- Ferry collides with harbour wall
- Further fall in house prices: Study
- Shop sales fall biggest since 1999
- MPs seek 'answers' on independence
- BAA warning on Heathrow hub plans
- Independence 'key to growth boost'
- Pilot run for domestic abuse court
- Trial date for murder accused, 13
- Unemployment rate up by 16,000
- Man charged in house attack inquiry
- Marchers support same-sex marriage
- Toddler death case report released
- Two arrested after house drugs raid
- Sheridan in legal bid over damages
- First-time buyers seize duty bonus
- Panda cake treat for zoo keepers
- Homelessness 'down by a fifth'
- Third man held in ear attack probe
- Rail signal staff on 24-hour strike
- Fishing quotas talks set to resume
Business
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Martin Flanagan: Merlin’s wings have been well and truly clipped
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Bill Jamieson: An iMotto - a watched investment never boils
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Bill Jamieson: Tax cut would show UK means business
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George Kerevan: Is a £1 bonus for every £2 earned a good deal?
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Terry Murden: Charles Hammond needs deals after power plant U–turn
Thorntons defiant as profits melt
Struggling retailer Thorntons slumped to half-year profits of less than £1 million today after counting the cost of a poor Christmas performance.
Sports Direct steps up sales pace
Newcastle United owner Mike Ashley remains on track for a multi-million pound windfall after his Sports Direct chain continued to beat expectations.
Virgin launches air crew recruitment drive
VIRGIN Atlantic has launched a recruitment drive for 500 cabin crew under plans to expand the airline’s network and fleet for 2012.
Nexus Oncology completes journey from back bedroom to global force
A CANCER research firm founded 13 years ago by a former Edinburgh University student in her back bedroom has been sold to a US company in what is thought to be a multi-million pound deal.
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Cupid and Friends Reunited agree website brands deal
CUPID, the online dating business, yesterday struck a deal with Dundee-based Friends Reunited to take over the operation of several of its website brands.
Banking
Lloyd’s faces £1.4bn hit from Thai floods
Last year’s Thai floods look set to cost the Lloyd’s of London insurance market some £1.4 billion, the third-biggest loss it has absorbed in its 324-year history.
RBS arm renamed to aid sale plan
Royal Bank of Scotland’s insurance division RBS Insurance is to change its name to Direct Line Group as part of plans to find a buyer for the business.
1 commentBusiness calls for new approach after banks miss lending targets
BUSINESS leaders yesterday called for a “different approach” on lending practices after official figures confirmed that Britain’s biggest banks fell more than £1 billion short of their SME loan targets.
New deal is far from a car crash
Accident Claims Scotland (ACS), the Paisley-based car crash management firm, has signed a deal with an English peer that it expects will add at least 50 per cent to its turnover.
Property sector woes put large IFA into liquidation
DUNEDIN Independent, an Edinburgh‑based independent financial advisor (IFA) bought by Swiss‑based asset management firm Helvetia Wealth in 2010, has been placed into liquidation.
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Insurance
Lloyd’s faces £1.4bn hit from Thai floods
Last year’s Thai floods look set to cost the Lloyd’s of London insurance market some £1.4 billion, the third-biggest loss it has absorbed in its 324-year history.
RBS arm renamed to aid sale plan
Royal Bank of Scotland’s insurance division RBS Insurance is to change its name to Direct Line Group as part of plans to find a buyer for the business.
1 commentNew deal is far from a car crash
Accident Claims Scotland (ACS), the Paisley-based car crash management firm, has signed a deal with an English peer that it expects will add at least 50 per cent to its turnover.
Bidders line up for Axa insurance sale
Lloyds Banking Group’s private equity arm is understood to be among bidders for a £50 million employee benefits company being sold by insurer Axa.
Sainsbury’s moves home insurance
SAINSBURY’S financial services arm has dropped Halifax as its home insurance underwriter and moved to Royal Bank of Scotland following a competitive tender process.
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Economics
One in six of UK’s smallest firms expects to go under this year
MORE than one in four of the Britain’s micro-businesses expects to fold in the next two years, according to research published today.
1 commentPositive global news helps FTSE to bounce back
THE Footsie surged back through the 5,900 barrier last night after a report from an influential think tank raised hopes that the global recovery had reached a positive turning point.
Survey signals hope for troubled UK commercial property sector
SURVEYORS have detected glimmers of confidence in the embattled commercial property market as sentiment for the coming months turned positive for the first time in eight months, research has found.
Business angel finance soars to record heights
BUSINESS angel investment in Scotland reached record levels last year, more than making up for a small decline in cash from the public sector.
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Scots economy continues to grow, though momentum hard to find
The Scottish private sector started the year on the front foot, with both the manufacturing and service sectors eking out growth and creating jobs in the face of a flat UK economy, according to a survey published today.
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Energy and Utilities
Crude output to fall in March
Crude oil output from the North Sea is set to fall in March for a third month this year due to maintenance work and natural declines.
Landowners net 250% hike in rental income from wind farms
Scottish landowners have enjoyed a 250 per cent hike in rental income from wind farms during the past decade and are set to see further rises this year, research has revealed.
1 commentTitan Torque seals £4m AGR contract
Titan Torque Services, an Aberdeen-based oilfield equipment specialist, has secured a £4 million contract with one of the world’s largest well management firms.
Glacier hails ‘milestone’ deal
Glacier Energy Services yesterday said it had reached “another milestone in its rapid growth” by signing a contract that is set to generate annual revenues of £2.5 million.
Aquamarine gets expansion green light
AQUAMARINE Power, the Edinburgh-based renewables company, yesterday got the go-ahead to expand its wave energy site at Orkney, which could potentially supply electricity to power more than 1,000 homes.
Retail
US sales hit as consumers cut back
Retail sales in the United States rose less than expected in January as consumers cut back on car purchases and did less online shopping, figures yesterday revealed.
Fresh Peacocks blow as ‘suitors pull out’
Thousands of staff at collapsed retailer Peacocks were facing further uncertainty yesterday amid reports that only one company remained in the race to salvage the firm.
Sparkling: Aurum is the jeweller in the crown
The owner of jewellery businesses including Goldsmiths and Mappin & Webb has defied lacklustre conditions to unveil a 53 per cent hike in profits.
Interview: Mark Laing, Managing Director of Nairn’s Oatcakes
TUCKED away behind Arthur’s Seat in Edinburgh is a factory that makes that well-known Scottish delicacy, the oatcake.
1 commentCity hoping to hear news from BAE on shipyards
DEFENCE giant BAE Systems is the biggest company reporting results this week, but the City spotlight will also fall on two struggling businesses, telecoms group Cable & Wireless Worldwide and chocolatier Thorntons.
Food, Drink and Agriculture
Jones stands firm on reforms
Scottish farmers expressing concern over aspects of the reform of the common agricultural policy were met with a stonewall reaction by Gwilym Jones, a member of the European Union’s agricultural commissioner’s team.
Landowners net 250% hike in rental income from wind farms
Scottish landowners have enjoyed a 250 per cent hike in rental income from wind farms during the past decade and are set to see further rises this year, research has revealed.
1 commentTenancies disputes a ‘poison’ claims union chief Miller
The importance of the tenanted sector to Scottish agriculture and the rise in disputes between landlord and farmer was foremost in the mind of National Farmers Union of Scotland president Nigel Miller yesterday.
1 commentConcern over government targets for planting woodland across Scotland
THE Scottish Government target of planting an additional 100,000 hectares within the next decade could be achieved but it was not helpful to say this would be met by an annual target of 10,000 hectares.
Andrew Arbuckle: Another court review for long-running rent dispute case
LIKE naughty schoolboys who have messed up their homework, the Land Court has been sent back to once again review the rent case involving the farm of Moonzie in Fife.
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Transport
Rolls-Royce wins £133m engine deal
Rolls-Royce has won a $210 million (£133m) deal to supply Fiji’s national carrier Air Pacific with Trent 700 engines for three Airbus A330 planes.
Top gear: JLR the driving force behind Tata growth
India’s Tata Motors reported a stronger-than-expected 40.5 per cent rise in quarterly profit yesterday as robust sales at Jaguar Land Rover (JLR) more than made up for weakness in its home market.
Scottish air passenger numbers decline as Edinburgh sale nears
Passenger numbers at both Edinburgh and Glasgow airports fell last month despite overall figures across BAA’s UK operations rising, according to traffic statistics released yesterday.
EasyJet battle heats up as SLI backs airline’s board over remuneration
STANDARD Life Investments (SLI) has gone public with its backing of the EasyJet board in their remuneration battle with the budget airline’s founder and leading shareholder, Sir Stelios Haji-Ioannou.
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Four bidders lined up for airport sale
FOUR parties are expected to meet a first-round deadline this week for those interested in bidding for Edinburgh Airport.
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Industry
Rolls-Royce wins £133m engine deal
Rolls-Royce has won a $210 million (£133m) deal to supply Fiji’s national carrier Air Pacific with Trent 700 engines for three Airbus A330 planes.
Top gear: JLR the driving force behind Tata growth
India’s Tata Motors reported a stronger-than-expected 40.5 per cent rise in quarterly profit yesterday as robust sales at Jaguar Land Rover (JLR) more than made up for weakness in its home market.
Scotgold is mining a rich seam
SHARES in Scotgold Resources, the Aim-quoted firm set to open Scotland’s only commercial gold mine near Tyndrum, jumped by more than 8 per cent yesterday after planning permission was confirmed.
Olympus set to lose £260m
Scandal-hit Olympus yesterday forecast a full-year loss of about £260 million due largely to its ailing camera operations.
BAE to play down threat of shipyard closure
DEFENCE giant BAE Systems is poised to play down fears this week that it could close a Scottish shipyard as part of a review of the shipbuilding business if Scotland votes for independence.
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Technology
Apple looking tasty as shares top $500 level
Shares in technology icon Apple broke through the $500 mark for the first time yesterday.
Vodafone confirms interest in CWW bid
MOBILE phone giant Vodafone sent shares in Cable & Wireless Worldwide soaring yesterday as it broke cover that it was weighing up a takeover bid for its smaller fixed‑line telecoms rival.
Wolfson eyes return to black but losses widen to $24.1m
WOLFSON chief executive Mick Hickey believes the Edinburgh-based chip developer has the “right products, customers and markets” to return to underlying profit this year, despite results yesterday showing last year’s losses had widened.
Smartphone giant’s troubles
Taiwan-based smartphone maker HTC has reported a 26 per cent drop in profits in the final quarter of last year as the weak global economy and intense competition hit sales.
Vodafone drops deal with Greeks
Vodafone has abandoned plans to merge its operations in Greece with Wind Hellas, in a blow to the debt-laden Greek operator and throwing into doubt consolidation elsewhere in Europe.
Management
CBI calls for new mid-sized bond market
THE CBI is calling on the UK government to remove barriers to non-bank finance by creating a mid-sized bond market with tax breaks for investors.
GVA boosts market share on RGA takeover
RGA Consulting, the hotel and leisure property adviser based in Edinburgh and London, has been sold to commercial real estate firm GVA.
Yell sees more revenues pressure
Yellow Pages owner Yell highlighted the importance of its turnaround strategy after revealing a further 15 per cent slump in revenues.
Lloyd’s of London faces £1.4bn bill for Thailand’s floods
The Lloyd’s of London insurance market is facing claims worth £1.4 billion from the severe floods which have devastated parts of Thailand.
McColl sells another business in multi-million pound deal
Scottish tycoon Jim McColl has sold another of his businesses, Swiss pumps business Maag Group, in a deal likely to be worth hundreds of millions of pounds.
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Market Reports
Markets: City treads water as banks share suffer
MARKET caution ahead of a crucial decision on Greece and a threat to the UK’s triple-A credit rating hit shares in the two state-supported banks yesterday.
Market Watch: Thorntons hoping for sweeter figures
THE plight of struggling firms Cable & Wireless Worldwide and Thorntons will be in the spotlight this week.
Chocolatier Thorntons will be hoping that new ranges in the run-up to Valentine’s Day lift it out of its trading slump.
Markets: Miners hit as Chinese imports slide
MINERS were among the biggest fallers yesterday on news that imports in China – the world’s biggest consumer of metals – slid to their lowest point for more than two years in January.
City unimpressed by QE and Greece
THE Bank of England’s £50 billion boost to the economy and long-awaited news of progress in Greek debt negotiations failed to lift the Footsie more than a few points yesterday.
British banks up on Citi rallying call
A BULLISH broker note on the sector from Citigroup helped some of Britain’s banking stocks rise yesterday despite lingering worries about Greece.
Media and Leisure
Olympics boost as IHG beats profits forecasts
THE hotel giant behind the Holiday Inn and Crowne Plaza chains has received an early Olympics boost with its London establishments already 85 per cent booked for this summer’s games.
Yell upbeat despite revenues slump
Yellow Pages owner Yell highlighted the importance of its turnaround strategy yesterday after revealing a further slump in revenues.
Leaflet distributor wins £1m deal
LEAFLET distributor EAE has won what it believes is the largest contract of its kind ever awarded in Scotland, securing 45 jobs and helping it to grow its headcount by 10 per cent.
Valentine’s Day ‘no bed of roses’
VALENTINE’S Day may bring partners together this week but Scotland’s florists are becoming more promiscuous in seeking out new business.
Contracts hit right note for Simple Audio
A GLASGOW company behind a high- definition music player that uses the mains network in homes to distribute sound is targeting audiophiles as far afield as New Zealand after signing a string of sales contracts.
e-Business
Brightsolid expansion into US begins with launch of census records site
FAMILY history website operator Brightsolid will today unveil details of its push into America.
Amazon says its drive for growth could see it slide into the red
Online retail giant Amazon has warned that the cost of its enthusiastic expansion could push it to a loss in the first quarter of the year.
1 commentBusiness news in brief: Rogue City financier hit with record fine
BRITAIN’S financial regulator has slapped a record fine on City financier Ravi Sinha for an invoicing scam when he was in charge of the European operations of US buyout giant JC Flowers.
Ocado slips back £2.4m into the red
The boom in internet shopping failed to stop online grocer Ocado slipping back into the red yesterday, despite strong growth in customer numbers.
Travel website’s reviews criticised
An ADVERTISING watchdog has told the travel website TripAdvisor it could not claim that all of its reviews were written by real travellers.
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Opinion
Callum D’Ath: No end to the gold rush any time soon
“NOTHING concentrates the mind of a man so wonderfully as the knowledge he’s to be hanged within a month.” Samuel Johnson’s wonderful quote brings to mind the recent procrastinations across the channel over the Eurozone crisis and rescue.
Jeff Salway: Challenge to bring out best in this year’s IFA
THE IFA of the Year competition isn’t for the faint-hearted these days. But if you want to show Scotland just how good you are, there’s no better way of doing it.
Jeff Salway: Payday loans soaring out of control
WHAT have insolvency practitioners, pawn brokers, payday loan firms, job centre workers and Greggs the baker got in common?
Terry Murden: Money talks for government when it comes to bank bonuses
AFTER the public vitriol of recent weeks it looks as though a truce of sorts is being called between Westminster and the banking sector. Prime Minister David Cameron appears to have acknowledged that only so much punishment can be handed out before rebuke turns to permanent damage.
Bill Jamieson: Fuse is lit as battered Greece nears the edge
IT FEELS – and on the riot-torn streets of Athens increasingly looks – like a fast-fizzing fuse. Today, with the country locked down in a two-day national strike and the government shaken by the resignation of five Cabinet ministers, the Greek parliament holds a critical vote on the latest austerity package to save the country from default.
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Personal Finance
Jeff Salway: Challenge to bring out best in this year’s IFA
THE IFA of the Year competition isn’t for the faint-hearted these days. But if you want to show Scotland just how good you are, there’s no better way of doing it.
Jane Bradley: Wonka bars and baked potatoes on demand
PICTURE the scene: you’re standing at the bus stop after a hard day’s work, dreaming of getting home for your evening meal.
Across the UK consumers are getting to know their oats
IT HAS been the staple breakfast food of many Scots for hundreds of years.
5 commentsKeeping your old fridge may be costing you money
Scottish households could be wasting over £4 million on energy bills each year by holding on to old kitchen appliances, new research has claimed.
Brown sauce popularity on the up
THE popularity of brown sauce is on the increase, a new report has revealed. Sales rocketed by 9 per cent in 2011 as it took pride of place in 58 per cent of British kitchen cupboards.
1 comment- Rangers run into the ground as furious HRMC battles to claw back tax
- Broken Rangers: Club signals intention to go into administration
- Scottish independence: David Cameron set to snub Alex Salmond’s separation talks bid
- Rangers blame HMRC for driving club to brink of administration
- Six Nations: Steadman given notice as ruthless Robinson seeks to strengthen team
- Scottish independence: No breakthrough in talks between Alex Salmond and Michael Moore
- Scottish independence: David Cameron set to snub Alex Salmond’s separation talks bid
- The Rumour Mill: Tuesday’s football news and gossip
- Devo-max merely a dodgy back-up plan to save SNP, says Jim Sillars
- The Rumour Mill: Monday’s football news and gossip
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Weather for Edinburgh
Wednesday 15 February 2012
Today
Cloudy
Temperature: 6 C to 11 C
Wind Speed: 18 mph
Wind direction: West
Tomorrow
Cloudy
Temperature: 6 C to 11 C
Wind Speed: 20 mph
Wind direction: South west
