Business
Minutes show MPC members entrenched on QE
Outgoing Bank of England governor Sir Mervyn King was again outvoted 6-3 in his call for more asset purchases, minutes of the last monetary policy committee (MPC) meeting show.
Scottish Business Briefing – June 19th 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.
Lloyds chiefs deny pressure behind Co-op deal
Lloyds Banking Group’s top brass have rejected allegations that they were leant on by government ministers to sell hundreds of branches to the Co-operative Group in an eventually abortive £750 million deal.
JD Sports set for big outdoor loss
Retailer JD Sports Fashion has warned its Blacks and Millets outdoor division is set for another “substantial” loss, despite a return to sales growth today.
ITV buys US drama firm
Broadcaster ITV has bought US production company Thinkfactory Media, a maker of reality TV and drama including the Emmy award-winning Hatfields & McCoys.
Banking
Carney appoints Charlotte Hogg to Bank of England
INCOMING Bank of England governor Mark Carney yesterday began shaping his team by appointing Santander executive Charlotte Hogg to the newly-created post of chief operating officer.
Moody’s slashes mutual bank’s rating again
Co-operative Bank has suffered a fresh credit rating downgrade, just a day after its parent company unveiled a £1.5 billion rescue plan.
Comment: Bankers face flak from commission
UNLIKE many official documents following lengthy investigations, the final report from the Parliamentary Commission on Banking Standards is far from a damp squib. The cross-party commission doesn’t pull its punches on what needs to be done to clean up the besmirched industry.
Leaders: Time to get personal to rein in bad bankers
SINCE the banking crisis wreaked its havoc with this country’s finances, shrinking our public services and heralding the age of austerity in which we now live, there has been much talk about changing the culture of the banking industry.
MPs to grill Lloyds as Co-op Bank is saved
LLOYDS’ senior managers will face questions from MPs today over the collapse of the sale of branches to the Co-operative Bank, which was saved yesterday in a move that analysts hailed as a blueprint for future rescue deals.
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Insurance
L&G names new finance chief in management reshuffle
Life and pensions firm Legal & General today said that Mark Gregory, the head of its savings business, is to become group finance director at the start of next month.
Recruiters confidence in financial services sector
CONFIDENCE in Scotland’s battered financial services sector is rising, despite concerns over an “anaemic recovery” in the wider economy.
Aegon slims down after offloading advisory firm
LIFE and pensions group Aegon has sold one of its financial adviser companies and taken a stake in its new owner.
Andy Nicol signs deal with Central Insurance
FORMER Scottish rugby captain Andy Nicol will tackle a new kind of challenge after signing a partnership deal with the country’s biggest insurance broker.
Aegon shake-up puts 160 jobs at risk
Life and pensions group Aegon UK is to embark on a major restructuring of its sales operation, casting doubts over the future of about 160 jobs.
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Economics
Carney appoints Charlotte Hogg to Bank of England
INCOMING Bank of England governor Mark Carney yesterday began shaping his team by appointing Santander executive Charlotte Hogg to the newly-created post of chief operating officer.
Downturn ‘atomising’ small Scots construction firms
THE downturn in the construction industry has “atomised” the small-to-medium sized building sector in Scotland as larger family owned businesses fail and are replaced by newer but smaller companies, the trade body for sector has warned.
Comment: Bankers face flak from commission
UNLIKE many official documents following lengthy investigations, the final report from the Parliamentary Commission on Banking Standards is far from a damp squib. The cross-party commission doesn’t pull its punches on what needs to be done to clean up the besmirched industry.
Federal Reserve chairmen’s tone of voice researched
THE tones of voice used by United States Federal Reserve chairmen when they deliver their speeches is enough to cause waves in the gold and silver markets, according to research from Edinburgh University.
Business briefs: Business confidence | Saltire Foundation
CONFIDENCE among small businesses in the UK has increased to the highest level in three years, according to a new report.
Energy and Utilities
Board shake-up at SeaEnergy
SeaEnergy, the Aberdeen-based oil and gas services firm, is restructuring its board in a move that sees the departure of its finance director.
Aggreko eyes upturn at power projects division
TEMPORARY power provider Aggreko is on track to generate a 5 per cent rise in first-half revenues, despite “subdued” trading at its large-scale power plants division.
Composting firm TEG wins £2m contract in Perth
Organic waste specialist TEG Group has won a contract to compost food and garden rubbish for Perth and Kinross Council.
Subsidy cut puts £23m of hydro schemes at risk
HYDRO-ELECTRIC power developments worth £23 million are at risk if the UK government presses ahead with changes to its subsidy system, according to trade body Scottish Renewables.
Renewables projects forge ahead
TWO renewable energy schemes moved a step closer to fruition yesterday, with a major offshore wind farm receiving planning consent for its onshore work, while a whisky-to-energy development in Rothes entered its final stages.
Retail
Two Scottish malls go out of business
Two Scottish shopping centres owned by Glasgow-based Cairnduff Developments Ayr have been put into administration after suffering from lower footfall and a slump in rental values.
Business briefs: Paterson’s | Leith Agency | BMW
SHORTBREAD maker Paterson’s has extended its work with supermarket giant Asda, which is becoming the first retailer to stock the firm’s new biscuits.
Rox jeweller expands into England with two stores
SCOTTISH luxury jeweller Rox is investing £2 million to expand into England, with stores in Leeds and Newcastle expected to open in time for Christmas.
Majestic Wine toasts new Scotland store success
A SUCCESSFUL store launch in Scotland helped Majestic Wine keep profits stable even as it retreats from wholesale selling in favour of growing its retail estate.
Grahams enter cheese market with cheddars range
DAIRY business Graham’s is sinking its teeth into Britain’s multi-billion-pound cheese maket,launching a range of Scottish cheddars.
Food, Drink and Agriculture
Cold snap warms sales at Costa coffee
COFFEE chain Costa warmed shares in parent company Whitbread today after figures revealed another sales boost during Britain’s colder-than-normal spring.
Composting firm TEG wins £2m contract in Perth
Organic waste specialist TEG Group has won a contract to compost food and garden rubbish for Perth and Kinross Council.
UK government’s ‘swivel-eyed lunacy’ over Europe under fire
MeanwhiLe, MPs were engaged in a war of words in the House of Commons yesterday over EU farm subsidies.
Blame game hots up as senior MEPs blame ministers for CAP reform delay
With little more than a week to go before the Irish give up the presidency of the European Council, there is a real stand-off in the negotiations over the reform of the common agricultural policy (CAP).
Famous Grouse maker in £10m expansion
FAMOUS Grouse maker Edrington is preparing to follow in the footsteps of larger rivals Diageo and Pernod Ricard by expanding its production as the whisky industry gears up to sate the continuing overseas thirst for Scotch.
Transport
EasyJet on collision course for row with Stelios
BUDGET airline EasyJet has set itself on course for another row with founder and major shareholder Sir Stelios Haji-Ioannou after ordering 135 Airbus jets worth more than £7 billion.
3 commentsAA refinancing could fuel float of Saga division
THE owner of the AA and Saga is to refinance £3 billion of debt in a move that could clear the way for a break-up of the group.
Bruce Dickinson raises £5m to boost aviation business
BRUCE Dickinson, the lead singer with heavy metal band Iron Maiden, has raised £5 million cash to boost the manufacturing capabilities of his aviation business.
Business briefs: Paterson’s | Leith Agency | BMW
SHORTBREAD maker Paterson’s has extended its work with supermarket giant Asda, which is becoming the first retailer to stock the firm’s new biscuits.
Expansion of Heathrow ‘best option’ for business
EXPANDING Heathrow rather than creating a replacement “hub” airport at Stansted or in the Thames estuary would leave businesses and passengers better off, according to a report today.
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Industry
Downturn ‘atomising’ small Scots construction firms
THE downturn in the construction industry has “atomised” the small-to-medium sized building sector in Scotland as larger family owned businesses fail and are replaced by newer but smaller companies, the trade body for sector has warned.
Crest Nicholson profits jump following stock market return
Housebuilder Crest Nicholson, which returned to the stock market earlier this year, has unveiled a 76 per cent jump in first-half profits.
Bilfinger Berger Global Infrastructure raising £70m
INFRASTRUCTURE investment company Bilfinger Berger Global Infrastructure (BBGI), which was involved in a £320 million upgrade to the M80 motorway, is raising £70m.
Clydesdale and HSBC agree £38m loan facility for Waterlogic
Waterlogic, the Aim-quoted maker of water dispensers, has agreed a five-year $60 million (£38m) credit facility with Clydesdale Bank and HSBC.
Wellcome Trust lifts stake in Optos
Shares in Optos rose in early trading today after the Wellcome Trust raised its stake in the Dunfermline-based eyecare company.
Technology
AstraZeneca turnaround plan may take four years, warns drugs chief
Turning around drug maker AstraZeneca will be a long haul, with a strategy of revamping research and boosting acquisitions to take up to four years to pay off, its chief executive said yesterday.
Digitonic launching handset service
MOBILE marketing start-up Digitonic, which lists Coral, CR Smith and O2 among its clients, is launching a handset-based service that it believes will help double turnover in the coming year.
Wellcome Trust lifts stake in Optos
Shares in Optos rose in early trading today after the Wellcome Trust raised its stake in the Dunfermline-based eyecare company.
NVIDIA and government lab develop super-computers
NVIDIA, one of the largest computer chip developers, yesterday sealed a deal with the UK government’s Science & Technology Facilities Council (STFC) to develop the next generation of super-computers.
1 commentVodafone confirms approach for Germany’s largest cable company
Mobile phone giant Vodafone has confirmed that it is considering a bid for the largest cable operator in Germany, Kabel Deutschland.
Management
ITV2 commissions second series by STV
ANALYSTS think shares in STV are undervalued by more than 75 per cent after the Glasgow-based broadcaster yesterday won a contract to supply a second series of comedy entertainment show Fake Reaction to ITV2.
Carney appoints Charlotte Hogg to Bank of England
INCOMING Bank of England governor Mark Carney yesterday began shaping his team by appointing Santander executive Charlotte Hogg to the newly-created post of chief operating officer.
Subsidy cut puts £23m of hydro schemes at risk
HYDRO-ELECTRIC power developments worth £23 million are at risk if the UK government presses ahead with changes to its subsidy system, according to trade body Scottish Renewables.
AstraZeneca turnaround plan may take four years, warns drugs chief
Turning around drug maker AstraZeneca will be a long haul, with a strategy of revamping research and boosting acquisitions to take up to four years to pay off, its chief executive said yesterday.
Renewables projects forge ahead
TWO renewable energy schemes moved a step closer to fruition yesterday, with a major offshore wind farm receiving planning consent for its onshore work, while a whisky-to-energy development in Rothes entered its final stages.
Market Reports
FTSE advances ahead of QE statement
The FTSE 100 made gains as traders adjusted their positions ahead of today’s long-awaited meeting of the US Federal Reserve.
Brokers help bring back the buyers
Positive broker comments boosted a number of blue chip stocks yesterday and helped the FTSE 100 start the week on the front foot.
Costa owner set to gain from cold snap
Results from Whitbread, owner of the Brewers Fayre and Premier Inn chains, are likely to show that Britain’s love affair with frothy coffee shows no signs of abating.
Big freeze helps Whitbread deliver hot results
WHITBREAD should be perked up by sales from its fast-growing Costa coffee chain when it unveils first-quarter trading figures on Tuesday.
Credit facility lifts Glencore Xstrata
Glencore Xstrata topped the blue chip risers’ board yesterday after brokers praised its new $17.3 billion (£11.1bn) credit deal. The shares added 3.2 per cent at 315.9p with traders also encouraged by the appointment of former Morgan Stanley boss and renowned cost-cutter John Mack as a senior director.
Media and Leisure
ITV2 commissions second series by STV
ANALYSTS think shares in STV are undervalued by more than 75 per cent after the Glasgow-based broadcaster yesterday won a contract to supply a second series of comedy entertainment show Fake Reaction to ITV2.
Cold snap warms sales at Costa coffee
COFFEE chain Costa warmed shares in parent company Whitbread today after figures revealed another sales boost during Britain’s colder-than-normal spring.
AA refinancing could fuel float of Saga division
THE owner of the AA and Saga is to refinance £3 billion of debt in a move that could clear the way for a break-up of the group.
Rival ad agencies to merge
Marketing group the Leith Agency has swallowed rival Newhaven Communications.
Merlin Entertainments conjures up advice for its IPO
Merlin Entertainments, owner of the Edinburgh Dungeon visitor attraction, has appointed four investment banks to advise it on its upcoming stock market flotation,
Opinion
Comment: Bankers face flak from commission
UNLIKE many official documents following lengthy investigations, the final report from the Parliamentary Commission on Banking Standards is far from a damp squib. The cross-party commission doesn’t pull its punches on what needs to be done to clean up the besmirched industry.
Comment: ‘Ethical’ bank will sup with stock market devils
YOU would have to have a heart of stone not to laugh. The ethical bank is being bailed out by the casino.
Comment: Industry mulls independent Scotland’s place in Europe
IN RATHER dramatic language, it has been called the “Highland Showdown” with Scotland’s premier outdoor event, the Highland Show, being used as the backdrop to the opening shots in the debate over whether Scotland should vote for independence or not next September.
3 comments
Comment: Investing can sometimes be painful business
PATIENCE is a great virtue for an investor but it is a discipline often hard to maintain. Barely a month into my investment trust ISA plan for 2013-14 and it is looking decidedly wobbly.
Comment: Tucker’s Bank exit clears decks for Carney
AS A Bank of England lifer, Paul Tucker will sorely miss the Old Lady when he leaves in the autumn. But will the bank miss him?
Personal Finance
Jess Salway: Give savers a break and set NS&I free
ANOTHER week, yet another round of reductions in savings account rates. Long-suffering savers are now accustomed to the absence of decent cash returns, but they’re also finding out that some cuts are deeper than others.
How to keep your financial plans on track
RADICAL reforms aimed at wiping out mis-selling and improving financial advice standards have left millions of people without guidance when it comes to investing.
Jane Bradley: A brave new world for empty retail outlets?
WITH one in ten retail properties in Scotland lying empty, it is no surprise that high street chiefs have been looking for a viable solution to plug the gaps.
Poverty premium: High cost of being poor in UK
UK’s low-income families hardest hit by rising prices, says Jane Bradley
Flying food tray set to prove a hit
A FLYING serving tray which is powered by Drone quadicopter technology and can bring food to diners at their restaurant table is to serve Scottish customers as early as next next year.
Business Briefing
Scottish Business Briefing – Tuesday 18 June, 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 17 June, 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 14 June, 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 13 June, 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 12 June, 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
Wednesday 19 June 2013
Today
Sunny spells
Temperature: 9 C to 18 C
Wind Speed: 16 mph
Wind direction: West
Tomorrow
Cloudy
Temperature: 12 C to 20 C
Wind Speed: 8 mph
Wind direction: East
