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Business
Key investors question Gilbert’s role as chairman of FirstGroup
FIRSTGROUP chairman Martin Gilbert was yesterday urged to “hit the phones” and talk to shareholders as some key investors raised concerns about his position at the helm of the transport giant.
Maxi picks up work from failed rivals to fight off recession
SCOTTISH haulage and construction firm Maxi Group managed to raise turnover by 15 per cent last year despite strong economic headwinds as it picked up business from competitors that went bust in the recession.
Sir Malcolm Williamson steps down as chair of Clydesdale Bank
CLYDESDALE Bank yesterday announced that chairman Sir Malcolm Williamson is to retire in July and will be replaced by Cameron Clyne – chief executive of parent company National Australia Bank (NAB).
Diageo splashes out £300m for Brazilian national drink
JOHNNIE Walker-owner Diageo will boost its presence in fast-growing emerging markets after agreeing a £300 million deal to swallow a leading brand of Brazil’s national drink.
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Hydrogen power firm ITM Power in Aberdeen move
THE FIRM that makes hydrogen fuel cells is opening a base in Aberdeen in a bid to tap “a critical mass of opportunities” arising from the growing Scottish renewables industry.
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Banking
Manduca is persuaded to take the chair at the Pru
Prudential has ended its five-month hunt for a new chairman by appointing the board member who was initially charged with leading the search.
Scottish Building Society may feel AGM anger at £1m Soccer Savings court case
THE venerable Scottish Building Society (SBS) will confirm at its annual general meeting this week that it has increased profits and assets, but will face a potential backlash from members after revealing that it has not made provision for a £1 million court case.
Transparent appointment process vital for change
THE selection of competent women to join the governing ranks of the UK’s largest companies is being held back because they don’t “fit” with the mostly male boards, a new report out today reveals.
Jeff Salway: Banks need to be called to account over fees
IT’S no page-turner, but the Financial Ombudsman Service’s latest annual review serves up another damning indictment of the culture of high street banking.
Bailey’s bid to end ‘free banking’ faces difficulties
A CALL by a Bank of England dircetor for the plug to be pulled on free high-street banking would face significant political and consumer hurdles, senior Whitehall sources have claimed.
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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
CBI urges pension funds to build returns through infrastructure
THE UK can secure a £250 billion infrastructure spending boost to rescue the ailing economy by making investors such as pension funds “an offer they can’t refuse”, the CBI says.
‘Slow and steady recovery’ on the cards for the UK, Item Club predicts
There is “light at the end of the tunnel” for hard-pressed Brits after five “torrid” years, a key forecasting group said yesterday.
2 commentsConfidence survey raises hopes of the end of UK recession
BRITISH services firms’ confidence rose to the highest level in a year in May as many forecast a pick-up in business in the next three months, a survey showed today
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Bill Jamieson: UK flirting with liaison dangereuse
‘Something about Christine Lagarde causes men to go weak at the knees’
Consumer confidence slumps as crisis fears grow
THE pressure on household budgets will be laid bare this week when figures are expected to reveal the UK’s return to recession and the Eurozone crisis have pushed consumer confidence to one of its lowest levels in the past 40 years.
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Energy and Utilities
Mining group warns of production gap
One of the few remaining deep coal mines in the UK is facing a lengthy production gap as a result of unprecedented geological conditions.
Deo shares surge after it backs £12.7m Parkmead takeover plan
SHARES in oil and gas group Deo Petroleum surged by more than a quarter yesterday after it announced a recommended £12.7 million takeover deal with fellow Aberdeen-based explorer Parkmead.
Interview: Kevin Roxburgh, Chief Executive of Scottish Gas
“We are trying to keep messages very clear for customers so they can make informed choices”
Pipe network may be sold off
AN UNDERGROUND network of oil pipelines developed by the UK government during the Second World War to protect supplies could be privatised as part of plans to modernise Britain’s energy infrastructure.
£14m Algerian loss hits Cape profits and shares
Cape, the FTSE-250 industrial services provider, will take a profit hit after unveiling a £14 million charge for losses on a contract in Algeria.
Retail
Mathiesons rescue plan for 240 jobs but 84 axed
More than 240 jobs have been saved after a Scots bakery firm that went into administration was restructured, though scores of other posts have been axed.
B&Q planning £69m product revamps
BRITAIN’S largest DIY retailer, B&Q, is investing £69 million in a series of product revamps as it seeks to entice women into the home improvement market.
Beer ads hit Manhattan
BREWER Innis & Gunn is continuing with its push into the United States by splashing advertisements for its brand across the side of giant delivery lorries in New York City.
Dixons retail: Electricals giant’s bullish figures
CURRYS and PC World owner Dixons Retail has assured investors that it is well placed to make a crucial £160 million bond repayment this year after agreeing a new £300m lending facility.
Online demand drives John Lewis
Department store chain John Lewis posted another week of double-digit sales rises, boosted by online demand, but warned that recent wet weather had dampened fashion sales.
Food, Drink and Agriculture
World needs GM crops argues Prof Sir John Beddington
After a weekend where anti GM protesters attempted to destroy a trial plot of wheat, the UK government’s chief scientific adviser said it made no sense to do so when the environmental benefits from the trial could be vast.
‘Pummelling’ for lamb producers as prices slide
The start to the new lamb season has been disastrous, with prices slipping back to levels well below that of 12 months ago. Commenting on the current market, Quality Meat Scotland marketing guru Stuart Ashworth yesterday described it as having taken a “real pummelling” since Easter.
Fordyce Maxwell: The highest bidder wins – whatever their nationality
AS A small-scale landowner – I have approximately 0.6 of an acre, which sounds slightly more impressive than 0.243 of a hectare – it doesn’t do to get too upset by the activities of large-scale owners and buyers of land.
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Borders brewers are on a roll
THREE drinks makers from the Borders are teaming up to promote their wares to distributors throughout the UK and will pool resources to tempt pubs to take on a wider choice of products.
Row growing over ‘Moonzie effect’ on farm rents
While some farm tenants have suggested the outcome of the recent Scottish Land Court case on Moonzie farm has been the trigger for a spate of rent rises, the chief executive of Scottish Land & Estates said yesterday that any rises merely reflected the fact that Scottish agriculture was enjoying a period of good profitability.
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Transport
Thomas Cook’s appointment of an ‘outsider’ welcomed
HOLIDAY firm Thomas Cook has appointed a new chief executive from outside the travel industry to lead its turnaround.
Harriet Green, who is currently boss of Leeds-based electronic components distributor Premier Farnell, will join at the end of July.
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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.
3 commentsBMW to fight £104m fine over Swiss sales
German car maker BMW has been fined SFr156 million (£104m) for preventing Swiss residents from buying its cars abroad to take advantage of the weakness of the euro.
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.
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
Iomart looks to £20m goal
WEBSITE hosting firm Iomart is expected to make further acquisitions and double its profits to £20 million by 2014, according to the Glasgow-based company’s house broker.
I-Design hit by shares slump
SHARES in software firm I-Design slumped 11 per cent yesterday after the Red Hot Penny Stocks newsletter cut its recommendation on the Dundee-based stock.
1 commentSecond deal in a week for McLaren
DOCUMENT management group Idox yesterday announced its second contract in a week for its Glasgow-based McLaren software subsidiary.
Nasdaq faces $100m-plus legal action as Facebook fallout grows
CLAIMS by four of Wall Street’s main market makers against Nasdaq over Facebook’s botched flotation are likely to exceed $100 million (£64m), as they and other traders continue to deal with thousands of problems with customer orders.
Scotland could miss jobs cull at Hewlett-Packard
Hopes were high today that Scotland can avoid the worst of the 27,000 job cuts unveiled by computer maker Hewlett-Packard (HP) because the American firm has already restructured its facility at Erskine, near Glasgow.
Management
‘Slow and steady recovery’ on the cards for the UK, Item Club predicts
There is “light at the end of the tunnel” for hard-pressed Brits after five “torrid” years, a key forecasting group said yesterday.
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Interview: Kevin Roxburgh, Chief Executive of Scottish Gas
“We are trying to keep messages very clear for customers so they can make informed choices”
John Browett to get £36m golden hello from Apple
THE former boss of PC World and Currys will reportedly receive a $56 million (£36m) golden hello from Apple for taking charge of its retail arm.
3 commentsConfidence survey raises hopes of the end of UK recession
BRITISH services firms’ confidence rose to the highest level in a year in May as many forecast a pick-up in business in the next three months, a survey showed today
1 commentBusiness in brief: Montessori | Cairn Energy | Buccleuch | Hargreaves
THE Edinburgh Montessori Nursery is under new management after being acquired for an undisclosed sum by a husband and wife team, Lyndsay and Stephen Grant.
Market Reports
Lower profits at Halfords but future looks stronger
The impact of an adverse run of weather on bikes and car parts firm Halfords will be revealed this week when the firm publishes updates.
Market watch: Dismal weather likely to dampen B&Q and Halfords
THE impact of the poor spring weather on B&Q-owner Kingfisher and bikes and car parts retailer Halfords will be revealed this week when the pair publish updates.
Media and Leisure
One upmanship: Twilight helps drive 17% revenue surge
FILM distribution outfit Entertainment One hailed the fourth instalment in the vampire romance the Twilight Saga as the highlight of its year as it unveiled a jump in sales and profits yesterday.
BSkyB could move into mobile phone market
SATELLITE broadcaster BSkyB is considering a move on Britain’s mobile phone market to add to its television, internet and land-line phone package.
Heat is on for Thomas Cook
THOMAS Cook faces a make-or-break meeting with shareholders this week as it seeks approval for two disposals, without which the firm has warned it could collapse.
Daily Mail group profits dip on first-half costs
NEWSPAPER group Daily Mail & General Trust (DMGT) saw its first-half performance hit by the cost of disposals, restructuring and redundancies – but yesterday claimed annual earnings were still set to grow.
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.
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.
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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.
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.
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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
Hard times ahead as UK readies to ride out the eurozone storm
Few households have escaped the far-reaching implications of the eurozone crisis – and the worst could be yet to come as events in Europe continue to unfold.
Top tips for a great holiday in some of Scotland’s best B&Bs
With summer finally here, it is the perfect time for a mini- break in one of Scotland’s B&Bs. Here the experts from {http://www. scotlandsbestbandbs.co.uk|scotlandsbestbandbs.co.uk|scotlandsbestbandbs.co.uk} offer tips for choosing a place which suits your needs.
Current account and credit card fraud soars by 82%
Consumers have been urged to keep an eye on their current account and card statements after an unprecedented rise this year in “account takeover” fraud.
Savers missing out on billions in dividend payments
savers turning their backs on equities are missing out on billions of pounds in pay-outs after UK company dividends hit a new record in the early months of this year.
Eurozone uncertainty sees mortgage costs edging up
The Scottish housing market faces a summer of retrenchment that could send both sales levels and house prices slipping downwards, experts have warned.
- Scottish independence: I don’t want ‘separatism’ says Sir Tom Farmer
- Mystery after body discovered near West Highland Way
- The Rumour Mill: Monday’s football news and gossip
- Leveson inquiry: Tony Blair defends links with Rupert Murdoch
- Abu Qatada case stalls again but Olympics mean he must stay in prison
- Scottish independence: I don’t want ‘separatism’ says Sir Tom Farmer
- The Rumour Mill: Monday’s football news and gossip
- Jim McColl may back Scottish independence if third option omitted
- Craig Levein insists Scotland will recover from US thrashing
- James McPake set for Coventry talks as Hibs wait in wings
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Weather for Edinburgh
Tuesday 29 May 2012
Today
Cloudy
Temperature: 10 C to 16 C
Wind Speed: 12 mph
Wind direction: North east
Tomorrow
Cloudy
Temperature: 9 C to 15 C
Wind Speed: 12 mph
Wind direction: North east
