Business
Boots profits lifted by beauty ranges
FEWER coughs and colds over the mild winter and pressure on income from prescriptions failed to prevent Alliance Boots from today posting higher profits at its UK health and beauty operations.
SSE buys Irish energy firm from Guy Hands as profits edge higher
SSE, the Perth-based utilities giant, today bought an Irish gas supplier from Guy Hands’ Terra Firma private equity firm for £19.1 million.
Tennent’s owner toasts rising profits
IRISH drinks group C&C today posted a rise in profits after improving efficiency at its Tennent’s brewery in Glasgow.
1 commentGreggs’ new move on ‘pasty tax’
The boss of bakery chain Greggs has stepped up his fight against the “completely confusing” pasty tax on the eve of a showdown with the Treasury.
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Scottish Business Briefing - Wednesday 16 May, 2012
WELCOME to scotsman.com’s Scottish Business Briefing. Every morning we bring you a comprehensive round-up of all news affecting business in Scotland today.
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Banking
F&C plans growth in Edinburgh
F&C Asset Management, the fund manager with a sizeable presence in Edinburgh, has unveiled plans to beef up its consumer business ahead of rules coming into force under the retail distribution review (RDR).
JP Morgan chief Jamie Dimon scrapes home in vote to strip him of title
The chief executive of JP Morgan yesterday survived a shareholder push to strip him of the title of chairman of the board, just five days after he disclosed a $2 billion (£1.2bn) trading loss by one of the bank’s traders in London
Comment: Fresh pleas to stop bashing Britain’s bankers
WESTMINSTER got a reality check from City heavyweights yesterday on the likely extended wait for taxpayers to get their money back from the state-sponsored bailouts of Royal Bank of Scotland and Lloyds Banking Group.
2 commentsShareholders win £16m Cattles compensation
Shareholders who refused an offer of 1p a share for their stakes in sub-prime lender Cattles were yesterday celebrating a £16 million settlement.
Drew quits as JP Morgan Chase losses could top $3bn mark
ONE of the most highly-regarded figures on Wall Street was forced to step down at JP Morgan Chase yesterday after America’s biggest bank unveiled a shock $2 billion (£1.2 billion) loss.
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Insurance
Aegon UK back in the black after £80m cut in annual costs
AEGON UK, the Edinburgh-based life and pensions company, has returned to profitability, though falling sales indicate a continuing tough climate.
Pru threat to move to Asia
Prudential may move its head office out of Europe because of new rules on how much cash it must hold in reserve, the insurer warned yesterday, as it unveiled a better-than-expected 9 per cent rise in first-quarter sales.
Andrew Moss quits Aviva as shareholder pay revolt claims latest victim
AVIVA’s chief executive Andrew Moss quit on Tuesday, the third big corporate boss to fall on their sword after an upsurge of recent shareholder anger around remuneration and under-performance.
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Aviva stunned as shareholders vote against executive pay deal
INSURANCE giant Aviva was yesterday rocked by the latest shareholder revolt over executive pay, suffering the biggest protest vote seen at a major company for three years.
Aegon loses top marketing man Paul McMahon
PAUL McMahon, the head of marketing for insurer Aegon UK, has been put on gardening leave in a surprise move ahead of taking on a new role with financial services technology company, FNZ.
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Economics
City big guns warn it may take five years to clear bank bail-out
TOP City figures warned MPs yesterday it will take at least five years for taxpayers to break even on the £64 billion state bail-out of Royal Bank of Scotland and Lloyds Banking Group.
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Eurozone crisis could widen UK trade deficit
Britain’s trade deficit could widen over the coming months as the eurozone crisis stifles demand for exports, economists warned yesterday.
Greek deadlock sends markets into fresh spin as default looms
FINANCIAL stocks suffered a new rout yesterday as the political deadlock in Greece prompted fears that it will leave the euro and default on its debts within weeks.
Comment: Fresh pleas to stop bashing Britain’s bankers
WESTMINSTER got a reality check from City heavyweights yesterday on the likely extended wait for taxpayers to get their money back from the state-sponsored bailouts of Royal Bank of Scotland and Lloyds Banking Group.
2 commentsSE ramps up growth drive
SCOTTISH Enterprise (SE) chairman Crawford Gillies is to use a visit to a technology spin-out company tomorrow to kickstart his agency’s push to stimulate faster economic growth.
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Energy and Utilities
Norwegian group creates 300 Aberdeenshire jobs
NORWEGIAN energy services firm Aker yesterday unveiled plans to create 500 jobs in Aberdeenshire over the next two years, swelling its headcount in the region beyond the 3,000 mark.
Shareholders show anger at Petrofac pay proposals
Oil services firm Petrofac yesterday became the latest listed company to feel the heat from shareholders, as one in five voted against a long-term incentive plan for top executives.
Gas prices to rocket by 15%, millions of families warned
HOUSEHOLDS face the prospect of more price hikes after British Gas owner Centrica warned a 15 per cent rise in the wholesale cost of gas could be passed on to consumers.
Centrica warns of rising costs
Scottish Gas-owner Centrica said on Friday its upstream oil and gas business helped boost first-quarter trading as it suffered a rebuke over boardroom pay.
Wood Group still on acquisition trail
WOOD Group, the Aberdeen-based energy services heavyweight, still has the balance-sheet strength to make further acquisitions, its chairman said yesterday.
Retail
Vertu Motors sees car market revival
Car dealership Vertu Motors said the UK’s new car retail market has returned to growth following period of decline in 2011, helping it grow profits and revenues.
Retail: April showers wash away hope on the beleaguered high street
April was a washout for Scotland’s retailers, with high street stores today reporting their worst fall in sales for 13 years as the wet weather took its toll.
Cold weather and economic turmoil hits April sales at H&M
Yesterday the group said sales in April were also down 1 per cent, while like-for-like sales dropped 10 per cent in the year, in both cases the biggest drop since August 2009.
H&M hit by worst sales for three years
BUDGET fashion retailer H&M yesterday reported its worst monthly sales figures since 2009 as inclement weather and worsening economies in Europe hit demand for spring clothing.
Discount growth sees B&M creating 200 Scottish jobs
B&M Stores is creating more than 200 jobs in three stores in Scotland, providing further evidence of the strength of the discount sector.
Food, Drink and Agriculture
Signs of light at last in CAP reform saga
Significant progress was made yesterday on the environmental proposals for the next Common Agricultural Policy with concessions being made but for UK politicians and farming leaders any moves were but a first step in achieving much more flexibility.
Enterprising move on pubs
ENTERPRISE Inns, the UK’s biggest pub landlord, has largely completed plans to dispose of a large chunk of its estate after raising £264 million from the sale of more than 1,000 venues over two years.
Land Court latest to celebrate centenary
Although the pre-First World War days were some of the hardest times faced by farmers, with imports pouring in from Commonwealth countries, it was also a time when a number of important institutions on the Scottish rural scene were established.
‘Balance struck’ in new farm wage board deal
A 2.8 per cent increase in farm workers’ pay bringing them up £6.86 per hour was yesterday described by Scott Walker, chief executive of NFU Scotland, as “striking the right balance” in the current economic climate.
1 commentComment: Our venerable industry’s roots face being torn out of land
Later this week, politicians will gather in Brussels to try and make progress with what have been called the “greening” proposals of the next Common Agricultural Policy (CAP).
Transport
FirstGroup picks finance director
Transport company FirstGroup has named Chris Surch as the Aberdeen-based firm’s finance director.
High hopes for more UK jobs as GM talks near conclusion
Months of discussions about the future of car giant General Motors in Europe are set to come to an end this week, amid rising hopes for one of its UK factories.
Retired senior civil servant to become the chairman of Edinburgh airport
Scotland’s former top civil servant is to become chairman of Edinburgh airport when its takeover is completed next month.
Jaguar to fuel supply chain with a £1bn boost as Evoque demand rises
Jaguar Land Rover has given Britain’s car parts industry a £1 billion shot in the arm and will also push ahead with plans to create a further 300 jobs.
Fuel costs and turmoil in Europe signal losses for IAG
BRITISH Airways’ parent company, International Airlines Group (IAG), has announced wider first-quarter losses after it was hit by higher fuel costs and the economic crisis in Spain.
Industry
Interview: Martin McCourt, former Chief Executive of Dyson
Striking a somewhat 007 pose, award winner and innovator Martin McCourt is looking forward to making waves in equitya
Pledges to drugs discovery centre take investment to £50m level
Six of the world’s largest drug companies today announced a £14.4 million injection to fund research in Dundee that will develop treatments for diseases such as arthritis, cancer and Parkinson’s.
Slump in property deals
THE value of commercial property deals in Scotland has slumped to its lowest level for more than six years following a 40 per cent crash in the first quarter of 2012.
Jumpstart recruits 40 staff to drive expansion
TAX credit specialist Jumpstart has launched a major recruitment drive that is expected to create 40 highly skilled jobs and add up to £10 million in turnover.
Steel Engineering wins Kintyre tidal energy deal
A WEST of Scotland engineering firm with a heritage stretching back 90 years has won a contract to build a tidal energy device that will be tested off the Mull of Kintyre in the coming months.
Technology
Facebook’s flotation value tops $100bn as takers form a queue
FACEBOOK yesterday nudged up the price of shares in its initial public offering (IPO), potentially valuing the eight-year-old company at more than $100 billion (£62bn).
Angel Biotechnology’s first collagen contract will earn it £400k a year from Cardium
LIFE sciences minnow Angel Biotechnology yesterday unveiled the first contract for its collagen factory in Glasgow, just a week after buying the plant from sausage skin maker Devro.
Yahoo’s ‘disgraced’ chief executive Scott Thompson has cancer
Yahoo chief executive Scott Thompson, who stepped down after just four months at the helm of the internet company amid allegations he had embellished his academic record, has been diagnosed with thyroid cancer, it was claimed yesterday.
Teeth scanner firm 3D Diagnostic Imaging expands into Middle East
SHARES in dental equipment maker 3D Diagnostic Imaging jumped yesterday after the Dundee-based outfit revealed sales were rising and unveiled a clutch of distribution deals.
Oban firm eyes £45m benefit
A DEAL with the Medical Research Council (MRC) to develop treatments for irritable bowel syndrome could help to generate £45 million over the next five years for an Oban-based life sciences firm, its chief executive yesterday revealed.
Management
Small firms bear brunt of big business’s failure to pay bills on time
BRITAIN’S big companies are facing calls to sign up to a prompt payment code as it emerged that they owe smaller firms a record £35 billion in unpaid invoices.
Eurozone crisis could widen UK trade deficit
Britain’s trade deficit could widen over the coming months as the eurozone crisis stifles demand for exports, economists warned yesterday.
Enterprise set to slow pub closures
The UK’s biggest pub landlord said it has completed plans to dispose of a large chunk of its estate after raising £264 million from the sale of more than 1,000 venues over two years.
Cold weather and economic turmoil hits April sales at H&M
Yesterday the group said sales in April were also down 1 per cent, while like-for-like sales dropped 10 per cent in the year, in both cases the biggest drop since August 2009.
Enterprising move on pubs
ENTERPRISE Inns, the UK’s biggest pub landlord, has largely completed plans to dispose of a large chunk of its estate after raising £264 million from the sale of more than 1,000 venues over two years.
Market Reports
Markets calmed as eurozone avoids recession
Markets managed a modest rebound this morning as news that strong German growth had helped the eurozone avoid recession provided an unexpected boost to the bulls.
Greek deadlock sends markets into fresh spin as default looms
FINANCIAL stocks suffered a new rout yesterday as the political deadlock in Greece prompted fears that it will leave the euro and default on its debts within weeks.
Media and Leisure
Enterprise set to slow pub closures
The UK’s biggest pub landlord said it has completed plans to dispose of a large chunk of its estate after raising £264 million from the sale of more than 1,000 venues over two years.
Thomas Cook shares plunge after it warns of collapse if sale vote is lost
SHARES in beleaguered travel company Thomas Cook slumped dramatically yesterday after it warned shareholders that failure to back its disposal plans would risk its collapse.
UBM latest to suffer shareholder backlash as 48% fail to back pay
MORE than a third of shareholders in events and media group UBM have voted against its executive pay plans, adding it to a growing list of companies to have suffered investor backlashes.
Second period of extra time for Goals Soccer Centres bid
A Canadian pension fund was today given a further extension to the deadline for it to either make a takeover offer for East Kilbride-based five-a-side football pitch operator Goals Soccer Centres or leave the field of play.
Rank strikes deal to buy Gala casinos
Mecca Bingo owner Rank is set to become the UK’s biggest casino operator after staking £205 million on a deal with rival Gala Coral.
Opinion
Comment: Fresh pleas to stop bashing Britain’s bankers
WESTMINSTER got a reality check from City heavyweights yesterday on the likely extended wait for taxpayers to get their money back from the state-sponsored bailouts of Royal Bank of Scotland and Lloyds Banking Group.
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Bill Jamieson: Mixed messages cloud the picture
WE’RE reversing. We’re slumping. We’re growing. We’re slowing. It’s a Double Dip. No it’s not. Yes it is.
Pick your way through the maze of conflicting data in the past week and you could go down in a spin with Signpost Sickness.
Comment: City not carried away despite dividend largesse
THE City, somewhat unfairly, looked a gift horse in the mouth yesterday. BT, riding an earnings recovery from its profit‑warning days, had a troika of good news for its shareholders.
Comment: Shareholders flex muscles – and want action
THE board of Aviva must have thought that chief executive Andrew Moss had taken the sting out of a looming showdown with investors when he agreed to waive a near-5 per cent pay rise.
Bill Jamieson: Chill winds could wreck UK recovery
‘We are not just flying through one of the stormiest and most turbulent periods in modern history, but flying blind’
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Personal Finance
Jeff Salway: Time our high street banks felt the effects of people-power
Their casual approach to service suggests our high street banks already think their customers are revolting. They could soon be right about that – in a different sense of the word.
Claire Smith: Here to help our readers make better choices
YOU may have noticed me making a brief appearance on these pages last week to rant about the Edinburgh trams, but this is my first official outing.
Citizens Advice has a major role today, says new head
THE new head of Citizens Advice Scotland has said she is looking forward to taking over one of the biggest jobs in the voluntary sector.
Big Switch proves to be turn-off
A SCHEME which tried to “sell” thousands of energy customers to the energy company which offered them the lowest price for fuel was only a partial success, according to consumer watchdogs.
Calls for individuals to band together to take on big firms
PLANS to put power back in hands of the consumer, writes Claire Smith
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Weather for Edinburgh
Wednesday 16 May 2012
Today
Light showers
Temperature: 6 C to 12 C
Wind Speed: 18 mph
Wind direction: North west
Tomorrow
Light rain
Temperature: 5 C to 9 C
Wind Speed: 9 mph
Wind direction: East
