BANKING & INSURANCEBank of England pours in moreThe Bank of England has once again injected money into the financial system in a bid to ease the pressure of the credit crunch on banks. In its regular one week ope
n market operation, the central bank offered £13.62 billion up from £10.93 billion last week. Meanwhile, the US Federal Reserve has auctioned £75 billion of Treasury securities to large investment houses as it also tries to ameliorate the financial turmoil striking the banks and lending markets. WH Ireland trader Les Ames commented: "I don't think that any one of us believes that we've heard the last of problems for (investment) houses and banks. But I'm of the opinion that fewer and fewer people believe that houses are going to go to the wall. On that basis most people are a little bit happier to say the least." He added: "There will be a few more surprises but nothing along the lines of Northern Rock or Bearn Stearns. The US banks have had their reporting season now and if there was going to be anything really, really dramatic, they could not have hidden it."
(The Herald) Read all today's banking news from scotsman.comENERGY & UTILITIESSuez out of British Energy raceFrench utility firm Suez has revealed it will not be buying a stake in British Energy, despite speculation to the contrary. Suez is currently planning to merge with Gaz de France but would only be interested in reaching a deal to develop and produce reactors with Scottish-based British Energy. Chief executive Gerard Mestrallet said: "If we can play an industrial role, let's talk about it but if this is strictly a financial role, then we are not interested. If they say a stake in British Energy and that's it, then we are absolutely not interested. But if they want to involve us in development and production of one or several reactors then we are willing to have discussions."
(The Herald) Read all today's energy and utilities news from scotsman.comFOOD, DRINK & AGRICULTUREWiseman prices upEast Kilbride dairy Robert Wiseman is reporting increased pressure on its cost base and a consequent increase in their own prices. Input costs including the price of diesel and plastics has lead to the firm implementing a price increase with their own customers. However, Wiseman has also confirmed that it intends to increase the prices paid to farmers with the average price per litre increasing by a third.
(The Scotsman) Read all today's food, drink and agriculture news from scotsman.comPERSONAL FINANCEMortgage demand still subduedNew figures from the British Bankers' Association have revealed that fresh demand for mortgages remained subdued in February. The news is the latest pointer to an increasing pile of evidence that the UK housing market is slowing substantially as lenders struggle with the credit crunch. Property economist at Capital Economics, Seema Shah commented: "In view of the credit squeeze, the accompanying tightening in mortgage lending standards, as well as fears of further house prices falls, the subdued level of mortgage demand in February should be no surprise. With no improvement in these factors on the horizon, housing market activity is unlikely to pick up any time soon. Mortgage approvals for new house purchase (were) barely changed from January, but 33 per cent less than a year ago. Since the credit market turmoil began in September, mortgage approvals have languished at sub-50,000 levels, and are lower than they were during the 2004-05 housing market downturn, or indeed any time in the last decade."
(The Herald) Read all today's personal finance news from scotsman.comTECHNOLOGYArdana up on bid talkEdinburgh biotech firm Ardana saw its shares bounce back yesterday on the back of high level interest in taking over the firm. The company revealed last month that it was being forced to seek a buyer in a bid to garner cash to develop its portfolio. The news that a number of approaches had been made saw the share price rally by 9p, all but doubling its value to 18.5p. Finance director Graham Lee commented: "I think there's still quite a lot of appetite to do deals, because all of the larger companies are needing products. We obviously consider that the best option is to merge or be sold. That's the process we're going through now, but we have had quite a lot of interest for our products… and if somebody comes in with a really slam dunk opportunity then obviously we have to consider it."
(The Scotsman)No second bite of the Apple for WolfsonMicroelectronics firm Wolfson saw its shares hit an all time low yesterday when it emerged it had missed out on a high value contract with Apple. The Edinburgh firm has never officially confirmed Apple as its largest customer but its components have been included in the firm's iPods for several years. However, it has emerged that the new generation of iTouchs and Nanos will not include Wolfson components, setting the share price tumbling. The firm's stock fell by 30 per cent yesterday morning to 99p before a slight rally left them down 18 per cent at 116.5p at the end of trading. Analysts Dresdner Kleinwort commented: "Apple has been responsible for the rise and fall of many chip suppliers in the past and today it has completed that cycle for Wolfson as well." However, a source close to Wolfson told the Scotsman: "Of course this is a blow to sentiment, but this is what happens to Wolfson: they move into cutting edge products then they are designed out of them when those products become commoditised. Then they move into new products, as they are with handsets."
(The Scotsman) Read all today's technology news from scotsman.comTRANSPORTSunday sailing, still no decisionCaledonian MacBrayne has postponed a decision on controversial plans to commence Sunday sailings to Lewis for the immediate future. Cal Mac's board, having discussed the issue, are now to wait until details of the road equivalent tariff pilot scheme have been firmed up. A petition carrying 4,000 names has been collected opposing the plans, however, a counter-petition boasting similar support has now been gathered.
(BBC Scotland Online) Read all today's transport news from scotsman.comPROPERTYStart date for Edinburgh developmentWork on the office development in Edinburgh's Springside quarter is now set to get underway in June. The 9.5 acre site on the former Scottish & Newcastle brewery at Fountainbridge will house a five-storey building with the development team considering options to commemorate the area's history as the birth place of Sir Sean Connery. The regeneration project is to include the creation of 600 new homes and developers Springside – Grosvenor, AMA and Royal Bank of Scotland hope to see it act as an extension to Haymarket and the Exchange financial district. Director of AMA, Dr Ali Afshar commented: "This will be a high quality commercial hub within a brand new urban district in the very heart of a dynamic city centre."
(BBC Scotland Online) Read all today's property news from scotsman.com
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