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Business
MPC under pressure to boost QE
Pressure is mounting on the Bank of England to consider another round of emergency money printing on Thursday amid an increasingly gloomy economic environment.
Stars help boost sales at Fragrance Shop chain
Celebrity-branded ranges and the growth of the male grooming market fuelled a 23 per cent jump in annual sales at retailer the Fragrance Shop today.
AAM chief Martin Gilbert ‘on the hunt’ for rebel shareholders
MARTIN Gilbert, the chief executive of Aberdeen Asset Management (AAM) and chairman of transport giant FirstGroup, is said to be “hunting” for the anonymous shareholders who have expressed disquiet about his twin roles.
Renewables cash ‘will not benefit Scots’
ONLY a small proportion of the billions of pounds spent on Scotland’s renewable energy drive will reach the local economy and create jobs, a financial analyst has claimed.
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Drinks giant says rising thirst for whisky overseas may require more distilleries
FRENCH drinks giant Pernod Ricard will decide within the next nine months whether it will start building distilleries to cope with the rising demand for Scotch whisky in emerging markets.
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Banking
Banking: Bank of Scotland customers miss out on better products south of the Border
LONG-standing Bank of Scotland customers have been left at a disadvantage by the break-up of HBOS as the products available in branches north of the Border fall behind those offered by the Halifax, new figures show.
1 commentNBNK bullish about Lloyds branch deal
BANKING consolidation vehicle NBNK Investments has stepped up the pressure on the rival bidder for the 600-plus Lloyds bank branches being sold, saying talks with the seller were going well.
Pru in £400m swoop for Swiss Re’s US arm
INSURANCE major Prudential swooped to extend its footprint in the United States yesterday with the $621 million (£398m) acquisition of SRLC America Holding Corporation, the US life insurance business of Swiss Re.
Carolyn Fairbairn and Lord Blackwell join Lloyds Banking Group board
Lloyds Banking Group yesterday announced the appointments of Carolyn Fairbairn, a former ITV and BBC executive, and Lord Blackwell as non-executive directors.
Competition watchdog to probe car insurance market
The motor insurance market was today facing an investigation by the Competition Commission after a report found the market was “dysfunctional” and pushed up premiums by £225 million a year.
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Insurance
Pru in £400m swoop for Swiss Re’s US arm
INSURANCE major Prudential swooped to extend its footprint in the United States yesterday with the $621 million (£398m) acquisition of SRLC America Holding Corporation, the US life insurance business of Swiss Re.
‘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.
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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.
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Economics
Rogue IFAs rake in commission
INVESTORS have been warned to be on their guard against mis-selling as rogue advisers fill their boots with commission payments that are set to be outlawed next year.
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Markets slump as weak US job figures cap a week of bad news
GLOBAL stock markets plunged yesterday after dire jobs figures from the United States compounded a swathe of grim economic news from the UK, Europe and China.
Comment: Defaults don’t spell disaster
IS IT really “Eurogeddon”? Or should we all calm down a little? There’s no denying now that a showdown moment in the Eurozone crisis is close at hand.
3 commentsFinancial adviser fined £60k
THE City watchdog last week fined a South Queensferry-based financial adviser £60,000 for selling clients unsuitable investments that put them at risk of losses.
Rabinder Buttar faces multi-million pound legal action over ClinTec performance
FORMER Scottish Entrepreneur of the Year Rabinder Buttar is facing a multi-million pound legal claim from a private equity firm that has written off more than 80 per cent of its investment in her company.
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Energy and Utilities
Engineer plans to double workforce
AN ENGINEERING firm is planning to double the size of its workforce in Scotland to 40 on the back of the burgeoning renewables industry.
Big Switch proves to be a turn-on
THOUSANDS of energy customers who applied to become part of the Which? Big Switch have already begun the process of changing their energy supplier, the consumer association has announced.
‘Unsolicited interest’ sees BP consider TNK-BP sale
OIL giant BP performed a shock U-turn on Friday by revealing it is looking to possibly sell its half-share in TNK‑BP, Russia’s third-largest energy producer.
£20m to renew Longannet’s ageing boiler
Scotland’s largest coal-fired power station is to receive a £20 million investment from owner ScottishPower.
2 commentsSevern Trent to invest £150m after cutting leakages
WATER firm Severn Trent said it had reduced leakage to a record low level as it pledged to invest an additional £150 million in its network.
Retail
Soaring demand and restructure push profits up a gear at Vardy dealership
PETER Vardy, the grandson of legendary car salesman Reg, has seen his eponymous dealership chain post higher profits for the first three months of the year than in the whole of last year as demand for his BMWs, Minis and Vauxhalls accelerates.
John Lewis fails to shine in sun
JOHN Lewis’ Scottish stores suffered double-digit sales falls last week as sun-starved shoppers took time off to enjoy the weather.
Jobs at risk as Jacobs collapses
Camera retailer Cecil Jacobs collapsed into administration yesterday, jeopardising more than 150 jobs
Dissent mounts over ‘excessive’ retention bonus for Xstrata chief
STANDARD Life Investments was one of two influential Xstrata shareholders that yesterday branded the mining giant’s plan to pay a $46 million (£30m) retention package to its chief executive as “excessive”.
Scottish Business Briefing - Friday 1 June, 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
Champany Inn family seek £4m to expand
THE family behind the Champany Inn are seeking to raise £4 million to expand their current site in Linlithgow and open at least four “gastro pub” Chop and Ale houses across the central belt.
Enforcement of current rules on transport must be priority
Although the pressure on imposing a Europe-wide eight-hour maximum journey time of livestock appears to have slackened, Alyn Smith MEP has this week proposed measures which he claimed would improve the livestock transport situation.
MPs criticise Europe over ‘one-size-fits-all’ proposals
A POWERFUL Westminster committee has strongly criticised plans by the European Commission to impose new environmental regulations on farmers across Europe.
Recruiting support for tagging reform
A VISIT to Brussels this week by representatives of the national farming unions of Scotland, England, Wales, Northern Ireland and Ireland has been rewarded with support from a number of other European farming unions in their attempts to get the European Commission to review the rules on sheep identification. This, the unions argued, should be done at the earliest possible opportunity to reduce cost and remove bureaucracy.
Dairy group hopes to milk a global surge in demand
A NEW dairy strategy group which will look at establishing new market opportunities both at home and abroad has been set up this week, with Scotland Food & Drink chief executive James Withers saying there was a need to forge a new direction for the Scottish dairy industry
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Transport
Soaring demand and restructure push profits up a gear at Vardy dealership
PETER Vardy, the grandson of legendary car salesman Reg, has seen his eponymous dealership chain post higher profits for the first three months of the year than in the whole of last year as demand for his BMWs, Minis and Vauxhalls accelerates.
High-end travel firm launched amid talk of Etihad link to Edinburgh
A LUXURY travel business is being launched to target high net worth individuals from the Middle East, while speculation has emerged that Etihad, the national carrier for Abu Dhabi, is in talks to lay on direct flights to Edinburgh Airport.
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‘World class’ experience at Edinburgh airport promised by new chief executive
GORDON Dewar, the returning chief executive of Edinburgh Airport, has ruled out a repeal of the unpopular £1 “kiss and fly” tax, but has pledged to expand the number of direct flights to North America and the Middle East available to travellers.
5 commentsMegabus is now big in Texas
TRANSPORT group Stagecoach is expanding its budget coach service, Megabus, in America with a move into Texas.
Chinese demand is driving force behind Jaguar Land Rover surge
Booming demand from China helped drive a record £1.5 billion profit at resurgent luxury car maker Jaguar Land Rover (JLR).
Industry
Food allergy test could lead to Glasgow lab launch
A BLOOD test that could offer hope for millions of food-intolerance sufferers will be rolled out across the UK this summer in a move that may lead to the setting up of a dedicated laboratory in Glasgow.
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.
Technology
YoYo raises its game with launch of Studio software
A SOFTWARE firm backed by former executives from Xbox and Last.fm is preparing to post its maiden profit after launching a tool that allows computer game makers to cut their development times by 80 per cent.
Iomart in buying mode
CLOUD computing specialist Iomart is sitting on a £30 million war chest that it will use to fuel up to four takeovers over the next 12 months, according to the Glasgow-based firm’s house broker.
Losses for Angel as it invests in reopening manufacturing plant
ANGEL Biotechnology has tumbled back into a loss after heavy investment in new operations that are expected to lead to a surge in additional work for the Edinburgh-based company.
Nokia and Microsoft hit out at Google’s latest patent claim
THE bitter battle for supremacy over the mobile internet rumbled on yesterday, with Google accused of being “desperate” and just plain wrong in alleging that two of its rivals are colluding to make money from their patents.
Two major contract wins push I-Design shares higher
SHARES in I-Design leapt 14 per cent on Friday after the Dundee-based cash machine software specialist landed major contracts with Barclays and American firm Cardtronics.
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Management
No need for the office relocation to be so moving
AS organisations downsize and take up new premises, staff can feel left behind, discovers Catherine Quinn
Property key to building decent profit
BRICKS and mortar funds, particularly in the commercial sector, remain a solid bet, writes Conal Gregory
Braveheart chiefs lead the charge into shares
SEVERAL directors in Scottish group Braveheart Investment last week upped their stakes in the company.
MARKET WATCH
TOY maker Hornby, famous for its train sets and Scalextric, will reveal this week that it is still struggling up a steep gradient of consumer unease following its profits warning in January after a second poor Christmas on the trot.
Comment: £1.1tn protection gap could have firms in mourning
AS OF April this year there were more than 2.1 million registered companies in the UK and a staggering business protection gap defined by Legal & General as £1.1 trillion.
Market Reports
Bleak start to June for FTSE investors
A BOOST from BP’s surprise decision to sell its troublesome Russian joint venture proved short lived as yesterday’s steady flow of dismal economic news dragged the Footsie lower.
Bernie Ecclestone puts the brakes on F1 flotation plan
Formula One boss Bernie Ecclestone has signalled that he is unlikely to float the business this month as had previously been thought, saying he will wait until the time is right.
Spanish troubles weigh on bourses as shares plunge
European stock exchanges suffered fresh falls yesterday as Spain’s attempts to rescue its banking system brought the state’s own finances into question, moving the eurozone crisis towards a dangerous new stage.
Media and Leisure
Fitness First CVA proposes radical slimming plan to avoid liquidation
FITNESS First will shed nearly half of its UK gyms under the terms of a proposed company voluntary arrangement (CVA) aimed at saving the struggling group from administration.
Money saving website sells for £87m
Personal finance journalist Martin Lewis secured his own multimillion-pound fortune today by agreeing the sale of his website for up to £87 million.
Scottish Business Briefing - Friday 1 June, 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.
Former News International chief takes key role at Johnston Press
JOHNSTON Press, the publisher of The Scotsman, yesterday appointed former News International executive Neil Jones to the newly created post of commercial and marketing director.
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Greek chaos hits Minoan shares as Crete resort plans delayed
POLITICAL turmoil in Greece has delayed the planning decision on Glasgow-based Minoan Group’s leisure development on Crete, the firm warned yesterday, pushing its shares lower.
Opinion
Comment: Defaults don’t spell disaster
IS IT really “Eurogeddon”? Or should we all calm down a little? There’s no denying now that a showdown moment in the Eurozone crisis is close at hand.
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Comment: More doom and gloom as grim outlook goes global
HOPES that the stock market would deliver investors a pre-Jubilee boost were right royally dashed on Friday.
2 commentsJeff Salway: Government holds course on plans for vilified ‘granny tax’
IF YOU are not left too dizzy by the government’s latest budget U-turns, you may now be wondering where the next climbdown will come from.
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.
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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.
Personal Finance
Comment: Drawdown options keep pension income flexible
MANY people are not aware that the rules on pensions changed on the 6 April 2011.
Comment: Mix of ISAs and pensions needed for good retirement
Taxation should always be a secondary consideration to investment and your personal appetite for risk. Whilst this is a core principle for most independent advisers we should all have a realisation of the longer-term effects of any particular savings strategy we plan today.
Jeff Salway: Government holds course on plans for vilified ‘granny tax’
IF YOU are not left too dizzy by the government’s latest budget U-turns, you may now be wondering where the next climbdown will come from.
Banking: Bank of Scotland customers miss out on better products south of the Border
LONG-standing Bank of Scotland customers have been left at a disadvantage by the break-up of HBOS as the products available in branches north of the Border fall behind those offered by the Halifax, new figures show.
1 commentTelephone fraud soars as thieves revert to ‘low-tech’
Tighter security and greater awareness forcing crooks to turn to simpler scams, says Jeff Salway
- Scottish independence: Treasury slaps down Alex Salmond’s bank claim
- Scottish independence: I don’t want ‘separatism’ says Sir Tom Farmer
- Scottish independence: Lord Lawson rubbishes Alex Salmond bank claims
- Jim McColl may back Scottish independence if third option omitted
- MSPs vote to keep Queen as head of state if Scotland splits from UK
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Weather for Edinburgh
Sunday 03 June 2012
Today
Cloudy
Temperature: 4 C to 12 C
Wind Speed: 18 mph
Wind direction: North east
Tomorrow
Cloudy
Temperature: 6 C to 14 C
Wind Speed: 12 mph
Wind direction: North west
