MEDIA & LEISURE
Last-ditch talks aim to save 300 jobs at Scottish tourist resortTHE fate of one of Scotland's most prestigious tourist resort developments hangs in the balance today as a financial crisis has struck the company (
Scotsman). Aviemore Highland Resort, at the heart of the Cairngorms National Park, is facing the spectre of closure unless agreement can be reached in the next few days. The agreement could take the form of a "pre-pack" administration that would keep the resort in business and save more than 300 jobs. I understand intensive talks have been held throughout the week and will continue this morning to find a settlement ahead of a 30 June deadline. AHR, with its restaurants, bars and leisure facilities, has proved a popular venue for business and political party conferences as well as attracting thousands of golfers, walking parties and families are looking for a holiday surrounded by some of the most beautiful scenery in Scotland.
Read all today's media and leisure news from scotsman.comBANKING & INSURANCEANZ wants licences included in package for RBS Chinese assets
Australia & New Zealand Banking Group (ANZ) has warned it does not want to buy any of Royal Bank of Scotland's Chinese interest unless its retail banking licences are included in the package, as the bank's auction of its Asian businesses nears a conclusion (
Herald). Royal Bank is attempting to streamline as it adjusts to life under majority government control. As part of a package of measures designed to deliver £2.5bn of efficiency savings over the next two years and free up capital, it is seeking to run down or sell a number of businesses.
Read all today's banking news from scotsman.comECONOMYBraveheart is buying, despite £1.26m lossBRAVEHEART, the angel investor, is to push ahead with its acquisition-led expansion plan, despite revealing it fell to a loss of £1.26 million last year (
Scotsman). The Perth-based company, which manages investment in early-stage firms on behalf of wealthy investors, sold none of the companies in its portfolio in the year to 31 March. Yesterday it warned that there may be no sales in the current year either. Despite the loss – which compared with a profit of £106,000 in the previous year – Braveheart said it would continue to acquire rivals at a time when asset values are low. This month it bought Yorkshire-based technology investment company Inkopo.
Read all today's economics news from scotsman.comENERGY & UTILITIESExpert: Tax breaks will create 50 new oil fields in North SeaALISTAIR Darling's Budget move to support investment in small and less profitable oil and gas reserves could lead to the development of up to 50 new North Sea fields, a respected industry expert has concluded (
Scotsman). A study undertaken by Professor Alex Kemp has forecast that even with oil prices as low as $40 a barrel up to 40 new field developments could be triggered over the next 25 years. And at $60 a barrel the development of 50 new fields could inject a welcome £8 billion in additional spending for the country's oil and gas supply chain.
Read all today's energy and utilities news from scotsman.comTECHNOLOGYDiabetes test system gives Axis-Shield 20% boostAXIS-Shield, the Dundee medical diagnostics group, yesterday maintained that it was on track to report a 20 per cent rise in first-half sales yesterday, after continuing to grow its point-of-care business (
Scotsman). The London-listed company has been focusing on the roll-out of its Afinion system, a medical testing system for diabetes that can be installed in doctors' surgeries. While the machines are sold at a low margin, the company makes strong recurring profits on each test conducted using the machines. Yesterday, Axis-Shield revealed that it has installed more than 5,000 of the Afinion testing kits, an increase of 1,000 since the start of 2009. In a statement it said the system "continues to be demonstrably superior to the competition".
Drug company hopeful of investment in Newhouse siteDr Thomas Koestler, the executive vice-president of pharmaceutical giant Schering-Plough, yesterday told The Herald he was hopeful of "further investment" and commitment into its operation in Newhouse, Lanarkshire after its merger with even bigger pharma giant Merck is completed later this year (
Herald). According to filings made with the Securities and Exchange Commission earlier this week, the two New Jersey-based companies said they will hold separate meetings on August 7 for shareholders, who must approve the pending $41.1bn (£25.2bn) merger that will create world's second-largest prescription drugmaker.
Read all today's technology news from scotsman.comScotsman Business ClubGet to the heart of the issues affecting Scottish business at
www.scotsman.com/businessclub. Features include blogs from The Scotsman's formidable team of business writers - including Bill Jamieson, Martin Flanagan, Peter MacMahon and Scott Reid, a diary of forthcoming company announcements and networking events and video interviews with leading business experts covering a wide range of useful topics."
