- Staff to protest over DVLA closures
- Councillors to launch new party
- Children's tsar backs uniform calls
- Wave energy receives £6m boost
- Police arrest two after house siege
- Man dies following car collision
- Buyers offering less for homes
- UK 'must stay strong' in arms talks
- Rapist linked to Jodi Jones murder
- Scotland 'staving off recession'
- Rennie urges clarity on monarchy
- Salmond insists on no-strings poll
- SNP in call over CAP negotiations
- Free swimming lessons announced
- Holden cheered on return to BGT
- Two arrested at football match
- Tenement building fire 'suspicious'
- Man held in Poland in murder probe
- Man held after restaurant stand-off
- Private property value rises £149bn
Business
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Bill Jamieson: An iMotto - a watched investment never boils
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Bill Jamieson: Tax cut would show UK means business
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George Kerevan: Is a £1 bonus for every £2 earned a good deal?
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Terry Murden: Charles Hammond needs deals after power plant U–turn
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Martin Flanagan: Why Planet Normal must rein in the rhetoric
Scots economy continues to grow, though momentum hard to find
The Scottish private sector started the year on the front foot, with both the manufacturing and service sectors eking out growth and creating jobs in the face of a flat UK economy, according to a survey published today.
EasyJet battles heats up as SLI backs airline’s board over remuneration
STANDARD Life Investments (SLI) has gone public with its backing of the EasyJet board in their remuneration battle with the budget airline’s founder and leading shareholder, Sir Stelios Haji-Ioannou.
Interview: Mark Laing, Managing Director of Nairn’s Oatcakes
TUCKED away behind Arthur’s Seat in Edinburgh is a factory that makes that well-known Scottish delicacy, the oatcake.
Business angel finance soars to record heights
BUSINESS angel investment in Scotland reached record levels last year, more than making up for a small decline in cash from the public sector.
Souter sits out first round of bidding for capital airport
Sir Brian Souter is holding back on a bid for Edinburgh Airport, ruling himself out of first round bidding which could be finalised as early as today.
Banking
Property sector woes put large IFA into liquidation
DUNEDIN Independent, an Edinburgh‑based independent financial advisor (IFA) bought by Swiss‑based asset management firm Helvetia Wealth in 2010, has been placed into liquidation.
Bidders line up for Axa insurance sale
Lloyds Banking Group’s private equity arm is understood to be among bidders for a £50 million employee benefits company being sold by insurer Axa.
NBNK may look again at Clydesdale
NBNK, the nascent banking group that failed in its bid for the 600‑plus Lloyds branches on the market, is believed to be again running the rule over Clydesdale and Yorkshire banks.
Clydesdale to get tough on lending after review by Australian owner
CLYDESDALE Bank will take a tougher approach to lending in struggling sectors such as commercial property and hospitality as it undergoes a root and branch review by its Australian parent.
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Terry Murden: Money talks for government when it comes to bank bonuses
AFTER the public vitriol of recent weeks it looks as though a truce of sorts is being called between Westminster and the banking sector. Prime Minister David Cameron appears to have acknowledged that only so much punishment can be handed out before rebuke turns to permanent damage.
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Insurance
Bidders line up for Axa insurance sale
Lloyds Banking Group’s private equity arm is understood to be among bidders for a £50 million employee benefits company being sold by insurer Axa.
Sainsbury’s moves home insurance
SAINSBURY’S financial services arm has dropped Halifax as its home insurance underwriter and moved to Royal Bank of Scotland following a competitive tender process.
Moreland signs deal with British Franchise Association
MORELAND Insurance, one of Scotland’s biggest brokers, has signed a strategic partnership with the British Franchise Association.
Standard Life wins £100m case
Standard Life has won a legal dispute against a group of insurers who refused to pay out on a £100 million claim.
Aegon seals £1.7bn bank credit deal
Dutch insurance company Aegon, which owns the Edinburgh-based group of the same name, yesterday said it agreed a €2 billion (£1.7bn), five-year credit facility agreement.
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Economics
UK safe haven for emigres with £1 million to invest
Wealthy investors are flocking to Britain seeking a “safe haven” from turmoil in the Middle East and former Soviet countries.
Trucker training puts recruits in the driving seat
In these uncertain times, it is impossible to guarantee a job to everyone who enters training, but some industries know that they are going to need a lot of recruits in the near future.
Chance for all, but females must first muscle in on male-dominated trades
ONE of the best things about apprenticeships is that there is a determination to ensure they are open to everyone.
BAE to play down threat of shipyard closure
DEFENCE giant BAE Systems is poised to play down fears this week that it could close a Scottish shipyard as part of a review of the shipbuilding business if Scotland votes for independence.
1 commentOil price rise ‘may push up inflation rate’
A SPIKE in oil prices remains a concern and could fuel a renewed hike in the cost of goods leaving UK factories, analysts yesterday warned.
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Energy and Utilities
Gaia wins £5m turbine contract
Renewable energy firm Gaia-Wind has secured a £5 million-plus contract to supply some 200 turbines for installation in England and Wales.
Glasgow ‘catapults’ to the front in energy
A £50 MILLION project to accelerate the development of offshore renewable energy is to be based in Glasgow.
Wind farm report to be kept secret
TRADE body Scottish Renewables last night criticised accountancy firm KPMG’s decision not to publish its controversial report into the cost of offshore wind power.
2 commentsStork wins £10m African contract
Stork Technical Services has won a £10 million contract to carry out subsea inspections for an oil and gas driller off the west coast of Africa.
BP raises dividends
BRITISH oil major BP underlined its return to health yesterday by hiking its dividend and announcing further activity in the North Sea and Gulf of Mexico.
Retail
City hoping to hear news from BAE on shipyards
DEFENCE giant BAE Systems is the biggest company reporting results this week, but the City spotlight will also fall on two struggling businesses, telecoms group Cable & Wireless Worldwide and chocolatier Thorntons.
2012 will see record number of ‘zombie’ shops, claims study
A FREEZE on spending by cash-strapped consumers is set to push a record number of shops, manufacturers and property businesses to near‑collapse in 2012, a body representing advisory firms warned yesterday.
Dyson hoovers up sales in N America
BRITISH engineering firm Dyson has passed the £1 billion turnover milestone for the first time and is pledging to create 500 skilled jobs in the UK.
Comet axes 450 jobs in savings bid
Struggling electricals chain Comet is poised to cut 450 jobs in a drive for the “significant savings” needed to safeguard its future.
Out–of–town centres on the up
One of the UK’s biggest property firms yesterday said occupancy and footfall at its out-of-town shopping centres continued to improve amid evidence shoppers are deserting high streets.
Food, Drink and Agriculture
Andrew Arbuckle: Another court review for long-running rent dispute case
LIKE naughty schoolboys who have messed up their homework, the Land Court has been sent back to once again review the rent case involving the farm of Moonzie in Fife.
Weetabix investing in factory upgrade
WEETABIX, the manufacturer of the famous cereal, is to invest £20 million in upgrading its UK and North American factories.
Oilseed rape demand boosts growers
A ROSY future for UK growers of oilseed rape, with increasing demand both as biofuel and as vegetable oil, was promised this week by Owen Cligg, trading manager for United Oilseeds, a 3,000 member farmer owned co-operative and one of the big players in the UK oilseed market.
Alan Craig falls to combination
A COMBINATION of tough trading conditions in the red meat sector and the hiring and firing of senior managers appears to have brought about the demise of Alan Craig, pictured, as chief executive of the ANM Group in Inverurie.
Farm lets completed by Buccleuch Estates
After years of contraction, the number of let farms in Scotland might rise a fraction with the announcement that Buccleuch Estates has successfully completed the letting of an extensive range of farm land on the Queensberry Estate in Dumfriesshire.
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Transport
Four bidders lined up for airport sale
FOUR parties are expected to meet a first-round deadline this week for those interested in bidding for Edinburgh Airport.
11 commentsFlybe reveals revenues pressure
Airline Flybe posted flat revenues in the UK today as it highlighted the tricky conditions that caused its shares to hit turbulence last month.
Driving force: China and US sales put Daimler and Mercedes into top gear
MERCEDES-owner Daimler has racked up record annual profits as sales in China and the US shifted into top gear.
EasyJet passenger numbers dip
EASYJET’s passenger loads edged down 0.4 per cent last month, with the budget airline carrying 3.73 million passengers compared with some 3.74 million in January 2011.
Craig Group adds to fleet as Talisman deal is unveiled
CRAIG Group, the Aberdeen-based energy services firm, will today unveil a five-year contract from Talisman Energy that will spark a “major investment” in its shipping fleet.
Industry
BAE to play down threat of shipyard closure
DEFENCE giant BAE Systems is poised to play down fears this week that it could close a Scottish shipyard as part of a review of the shipbuilding business if Scotland votes for independence.
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Contracts hit right note for Simple Audio
A GLASGOW company behind a high- definition music player that uses the mains network in homes to distribute sound is targeting audiophiles as far afield as New Zealand after signing a string of sales contracts.
Michelin’s profits are not tired
STRONG growth in demand for specialist tyres for trucks and mining industry vehicles helped Michelin beat analyst expectations on profits last year, writes Perry Gourley.
Weir Group joins £200m bid battle for Australian mining firm
ENGINEERING giant Weir Group has announced it is planning a third acquisition in almost as many months after making a £200 million approach for Australian-listed mining specialist Ludowici.
De Beers sparkles despite output fall
DE BEERS yesterday posted a 21 per cent rise in 2011 profits on the back of a record sales boom at the start of last year, but the diamond producer reported a dip in annual production and said it expected to continue to rein in output growth in 2012.
Technology
Wolfson eyes return to black but losses widen to $24.1m
WOLFSON chief executive Mick Hickey believes the Edinburgh-based chip developer has the “right products, customers and markets” to return to underlying profit this year, despite results yesterday showing last year’s losses had widened.
Smartphone giant’s troubles
Taiwan-based smartphone maker HTC has reported a 26 per cent drop in profits in the final quarter of last year as the weak global economy and intense competition hit sales.
Vodafone drops deal with Greeks
Vodafone has abandoned plans to merge its operations in Greece with Wind Hellas, in a blow to the debt-laden Greek operator and throwing into doubt consolidation elsewhere in Europe.
Wolfson chief faces questions over high costs
WOLFSON Microelectronics chief executive Mike Hickey will come under pressure from the City this week to justify the Edinburgh-based chip maker’s high overheads while the company’s losses widen.
Bono may be ringing in a new era at Facebook, but will their stock continue to rise?
SUCH is the frenzy surrounding Facebook’s initial public offering that it is possible to get odds on whether Mark Zuckerberg or even shareholder Bono will ring the bell to start its first trading session on an as yet unspecified US stock exchange.
Management
PID offers a solution to soaring metal theft problems
KILMARNOCK security specialist PID Systems is set for expansion in England amid booming demand to protect copper, lead and other valuable commodities from theft.
Regulator’s call means pension deficits could prevent takeovers, warns lawyer
LEGAL rulings in high-profile court cases featuring collapsed US investment bank Lehman Brothers and broadcaster ITV could put the brakes on already low merger and acquisition (M&A) activity, a senior Scottish lawyer has warned.
McKinnon keeps on building expertise
Years of self-development are paying off for health and safety expert Ian McKinnon.
Director dealings: Board buys as Telecom Plus slides
TELECOM Plus, which supplies utility services to homes and small businesses, has seen its shares drift down after hitting a record high in November.
Viridor upgrades recycling operation
WASTE management firm Viridor is to turn its facility near Edinburgh into one of the world’s most advanced glass recycling plants.
Market Reports
Market Watch: Thorntons hoping for sweeter figures
THE plight of struggling firms Cable & Wireless Worldwide and Thorntons will be in the spotlight this week.
Chocolatier Thorntons will be hoping that new ranges in the run-up to Valentine’s Day lift it out of its trading slump.
Markets: Miners hit as Chinese imports slide
MINERS were among the biggest fallers yesterday on news that imports in China – the world’s biggest consumer of metals – slid to their lowest point for more than two years in January.
City unimpressed by QE and Greece
THE Bank of England’s £50 billion boost to the economy and long-awaited news of progress in Greek debt negotiations failed to lift the Footsie more than a few points yesterday.
British banks up on Citi rallying call
A BULLISH broker note on the sector from Citigroup helped some of Britain’s banking stocks rise yesterday despite lingering worries about Greece.
Cairn maintains rally on positive note
Oil firm Cairn Energy made further gains yesterday after a second positive broker note in two days.
Media and Leisure
Leaflet distributor wins £1m deal
LEAFLET distributor EAE has won what it believes is the largest contract of its kind ever awarded in Scotland, securing 45 jobs and helping it to grow its headcount by 10 per cent.
Valentine’s Day ‘no bed of roses’
VALENTINE’S Day may bring partners together this week but Scotland’s florists are becoming more promiscuous in seeking out new business.
Contracts hit right note for Simple Audio
A GLASGOW company behind a high- definition music player that uses the mains network in homes to distribute sound is targeting audiophiles as far afield as New Zealand after signing a string of sales contracts.
Golf clubhouse staff redundant
THREE accountants from Scott-Moncrieff were yesterday appointed as the provisional liquidators for DMH Leisure, which owns the clubhouse at Brunston Castle golf course near Girvan, in Ayrshire.
Jim Dow Prize closing date nears
THe closing date is approaching for entries to a writing competition to honour Jim Dow, who was The Scotsman’s commercial property editor until his death in 2010.
e-Business
Brightsolid expansion into US begins with launch of census records site
FAMILY history website operator Brightsolid will today unveil details of its push into America.
Amazon says its drive for growth could see it slide into the red
Online retail giant Amazon has warned that the cost of its enthusiastic expansion could push it to a loss in the first quarter of the year.
1 commentBusiness news in brief: Rogue City financier hit with record fine
BRITAIN’S financial regulator has slapped a record fine on City financier Ravi Sinha for an invoicing scam when he was in charge of the European operations of US buyout giant JC Flowers.
Ocado slips back £2.4m into the red
The boom in internet shopping failed to stop online grocer Ocado slipping back into the red yesterday, despite strong growth in customer numbers.
Travel website’s reviews criticised
An ADVERTISING watchdog has told the travel website TripAdvisor it could not claim that all of its reviews were written by real travellers.
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Opinion
Callum D’Ath: No end to the gold rush any time soon
“NOTHING concentrates the mind of a man so wonderfully as the knowledge he’s to be hanged within a month.” Samuel Johnson’s wonderful quote brings to mind the recent procrastinations across the channel over the Eurozone crisis and rescue.
Jeff Salway: Challenge to bring out best in this year’s IFA
THE IFA of the Year competition isn’t for the faint-hearted these days. But if you want to show Scotland just how good you are, there’s no better way of doing it.
Jeff Salway: Payday loans soaring out of control
WHAT have insolvency practitioners, pawn brokers, payday loan firms, job centre workers and Greggs the baker got in common?
Terry Murden: Money talks for government when it comes to bank bonuses
AFTER the public vitriol of recent weeks it looks as though a truce of sorts is being called between Westminster and the banking sector. Prime Minister David Cameron appears to have acknowledged that only so much punishment can be handed out before rebuke turns to permanent damage.
Bill Jamieson: Fuse is lit as battered Greece nears the edge
IT FEELS – and on the riot-torn streets of Athens increasingly looks – like a fast-fizzing fuse. Today, with the country locked down in a two-day national strike and the government shaken by the resignation of five Cabinet ministers, the Greek parliament holds a critical vote on the latest austerity package to save the country from default.
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Personal Finance
Jeff Salway: Challenge to bring out best in this year’s IFA
THE IFA of the Year competition isn’t for the faint-hearted these days. But if you want to show Scotland just how good you are, there’s no better way of doing it.
Jane Bradley: Wonka bars and baked potatoes on demand
PICTURE the scene: you’re standing at the bus stop after a hard day’s work, dreaming of getting home for your evening meal.
Across the UK consumers are getting to know their oats
IT HAS been the staple breakfast food of many Scots for hundreds of years.
5 commentsKeeping your old fridge may be costing you money
Scottish households could be wasting over £4 million on energy bills each year by holding on to old kitchen appliances, new research has claimed.
Brown sauce popularity on the up
THE popularity of brown sauce is on the increase, a new report has revealed. Sales rocketed by 9 per cent in 2011 as it took pride of place in 58 per cent of British kitchen cupboards.
1 comment- Scottish independence: David Cameron set to snub Alex Salmond’s separation
- Fathers of Scots children murdered in Dunblane tragedy in plea to David Cameron over arms treaty
- Baftas: The Artist wins big as Meryl Streep wins best actress
- NBNK may look again at Clydesdale
- Why tax case casts long shadow over Rangers and beyond
- Scottish independence: David Cameron set to snub Alex Salmond’s separation
- Jim Murphy warns that independence could cost ‘thousands’ of defence jobs
- Labour rebel councillors could contest Glasgow May election
- Scottish independence: SNP deeply divided over policy to withdraw from membership of Nato
- Further jobs gloom on the way as north-south ‘chasm’ widens
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Weather for Edinburgh
Monday 13 February 2012
Today
Cloudy
Temperature: 3 C to 9 C
Wind Speed: 17 mph
Wind direction: West
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Cloudy
Temperature: 6 C to 9 C
Wind Speed: 20 mph
Wind direction: West
