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SSE’s Ian Marchant wants end to ‘interventionitis’
OUTGOING SSE chief executive Ian Marchant today launched a final broadside against the growing culture of “interventionitis” that is engulfing the UK’s energy sector.
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Bowleven hails success of Cameroon well tests
SHARES in Africa-focused oil and gas explorer Bowleven rose yesterday after the latest positive update from its test well off the coast of Cameroon.
Next Chancellor must cut deeply, economists warn
WHOEVER wins the next general election will have to make deeper public sector cuts in order to avoid a “financial crisis” in which international money markets lose confidence in Britain, economists will warn today.
House of Fraser hails internet shopping boom
Department store chain House of Fraser, owner of Edinburgh institution Jenners, has delivered record sales and profits, driven by the boom in internet shopping.
MPC remained split over call to raise QE
Outgoing Bank of England governor Sir Mervyn King was outvoted again in his call for more monetary stimulus this month, it was revealed today.
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Banking
IMF calls for swift Lloyds and RBS sale
THE Treasury edged closer to an exit from Lloyds Banking Group and Royal Bank of Scotland today after the International Monetary Fund (IMF) called for a swift sale of its stakes and Britain’s new banking watchdog backed plans to shore up the pair’s capital buffers.
Jamie Dimon survives JP Morgan vote
JP MORGAN chairman and chief executive Jamie Dimon yesterday survived a vote by shareholders to split his role in two.
First-time buyers lift Nationwide
Nationwide has grabbed a record share of the mortgage market after seeing a big rise in the number of first-time buyers joining the property ladder.
Royal Londoners vote on £219m Co-op deal
VOTING among over 500,000 members of Royal London is under way on its £219 million deal to acquire parts of the Co-operative Banking Group.
Jamie Dimon faces split vote on JP Morgan roles
JP MORGAN chief executive Jamie Dimon faces a key test today as the bank’s shareholders vote on splitting his role in two.
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Insurance
Royal Londoners vote on £219m Co-op deal
VOTING among over 500,000 members of Royal London is under way on its £219 million deal to acquire parts of the Co-operative Banking Group.
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.
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Economics
Comment: Need to do more than beat drum for exports
EVER since the onset of recession, we’ve heard near constant clamour for the need to “rebalance” the economy towards trade rather than consumption.
Mark Carney may benefit from easing of inflation
ECONOMISTS believe incoming Bank of England governor Mark Carney will have room to print further money or copy Japan’s more radical “Abenomics” after inflation fell to a seven-month low last month.
1 commentJobs 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.
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.
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.
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Energy and Utilities
Business briefs: Shell | Johnston Press | Wood Group
Plans to redevelop the Shell Centre on London’s South Bank have been approved, developers have said.
Xcite pockets $15m windfall from sale of North Sea field information
North Sea driller Xcite Energy gave investors a fillip yesterday with news it had raised $15 million (£9.8m) by selling some of the data from its massive Bentley well.
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.
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.
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.
Retail
Royal Mail profits rise as privatisation beckons
THE proposed £3 billion sale of the world’s oldest postal service drew nearer today as operating profits at Royal Mail more than doubled last year.
4 commentsCold weather hits retail sales
Freezing weather drove retail sales down 1.3 per cent in April as barbecue goods and garden furniture remained stuck on stores’ shelves.
Vertu grabs £31m Land Rover franchise
Acquisitive car dealer Vertu Motors is seeking further deals after agreeing to buy the Co-operative Group’s Land Rover franchise for £31 million in cash.
M&S’ Marc Bolland faces pressure after 5.8% slump
High street stalwart Marks & Spencer has reported a 5.8 per cent fall in annual profits and insisted it was making progress in turning around its clothing operation.
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Comment: Royal Mail sales battle | M&S puzzle
SO MANY have tried and failed to privatise Royal Mail that even now, with a promise of a flotation in the autumn, the process has to be treated with some caution.
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Food, Drink and Agriculture
AG Barr ‘positive’ despite Britvic jobs axe
Irn-Bru maker AG Barr has insisted that it “remains positive” over its planned £1.4 billion merger with Britvic, which today unveiled plans to cut hundreds of jobs after reporting a 50 per cent jump in profits.
Marine Harvest close the net on Cermaq acquisition
Norwegian fish producer Cermaq has failed to win enough shareholder support to buy Peruvian fish feed maker Copeinca, opening the door to a $1.7 billion (£1.1bn) takeover of Cermaq by rival Marine Harvest, the world’s largest fish farmer.
London blocks calls for livestock levy repatriation
The prospect of Scotland getting its hands on £1.4 million of livestock levies annually going into the English meat promotion board slipped away this week with Whitehall rejecting the Scottish Government’s latest claim to the cash.
£6m weather aid package unveiled
Details emerged from the Scottish Government on who would be eligible for the £6 million of weather aid cash with sheep, cattle and arable farmers all being eligible to apply for funding.
Beef prices ‘may cause backlash’
A WARNING has come over a potential backlash to soaring beef prices as judges selected entries for the McIntosh Donald/Tesco Scotch steak competition at next month’s Royal Highland Show.
Transport
Vertu grabs £31m Land Rover franchise
Acquisitive car dealer Vertu Motors is seeking further deals after agreeing to buy the Co-operative Group’s Land Rover franchise for £31 million in cash.
Comment: First’s fall leaves work to do
The news from FirstGroup yesterday confirmed investors’ worst fears and set the tone for a sharp fall in the transport company’s share price. How the mighty are fallen.
1 commentSkyscanner aims higher in Asia
Skyscanner, the Edinburgh-based flight comparison website, is seeking to capitalise on rapid growth at its Singapore office with a new role of general manager.
FirstGroup’s Tim O’Toole admits ‘hard slog’
FirstGroup chief executive Tim O’Toole has admitted that running the Aberdeen-based transport giant has been harder than he expected after he launched a £615 million fundraising to shore up its finances. Shares in the company plummeted 30 per cent, wiping £330m off its value.
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Ryanair profits soar 13%, but outlook clouded by recession
Irish airline Ryanair has vowed to nearly double its market share within five years, but said the recession across much of Europe will dampen short-term growth.
Industry
Business briefs: AGR Aberdeen | Clintec | John Menzies | IoD
AGR Petroleum Services, the Aberdeen-based operations of Norwegian well management firm AGR, has won an £18 million contract from Genel Energy covering ten wells in north and west Africa.
Jobs go as electricals unit closure costs Mitie £22m
OUTSOURCING specialist Mitie yesterday revealed that closing down its mechanical and electrical (M&E) engineering contracts arm will cost it £22.1 million.
Superglass shareholders back £12.9m survival plan
Superglass, the Stirling-based insulation materials company, today won shareholder backing for a survival plan which will see it raise £12.9 million and significantly reduce its debts.
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.
Technology
Sony to consider entertainment spin-off
Japanese electronics giant Sony is to consider a partial spin-off of its films and music division after trimming its sales targets for cameras, smartphones and tablet computers.
Interflora wins trademark dispute over M&S adverts
Marks & Spencer has lost a long-running trademark dispute with flower delivery network Interflora.
Vodafone keeps Verizon dividend as profits dip
Mobile phone giant Vodafone has unveiled a dip in annual profits on the back of a plunge in revenues across southern Europe, and said it would keep a £2.1 billion dividend from its US joint venture rather than return it to shareholders.
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Vodafone pulls out of BT contract race
Vodafone is understood to have withdrawn from the running to win a contract to provide mobile phone services to BT’s customers.
Yahoo confirms $250m Tumblr deal
US TECHNOLOGY major Yahoo splashed out $1.1 billion (£720 million) on acquiring social networking site Tumblr today, reportedly netting 26-year-old founder David Karp a $250m (£164 million) fortune six years after he started it.
Management
Royal Mail profits rise as privatisation beckons
THE proposed £3 billion sale of the world’s oldest postal service drew nearer today as operating profits at Royal Mail more than doubled last year.
4 comments
Comment: Need to do more than beat drum for exports
EVER since the onset of recession, we’ve heard near constant clamour for the need to “rebalance” the economy towards trade rather than consumption.
Jamie Dimon survives JP Morgan vote
JP MORGAN chairman and chief executive Jamie Dimon yesterday survived a vote by shareholders to split his role in two.
Mark Carney may benefit from easing of inflation
ECONOMISTS believe incoming Bank of England governor Mark Carney will have room to print further money or copy Japan’s more radical “Abenomics” after inflation fell to a seven-month low last month.
1 comment
Marine Harvest close the net on Cermaq acquisition
Norwegian fish producer Cermaq has failed to win enough shareholder support to buy Peruvian fish feed maker Copeinca, opening the door to a $1.7 billion (£1.1bn) takeover of Cermaq by rival Marine Harvest, the world’s largest fish farmer.
Market Reports
Markets: FTSE edges towards its all-time high
THE Footsie pushed through the 6,800 barrier yesterday to close above its 2000 and 2007 peaks and within 130 points of its all-time high set in December 1999.
Markets: RBS pulls FTSE over pre-crisis peak
The FTSE 100 index edged to its highest close in 12 years yesterday as banks and budget airlines made up for weakness in the mining sector.
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.
Media and Leisure
Business briefs: Shell | Johnston Press | Wood Group
Plans to redevelop the Shell Centre on London’s South Bank have been approved, developers have said.
Scotland’s flagging hotel industr’s Easter boost
SCOTTISH mid-market hotels received a substantial revenue boost in March, with Edinburgh and Aberdeen reporting the best performances.
Bowl maker secures backing for exports
LAWN bowls maker Thomas Taylor, which was founded in Glasgow in 1796, has secured a £450,000 funding deal from Bank of Scotland to help it expand in Australia.
Global forced to sell Capital FM or Real Radio
THE Competition Commission (CC)has ordered Global Radio Group to sell either Capital FM or Real Radio in Scotland following last year’s takeover of Guardian Media Group’s radio operations.
Global ordered to sell radio stations in seven areas, including central Scotland
The Competition Commission has confirmed that Global Radio will have to sell its Capital or Real station in central Scotland to address concerns over advertising costs.
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?
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.
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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.
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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.
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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.
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Personal Finance
Savers 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.
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 commentOutdated 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 – Wednesday 22 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 – Tuesday 21 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 – 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.
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.
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Weather for Edinburgh
Thursday 23 May 2013
Today
Light showers
Temperature: 5 C to 10 C
Wind Speed: 24 mph
Wind direction: North
Tomorrow
Sunny spells
Temperature: 5 C to 13 C
Wind Speed: 16 mph
Wind direction: North east
