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FirstGroup launches £615m fundraising, Gilbert to step down as chairman
Transport giant FirstGroup has launched £615m rights issue to shore up its balance sheet and said Martin Gilbert is to step down as chairman once his successor is found.
Ryanair profits soar 13%, but outlook clouded by recession
Irish airline Ryanair has unveiled a 13 per cent jump in annual profits but said the recession across much of Europe will dampen growth this year.
Scottish Business Briefing – Monday 20 May, 2013
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.
Breare checks out of temporary hotel firm Snoozebox
Snoozebox founder Robert Breare has quit the temporary hotel specialist, less than a month after stepping down as chief executive to concentrate on sales and development.
Business interview: Bruce Dingwall, Trinity Exploration and Production
Bruce Dingwall co-founded one of the first and biggest independent oil and gas companies in the North Sea before it was swallowed up by Centrica in a £1.2 billion deal in 2009.
Banking
Bill Jamieson: Banks: emerging from the bottom drawer
It’s bottom-drawer rummage time again. Remember those bank shares that made you wince every time you checked them? The ones with 90 per cent falls that dragged down your investment performance, that paid no dividends and were useful only to mitigate capital gains tax liability?
Headhunters seek new finance chief for Standard Life
STANDARD Life has appointed international recruitment specialist JCA Group to search for a chief financial officer following the departure last month of Jackie Hunt.
New Co-op boss Sutherland on the block over bank crisis
Concerns over the future of the Co-operative Group’s banking business sparked by the collapse of a deal to take over 600-plus Lloyds branches will cast a long shadow over the mutual’s AGM today.
Treasury back in the black with its Lloyds stake
Shares in state-backed Lloyds Banking Group yesterday climbed above the UK government’s break-even price, raising the prospect of a taxpayer share sale either later this year or in 2014.
Adam & Co sees profits double as costs reduce
ADAM & Co, the private bank owned by Royal Bank of Scotland, saw profits more than double last year as it reaped the benefits of reduced costs and lower writedowns.
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Insurance
Headhunters seek new finance chief for Standard Life
STANDARD Life has appointed international recruitment specialist JCA Group to search for a chief financial officer following the departure last month of Jackie Hunt.
Prudential fights off shareholder rebellion on pay
INSURANCE giant Prudential defused a shareholder rebellion on pay at yesterday’s annual general meeting, but directors had to suffer being accused of corporate greed from the floor.
Standard Life leads protests over divi cut at RSA’s AGM
STANDARD Life Investments (SLI) led the protests at fellow institutional investor RSA’s annual general meeting (AGM) yesterday as shareholders rebelled over the dividend being slashed by a third and concerns regarding the auditor’s appointment.
Standard Life AGM: Pay deals defended by Grimstone
STANDARD Life chairman Gerry Grimstone was forced into a robust defence of the company’s pay policy yesterday as shareholders expressed concern at poor returns on some policies.
3 commentsRoyal London lifted by 22% rise in new business
ROYAL London, the life insurance and pensions company that owns Scottish Life, has posted a 22 per cent rise in new business for the opening three months of the year.
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Economics
Bring me sunshine: Shoppers back on high streets
Warmer weather drew shoppers back to Scotland’s high streets in April and helped retailers open more stores, pushing the vacancy rate further below the UK average.
Exporters seek ‘front line help’ from Osborne
GEORGE Osborne must use next month’s spending review to boost “front line” support for exporters, business chiefs have warned, after a major survey laid bare the pitfalls facing firms that trade overseas.
Jobs and wage growth gain pace in Scotland
Scotland’s economic recovery strengthened last month as firms created permanent jobs at their fastest rate for a year.
Unsettling climate of EU disunity
IT WAS a week that epitomised Britain’s fractious and sometimes turbulent relationship with the European Union. In Washington, Prime Minister David Cameron was promoting free trade between the trading bloc and the United States, while at home his ministers and backbenchers were squabbling over whether Britain should cancel its membership.
Bill Jamieson: Finally, the recovery gains traction
WHAT now unites Alex Salmond, the CBI, Sir Mervyn King, the OECD and the Federation of Small Businesses? It’s the economy, stupid.
3 comments
Energy and Utilities
James Fisher wins £5m Dounreay clean-up contract
Engineering and shipping firm James Fisher has won a two-year contract, worth almost £5m, to support the clean-up at the decommissioned Dounreay nuclear power plant.
Northern Lights shine as Granite City buzzes
THE pace of development in Aberdeen has quickened as projects aimed at the region’s buoyant oil and gas industry come on stream.
SSE profit rise forecast as chief retires
SSE CHIEF executive Ian Marchant will attempt this week to draw a line under the company’s mis-selling scandal, putting an end to what has been an uncomfortable close to his ten-year tenure.
£10m wood pellet roll-out for Green Investment Bank
MORE than 60 wood pellet-burning biomass boilers are to be installed in leisure centres, schools and other community facilities following a £10 million injection involving the UK Green Investment Bank (GIB).
SSE to invest £200m in Dunmaglass wind farm project
Energy group SSE has agreed to buy a controversial Highlands wind farm project, in which it will invest about £200 million.
Retail
Bring me sunshine: Shoppers back on high streets
Warmer weather drew shoppers back to Scotland’s high streets in April and helped retailers open more stores, pushing the vacancy rate further below the UK average.
Langholm Capital puts Tyrrells on market
Crisp maker Tyrrells is set to attract the interest of global food companies after reportedly being put up for sale for about £100 million.
Bolland under pressure over M&S relaunch costs
MARKS & Spencer boss Marc Bolland will aim to soothe City concerns this week over the cost of relaunching the retailer’s range of clothing as the chief executive aims to stem the chain’s decline in profits.
1 comment
Comment: Changing of guard bodes ill for FirstGroup
THE expected retirement this week of Martin Gilbert as chairman of transport operator FirstGroup follows similar announcements over the last month from Lord Smith at Weir, Sir Win Bischoff at Lloyds Banking Group and Richard Findlay at STV. The guard is clearly changing.
1 comment
Bill Jamieson: Finally, the recovery gains traction
WHAT now unites Alex Salmond, the CBI, Sir Mervyn King, the OECD and the Federation of Small Businesses? It’s the economy, stupid.
3 comments
Food, Drink and Agriculture
Farming: Owners of sheep-worrying dogs need bitten
Ben was about the poorest sheepdog around, and I can say that from pretty close observation as he was the shepherd’s dog on my father’s farm.
1 commentTesco goes for all Scottish sourced chickens
Another five million chickens of those produced annually in Scotland will appear on the supermarket shelves of retailing giant Tesco following its decision to only source fresh chicken from this country for its 194 Scottish stores.
Uncharted territory
In NORMAL times, this is the changeover period in the sheep trade, with the supply of hoggs from the previous year drying up and new lambs coming on to the market.
1 commentTrust targets next generation
Six projects aimed at educating and informing Scottish children about farming and food have been awarded a total of £30,000 in the first distributions from NFU Scotland’s Centenary Trust.
Farming: Honesty is key to winning over consumers
Pig and poultry producers need to be more straightforward, honest and open about animal welfare if they are to encourage shoppers to choose British food over cheaper imports.
Transport
GCU ready to roll with rail operator
ScotRail has teamed up with Glasgow Caledonian University (GCU) for a £126,000 research project aimed at improving the reliability and efficiency of the rail network.
Gilbert tipped to leave FirstGroup
Martin Gilbert is expected to announce his retirement as chairman of transport operator FirstGroup this week when the company may also unveil plans to raise up to £600 million and a sharp cut in its dividend.
British buyer help drive up European car sales
Britain’s resilient new car market and the early Easter break have helped fuel the first rise in European motor sales in 18 months.
Menzies director Paul Dollman bows out
JOHN Menzies group finance director Paul Dollman said “it has been a great ride” as he attended his last annual general meeting for the distribution and aviation firm after ten years leading the two divisions.
1 comment
Virgin’s Little Red passengers shun onward flights
TRAVELLERS using Virgin Atlantic’s new Little Red service from Scotland to London are ending their journey in London rather than connecting with long-haul flights, the airline admitted yesterday.
4 comments
Industry
Sir Roger Carr in the spotlight for BAE chairmanship
Defence giant BAE Systems is set to name City veteran Sir Roger Carr as its next chairman, according to reports.
Government ‘saved bacon’ of builders
THE outgoing chairman of trade body Homes for Scotland has credited the Scottish Government for having “saved our bacon” during the recession, which decimated small to medium-sized housebuilders.
Global Energy: £37m Easter Ross South Quay upgrade
GLOBAL Energy Group will boost the South Quay in Easter Ross by investing £37 million into its Nigg yard operation.
Optos profits slump on lower first-half sales
Eyecare company Optos has unveiled a 90 per cent plunge in first-half profits, sending its shares down sharply, but insisted its long-term prospects “remain strong”.
Tata job fears as steel giant writes off £1bn
FRESH fears over the future of UK steel jobs were raised yesterday after India’s Tata Steel wrote down the value of its European operations by £1 billion.
Technology
Mobile app aims to cut wind farms opposition
ONE of the software pioneers behind property website Myhouseprice.com has created a mobile app that could slash millions of pounds from the cost of developing wind farms.
2 commentsAvantiCell seals Japan contract
LIFE sciences outfit Avanti-Cell has broken into the Japanese market by securing a contract that the Ayrshire-based company hopes will open further doors for it in the Far East.
Dell profits fall as battle rumbles on
Dell, the subject of a takeover battle between activist investor Carl Icahn and the company’s billionaire founder, has reported a 79 per cent slide in profit as personal computer sales continue to shrink.
Optos shares hit by sharp profit drop
SHARES in Optos, one of Scotland’s most promising technology companies, slumped to their lowest level for more than two years yesterday after a sharp drop in profits.
Optos profits slump on lower first-half sales
Eyecare company Optos has unveiled a 90 per cent plunge in first-half profits, sending its shares down sharply, but insisted its long-term prospects “remain strong”.
Management
Touch of mischief from C&C’s chief, perhaps?
C&C CHIEF executive Stephen Glancey had a grin on his face last week after unveiling a rise in the Dublin-based drinks group’s full-year profit – and it showed.
Exporters seek ‘front line help’ from Osborne
GEORGE Osborne must use next month’s spending review to boost “front line” support for exporters, business chiefs have warned, after a major survey laid bare the pitfalls facing firms that trade overseas.
Consensus Capital looks south of Border
Consensus Capital Property, the private equity-backed investment firm, has launched plans to build 1,500 social housing units in England as newly-relaxed planning rules go into force south of the Border this month.
Bolland under pressure over M&S relaunch costs
MARKS & Spencer boss Marc Bolland will aim to soothe City concerns this week over the cost of relaunching the retailer’s range of clothing as the chief executive aims to stem the chain’s decline in profits.
1 comment
Comment: Changing of guard bodes ill for FirstGroup
THE expected retirement this week of Martin Gilbert as chairman of transport operator FirstGroup follows similar announcements over the last month from Lord Smith at Weir, Sir Win Bischoff at Lloyds Banking Group and Richard Findlay at STV. The guard is clearly changing.
1 comment
Market Reports
Week ahead: Marks & Spencer | Vodafone | FirstGroup
Lower profits will heap more pressure on Marks & Spencer chief executive Marc Bolland this week when the retailer joins Vodafone and FirstGroup in releasing results.
Verizon deal forms backdrop to Vodafone results
VODAFONE’S full-year results are being released on Tuesday amid continued speculation over a deal with its American partner.
FTSE’s winning streak grinds to halt
Britain’s top share index ended its ten-session winning streak yesterday, as weak US data hit sentiment and technical charts pointed to an increasing risk of a correction.
Stocks: City warms to M&S clothing strategy
Shares in Marks & Spencer swung higher yesterday as analysts warmed to the high street stalwart’s new clothing strategy and autumn/winter launch.
Stocks: Severn swoop supports FTSE charge
London’s leading share index continued its bull charge yesterday supported by upbeat corporate numbers and bid activity surrounding water utility Severn Trent.
Media and Leisure
RBS sets up £150m fund to boost leisure industry
Royal Bank of Scotland is launching a £150 million fund offering loans to the leisure industry after research showed more than a quarter of businesses fear they are becoming uncompetitive due to a lack of investment.
Jockey Club hits £15m target
Horseracing fans have backed a £15 million bond scheme that offers interest and discounts on tickets in return for helping to pay for the redevelopment of Cheltenham racecourse.
Baroness Ford to take over as STV chairman in August
MEDIA veteran Richard Findlay is to step down as chairman of STV and will be replaced by Baroness Margaret Ford who was involved in overseeing the legacy issues for the Olympic Games in London.
5 commentsSnoozebox dives as it eyes funding options
Snoozebox, the temporary hotel operator, admitted it needs a “more rigorous approach to management” and extra funding to support its plans this year.
Thomas Cook eyes return to dividend with £1.6bn refinancing
Travel agent Thomas Cook has taken another step towards calmer waters by announcing a £425 million fundraising with shareholders in a bid to cut debt.
Opinion
Bill Jamieson: Banks: emerging from the bottom drawer
It’s bottom-drawer rummage time again. Remember those bank shares that made you wince every time you checked them? The ones with 90 per cent falls that dragged down your investment performance, that paid no dividends and were useful only to mitigate capital gains tax liability?
Comment: Changing of guard bodes ill for FirstGroup
THE expected retirement this week of Martin Gilbert as chairman of transport operator FirstGroup follows similar announcements over the last month from Lord Smith at Weir, Sir Win Bischoff at Lloyds Banking Group and Richard Findlay at STV. The guard is clearly changing.
1 comment
Bill Jamieson: Finally, the recovery gains traction
WHAT now unites Alex Salmond, the CBI, Sir Mervyn King, the OECD and the Federation of Small Businesses? It’s the economy, stupid.
3 commentsFarming: Owners of sheep-worrying dogs need bitten
Ben was about the poorest sheepdog around, and I can say that from pretty close observation as he was the shepherd’s dog on my father’s farm.
1 comment
Comment: Taxing questions for complicit governments
IS YOUR business guilty of “false delocalisation”? That’s the fancy EU jargon for the creative tax avoidance schemes engineered by multinational companies such as Google and Amazon.
1 comment
Personal Finance
Homeowners miss cheaper loan deals
HOMEOWNERS in Scotland are missing out on a golden opportunity to slash costs by failing to take advantage of rock-bottom mortgage rates, it has been claimed.
1 commentSavers squeezed out by low interest rates
THEY pledged to get Britain saving again. In reality they’ve achieved quite the opposite, punishing prudence and removing incentives to save.
Outdated travel insurance can’t cover modern life
TRAVEL insurance policies have failed to move with the times, providing inadequate cover for lost or stolen valuables abroad and potentially leaving holidaymakers hundreds of pounds out of pocket, a report has found.
Scots targeted by cyber crimewave
SCOTS are being targeted by cyber criminals with the power to steal their identities and empty their bank accounts, an influential organisation has warned.
1 commentJane Bradley: French lunch goes fast and furious
QUELLE horreur! A report has revealed that France – that nation of gastronomes – now eats half of all restaurant meals at fast food establishments.
Business Briefing
Scottish Business Briefing – Friday 17 May, 2013
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.
Scottish Business Briefing – Thursday 16 May, 2013
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.
Scottish Business Briefing – May 14th 2013
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.
Scottish Business Briefing – May 13th 2013
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.
Scottish Business Briefing – Friday 10 May, 2013
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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Weather for Edinburgh
Monday 20 May 2013
Today
Thunderstorm
Temperature: 8 C to 21 C
Wind Speed: 8 mph
Wind direction: North west
Tomorrow
Sunny spells
Temperature: 7 C to 17 C
Wind Speed: 10 mph
Wind direction: North west
