Business
Vets will have to publish price lists under reforms to improve ‘transparency’
Vets will have to publish price lists for common treatments and disclose if they are independent or part of a chain under plans for a major overhaul of the industry.
Under government proposals aimed at helping pet owners understand what they are paying for and avoid unexpected costs, vets must be transparent about treatment options and pricing to increase competition between practices.
Every vet practice will need an official operating licence – similar to GP surgeries and care homes – and to provide straightforward routes for customers to raise concerns.
The proposals follow the Competition and Markets Authority (CMA) finding that fees have risen at almost twice the rate of inflation, with pet owners not being given enough information about their vet and the prices of treatments.
The proposals would make the system clearer, fairer and more transparent for owners while also supporting veterinary professionals, the Department for Environment, Food and Rural Affairs (Defra) said.
Animal welfare minister Baroness Hayman said: “Pets are part of the family, and owners deserve clear information, fair treatment and confidence in the care their animals receive.
“We’re focused on making vet services work better for families by improving transparency, increasing choice and helping people make informed decisions, while continuing to support the professionals who care for our animals.”
UK Chief Veterinary Officer Dr Christine Middlemiss said: “Updating these rules will help build a modern veterinary service that is easier for the public to understand and navigate, while strengthening animal health outcomes and supporting a skilled, resilient workforce.
“Reforming the Veterinary Surgeons Act is a crucial step towards building a stronger, more resilient profession. This consultation gives pet owners and professionals the chance to help shape a system that works better for everyone.”
British Veterinary Association president Dr Rob Williams said: “Veterinary teams play a vital role in society, from caring for the nation’s animals and supporting our farmers and food production, through to assisting international trade, disease control and public health.
“If we’re to continue delivering this work effectively, we need reformed veterinary legislation, and those changes will impact how we go about all aspects of our work; it’s therefore imperative that colleagues engage with Defra’s proposals, ensure their voices are heard and grasp this opportunity to shape a veterinary sector that’s fit for the 21st century.”
Martin Coleman, who chaired the CMA’s inquiry, said: “We welcome the Government’s consultation to update this vital regulation and protect pet owners.
“Our vets investigation is ongoing but we have already set out our strong concern that the current rules are not fit for purpose and need reforming to keep pace with commercial practice and further build pet owner trust in veterinary businesses.”
A consultation on the proposals will run for eight weeks.
Business
How sunburn inspired a new way to store energy
Molecules that can capture heat could be a useful technology to decarbonise heating.
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Business
25% ethanol blending in petrol likely in calibrated manner – The Times of India
NEW DELHI: The West Asia conflict is pushing govt to look at a faster transition towards renewable energy, including the possibility of increasing ethanol blending in petrol from 20-25%, although in a calibrated manner. This will come along with increased refining capacity within the country, so that there is a buffer in the system and greater domestic resilience, those familiar with the discussions said, pointing out that sustaining refineries at 100% capacity is not sustainable.While Barmer refinery has begun operations, expansion at Numaligarh is underway and work on integrated refineries on the west coast is also under focus. Apart from a mega refinery in Maharashtra, a new facility in Gujarat is also planned.Officials said rising use of renewables, biofuels and hydrogen in the energy mix was no longer just an environmental issue, but a strategic necessity in a situation like the present one, where the military conflict in West Asia has disrupted global energy supplies, triggering a supply crisis and a surge in oil and gas prices.According to officials, 20% ethanol blending has helped India save 4.5 crore barrels of crude annually and reduce foreign exchange outflow by around ₹1.5 lakh crore so far. Given the concerns over fuel efficiency and impact on vehicles, govt is expected to take a gradual approach that addresses the anxiety on ethanol blending. The third pillar on energy is expanding the strategic petroleum reserves.
Business
Dunkin’ owner Inspire Brands confidentially files for IPO
A cup of coffee and strawberry frosted donut with sprinkles at a Dunkin’ Donuts location in Los Angeles, Sept. 6, 2017.
Patrick T. Fallon | Bloomberg | Getty Images
Dunkin’ and Buffalo Wild Wings owner Inspire Brands has confidentially filed for an initial public offering, the company announced on Friday.
If Inspire goes public, it will be one of the biggest-ever restaurant offerings. Private equity firm Roark Capital, which backs Inspire, is reportedly seeking a valuation of roughly $20 billion.
Inspire was founded in 2018 through a merger between Arby’s and Buffalo Wild Wings. Acquisitions followed: Sonic Drive-In later in 2018 and Jimmy John’s in 2019. And in 2020, Inspire took Dunkin’ and its sister chain Baskin Robbins private in an $11 billion deal.
Across those six chains, Inspire has more than 33,300 restaurants worldwide and $33.4 billion in annual sales, according to the company’s website.
Inspire isn’t the only restaurant company pursuing an IPO. Last month, Jersey Mike’s also announced that it had confidentially filed with the Securities and Exchange Commission.
The market for initial public offerings has been tepid, although that could change later this year. Market volatility, economic uncertainty and recent poor performance among IPO stocks has led to a backlog of listings.
However, several blockbuster IPOs, such as the SpaceX offering that could value the company at more than $1 trillion, are anticipated in the coming months.
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