- Chimps 'have their own personality'
- Passing fire crew revives woman
- Eurozone crisis 'has implications'
- 1+2 plan 'needs funds and staff'
- Police car involved in road crash
- Firms urged to use Scottish produce
- Lockerbie inquiry calls rejected
- Stabbing prompts murder inquiry
- Impact of ageing population probed
- MSPs set to pass alcohol price Bill
- Firm fails to appear at committee
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Business
HP warns of British job cuts
Computer maker Hewlett Packard has warned of cuts in its UK operation in a global purge that will see it axe 27,000 workers.
Coal miner delays Ayrshire plans
Shares in Scottish coal mine operator ATH Resources plunged by 25 per cent in early trading after the firm put the brakes on its plans to expand its mine at Glenmuckloch, in Ayrshire.
Mothercare reveals £103m loss
The uphill challenge faced by the new boss of Mothercare was underlined today as a dismal UK performance dragged the parenting retailer to a £103 million loss.
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.
2 commentsThomas Cook appoints new chief
Holiday firm Thomas Cook today said it had appointed a new executive chief from outside the travel industry to lead its turnaround.
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Banking
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.
Lloyds and NBNK yet to hold formal talks on sale
LLOYDS Banking Group is playing “hardball” with banking consolidation vehicle NBNK, according to senior sources, following the regulatory knockback the lender received during its negotiations with the Co-op to try and offload 632 branches.
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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.
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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.
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.
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Economics
UK economy: Recession deeper than feared as GDP revised down
THE state of the economy is worse than originally feared as revised figures today showed that gross domestic product (GDP) shrank by 0.3 per cent between January and March, down from a first estimate of 0.2 per cent.
10 comments
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.
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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).
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.
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.
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Energy and Utilities
Emec’s second overseas deal
A SCOTTISH test centre for wave and tidal power devices has signed its second international contract in just three months.
Cove backs new £1.33bn Thai offer
A BID battle was looming yesterday for Cove Energy after Thailand’s PTT Exploration and Production (PTTEP) trumped Shell’s £1.22 billion offer for the Mozambique-focused explorer.
Distillery waste plant on course
CONSTRUCTION of Helius Energy’s waste-to-heat plant at Rothes, in Moray, is “on schedule and within budget” and it is due to start operating in the first half of next year, it emerged yesterday.
Scots-based energy firms’ $1bn deals with Norway and Malaysia
KCA Deutag, the Aberdeen-based drilling firm sold by oil tycoon Alasdair Locke in 2008, has won a $700 million (£440m) contract from Statoil to operate oil rigs in Norwegian waters.
Atlantic Offshore Rescue to launch more ships
Atlantic Offshore Rescue, the Aberdeen-based standby vessel operator, is to expand its fleet after securing North Sea support contracts worth £12 million.
Retail
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.
1 commentHouse of Fraser sales defy economic uncertainty
Retail group House of Fraser, owner of the Jenners department stores, yesterday said its sales were holding up despite economic uncertainty and the unseasonable weather.
M&S looks abroad to drive growth as UK figures disappoint
MARKS & Spencer has set its sights on becoming a “truly international” retailer after reining back its UK expansion plans in the wake of its first drop in profits for three years.
Tesco boss turns down bonus
THE HEAD of the supermarket giant, Tesco, took responsibility for the organisation’s dismal UK trading today by spurning his annual bonus worth £372,000.
Waterstone’s in Kindle deal
WATERSTONE’S yesterday announced a pact with online retailer Amazon to gain a toehold in the digital market.
Food, Drink and Agriculture
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”.
Webb confident on funding
Optimism over future funding of agricultural education was expressed yesterday by the recently appointed chief executive and principal of the Scottish Agricultural College, Professor Bob Webb, writes Andrew Arbuckle.
Dairy co-ops in merger to create UK No1
DAIRY co-operatives Arla and Milk Link are to join forces in a merger that will create Britain’s largest milk processor.
Dairy chiefs welcome merger between Arla and Milk Link
THE merger deal between Arla and Milk Link setting up the largest single dairy company in the country was welcomed yesterday by farming leaders.
European mission to meet new entrants to farming
Next month a party of European Commission officials will arrive in Scotland for a two-day visit to discuss the ongoing issue of new entrants and single farm payment eligibility, speaking to Scottish new entrants about the difficulties they face.
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Transport
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.
Ryanair plays it tough over Edinburgh cost cutting
RYANAIR today remained defiant on its costcutting plans at Edinburgh airport if the new owner refuses to cut it a better deal.
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Ecometrica wins National Express software contract
National Express has chosen Edinburgh-based software firm Ecometrica to help the coach operator measure the amount of carbon dioxide and other greenhouse gases emitted by its vehicles.
1 commentJohn Menzies figures taking off, led by aviation division contract wins
Logistics company John Menzies reported a strong start to the year yesterday, with trading in line with expectations of the board and analysts.
Industry
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.
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.
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.
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Technology
Scots to benefit from life sciences £250m funding
SCIENCE minister David Willets is today expected to unveil £250 million in fresh funding for the life sciences sector, which experts say could help to stimulate the industry north of the Border.
Unhealthy US hospital market sends Craneware shares into sharp reverse
SHARES in Craneware took a tumble yesterday after analysts warned the Edinburgh-based software firm’s core American hospital market could remain “depressed” until 2013.
Historic deal: Atos building castles in the air
FRENCH technology firm Atos yesterday won a “seven-figure” contract to supply IT services to Historic Scotland, the Scottish Government agency that runs tourist attractions such as Edinburgh Castle, Glasgow Cathedral and Linlithgow Palace.
Smartphone growth lifts Vodafone
MOBILE phone operator Vodafone has reported annual profits at the top end of City forecasts, boosted by growing smartphone use, but warned that revenue growth in the year ahead will fall short of previous estimates.
Facebook shares slide prompts IPO price claims
SHARES in Facebook fell sharply below their flotation price yesterday and left some investors who bought into the company on Friday nursing heavy paper losses.
Management
Regulators lift restrictions on Sky as pay-TV movie market opens up
REGULATORS have reversed their decision to limit BSkyB’s role in the UK’s pay-TV movie market following the emergence of rivals such as Netflix and Lovefilm.
Business news in brief - 23/05/12
Scotgold | Wyvis Roofing | Lees Foods | Flying Brands | Glasshouse Hospitality
Wonga.com rapped by OFT over aggressive behaviour
PAYDAY lender Wonga.com has been criticised by the trading watchdog for using aggressive and misleading debt collection methods.
Tesco boss turns down bonus
THE HEAD of the supermarket giant, Tesco, took responsibility for the organisation’s dismal UK trading today by spurning his annual bonus worth £372,000.
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.
European markets start the week on the up
European markets returned to the black this morning as the absence of further bad news over the weekend persuaded investors to look for bargains after last week’s rout.
Market watch: Road ahead looking bumpier for FirstGroup
TRANSPORT firm FirstGroup has had a smooth ride for its last financial year but analysts will be looking for any signs of trouble further down the road when it reports full-year results on Wednesday.
Media and Leisure
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.
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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.
Fitness First seals deal on debt with lenders
The largest health club group in the world - Fitness First - is close to securing its future after it unveiled a debt deal with its lenders.
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
- Alistair Darling leads ‘No to independence’ fight over tea and biscuits
- Scottish independence: SNP flip-flops over Nato
- Today’s youth not fit to be employed, says car firm Arnold Clark
- Scottish Independence: SNP ‘won’t be Yes campaign’s only voice’
- The Rumour Mill: Wednesday’s football news and gossip
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Weather for Edinburgh
Thursday 24 May 2012
Today
Sunny spells
Temperature: 12 C to 21 C
Wind Speed: 10 mph
Wind direction: North east
Tomorrow
Sunny
Temperature: 10 C to 20 C
Wind Speed: 14 mph
Wind direction: North east
