Latest news with #costs
The Sun
2 hours ago
- General
- The Sun
Five ‘vampire' gadgets that drain £300 a year from your bank account are revealed – is yours plugged in?
EXPERTS have revealed the common household appliances that are draining your wallet while you sleep. And most homeowners aren't even aware of the high costs associated with these items. 6 A survey from Utilita Energy found that 42% of energy account holders are unaware of the running cost of these everyday high-power electrical items. Chris Madikian, an electrical expert at The Local Electrician, rounded up the devices that run continuously or use standby power, which could be costing your household a significant sum over time. He explained that many appliances draw power even when appearing inactive, with some older models often being even less efficient. "When thinking about big energy consumption, many people focus on the usual suspects, washing machines or tumble dryers, but overlook the constant drain from devices that run 24/7," he said. The expert highlighted the most common unexpected energy consumers found in most homes. Old fridges and freezers 6 He revealed that certain fridge and freezer models may be racking up your energy bills. "Your fridge runs constantly, and older models of 10 years old or more use substantially more electricity than newer ones," he said. "Fridge freezers often draw between 100 and 250 watts, with older models costing households almost £300 a year. "So making sure what you have is running efficiently is a top priority, and this can be done by checking the energy rating." The expert also recommended making sure your fridge door is sealed properly and cleaning the appliance as well. Families can get FREE washing machines, fridges and kids' beds or £200 payments this summer – and you can apply now Set-top boxes and gaming consoles Data from showed that game consoles left on standby cost UK households 60 times more than TVs left on standby. This amounted to a whopping £231 million a year collectively. 6 "Many of us likely leave these in standby mode, thinking they use minimal power," the expert explained. "However, many set-top boxes and gaming consoles draw around three to five watts of electricity even when not actively used." Chris noted that disconnecting these devices or using smart plugs could save households between £40 and £60 annually. Vampire appliances that are draining your money Appliance expert Ian Palmer-Smith revealed the eight electrical products that may be increasing your household bills, even when they are left on standby. Washing machines Dishwashers Tumble dryers TVs Microwaves Computer monitors Printers Coffee machines Outdoor security lights The energy expert explained that your exterior security lights could also be costing you more than you think. "Motion-activated security lights can use surprising amounts of electricity if poorly adjusted," he said. "If your lights get triggered by passing wildlife or swaying branches, this can waste energy throughout the night." He recommended making changes to your sensitivity settings or changing them to LED bulbs, which are generally more energy efficient. 6 Electric towel rails While electric towel rails are a nice touch in the winter months, they can significantly inflate your energy bills. "Electric towel rails often run continuously in bathrooms, and it's not something many of us think about in terms of energy consumption," the expert pointed out. "Many can use between 60 and 200 watts an hour." Installing a timer or thermostat can help manage their operation and reduce unnecessary energy consumption. 6 Chargers and power adapters And finally, the chargers for your various electrics could also be racking up your bills, even when not in use. "You may have several chargers plugged in around your home that continue drawing small amounts of power even when nothing is connected to them," Chris said. "Even though one charger not in use can only amount to just a few pence a year, having multiple chargers around the house can make this number build up." He suggested unplugging chargers when not in use or using power strips that can be switched off completely. 6 The expert advised people to search their homes to find anything that can be secretly adding to their energy bills. "Walk through your home and note anything that stays plugged in continuously," he said. "Consider upgrading older appliances, especially fridges and freezers, to more efficient models." Smart meters can help identify usage patterns and find unexpected energy guzzlers. Many UK energy suppliers now offer these devices free of charge to customers. Plus, a change to energy bills could help save up to £129 per household. And a full list of 22 energy firms offering payouts of £150 to UK households.
Globe and Mail
16 hours ago
- Business
- Globe and Mail
Menu Tiger Powers Smarter Operations Amid Restaurant Cost Surge
Menu Tiger Powers Smarter Operations Amid Restaurant Cost Surge The restaurant is undergoing a radical transformation as rising restaurant costs reshape operational strategies and business models. Food costs, labor expenses, rent, utilities, and compliance fees have all surged, opening operators with the opportunities to rethink every dollar spent and earned, and investing in modern tech like MENU TIGER's restaurant ordering system has become a critical tool for staying profitable in this new landscape. According to a recent U.S. Bureau of Labor Statistics report, food-away-from-home prices have increased by 4% since 2024. The index for full-service meals rose to 4.3%, and the index for limited-service meals increased to 3.4% over the same period. This is due to adjusting the Customer Price Index (CPI) per food item, such as beef, eggs, vegetables, fruits, and dairy. Meanwhile, Harvard Business Review stated that economic turmoil due to the pandemic has exposed the vulnerabilities of the supply chain, which has yet to stabilize in the aftermath of the pandemic. Labor, which already accounts for about 30% to 35% of the restaurant's operational costs, has become even more expensive. Plus, rent and occupancy expenses rose by 7.73% last year, a nearly two-percentage-point increase over 2023's average of 5.83%. Not to mention, the restaurant profit margin narrows as cost rises. Traditionally, restaurants operate with a razor-thin margin between 3% and 6%. Some operators are now seeing margins slip below 2% or even operating at a loss. Many restaurateurs are now turning to technology in response to these pressures. One of the most impactful tools has been an upgraded MENU TIGER restaurant ordering system that allows for more efficient ordering, fewer errors, and faster service times. MENU TIGER offers a comprehensive platform that allows customers to view menus, place orders, and pay via smartphones through dynamic menu QR codes. This eliminates the need for physical menus and reduces front-of-house labor demands. 'Many restaurants are looking for practical, low-overhead and restaurant expenses solutions,' said Benjamin Claeys, CEO of MENU TIGER. 'MENU TIGER allows operators to manage real-time pricing, streamline operations, and deliver a modern, contactless dining experience, all in one dashboard,' he added. So, there's no need for additional cost to streamline the customer experience or go through drastic changes in the workflow, because efficient service with minimal expenses is what this digital platform is for. This helps owners re-allocate the restaurant budget to other areas needing improvement, maximizing the costs prepared without additional spending. Restaurants using this digital menu ordering platform have reported significant operational improvements. Some venues have seen a 20% to 30% reduction in restaurant cost and labor expenses, while others report an increase in average ticket size thanks to upselling features and visual menus. Despite the challenges, industry leaders remain cautiously optimistic. Consumers are still dining out, though changes in their habits are evident. There's greater demand for value, convenience, and meaningful experiences. Restaurants that can deliver on these fronts while keeping a sharp eye on costs are positioned to weather the storm. Thus, investing in the right restaurant order system is better equipped to thrive in this competitive and complex environment. As inflation and market pressures persist, the restaurant industry's ability to adapt will determine its sustainability. Rising restaurant costs are no longer a temporary challenge but a new reality for owners. But from embracing technology and redesigning operations to adopting smarter restaurant ordering systems like MENU TIGER, restaurant owners are proving that resilience, creativity, and operational discipline can still and will drive success.
Yahoo
2 days ago
- Business
- Yahoo
McCormick Holds Fiscal 2025 Outlook as Quarterly Earnings Top Street Estimates
McCormick (MKC) reiterated its full-year outlook on Thursday amid plans to offset costs related to t Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Irish Times
3 days ago
- Business
- Irish Times
How to save money on your home insurance
Home insurance companies are having a laugh, but if you don't query your renewal quote, then the joke is on you. Yes, hitting that annual 'Renew Now' button emailed out to you is easy, but the price quoted is rarely the best deal. And next year's renewal quote will just build on that bad deal again. You can either roll over and accept the annual increases, or take back control. Here's how. Savings? Are there really savings to be made on home insurance? Yes there are, and I'll give five years' worth of examples from one homeowner. READ MORE In 2021, the owner of a four-bed detached house in Wicklow paid €345 for house insurance. A big factor in home insurance pricing is the cost of rebuilding your home should the worst happen. His estimated rebuild cost then was €382,000. [ If I can't get flood insurance, can I still buy a particular house? Opens in new window ] By 2025, the renewal quote he was given, for the unchanged house, had risen to €577 – that's a €232 increase in four years. Yes, construction costs have risen – Covid, the war in Ukraine, high energy prices and supply-chain issues are tripped off as the rationale for price creep in too many aspects of our lives – but must consumers shoulder them alone? The job of a business is to make money for shareholders, so accountants and marketers will try to pass on as much of the cost increases as they can get away with to consumers. But an average €58-a-year increase in a home insurance premium is big by any measure. Consumers have a choice to absorb the price increase for shareholders by hitting 'Renew' on their annual quote, or not. Mad as hell But back to our homeowner. Yes, the renewal price he was offered in 2025 was high – and reader, he didn't accept it – but it would likely have been far higher had he not haggled and shopped around in the intervening years. When his policy came up for renewal in 2022, the homeowner received a renewal quote of €353, a modest €8 increase on the previous year. Conscious that construction costs were rising, and fearful that his estimated €382,000 rebuild cost might now be too low, he phoned his insurer. A brief phone haggle saw the premium drop to €319, this was below what he paid in 2021, while he got his rebuild cover increased to €450,000. That one phone call meant a €34 saving on his premium with rebuild cover increased by €70,000. At renewal time in June 2023, his renewal quote shot up again, this time by €100 to €419. He phoned other providers, but the best alternative, through a supermarket loyalty programme, was more again at €509. He decided to accept the €419 renewal quote offered. Come June 2024, he was quoted a renewal figure of €570, a jump of €151. He managed to bargain his insurer down to €536. By this year, the renewal quote offered had risen to €577. Trawling two comparison websites didn't yield anything better. Disappointingly, both churned out quotes of more than €600. Instead he phoned his insurer. That single phone call saw their renewal quote drop to €489, a saving of €88. Costs are creeping up all around us. Companies are using ever more clever ways to mask increases. Technology is making it easiest for time-pressed consumers to accept automatic renewals, and harder for us to speak to someone to query a quote. If you're tired of everything costing more, and everything being hard, you could make home insurance your: 'I'm-mad-as-hell-and-I'm-not-going-to-take-this-any-more' moment to claw things back. Be a new customer For years, home and car insurance customers have paid a price for loyalty. Customers who stayed with the same home insurer for nine years or more ended up paying 32 per cent more than one renewing for the first time, according to a Central Bank report published in 2021. 'Price walking', where consumers are charged higher premiums the longer they remain with an insurance provider, has been outlawed in Ireland since July 2022. The new rules mean insurers aren't able to charge existing customers a higher premium on renewal than any other customers with the same risk profile who have been with the insurer for a year or more. But incentives for new customers are still allowed. So it pays to be a new customer – that means negotiating with your existing provider like a new customer, or calling other providers. The Competition and Consumer Protection Commission (CCPC), provides a useful checklist for mining home insurance discounts. Is the person applying over 40? Does someone over 50 live there? Is someone usually there during the day? Are the residents non-smoking? These things can make a difference to your premium. If the insurer doesn't mention these things, ask them. Does your house have an alarm? Is it monitored? Is the house more than 10 years old? Have you made any claims in the past three years? Do you have security locks on the doors and windows, or do you live in a neighbourhood watch area? These factors may make your house a less risky bet for an insurer. Having a smoke detector can help, too. If your car insurance is with that provider you might get a discount too. It's worth having that policy number to hand. You may be able to get a discount on your premium if you agree to higher excess, too. This is the amount you pay towards any claim before your insurer pays the balance. It's normally between €100 and €500 for standard claims, so figure out what you are comfortable with. Burst pipes, damaged by freezing, are the single most common cause of home insurance claims, making up one in three claims 2024, according to Allianz . Storm damage, at 28 per cent, was the second-most-common claim. Knocking over the telly, spilling paint on carpets – accidents in the home made up 18 per cent of home insurance claims. Fire and theft, at 10 per cent and 5 per cent respectively, accounted for fewer claims – but they do happen. Cheapest isn't always better Getting the cheapest home insurance isn't always a win, of course. If you're underinsured, a bargain quote can be a costly mistake. 'In the event of a total or partial loss from fire for example, homeowners need to make sure they are covered for reinstating or rebuilding,' says chartered quantity surveyor Kevin Brady of the Society of Chartered Surveyors Ireland (SCSI). The good news is that the rate of increase of rebuild costs has moderated significantly compared with 2022, according to SCSI figures published in November. When shopping for insurance quotes, the SCSI's house rebuilding calculator is useful to estimate the rebuilding costs of your home. The minimum base cost of rebuilding a three-bed semi, the most common house type in the county, is €312,620 in Dublin, according to the calculator. The minimum base cost of rebuilding a similar house in the northwest is €247,744 – a difference of close to €65,000. Calculating the correct reinstatement cost of your house based on its type and location means you are less likely to pay more or less for home insurance than you should. An important point is that, while building costs have increased, it doesn't mean premiums should increase on a pro-rata basis, says Brady. 'Some insurers are now auto-adjusting insurance policies on an annual basis and homeowners need to satisfy themselves that any quotes they receive are aligned with current rebuild rates.' Mr Brady said. So use an independent calculator. 'It's really important for homeowners to put aside ten minutes to get an accurate reinstatement figure,' says Brady. They should then shop around for best insurance quotes based on this figure. Increasing your rebuild cover won't necessarily increase your premium either. That's why it's a no-brainer. A small bit of leg work can mean more appropriate cover, and it may even reduce your premium. 'Average' clause Being underinsured is bad if your house needs to be rebuilt – but it's also a pain for smaller events. The 'average clause' in policies means that if you underinsure your property, your claim payout will be reduced proportionally to the amount you're underinsured. So the amount your claim is settled for will be reduced by the same percentage you are underinsured by. Take Mary – she has her home insured for €180,000. The cost to fully rebuild her home is €300,000. This means her home is underinsured by €120,000, or 40 per cent. A fire in Mary's kitchen will cost €10,000 to repair, but because she is underinsured by 40 per cent, a deduction of 40 per cent is made to her claim for repairs. The most she will receive in a claim is €6,000. 'This is something many homeowners may not be aware of,' says Kevin Hollingsworth of the SCSI. 'The onus is solely on the policyholder to maintain an accurate sum of insurance. 'It's also important that homeowners reassess their cover to take account of any changes such as home office extensions or garden offices and to include them in their house insurance too.'
Daily Mail
5 days ago
- Business
- Daily Mail
Net Zero levies will be slashed by Labour to cut energy bills for struggling businesses 'to stop them going bust'
Electricity costs for thousands of businesses will be cut by scrapping green levies to help them compete with foreign rivals. The plan, which could cut bills by up to 25 per cent, forms a key part of Sir Keir Starmer 's 10-year industrial strategy which he hopes will address stuttering economic growth and transform the business landscape. The Prime Minister said the plan marks a 'turning point for Britain's economy' by supporting key industries where there is potential for growth. Manufacturers have warned 'crippling' power costs are far higher for UK businesses than competitors overseas. From 2027, a new British Industrial Competitiveness Scheme will cut costs by up to £40 per megawatt hour for over 7,000 manufacturing firms by exempting them from levies on bills including the renewables obligation, feed-in tariffs and the capacity market. Around 500 of the most energy-intensive firms, including the steel industry, chemicals and glassmaking, will also see their network charges cut – they currently get a 60 per cent discount through the British Industry Supercharger scheme, which will increase to 90 per cent from 2026. The plan also promises measures to speed up the time it can take to connect new factories and projects to the energy grid. Tory acting shadow energy secretary Andrew Bowie said: 'It is astonishing that Labour are finally admitting that the costs of net zero are so high that they're having to spend billions of pounds of taxpayers' money subsidising businesses' energy bills to stop them going bust.' Sir Keir said: 'This industrial strategy marks a turning point for Britain's economy and a clear break from the short-termism and sticking plasters of the past.' He said the decade-long plan would deliver 'the long-term certainty and direction British businesses need to invest' during an 'era of global uncertainty'. Energy Secretary Ed Miliband blamed 'our reliance on gas sold on volatile international markets' for the high electricity costs for businesses. He said 'doubling down' on wind and nuclear power would 'bring down bills for households and businesses for good'. The industrial strategy focuses on eight areas where the UK is already strong and there is potential for further growth: advanced manufacturing, clean energy, creative industries, defence, digital, financial services, life sciences and professional and business services. Plans for five of the sectors will be published on Monday, but the defence, financial services and life sciences strategies will come later. Other measures include: Increasing the British Business Bank's financial capacity to £25.6 billion, including £4 billion for sectors in the industrial strategy. Raising research and development spending to £22.6 billion a year by 2029/30. An extra £1.2 billion a year for skills by 2028-29 to train Britons to do jobs in growth industries and reduce reliance on foreign workers. Attracting 'elite' overseas talent through visa and migration reforms. Cutting the administrative cost of red tape by 25% and reducing the number of regulators. Reducing the time it takes to get planning permission by hiring more planners, streamlining pre-application requirements and combining environmental obligations. Increasing the supply of locations for investment around the country with a £600 million strategic sites accelerator. The strategy comes after the latest figures indicated the economy shrank by 0.3 per cent in April, the biggest monthly contraction in gross domestic product for a year-and-a-half, as businesses felt the impact of Donald Trump's tariffs and domestic pressure as a result of hikes to firms' national insurance contributions. There are also concerns in industry about the impact of the Government's Employment Rights Bill, which could add to business costs. Confederation of British Industry chief executive Rain Newton-Smith said: 'More competitive energy prices, fast-tracked planning decisions and backing innovation will provide a bedrock for growth. 'But the global race to attract investment will require a laser-like and unwavering focus on the UK's overall competitiveness.' Manufacturers' organisation Make UK's chief Stephen Phipson said the three major challenges facing industry were 'a skills crisis, crippling energy costs and an inability to access capital for new British innovators', and the strategy 'sets out plans to address all three'. TUC general secretary Paul Nowak said: 'We welcome ministers taking action to reduce sky-high energy costs for manufacturers – something unions have been calling for as a matter of urgency. 'For too long, UK industry has been hamstrung by energy prices far above those in France and Germany. It's made it harder to compete, invest, and grow.' Shadow business secretary Andrew Griffith has written an open letter to firms warning they are being 'sleepwalked into disaster' by the Employment Rights Bill.
