- Rover pipes up to save trapped fox
- £9.5m waves test centre being built
- 2014 Games 'on track and on budget'
- Gas leak stopped, says rig operator
- Eye stem cell breakthrough sought
- Irn-Bru company's sales buck trend
- Agency jobs 'show moderate growth'
- Fraser murder trial defence starts
- MSPs demand review of rail services
- Cameron rejects Megrahi probe plea
- Ultimo tycoon 'has found happiness'
- Mustard gas 'may be under airbase'
Business
Irn-Bru defies wet weather
Irn-Bru manufacturer AG Barr has defied the wet April weather with an increase in sales.
European markets start the week on the up
European markets returned to the black this morning as the absence of further bad news over the weekend persuaded investors to look for bargains after last week’s rout.
Ryanair profits soar to record £405m
Ryanair unveiled record profits today but chief executive Michael O’Leary admitted the airline is unlikely to repeat the performance this year.
High streets hit as cash-strapped Scots shoppers vote with their feet
SCOTLAND’S struggling high streets have been dealt a fresh blow today as figures reveal that the numbers of shoppers north of the Border plunged in the run-up to Easter.
9 comments
Scottish Business Briefing - Monday 21 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.
Banking
Lloyds and NBNK yet to hold formal talks on sale
LLOYDS Banking Group is playing “hardball” with banking consolidation vehicle NBNK, according to senior sources, following the regulatory knockback the lender received during its negotiations with the Co-op to try and offload 632 branches.
‘Safe pair of hands’ Paul Manduca set for Prudential promotion
CITY asset management doyen Paul Manduca could be named as insurer Prudential’s chairman within days, replacing out-of-favour Harvey McGrath.
Lady Susan Rice appointed president of Scottish Council for Development and Industry
LADY Susan Rice, managing director of Lloyds Banking Group Scotland, has been appointed president of the Scottish Council for Development and Industry (SCDI).
1 comment
‘Shareholder spring’ continues with bid to block election of HSBC chairman
ADVISORY body PIRC is calling on investors to oppose the re-election of HSBC chairman Douglas Flint at the banking group’s annual meeting on Friday in a further sign that the ‘shareholder spring’ is set to continue.
Comment: Pain in Spain a headache for everyone
TWO telephone calls out of the blue at the end of last week brought disturbing news. The first was from a well-connected source in Brussels; the second from a contact in Spain.
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Insurance
‘Safe pair of hands’ Paul Manduca set for Prudential promotion
CITY asset management doyen Paul Manduca could be named as insurer Prudential’s chairman within days, replacing out-of-favour Harvey McGrath.
And Pru is forced to pledge pay practices review
INSURER Prudential suffered a backlash over pay yesterday as 30 per cent of shareholders voted against its remuneration report, prompting the company to pledge a review of its pay practices.
Aviva reveals turnaround battle
The performance that prompted Aviva shareholders to oust chief executive Andrew Moss was laid bare in figures today.
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.
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Economics
Francois Hollande will push EU leaders on eurobonds
NEWLY-elected French president François Hollande will use Wednesday’s informal meeting of European Union leaders to outline proposals for eurobonds, in an effort to reassure financial markets on the outlook for the eurozone.
Consumers see modest fall in inflation as oil prices ease
HARD-PRESSED businesses and consumers are likely to get some respite this week when figures show inflation has fallen back from its recent highs – though other news on the economy remains grim.
Adam Posen to quit MPC as he admits QE hopes were optimistic
ADAM Posen looks set to briefly resume his mantle as arch-dove before leaving the Bank of England’s monetary policy committee this autumn.
Comment: When a jog turns into a sprint, it’s time to worry
THIS weekend, the leaders of the G8 industrial nations are in conclave at Camp David, President Obama’s wooded retreat some 70 miles from Washington.
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Energy and Utilities
EnQuest pumping more oil
Oil firm EnQuest yesterday flagged a “busy 2012 to date” with production driving earnings and cashflow.
Premier’s cash flow surge means dividend payouts
PREMIER Oil chairman Mike Welton yesterday pledged to start paying dividends after telling shareholders at its annual general meeting (AGM) that the explorer is in “its strongest ever position in its history, both financially and operationally”.
‘Massive’ vote against Cairn Energy board as shareholders rebel
SHAREHOLDERS dealt the board of Cairn Energy a heavy blow over executive pay yesterday as 67 per cent voted against its remuneration report.
2 commentsMelrose takes Egyptian risk
OIL explorer Melrose Resources yesterday unveiled plans to sink what analysts labelled a “high-risk” exploration well near the Egyptian border with Sudan in September.
Turbines wind up profits as SSE eyes further acquisitions
SCOTTISH Hydro owner SSE is on track for a further solid rise in profits as hundreds of additional wind turbines begin turning, while more acquisitions are on the horizon.
2 comments
Retail
Waterstones reveals Amazon deal
Waterstones has unveiled a partnership with the internet giant Amazon in a move that will see it offer Kindle e-reading devices through its shops.
Major retail developments ‘are finished’
PROPERTY experts say the rapid growth of online shopping means the days of big retail developments are over.
2 commentsThe week ahead: Retailers to reveal just how chilly the climate is
A RETAIL week looms in City results, with Marks & Spencer, ASOS, Mothercare and Burberry among those set to update the market against a tough high street trading backcloth.
Wettest spring on record puts a damper on M&S
THE wettest spring on record and financial turmoil in the Eurozone are set to cast a cloud over annual results at high street retail icon Marks & Spencer this week.
Comment: What is there to ‘like’ about Facebook flotation?
FEW flotations have captured the public’s imagination in quite the same way as Facebook’s first day of trading on Friday. As one observer stated, it was rare for such an event to take place in which everyone has a stake in the outcome.
1 comment
Food, Drink and Agriculture
Analysis: How have letter and spirit of the law become so divorced?
AROUND the room the glasses chinked and the chatter rose in volume. Those expert in the art of networking were using this skill to speak to people while simultaneously on the lookout for someone of greater importance while the dull and the boring were washed aside like some jetsam on a beach.
6 commentsChinese deal a £50m boost to pig sector
British pig producers have received a major boost with the doors opening on an annual trade which could soon see £50 million of pigmeat being exported to China.
Plan to tackle cattle disease
The plan to remove bovine viral diarrhoea infection from Scottish dairy and beef cattle moved a small step forward yesterday with the Scottish Government launching a consultation on the next phase of the eradication plan.
Get out of the city and into the rural idyll
A PILOT project aimed at encouraging city dwellers to experience more of Scotland’s vibrant rural tourism sector has been launched this week.
Call for more cash to promote blackcurrant growers
As SCIENTISTS and plant breeders attempt to unravel the genetic make-up of blackcurrants to find out just what gives them the title of a “healthy super fruit” a leading grower yesterday expressed his concerns that too much money was being spent on science and too little on promoting and marketing the fruit.
Transport
Ecometrica wins National Express software contract
National Express has chosen Edinburgh-based software firm Ecometrica to help the coach operator measure the amount of carbon dioxide and other greenhouse gases emitted by its vehicles.
1 commentJohn Menzies figures taking off, led by aviation division contract wins
Logistics company John Menzies reported a strong start to the year yesterday, with trading in line with expectations of the board and analysts.
Stagecoach buys back US arm it sold at a loss ten years ago
SCOTTISH transport giant Stagecoach is paying £101 million to buy back large parts of the business it sold almost ten years ago.
1 comment
Driving ambition: Britain building more cars
The number of cars built in Britain leapt by almost 10 per cent last month, boosted by strong export demand.
2 commentsFirstGroup picks finance director
Transport company FirstGroup has named Chris Surch as the Aberdeen-based firm’s finance director.
Industry
You’re hired: Scottish textile makers to recruit more apprentices
SCOTLAND’S textile manufacturers are working together on the nationwide roll-out of an initiative aimed at encouraging more young people into the industry, following the successful launch of a modern apprenticeship scheme in the Borders last year.
New US owner of Clyde Union Pumps axes 90 jobs in Glasgow
THE new owner of Clyde Union Pumps, the former Weir Group business acquired from Scots entrepreneur Jim McColl, has announced more than 90 job cuts at the Glasgow plant.
1 commentUK car production soars
The number of cars built in the UK last month was up almost 10 per cent on a year ago, boosted by strong export demand, new figures show.
1 commentCall for lender for industry
NEARLY three-quarters of manufacturers want the UK government to create a dedicated “industrial bank” to lend to their sector, according to a survey published today.
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
Technology
Ecometrica wins National Express software contract
National Express has chosen Edinburgh-based software firm Ecometrica to help the coach operator measure the amount of carbon dioxide and other greenhouse gases emitted by its vehicles.
1 comment
HP plant to bounce back from layoffs
IT WAS once one of the flag-bearers for Scotland’s “Silicon Glen” electronics industry before manufacturing of computer terminals was switched to the Czech Republic and hundreds of workers were laid off.
China beckons for East Kilbride-based software firm Gael
THE software firm chaired by former enterprise minister Jim Mather is preparing to open an office in China as it targets 40 per cent turnover growth this year to push sales through the £10 million mark.
Comment: When a jog turns into a sprint, it’s time to worry
THIS weekend, the leaders of the G8 industrial nations are in conclave at Camp David, President Obama’s wooded retreat some 70 miles from Washington.
TalkTalk’s turnaround sends shares surging 20%
A BROADBAND firm dogged by service problems yesterday signalled that the worst was over as it more than doubled its annual profits and stemmed customer losses.
1 comment
Management
Interview: Allan Leighton, deputy chairman of An Inspirational Journey
ALLAN Leighton is thinking about women. Perhaps not surprisingly, given the fact that when we speak he is about to face more than 200 of the UK’s brightest female business talent to discuss the challenges they have to overcome climbing the corporate ladder.
Major retail developments ‘are finished’
PROPERTY experts say the rapid growth of online shopping means the days of big retail developments are over.
2 commentsThe week ahead: Retailers to reveal just how chilly the climate is
A RETAIL week looms in City results, with Marks & Spencer, ASOS, Mothercare and Burberry among those set to update the market against a tough high street trading backcloth.
Complementary first acquisition for Hunter Adams
A HUMAN resources (HR) firm in Aberdeen has made its first acquisition as it remains on course to turn over £1 million during its first year in business.
One to Watch: Douglas Flint
Investors’ group Pirc is calling on members to oppose the re-election of the HSBC chairman on Friday, making him the latest target for the shareholder spring.
Market Reports
Market watch: Road ahead looking bumpier for FirstGroup
TRANSPORT firm FirstGroup has had a smooth ride for its last financial year but analysts will be looking for any signs of trouble further down the road when it reports full-year results on Wednesday.
Director dealings: Failure of well hits shares in Chariot
SHARES in explorer Chariot Oil & Gas fell sharply last week after a disappointing drilling update from one of its sites in Namibia.
Payday loans can lead to spiral of debt, report warns
A THIRD of people who have taken out payday loans have run into even greater financial difficulties as a result, a new report has revealed.
LSE profits soar 30%
London Stock Exchange Group posted a better-than-expected 30 per cent rise in full-year operating profits to £441.9 million yesterday.
Markets: British banks suffer for Europe’s sins
LONDON’S FTSE 100 Index capped its worst week for nine months with a fifth straight day of losses as British banking stocks were punished for the sins of their European peers.
Media and Leisure
Website books up 300 B&B owners
MORE than 300 bed and breakfast owners have signed up to use a website aimed at giving small businesses greater access to Scotland’s £4.2 billion tourism industry by slicing through bureaucracy.
1 comment
Caribbean meets Celtic in food and music festival
SCOTLAND’S second-largest whisky distiller and one of the biggest rum brands in the Caribbean have teamed up to sponsor a Celtic food and music festival in Barbados, which has attracted a string of performers in recent years, including former Fairground Attraction singer Eddi Reader.
Fitness First seals deal on debt with lenders
The largest health club group in the world - Fitness First - is close to securing its future after it unveiled a debt deal with its lenders.
Call to axe Edinburgh’s bed tax plan as hotel revenues plunge
Edinburgh’s new council leaders have been urged to axe plans for a “bed tax” as hotel revenues in the capital slump.
11 commentsScottish hotels lose out to Welsh rivals
Scottish hotels saw occupancy and revenues fall in March, underperforming the rest of the UK and highlighting the “fragility” of the sector.
3 comments
Opinion
Comment: What is there to ‘like’ about Facebook flotation?
FEW flotations have captured the public’s imagination in quite the same way as Facebook’s first day of trading on Friday. As one observer stated, it was rare for such an event to take place in which everyone has a stake in the outcome.
1 comment
Comment: Pain in Spain a headache for everyone
TWO telephone calls out of the blue at the end of last week brought disturbing news. The first was from a well-connected source in Brussels; the second from a contact in Spain.
Comment: When a jog turns into a sprint, it’s time to worry
THIS weekend, the leaders of the G8 industrial nations are in conclave at Camp David, President Obama’s wooded retreat some 70 miles from Washington.
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 comments
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.
Personal Finance
Jeff Salway: Avoid lure of payday loans trap
SCOTS mired in money difficulties have been urged to seek help instead of getting trapped in a spiral of long-term debt by resorting to payday loans.
Comment: Politicians should bow out of pensions
FORCING babies to find paid employment – or presumably forgo their right to be sick all over anyone close enough – seemed beyond the pale even for this government.
2 commentsPayday loans can lead to spiral of debt, report warns
A THIRD of people who have taken out payday loans have run into even greater financial difficulties as a result, a new report has revealed.
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.
- Alistair Darling leads ‘No to independence’ fight over tea and biscuits
- Paulo Sergio left in limbo as Vladimir Romanov flies out before party
- Scottish Cup final: The talk of the toon are the Hearts in maroon
- Rangers: Dave King claims ‘first option’ on Craig Whyte’s Ibrox shares
- Scottish Cup final: End of an era for Tynecastle heroes?
- Alistair Darling leads ‘No to independence’ fight over tea and biscuits
- Paulo Sergio left in limbo as Vladimir Romanov flies out before party
- Anti-bigotry law fails to protect England fans
- Scottish Cup final: The talk of the toon are the Hearts in maroon
- Scottish Cup final: Hibernian 1 - 5 Hearts: Stroll in the park for imperious Hearts
- Scottish Cup final: The talk of the toon are the Hearts in maroon
- Interiors: The contemporary Oban home built by Stewart Orr in the space of just 15 months
- US student dies on islands project
- Alistair Darling leads ‘No to independence’ fight over tea and biscuits
- Tim Cornwell: Poor strategy a blot on creative landscape
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Weather for Edinburgh
Monday 21 May 2012
Today
Sunny spells
Temperature: 6 C to 15 C
Wind Speed: 10 mph
Wind direction: North east
Tomorrow
Sunny spells
Temperature: 10 C to 21 C
Wind Speed: 8 mph
Wind direction: North east
