- Pandas a hit with YouTube viewers
- Pedestrian dies after car accident
- No prosecution of rail fare row man
- Family devastated by boy's death
- Devolution papers release vetoed
- Rail signal staff to strike again
- Snow set to settle over 'wide area'
- Knife sentences longer in Scotland
- Reoffending services data 'lacking'
- Budget cash for colleges, housing
- Navy rescuers have busiest UK base
- Home recycling 'saves £20m a year'
- Police name bus fall death woman
- Sports scheme to help youngsters
- Probe into university blaze begins
- Offshore energy 'needs efficiency'
- Murray vows to win grand slam title
- Alcohol plan 'complies with EU law'
- Secrecy over Megrahi 'orchestrated'
- UK banks owner launches review
Business
Virgin Media creates 620 jobs
Cable operator Virgin Media is to create 620 jobs as it looks to meet demand for its broadband and television on-demand service.
Thomas Cook sees losses increase
The struggle at tour operator Thomas Cook was laid bare as the beleaguered company revealed heavy losses - but offered some hope with robust summer bookings.
Strategic review of Clydesdale fuels concerns of NAB pull-out
Clydesdale Bank is set to be “reshaped” ahead of a possible sale after economic conditions in the UK deteriorated in the final three months of 2011.
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Scottish Business Briefing - Wednesday February 8, 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.
Records tumble as bull fetches 15,000gns
Records fell at Stirling yesterday when Aberdeen Angus and Shorthorn bulls achieved their best-ever averages and a Shorthorn bull sold for a record price at auction of 15,000 guineas.
Banking
Triodos opts for Edinburgh as loans surge
DUTCH bank Triodos will today unveil a 36 per cent increase in the value of its UK loan book to £424 million after choosing Edinburgh as the location for its first high street branch.
Santander raids rivals as it beefs up Scots team
SANTANDER has raided rival Lloyds Banking Group as it looks to beef up its Scottish presence.
Tesco faces up to tough times on banking front
TROUBLED Tesco Bank will update the market later this week on the progress of its latest experiment into in-store banking following disappointing results from its pilot branches.
Scottish Business Briefing – Monday 6 February, 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.
Opt-out may not protect financial firms from an EU transaction tax
BRITAIN’S financial services firms could pay up to 60 per cent of the proposed European transaction tax even if the UK opts out, a report will warn today.
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Insurance
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.
Moreland signs deal with British Franchise Association
MORELAND Insurance, one of Scotland’s biggest brokers, has signed a strategic partnership with the British Franchise Association.
Standard Life wins £100m case
Standard Life has won a legal dispute against a group of insurers who refused to pay out on a £100 million claim.
Aegon seals £1.7bn bank credit deal
Dutch insurance company Aegon, which owns the Edinburgh-based group of the same name, yesterday said it agreed a €2 billion (£1.7bn), five-year credit facility agreement.
Radical redesign ‘is essential for pensions’
PENSIONS should be radically redesigned into more flexible “lifetime savings accounts” to help young people pay off debts such as student loans, according to the head of Saga.
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Economics
Queen’s jubilee could add to UK economy woes
THE Queen’s diamond jubilee could knock economic growth in the UK, analysts have warned, despite the expected boost to retail and tourism.
Big push to create apprenticeships in UK companies
BUSINESS secretary Vince Cable will today kick off the UK government’s largest-ever effort to convince companies that they should take on apprentices.
Cash injection of £50bn aims to avert slump
BANK of England policy- makers are this week expected to pump at least £50 billion of fresh cash into the economy even though a double-dip recession is looking less likely.
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Bill Jamieson: Fiscal autonomy takes a pounding
WHATEVER your views on independence, First Minister Alex Salmond has set Scotland on its most important constitutional, political and economic journey for 300 years. The next two will see an intensifying scramble to seize the commanding heights of policy credibility.
10 commentsService sector set to reinforce hope of avoiding double-dip
Critical data out today was expected to show that Britain’s dominant services sector remained in growth territory last month, reinforcing hopes that a double-dip recession may yet be avoided.
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Energy and Utilities
Stork wins £10m African contract
Stork Technical Services has won a £10 million contract to carry out subsea inspections for an oil and gas driller off the west coast of Africa.
BP raises dividends
BRITISH oil major BP underlined its return to health yesterday by hiking its dividend and announcing further activity in the North Sea and Gulf of Mexico.
Craig Group adds to fleet as Talisman deal is unveiled
CRAIG Group, the Aberdeen-based energy services firm, will today unveil a five-year contract from Talisman Energy that will spark a “major investment” in its shipping fleet.
Administration–hit refinery still running
ADMINISTRATORS at PricewaterhouseCoopers have bought a further batch of crude oil for processing at the Coryton refinery in Kent.
BP to raise dividend amid recovery from Gulf oil spill
OIL giant BP is expected to announce its first dividend increase since the Gulf of Mexico oil spill when it unveils fourth-quarter figures on Tuesday.
Retail
Müller seals 93.9% of Wiseman
GERMAN dairy operator Müller yesterday declared that its £280 million offer for East Kilbride-based Robert Wiseman Dairies had turned “unconditional” after securing 93.9 per cent of the Scottish milk maker’s shares.
Low & Bonar eyes overseas expansion
LOW & Bonar, the international yarns and fibres business that includes a plant in Dundee, yesterday revealed its ambitions to “scale up” in Asia and Latin America after posting a surge in annual profits.
January sales squeezed as UK’s consumers put off spending
Fresh evidence of a squeeze on consumer spending emerged today as a key snapshot of high street sales revealed the second worst January since records began.
Terry Murden: Banking blow latest evidence of Tesco’s fallibility
MORE problems for Tesco. After seeing its grocery crown slip it’s now finding the banking market tougher than expected.
It is delaying the launch of a current account following the earlier postponement of its mortgages, testing customers’ patience for some months yet.
Scottish Business Briefing – Monday 6 February, 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.
Food, Drink and Agriculture
Union hits out at strong Yara results
Strong fourth-quarter figures posted yesterday by international fertiliser giant Yara boosted share dividends – but also drew criticism from the National Farmers Union of Scotland.
Müller seals 93.9% of Wiseman
GERMAN dairy operator Müller yesterday declared that its £280 million offer for East Kilbride-based Robert Wiseman Dairies had turned “unconditional” after securing 93.9 per cent of the Scottish milk maker’s shares.
Alyn Smith calls for limit on ‘unproductive’ farm support pay-outs
THE release at the weekend of details showing the top farm subsidy recipients in Scotland, with three individuals or companies each taking more than £1 million in taxpayers’ money, has highlighted the failings of the current support system, according to one of Scotland’s MEPs.
1 commentJacobite raises the standard for Aberdeen Angus breeders
THE February bull sales got under way at Stirling yesterday with the show of Aberdeen Angus and Shorthorns. The large numbers forward in the spring mean that the traditional four days of shows and sales is split into two separate weeks, with native breeds and Limousin taking place in the next couple of days and, in two weeks time, Simmental and Charolais bulls will be sold.
Vestey moves to snap up top Scottish butcher in ‘£30m deal’
A PRIVATE food conglomerate has bought a Scottish butcher with a Royal Warrant for a price understood to be in the region of £30 million.
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Transport
EasyJet passenger numbers dip
EASYJET’s passenger loads edged down 0.4 per cent last month, with the budget airline carrying 3.73 million passengers compared with some 3.74 million in January 2011.
Craig Group adds to fleet as Talisman deal is unveiled
CRAIG Group, the Aberdeen-based energy services firm, will today unveil a five-year contract from Talisman Energy that will spark a “major investment” in its shipping fleet.
Airline giant reports rise in passengers
International Airlines Group (IAG), formed by the merger of British Airways and Iberia, yesterday posted a small rise in traffic in January, boosted by strong growth in first- and business-class passengers.
Airline folds as bills unpaid
HUNGARIAN flag-carrier Malev ceased operating early yesterday after its planes were held overseas for unpaid debts, leaving a gap in the market that low-cost competitors were quick to exploit.
BAA loses court appeal against sale of Stansted
Airport operator BAA must sell London Stansted after a court yesterday dismissed its appeal against a ruling by the competition watchdog.
Industry
Stork wins £10m African contract
Stork Technical Services has won a £10 million contract to carry out subsea inspections for an oil and gas driller off the west coast of Africa.
Standard Life refuses to back $90bn Glencore and Xstrata merger
A DEAL to create a $90 billion (£57bn) powerhouse spanning mining, agriculture and commodities trading came under attack from major shareholders yesterday, including Standard Life Investments (SLI).
Angels put their cash into Bloxx
Internet filtering firm Bloxx is to invest in further product development after securing £550,000 from business angels and Scottish Enterprise.
Car sales rise in January
HOPES grew yesterday that Scotland’s car dealerships will have a better year than previously forecast as sales in the opening weeks of 2012 motored ahead.
Factories fear for falling orders in face of eurozone crisis worries
ONGOING concerns about the eurozone debt crisis and the ensuing political uncertainty have dented confidence among Britain’s small manufacturing companies, the CBI will warn today.
Technology
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.
Wolfson chief faces questions over high costs
WOLFSON Microelectronics chief executive Mike Hickey will come under pressure from the City this week to justify the Edinburgh-based chip maker’s high overheads while the company’s losses widen.
Bono may be ringing in a new era at Facebook, but will their stock continue to rise?
SUCH is the frenzy surrounding Facebook’s initial public offering that it is possible to get odds on whether Mark Zuckerberg or even shareholder Bono will ring the bell to start its first trading session on an as yet unspecified US stock exchange.
Management
Scottish Life maintains record form
Scottish Life continued to pull in record levels of new business last year, despite “very challenging” conditions.
Bellway upbeat as sales rise ahead of spring season
Housebuilder Bellway said a “resilient” market meant it grew sales in the past six months and was enjoying higher levels of interest ahead of the spring selling season.
Mining merger haggling leads to investors cashing in on shares surge
Investors cashed in their gains on commodities trader Glencore and miner Xstrata yesterday as the two firms haggled behind closed doors on the terms of their proposed merger.
Top Fed official calls for US interest rate to rise in 2013
THE Federal Reserve should start raising interest rates next year, a top Fed official said yesterday, arguing that many years of near-zero rates will do little to return economic output to pre-recession levels and risks causing “disaster.”
Angel flying on new contract news
Shares in life sciences firm Angel Biotechnology leapt yesterday as the company announced new contracts with its biggest customer worth “in excess of” £4.5 million.
Market Reports
Cairn maintains rally on positive note
Oil firm Cairn Energy made further gains yesterday after a second positive broker note in two days.
Lloyds ahead on house price update
Lloyds Banking Group bucked a weaker trend in the London market yesterday thanks to encouraging house price data from the Halifax.
Barclays and BP in the spotlight as results are revealed
THE reporting season gathers pace this week when some of the UK’s biggest companies unveil their annual figures, including oil giant BP, banking group Barclays and the country’s largest pharmaceutical firm, GlaxoSmithKline.
Markets: Wide market exposure set to lift Diageo
DRINKS giant Diageo is expected to cheer strong profits growth on Thursday despite continuing pressure on sales of its whisky in troubled southern Europe and damage to margins from pub closures in Britain.
Markets: Aggreko powers to an all-time high
SCOTTISH temporary power supplier Aggreko climbed to an all-time high yesterday as investors bought into a rally among London’s biggest stocks.
Media and Leisure
Summer bookings boost at TUI Travel
Thomson Holidays owner TUI Travel capitalised on the woes at Thomas Cook today by revealing that summer bookings outpaced the market during January.
1 commentMagpie’s magic: CD and DVD site cashes in on Christmas
A BUSINESS that buys and sells used CDs, DVDs and video games online enjoyed its busiest ever day last month as people sold unwanted Christmas gifts to free up cash.
Glasgow green light for Grade A block
PLANS have been approved for 170,000 sq ft of grade A office space in Glasgow’s St Vincent St, indicating some confidence in the property sector and in the city’s financial district.
Hotel chain names Roberts to top role
MWB Group Holdings yesterday said it had completed the senior management restructuring at its boutique hotels business with the appointment of Paul Roberts as finance director for Malmaison and Hotel du Vin.
Ian Rankin waxes lyrical in fight to stop BBC ‘numpties’ axing Janice Forsyth show
ONE of Scotland’s foremost authors has stepped up the row over BBC Radio Scotland’s decision to axe the popular Janice Forsyth Show by writing a poem attacking the corporation.
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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
Terry Murden: Banking blow latest evidence of Tesco’s fallibility
MORE problems for Tesco. After seeing its grocery crown slip it’s now finding the banking market tougher than expected.
It is delaying the launch of a current account following the earlier postponement of its mortgages, testing customers’ patience for some months yet.
Barclays and BP in the spotlight as results are revealed
THE reporting season gathers pace this week when some of the UK’s biggest companies unveil their annual figures, including oil giant BP, banking group Barclays and the country’s largest pharmaceutical firm, GlaxoSmithKline.
Terry Murden: Anti-business attitude will only harm our economy
IT HAS been a bad week for business, or at least attitudes towards business. The political elite, spurred on by the burn-the-bankers mob, is now hell-bent on punishing anyone who is rich or, worse, a rich failure.
4 commentsJeff Salway: Shop around to avoid pension disaster
IT COSTS retiring workers around £1 billion in pension income, a figure set to treble over the next decade, and those on the lowest incomes are the hardest hit.
Bill Jamieson: Fiscal autonomy takes a pounding
WHATEVER your views on independence, First Minister Alex Salmond has set Scotland on its most important constitutional, political and economic journey for 300 years. The next two will see an intensifying scramble to seize the commanding heights of policy credibility.
10 comments
Personal Finance
Jeff Salway: Shop around to avoid pension disaster
IT COSTS retiring workers around £1 billion in pension income, a figure set to treble over the next decade, and those on the lowest incomes are the hardest hit.
Collapse of Hungarian airline fuels fears of European chaos
TRAVEL experts have raised fears European holidaymakers could face a wave of airline failures as Hungary’s national carrier, Malev, was grounded and receivers brought in early yesterday.
1 comment
No sign of Facebook fatigue ahead of $5 billion flotation
FACEBOOK users are showing no sign of tiring of the social network site, a survey has revealed.
Tea trend makes mug of tradition
THAT great British institution – the teapot – is under threat, new figures have revealed, as people increasingly opt to make their daily brew in a mug.
Jane Bradley: Campaign to cut noise has disturbing knock-on effects
SSSSHHH. Keep it down. For today, I am writing this while browsing in the quietest shop in the world.
1 comment- Alex Salmond under fire for Nazi jibe at BBC adviser
- Marian Kello dropped because he entered negotiations with English club
- The Rumour Mill - Monday’s football news and gossip
- Ally McCoist talks of crisis but Craig Whyte says there is none
- Six Nations: Dan Parks announces retirement from Scotland team
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Weather for Edinburgh
Wednesday 08 February 2012
Today
Sunny spells
Temperature: 0 C to 2 C
Wind Speed: 9 mph
Wind direction: South west
Tomorrow
Light rain
Temperature: 4 C to 7 C
Wind Speed: 13 mph
Wind direction: South west
