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Business
Royal Mail: Brokers lined up for £3bn flotation
THE brokers for the £3 billion flotation of Royal Mail are expected to be announced this week, as trade unions claim that the government may yet push for an outright sale of the business.
Duck urges VAT cut to bolster UK hospitality sector
A SCOTTISH restaurant industry leader has called for a cut in VAT to help the struggling hospitality sector compete with cheaper destinations across Europe, where taxes are lower.
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Harry Dobson eyes more mines in Canada
A GOLD and copper exploration company chaired by Scottish mining magnate Harry Dobson is poised to hit the acquisition trail on Canada’s eastern seaboard after profitably relaunching a mine in Newfoundland.
Avon looking to recruit more men to join ladies
FOR generations the Avon Lady has been familiar as the ultimate doorstep seller.
3 comments
Cardswitcher price comparison site launched for SMEs
A FORMER executive with merchant services firm WorldPay has launched a price comparison site aimed at small business owners.
Banking
Co-op pulls business loans amid concern over capital
THE Co-operative Bank has stopped offering loans to new business customers, part of measures designed to quell growing concerns over its capital position.
2 comments
HSBC’s Flint apology over money laundering scandal
HSBC chairman Douglas Flint publicly apologised to shareholders yesterday for the bank’s failings after it was fined £1.3 billion in December following a probe into its Mexican and stateside operations.
3 comments
George Kerevan: More bank woes and questions
Spare a thought for Ed Miliband. Earlier this month the Labour leader gave a keynote speech on banking reform at the Co-op Bank’s headquarters.
2 comments
Comment: Plasters won’t be enough to heal Co-op
THE Co-operative may claim to be good with food, but it’s not proving to be so good with money.
Business briefs: NTS | Toby Strauss | Robertson
THE National Trust for Scotland (NTS) and Berkeley Insurance Group have formed a partnership under a new division, Berkeley Heritage.
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Insurance
Business briefs: NTS | Toby Strauss | Robertson
THE National Trust for Scotland (NTS) and Berkeley Insurance Group have formed a partnership under a new division, Berkeley Heritage.
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.
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Economics
Fisher pro QE but warns over ‘indefinite’ stimulus
BANK of England policymaker Paul Fisher has cautioned against a US-style commitment to long-term financial stimulus, although he remains in favour of a “slow amount” of additional bond purchases.
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Comment: Flybe blame-game goes beyond Gatwick
THERE have been many disputes between airlines and airports over fees, but rarely have they hit the sort of heights that led Flybe to pull out of Gatwick.
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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.
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.
6 commentsMPC 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.
1 comment
Energy and Utilities
Takeover interest in Severn to dominate results
TAKEOVER interest in Severn Trent will dominate the water giant’s full-year results this week as it seeks to persuade its wealthy suitor to up its bid by emphasising recent cost-cutting measures.
SSE and RWE npower get offshore wind farm go-ahead
SSE and RWE npower have been given the go-ahead for a £1 billion offshore wind farm.
1 commentPetroceltic abandons Black Sea well after ‘disappointing’ results
Oil and gas explorer Petroceltic International, which bought Edinburgh-based Melrose Resources last year, has abandoned an exploration well off the Bulgarian coast after it failed to find enough gas to justify commercial production.
Wood Group clinches five-year Gulf of Mexico deal
WOOD Group has won a five-year contract to support deepwater oil and gas platforms in the Gulf of Mexico.
Parkmead in £14.5 million swoop for rival
Parkmead chief executive Tom Cross hailed the firm’s most important deal to date today as he snapped up North Sea minnow Lochard Energy for less than its market value.
Retail
John Lewis enjoys 8.8 per cent sales increase
FAVOURABLE weather conditions saw John Lewis enjoy an 8.8 per cent increase in sales last week, with its Glasgow store among its best performers.
Business briefing: SABMiller | DMTG | Asda
SABMiller, the world’s second-biggest brewer, said margins would improve in the year ahead after strong growth in Africa and Latin America kept profits on track.
Tesco sets out bonus challenge
Bosses at Tesco will not receive a bonus this year unless they can reverse a decline in profits, the UK’s largest supermarket said in its annual report.
Halfords slashes dividend as profits tumble 22%
Car parts and cycles retailer Halfords has unveiled a three-year strategy to boost its sales after unveiling a 22 per cent plunge in annual profits.
1 commentMothercare trims UK losses as sales slowdown eases
Baby accessories retailer Mothercare today insisted its business was on a “firmer footing” after closing 56 loss-making stores during the past year.
Food, Drink and Agriculture
Funds for research project involving food firms
CAKES, sausages and even edible seaweed are to be given a scientific makeover after funding was unveiled for research projects involving three food firms.
AG Barr-Britvic merger likely to be discussed at AGM
AG BARR chief executive Roger White will look to prove this week that his company can still forge a tie-up with Britvic that gives his management team authority over the enlarged drinks group.
Farming: Questions over £6m weather support
THE Scottish Government’s announcement earlier this week of details of its £6 million weather aid aimed at sheep and cattle farmers was yesterday viewed with a degree of scepticism by the chairman of the Scottish region of the National Sheep Association.
‘Spy in the sky’ warning to growers
Growers of horticultural crops who are not paying a levy to the Horticultural Development Council (HDC) were warned this week that a “spy in the sky” will be used to track them down.
Waterlogic agrees acquisition of Cool Clear Water
WATERLOGIC, the Aim-quoted maker of water dispensers, is poised to break into the Australian market after agreeing the A$60 million (£38.4m) acquisition of Cool Clear Water (CCW).
Transport
Ford closes Australian vehicle factories
CAR maker Ford yesterday unveiled plans to close its two factories in Australia with the loss of 1,200 jobs.
Comment: Flybe blame-game goes beyond Gatwick
THERE have been many disputes between airlines and airports over fees, but rarely have they hit the sort of heights that led Flybe to pull out of Gatwick.
1 commentFlybe blames ‘penalistic’ charges as it sells Gatwick slots to EasyJet for £20m
Regional airline Flybe has unveiled plans to pull out of Gatwick airport by selling its 25 pairs of landing and departure slots to EasyJet for £20 million.
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 comment
Industry
M Squared target harmful gases in Fraunhofer deal
LASER maker M Squared is teaming up with German research institute Fraunhofer to develop ways of detecting harmful gases from chemical plants, industrial sites and rubbish tips.
Quarry head brands HM Revenue & Customs ‘arrogant’
THE head of one of the UK’s largest quarries has accused tax collectors of “arrogant and high-handed behaviour” ahead of a case this week involving millions of pounds in unpaid aggregates levies.
Valeant ‘nearing’ £6bn Bausch & Lomb deal
CANADA’S Valeant Pharmaceuticals International is understood to be nearing a deal to acquire US eye care company Bausch & Lomb (B&L) in a $9 billion (£6bn) deal.
Tata Steel posts £840m loss
INDIA’S Tata Steel plunged into the red last year with losses of £840 million after writing £1 billion off the value of its European arm, which employs 18,500 people in the UK.
Second Cygnus order secures 320 Bifab jobs
Burntisland Fabrication (BiFab) has won a second big contract from French utility GDF Suez to help build its Cygnus gas field in the North Sea.
Technology
M Squared target harmful gases in Fraunhofer deal
LASER maker M Squared is teaming up with German research institute Fraunhofer to develop ways of detecting harmful gases from chemical plants, industrial sites and rubbish tips.
Omega in placing to fund HIV technology production
SHARES in medical testing kit maker Omega Diagnostics jumped 5 per cent after the Alva-based firm unveiled an over-subscribed share placing to fund the production of its HIV-Aids technology.
Sensor makers to benefit from 4G services demand
SPECIALISTS in sensor and imaging systems are set for a boost as the widening roll-out of super-fast 4G mobile networks drives demand for remote monitoring technology.
Scots life sciences sector urged to ‘think global’
SCOTLAND’S life sciences companies should be looking at opportunities in the global healthcare market, according to a senior figure from the Bill & Melissa Gates Foundation.
Broadcaster Rob Woodward joins Regenersis boar
STV chief executive Rob Woodward is to join the board of gadget repairer Regenersis, one of the largest employers in Scotland’s electronics industry.
Management
ExecSpace in six-figure Bradenham Partners deal
A FAST-growing business in Edinburgh that books venues for conferences and meetings has secured a six-figure cash injection from private equity firm Bradenham Partners.
Royal Mail tests market for £1.5bn loan ahead of IPO
BANKS have been asked to gauge market appetite for a £1.5 billion syndicated loan to back the planned privatisation of Royal Mail, according to banking industry sources.
Omega in placing to fund HIV technology production
SHARES in medical testing kit maker Omega Diagnostics jumped 5 per cent after the Alva-based firm unveiled an over-subscribed share placing to fund the production of its HIV-Aids technology.
Carduus announces it is to close first fund
SOCIAL housing finance provider Carduus has announced it will close its first fund in the next few weeks despite falling short of its £200 million initial target.
Scottish Equity Partners to sponsor Eve Muirhead
SCOTTISH Equity Partners has sealed a deal to sponsor world curling champion Eve Muirhead as she prepares for the 2014 Winter Olympics in Russia.
Market Reports
Market watch: Kingfisher hit by sell rating
TWO of the biggest operators in the DIY sector will reveal the impact of poor weather and a subdued housing market this week.
Profit taking prolongs FTSE’s retreat
THE FTSE 100 continued its retreat from near-record highs after a previous session that saw the London market’s biggest fall in a year.
Markets: Tate & Lyle sweetens blow to market
Tate & Lyle was one of the few risers among yesterday’s market rout as a note previewing interim results next week caught the eye of traders with talk of mergers and acquisitions.
Shares lose £40bn US money printing end threat
THE FTSE 100 saw more than £40 billion or 2.1 per cent wiped off its value today as fears that the US may ease back on money printing, along with weak Chinese data, were compounded by doubts over the UK’s recovery.
3 commentsMarkets: 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.
Media and Leisure
News Corporation board approve plans to split
THE board of Rupert Murdoch’s News Corporation yesterday approved plans to split the conglomerate into separate entertainment and publishing businesses.
Manchester Utd tackle debt with lower interest loan
ENGLISH Premier League winner Manchester United has now trimmed £10 million off the annual interest bill on its debt through a refinancing arranged by Bank of America.
Broadcaster Rob Woodward joins Regenersis boar
STV chief executive Rob Woodward is to join the board of gadget repairer Regenersis, one of the largest employers in Scotland’s electronics industry.
£80m to spend on that ‘special occasion’ meal
PUBS group Mitchells & Butlers yesterday unveiled an £80 million investment cocktail targeting special occasion eating, family dining and “upmarket” metropolitan socialising.
Business briefs: Shell | Johnston Press | Wood Group
Plans to redevelop the Shell Centre on London’s South Bank have been approved, developers have said.
Opinion
Comment: Plasters won’t be enough to heal Co-op
THE Co-operative may claim to be good with food, but it’s not proving to be so good with money.
Bill Jamieson: Data shows why UK is truly divided
SO INWARD-looking has been the debate on Scottish independence that it is often assumed marked differences of wealth, output and performance are confined to comparisons between Scotland and the rest of the UK.
1 comment
Jeff Salway: Sheriff needed for cowboy letting agents
ARE they cowboys in a “Wild West” market taking advantage of rising demand by ripping people off with impunity?
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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Personal Finance
Corporate bonds: High return, potential pitfalls
SAVERS desperate for inflation-beating income are piling into eyecatching new bond offers unaware of the risks they’re taking, experts have warned.
Jeff Salway: Sheriff needed for cowboy letting agents
ARE they cowboys in a “Wild West” market taking advantage of rising demand by ripping people off with impunity?
More adult children live at home
AROUND 15 per cent of Scottish parents over 50 are playing host to their adult children in the tough economic climate.
Do-it-yourself skills almost a lost art, says B&Q survey
HALF OF all people in the UK believe DIY and basic household maintenance skills are being lost in a generation.
Savvy shoppers check around for the best quality and price
SAVVY shoppers are visiting two or more supermarkets in the same trip and almost half are reducing food waste in efforts to save money, according to a study.
Business Briefing
Scottish Business Briefing – Friday 24 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 23 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 – 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.
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Weather for Edinburgh
Sunday 26 May 2013
Today
Sunny spells
Temperature: 8 C to 16 C
Wind Speed: 15 mph
Wind direction: West
Tomorrow
Light rain
Temperature: 8 C to 12 C
Wind Speed: 18 mph
Wind direction: South
