- Barge hauls aircraft carrier's hull
- 'Only husband had murder motive'
- Children at nursery contract E.coli
- Fire debris 'may have asbestos'
- Young professionals 'prefer cities'
- Man arrested over rape of woman, 19
- Water warning issued amid hot spell
- Murder inquiry after man found dead
- Yes declaration seeks 1m signatures
Sponsored by
Business
US pressure removes Nish from key Standard Life committee
Standard Life chief executive David Nish is to step down from the life and pensions company’s nomination committee amid corporate governance concerns from US institutional investors.
New euro threat as Bankia to seek €15bn state bail-out
SPAIN’S Bankia was last night poised to ask for a state bail-out of more than €15 billion (£12bn), marking another rise in the cost of a long drawn-out rescue of the country’s fourth-biggest bank.
Nasdaq faces $100m-plus legal action as Facebook fallout grows
CLAIMS by four of Wall Street’s main market makers against Nasdaq over Facebook’s botched flotation are likely to exceed $100 million (£64m), as they and other traders continue to deal with thousands of problems with customer orders.
Clydesdale bank brings new names on board for restructuring
Clydesdale Bank yesterday revealed it had beefed up its boardroom to help steer the group through its restructuring process.
Lord Smith to chair green bank
LORD Smith of Kelvin is to chair the Edinburgh-based Green Investment Bank, a £3 billion initiative to provide loans for low-carbon investments.
Banking
HSBC escapes the shareholder spring effect
HSBC yesterday sidestepped the shareholder backlash over corporate pay with just 10.2 per cent of investors rejecting the bank’s remuneration policy at its AGM.
Nationwide aims to fill lending gap with move for small firms
Nationwide Building Society today laid out plans to fill the gap in small business lending and challenge its bigger rivals by expanding its personal banking business through more loans and credit cards.
Andrew Tyrie: Triple review of Bank performance too little, too late
THE Bank of England’s actions at the height of the financial crisis are to be scrutinised by three separate reviews, its non-executive arm said yesterday.
Barclays hoists ‘for sale’ notice over £3.8bn BlackRock stake
BARCLAYS Bank yesterday put its remaining $6.1 billion (£3.8bn) stake in money manager BlackRock up for sale in an effort to boost profits and capital buffers ahead of a tightening of legislation for lenders.
Troubled Man in £52m FRM deal
Hedge fund manager Man Group is to buy investment firm Financial Risk Management (FRM) as it seeks to reduce its dependence on its flagship AHL fund.
 |
 |
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.
1 commentAnd 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.
1 comment
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.
 |
 |
|
Economics
Weale talks up chance of fresh QE
This week’s dreary economic data has strengthened the case for further quantitative easing, but this has to be weighed against above-target inflation, Bank of England policymaker Martin Weale yesterday cautioned.
MPC was “finely balanced” on further QE
Members of the Bank of England’s monetary policy committee voted eight to one against printing more money this month but hinted they may change their minds if the economy does not improve.
Double blow for UK economy as manufacturers and retailers struggle
BRITAIN’S economy was dealt a double whammy of bad news today as retail sales fell at their fastest monthly pace in more than two years, while manufacturers’ confidence dwindled amid falling orders.
1 comment
Eurozone fallout could force Bank of England to print more money
FURTHER fallout from the euro-zone crisis is likely to prompt a fresh bout of money printing by Britain’s central bank, economists said yesterday, while business leaders questioned the effectiveness of such quantitative easing (QE).
Adam Posen urges Europe to act ‘more robustly’ to rescue failed banks
BANK of England policymaker Adam Posen has called on European countries to intervene more robustly in the financial crisis, saying they should not be afraid to nationalise their failing banks.
2 comments |  |
Energy and Utilities
Faroe bows to ‘shareholder spring’ as bonus plan shelved
OIL and gas explorer Faroe Petroleum became the latest company to get drawn into the “shareholder spring” yesterday, heading off a potential investor rebellion over a long-term bonus scheme.
Scottish mining group shares slump as Ayshire expansion plan is shelved
SHARES in Scottish coal mine operator ATH Resources plunged by more than a fifth yesterday after the firm put the brakes on plans to expand its mine at Glenmuckloch, in Ayrshire.
£14m Algerian loss hits Cape profits and shares
Cape, the FTSE-250 industrial services provider, will take a profit hit after unveiling a £14 million charge for losses on a contract in Algeria.
Wood wins ‘energy island’ deal
ENERGY services firm Wood Group has won a contract to build what is claimed to be the world’s first combined wave- and wind-powered facility.
Barryroe oil find uprated
Lansdowne Oil & Gas, the Irish explorer in which Aberdeen-based SeaEnergy holds a 25 per cent stake, yesterday revealed that its Barryroe discovery off the coast of Ireland could produce oil at higher rates than was previously predicted.
Retail
Dixons retail: Electricals giant’s bullish figures
CURRYS and PC World owner Dixons Retail has assured investors that it is well placed to make a crucial £160 million bond repayment this year after agreeing a new £300m lending facility.
Online demand drives John Lewis
Department store chain John Lewis posted another week of double-digit sales rises, boosted by online demand, but warned that recent wet weather had dampened fashion sales.
‘Ruthless’ plan for turnaround at troubled retail chain Mothercare
MOTHERCARE’S new chief executive vowed to be “ruthless” in tackling the chain’s costs yesterday as a dismal UK performance dragged the retailer to a £103 million loss.
As seen on share–dealing screens: Asos chiefs’ bonus
ASOS bosses pocketed more than £60 million in shares yesterday as profits at the online fashion firm nearly doubled.
Burberry expands: £200m plan to open more stores
Luxury brand Burberry has announced it is to invest up to £200 million opening outlets and expanding existing stores in a number of locations as it continues to defy the retail gloom.
2 comments
Food, Drink and Agriculture
Row growing over ‘Moonzie effect’ on farm rents
While some farm tenants have suggested the outcome of the recent Scottish Land Court case on Moonzie farm has been the trigger for a spate of rent rises, the chief executive of Scottish Land & Estates said yesterday that any rises merely reflected the fact that Scottish agriculture was enjoying a period of good profitability.
Last-minute cancellation of Drymen Show
A FAILURE to remove livestock from the Drymen show field within the recommended period of four weeks before the event has seen the local authority withdraw its permission for the 200-year-old event, which was to have been held tomorrow.
Roslin wins share of £250m research grants
A £250 million funding package announced yesterday for a range of agricultural research institutes around the UK included £23m support for a project at the Roslin Institute, outside Edinburgh.
Emerging economies drive brewer’s sales as mature markets stagnate
ROBUST growth in Africa and Latin America helped brewing giant SABMiller offset a fall in beer consumption in Europe and North America, with annual profits disclosed yesterday up 12 per cent at $5.6 billion (£3.6bn).
Producers with a beef about age rules
When is beef not beef? It may seem a daft question but European Union labelling legislation states that any meat from a beast slaughtered under 12 months old cannot be called just “beef”.
Transport
Thomas Cook’s appointment of an ‘outsider’ welcomed
HOLIDAY firm Thomas Cook has appointed a new chief executive from outside the travel industry to lead its turnaround.
Harriet Green, who is currently boss of Leeds-based electronic components distributor Premier Farnell, will join at the end of July.
1 comment
Profit slump on the buses leads First to plan a new route map
Scottish transport company FirstGroup is to accelerate the restructuring of its UK bus business after profits at the division fell by almost 10 per cent.
3 commentsBMW to fight £104m fine over Swiss sales
German car maker BMW has been fined SFr156 million (£104m) for preventing Swiss residents from buying its cars abroad to take advantage of the weakness of the euro.
Flybe’s expansion gathers pace with Finnair routes
Flybe, the regional airline, is to take on a third of the European routes run by loss-making Finnish flag carrier Finnair.
Ryanair takes battle over Aer Lingus stake to Supreme Court
Ryanair is taking the battle to retain its 30 per cent stake in rival Aer Lingus to the UK Supreme Court after the Office of Fair Trading was given the green light to investigate whether the holding is harming competition.
Industry
Saudi deal saves 200 BAE jobs
Defence giant BAE Systems has won a £1.6 billion contract to supply aircraft to Saudi Arabia, safeguarding more than 200 jobs at its Brough factory in north Yorkshire.
Dunedin sells military bridge builder WFEL
DUNEDIN, the Edinburgh-based private equity firm, has sold Stockport-based military bridge builder WFEL to German tank maker Krauss-Maffei Wegmann in what is believed to have been a £60 million deal.
Industrial property demand falls
Demand for industrial property has fallen to its lowest level since early 2009, with Scotland experiencing a “disappointing” decline in the first quarter of the year, according to a new report.
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 comment
Technology
I-Design hit by shares slump
SHARES in software firm I-Design slumped 11 per cent yesterday after the Red Hot Penny Stocks newsletter cut its recommendation on the Dundee-based stock.
Scotland could miss jobs cull at Hewlett-Packard
Hopes were high today that Scotland can avoid the worst of the 27,000 job cuts unveiled by computer maker Hewlett-Packard (HP) because the American firm has already restructured its facility at Erskine, near Glasgow.
Second deal in a week for McLaren
DOCUMENT management group Idox yesterday announced its second contract in a week for its Glasgow-based McLaren software subsidiary.
BT boss picks up £3.85m pay package
IAN Livingston, the Scots-born chief executive of BT, rang up a bumper pay package last year with total salary, cash and share bonuses of £3.85 million, according to the firm’s annual report.
Strathclyde beats top European universities to win Korean deal
THE University of Strathclyde has fought off competition from five other higher education institutions to become the exclusive European partner on a research and development programme backed by the South Korean government.
Management
Scottish Universities show enterprising growth as spin-offs numbers rise
THE number of spin-off businesses coming out of Scotland’s universities has more than doubled over the past two years as a drive to encourage entrepreneurship pays off.
Business news in brief: Xcite | InterContinental Hotels | Lansdowne | Pearson
Today’s buisness news in brief
Profit slump on the buses leads First to plan a new route map
Scottish transport company FirstGroup is to accelerate the restructuring of its UK bus business after profits at the division fell by almost 10 per cent.
3 commentsBusiness in brief: QinetiQ | Dairy Crest | Cove Energy | Christie Finance
Today’s business news in brief.
300 Scots business leaders sign up to campaign for more non-execs
NEARLY 300 Scots business leaders have signed up for a new service aimed at boosting the number of non-executive directors on the boards of small and medium-sized companies.
Market Reports
Markets slump on talk of Greek euro exit plans
European markets plunged yesterday as news that officials were preparing contingency plans for a Greek exit from the euro shattered the mood of cautious optimism seen earlier this week.
Media and Leisure
Daily Mail group profits dip on first-half costs
NEWSPAPER group Daily Mail & General Trust (DMGT) saw its first-half performance hit by the cost of disposals, restructuring and redundancies – but yesterday claimed annual earnings were still set to grow.
Thomas Cook’s £94m India deal eases debts
Holiday firm Thomas Cook sold its Indian subsidiary to a Canadian investment house yesterday, raising £94 million to help pay off its debts.
Investors in pole position with £1bn F1 move ahead of IPO
PRIVATE equity firm CVC Capital Partners has sold a 21 per cent stake in Formula 1 to a group of investors for $1.6 billion (£1bn) in cash as the motor racing series gears up for a flotation next month.
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.
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
Consumer watch: Minimum drink price plans met by storm of protest
Doubts on legality of legislature’s attempt to introduce minimum price on alcohol as a condition of licensing, reports Claire Smith
Don’t get stung by credit card charges, holidaymakers told
Many people don’t understand the dangers of plastic, says Claire Smith
Insurance costs:: New laws mean women’s insurance costs set to soar
Act now to beat Brussels ban on use of gender in calculating premiums, writes Jeff Salway
Pension planning: Plan ahead and save as much as you can to avoid working into your seventies
Pension age changes mean many work longer, save a lot more or retire poor, says Jeff Salway
Bankruptcy changes ‘will mean decades of poverty’
Proposals will make it harder for Scots to repay creditors, writes Jeff Salway
- Rangers takeover: Duff & Phelps threaten legal action against BBC
- Family mourn death of Glasgow ‘fight’ schoolboy
- Today’s youth not fit to be employed, says car firm Arnold Clark
- Rangers administration: Fans fear Duff & Phelps claims could scare off Green
- Rangers takeover: triple penalty punishment enough, says Johnston
- Alistair Darling leads ‘No to independence’ fight over tea and biscuits
- Scottish independence: SNP flip-flops over Nato
- Scottish Independence: SNP ‘won’t be Yes campaign’s only voice’
- Today’s youth not fit to be employed, says car firm Arnold Clark
- Scottish independence: ‘People here are best qualified to run Scotland’
Looking for...
Featured advertisers
Jobs
Search for a job
Motors
Search for a car
Property
Search for a house
Weather for Edinburgh
Saturday 26 May 2012
Today
Sunny spells
Temperature: 9 C to 20 C
Wind Speed: 15 mph
Wind direction: East
Tomorrow
Sunny
Temperature: 11 C to 21 C
Wind Speed: 10 mph
Wind direction: North east
