recently shared an intriguing article featuring American overtime statistics from a new study, shedding light on how this trend transcends national boundaries and influences work culture globally.

The data reveals a collective surge of 46 billion unpaid overtime hours in 2023, dwarfing figures from the previous year. On average, workers are contributing an additional 4.5 hours per week for no compensation, totaling an extra 233 hours annually.

Residents of New Hampshire are bearing the brunt of this trend, reporting nearly 10 extra hours of unpaid overtime each week. Conversely, Montanans have seen a slight decrease in such hours.

The top 5 states which are working more unpaid overtime in 2023:

  1. New Hampshire (9.9 more hours)
  2. Iowa (7.6 more hours)
  3. Alaska (7.4 more hours)
  4. Utah (6.3 more hours)
  5. North Carolina (6.1 more hours)

‌The 5 states with the smallest increases in unpaid overtime:

  1. Montana (0.6 hours less)
  2. Hawaii (0.9 more hours)
  3. Idaho (1.9 more hours)
  4. Maryland (2.1 more hours)
  5. Arizona (2.7 more hours)
  6. Arkansas (2.9 more hours)

Loneliness Looms Large: The Quiet Struggle of Spending Christmas Alone.

As the holiday season approaches, there is growing concern about the number of Brits who may find themselves spending Christmas alone this year. Loneliness during the festive season is not unique to any particular nation, and it is a challenge that millions around the world face. According to a recent report, a staggering 19 million Americans are expected to spend Christmas in solitude this year, underscoring the global scale of this issue.

Upon closer examination, the survey exposed disparities across states, with Oregon topping the list as the state with the highest proportion of solitary celebrants. An astonishing 45% of its surveyed residents, equivalent to 533,786 adults, anticipate a lonely Christmas. Conversely, Tennessee emerged as the state with the least solitary holiday season, yet the numbers remain significant, with approximately 238,000 Tennesseans, constituting 12% of the surveyed population, expecting a solitary Christmas.

Furthermore, respondents were asked to rank the days they found most challenging to spend alone, shedding light on the emotional impact of solitude during various holidays:

  • Christmas Day, with 42% of the vote, stands out due to its cultural significance as a day of family gatherings and shared joy, making the pangs of isolation acutely felt amidst widespread celebration.
  • Personal birthdays, at 22%, emphasize the personal aspect of celebration, and the absence of companionship on this day intensifies feelings of neglect and insignificance.
  • Christmas Eve and New Year’s Eve, each at 11%, are times when the anticipation of festivities and the tradition of counting down together heighten the sense of exclusion when experienced alone.
  • Thanksgiving, securing 10% of the votes, traditionally revolves around gratitude shared among loved ones, making solitude on this day particularly poignant as it underscores the absence of close bonds.
  • Easter Sunday, though at only 2%, is a day associated with renewal and family, and spending it alone serves as a stark reminder of solitude, contrasting with the communal gatherings that typically mark the occasion.

Faced with the prospect of a solitary Christmas, survey participants shared their coping strategies, which encompassed a range of solitary activities to fill the festive hours:

  • Online gaming (26%)
  • Binge-watching movies (19%)
  • Pursuing hobbies (15%)
  • Cooking (15%)
  • Volunteering (11%)
  • Reading (8%)
  • Engaging with online communities (6%)

To read more about the survey findings regarding Americans spending Christmas alone, you can visit the following MSN link.

Manchester United’s Eriksen advises Lockyer to take time in recovery from cardiac arrest

Christian Eriksen has advised Luton Town’s Tom Lockyer to take all the time he needs to make the best decision regarding the future of his career, after the defender suffered a cardiac arrest on Saturday.

Luton captain Lockyer suffered a cardiac arrest on the pitch during his team’s Premier League game against Bournemouth, which was suspended in the 65th minute and later abandoned.

Lockyer was responsive as he was carried off on a stretcher to applause from both sets of fans, and Luton said on Sunday the 29-year-old was undergoing further tests and scans in hospital.

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Lockyer also collapsed during the Hatters’ play-off final win against Coventry City in May and underwent heart surgery before getting the all-clear to return to the field.

Manchester United midfielder Eriksen also suffered a cardiac arrest on the pitch in 2021, during Denmark’s game against Finland at the delayed Euro 2020.

Eriksen had a cardioverter-defibrillator device fitted and returned to action with Brentford the following year, joining United after enjoying a successful half-season with the Bees.

The 31-year-old said Lockyer should prioritise his return to general health before making any decisions about his career, telling BetFred: “I’ve read and seen what’s happened and I hope he’s okay, takes his time, is in a healthy way and has his family there to support him.

“I cross my fingers that he’s fine. My advice to him would be to make the best decision you can.

“If the doctors tell you to do something else then you’ve got to respect it and see what you can do.

“There’s nothing that’s going to hold you back, but in the end it all depends on how he’s feeling and what the doctors are saying.

“He has to make the decision with his family, but he should take his time and focus on himself.”

In Sunday’s statement, Luton asked for fans to respect Lockyer’s privacy during his recovery and pledged to offer further updates on his condition “when the time is right”.

Manchester City discover potential Club World Cup final opponents as Fluminense beat Al Ahly

Manchester City will face Fluminense in the FIFA Club World Cup final if they overcome Urawa Red Diamonds on Tuesday, after the Brazilian giants overcame Al Ahly in Monday’s first semi-final.

Fluminense, who won the Copa Libertadores for the first time by overcoming Boca Juniors in last month’s final at the Maracana, took on 11-time CAF Champions League winners Al Ahly in the last four.

Having hit the post twice in a cagey first half, Jhon Arias gave Fluminense the lead from the penalty spot after 72 minutes.

Arias converted from 12 yards after Real Madrid legend Marcelo nutmegged Percy Tau and was promptly brought down inside the area by the forward.

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The Egyptian side pushed for a leveller late on but saw their chances of reaching the final killed off in stoppage time as John Kennedy – who hit the winner in the Libertadores final – came off the bench to turn and fire home from the edge of the area.

Fluminense, whose coach Fernando Diniz is also leading Brazil on an interim basis, will now await the winner of Tuesday’s second semi-final in Friday’s showpiece, while the loser will face Al Ahly in the third-place play-off.

Brazilian teams have won the Club World Cup on four occasions, most recently when Corinthians beat Chelsea in the 2012 final. Spain is the only country to provide more winners of the competition with eight, while three English sides have previously lifted the trophy.

West Indies v England, 4th T20I: Preview, expected line-ups, how to watch and prediction

The State of Play

Having lost the first two T20Is against the West Indies before allowing their hosts a total of 222 in Grenada in Saturday’s third contest, England looked to be dead and buried.

Enter Phil Salt. He needed just 51 deliveries to record his maiden T20I hundred, finishing unbeaten on 109 from 56 to drag England back into contention.

From there, it was Harry Brook who stepped up to smash the required 21 runs off the final over as England pulled off their third-highest chase in the format to keep the five-match series alive ahead of Tuesday’s fourth contest in Trinidad.

After producing a series of meek performances with the bat throughout their limited-overs tour of the Caribbean, Jos Buttler’s team will hope that triumph represents something of a turning point as they bid to force a decider on Thursday.

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The Windies, though, showed they have plenty of firepower of their own last time out as Nicholas Pooran hit a 45-ball 82.

They needed all five matches to seal a 3-2 series win when England last visited back in January 2022, but they will be keen to complete the job with one to spare on Tuesday.

Team News

England made two alterations for the third T20I, bringing in Reece Topley and Gus Atkinson for Rehan Ahmed and Chris Woakes. They may opt against changing a winning team for this one, though more will be expected from Will Jacks at No.3 after he managed just one run off six balls last time out.

Sherfane Rutherford came in for Shimron Hetmyer to make 29 off 17 deliveries for the Windies last time out, and it remains to be seen whether the hosts will make changes following their first loss of the series.

Expected Line-ups

West Indies: Brandon King, Kyle Mayers, Shai Hope, Nicholas Pooran, Rovman Powell (c), Sherfane Rutherford, Andre Russell, Jason Holder, Akeal Hosein, Gudakesh Motie, Alzarri Joseph.

England: Phil Salt, Jos Buttler (c), Will Jacks, Harry Brook, Moeen Ali, Liam Livingstone, Sam Curran, Adil Rashid, Gus Atkinson, Tymal Mills, Reece Topley.

What they said

Salt on hitting his maiden T20I century last time out:

“It feels like it’s been a long time coming. It’s special to do it now. We’ve been talking about someone standing up and being the match-winner. It’s about playing my game and doing it my way.”

Liam Livingstone on his upturn after making 30 off 18 on Saturday:

“Hopefully I’m back on an upward curve with my batting which has probably been on a downward curve for the last couple of months.

“I’ve felt really good in this series, really clear and like I’m heading in the right direction. With two games left, hopefully in one of them I can go on, get a big score and win a game for England.”

Captain Rovman Powell on the Windies’ first loss of the series:

“It was obviously disappointing to score 220 and lose, but the guys gave it a fair shot. We have quality guys on the field to do the job. It’s just unfortunate it didn’t come off.

“It’s just down to us to sit down, take the flight and come up with plans. I think the plans are still very good against these English batters.”

When and how to watch

Like the rest of England’s white-ball tour, Tuesday’s match will be shown live by TNT Sports in the UK, with the fourth T20I getting under way at 20:00 UK time.

Prediction

England had looked totally bereft of confidence throughout their tour of the Caribbean, but might Saturday’s chase prove the catalyst for a turnaround?

If Salt and Brook can maintain their form from the third T20I, we’re backing England to level things up and make Thursday’s final contest a decider.

Kevin De Bruyne returns to Manchester City training ahead of Club World Cup

Kevin De Bruyne returned to training with Manchester City on Monday ahead of their FIFA Club World Cup semi-final against Urawa Red Diamonds, having missed four months with a hamstring injury.

Having also been substituted early in City’s UEFA Champions League final win over Inter in June, De Bruyne suffered his latest injury setback during a 3-0 win over Burnley on the opening day of the Premier League season in August.

The Belgian lasted just 23 minutes at Turf Moor before being substituted and subsequently underwent surgery, with boss Pep Guardiola predicting a January return for the 32-year-old.

De Bruyne was a surprise inclusion in City’s squad for their Club World Cup campaign in Saudi Arabia, and he joined his team-mates in training at the King Abdullah Sports City complex on Monday.

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The creative midfielder is unlikely to feature against last season’s AFC Champions League winners on Tuesday, however, and a potential final or third-place play-off on Friday could also come too soon for him.

However, the sight of De Bruyne out on the grass still comes as a major boost for City, who sit fourth in the Premier League table after only winning one of their last six games in the competition.

There was no sign of Erling Haaland or Jeremy Doku at Monday’s training session, though, with both players likely to sit out Tuesday’s match after suffering injuries earlier this month.

Ahead of Saturday’s 2-2 draw with Crystal Palace, Guardiola expressed hope that Haaland would play some part in City’s Club World Cup campaign as they bid to win the trophy for the first time.

South Africa v India 2nd ODI: Preview, expected line-ups, how to watch and prediction

The State of Play

It’s fair to say South Africa haven’t enjoyed themselves against India across 50 overs lately.

The Proteas were bowled out for 116 – their lowest ever home total in One-Day Internationals – as they made a miserable start to the teams’ three-match series on Sunday, suffering their fourth straight ODI defeat to India since last October.

On Tuesday, the action moves from Johannesburg to Gqeberha as Aiden Markram’s team bid to avoid a fourth home series defeat in ODIs since April 2021.

A treacherous pitch did not help the Proteas last time out and more even conditions are expected for the second contest, but they must improve with the bat after being demolished by the Indian attack in each of the teams’ last three meetings.

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South Africa have been bowled out for 99, 83 and 116 in their last three matches against India, who saw young pacers Arshdeep Singh and Avesh Khan take nine wickets between them on Sunday as the team won their first 50-over outing since losing the World Cup final.

Debutant Sai Sudharsan made an eye-catching half-century in a short innings after being brought in to open, and stand-in captain KL Rahul will be looking for more of the same from the 22-year-old on Tuesday.

However, at a slow venue which has gone 12 years without an ODI score of 300, it could all come down to how both sides use the ball. After tearing through their hosts in quick time in the opener, can India complete the job with a game to spare?

What they said

South Africa batting coach DP Duminy on the first ODI:

“When you are trying to build a style of play, you are potentially going to have those contrasting experiences. That’s where the learning happens. That’s the journey for us.

“When it’s good, we are really good. When conditions are good we can score 400, but how do we still find our way to 280 on a tough wicket? That’s the question for us.

“I’ve got no doubt, come Tuesday, that we’ll be putting up a big performance, no matter what we have to do first.”

Rahul on how India fared without key players in the opener:

“There is a lot of cricket being played these days. You have to prioritise formats and at the moment it is Test cricket and T20s. That is the modern-day game, but we believe whoever is here will perform for their country.

“We had planned to bring the spinners into the game early after what we saw in the T20 match, but there was a lot of help in the wicket and the boys did really well to put the ball into the right areas.”

Team News

South Africa are expected to field spinners Keshav Maharaj and Tabraiz Shamsi as they plot the best route of attack on the Gqeberha surface. With the bat, Reeza Hendricks must give a better account of himself after falling for an eight-ball duck on Sunday.

India will be without Shreyas Iyer as he leaves to join up with the Test team, and Rajat Patidar is the favourite to replace him. That should be the tourists’ only change as the youngsters get another chance to impress.

Expected line-ups

South Africa: Reeza Hendricks, Tony de Zorzi, Rassie van der Dussen, Aiden Markram (c), Heinrich Klaasen, David Miller, Andile Phehlukwayo, Wiaan Mulder, Nandre Burger, Keshav Maharaj, Tabraiz Shamsi.

India: Ruturaj Gaikwad, Sai Sudharsan, Rajat Patidar, Tilak Varma, KL Rahul (c), Sanju Samson, Axar Patel, Arshdeep Singh, Avesh Khan, Kuldeep Yadav, Mukesh Kumar.

When and how to watch

The entirety of the ODI series is being shown live by Sky Sports in the UK. With Tuesday’s day-night match getting underway at 11:00 UK time, coverage begins on Sky Sports Main Event and Sky Sports Cricket at 10:30, later resuming on Sky Sports Main Event at 16:30.

Prediction

While South Africa will be determined to keep the series alive for Thursday’s final ODI in Paarl, it’s difficult to look past an India team which has enjoyed plenty of success against the Proteas lately.

Though the loss of Iyer will be felt after he joined Sudharsan in making 50 in the opener, expect India to deepen the hosts’ woes by wrapping up the series, with the tourists’ attack impressing again.