Scottish Business Briefing - Friday 23 October 2009

Published on Friday 23 October 2009 09:35

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.

BANKING & INSURANCE

Banks told to curtail move to boost big bonuses

BRITAIN's financial regulator warned banks yesterday against disproportionately boosting bonus pots at the expense of building up capital buffers, as decent profits return to much of the sector. Lord Turner, chairman of the Financial Services Authority, also said the FSA favoured a system in future whereby "home" countries would not be solely responsible for rescuing stricken global banks.The risk could be spread among countries where the bank operated, the regulator said.

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ECONOMY

Recession 'to end today as UK officially shows first green shoots'

BRITAIN is expected to come out of recession today with the publication of official figures revealing that the economy has expanded for the first time since midway through last year. Economic analysts have forecast that there will be a slight growth in GDP when the figures are released by the Office of National Statistics.If predictions that GDP rose to 0.1 or 0.2 per cent in the third quarter of 2009 are accurate, it will mean that the UK economy has at least temporarily come out of recession.

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FOOD, DRINK & AGRICULTURE

Fresh blow to alcohol pricing plan with European ruling on tobacco

PLANS to set a minimum price for all alcohol sold in Scotland were thrown into fresh doubt last night after the European Court of Justice opposed a similar policy on tobacco. The court's advocate-general ruled against proposals by Ireland, France and Austria to set a minimum price on cigarettes, saying it would break competition laws by benefiting manufacturers. The drinks industry in Scotland last night claimed the ruling would apply to alcohol as well, and said that ministers should therefore drop their plans immediately.

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Cheap prices 'stifling fishing'

Fishing leaders are to tell Scotland's Fisheries Secretary Richard Lochhead that catch limits and low prices are stifling the industry. Thirty directors of the Scottish White Fish Producers' Association will meet the minister in Aberdeen. The SWFPA said prices had been hit by a number of factors - including big buyers moving away from North Sea fish. The Scottish government has said it is determined to help fishermen survive and for the industry to grow stronger.

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RETAIL

Housing market slump hits Glasgow carpet firm

Glasgow-based Behar Carpets has reported a pre-tax loss of 370,410 for last year, as the downturn wiped out its narrow profit of just over 4000 for the previous year. In 2006, as the property market boomed, the group reported a 1.14m profit. In 2008, turnover slid from 8.57m to 7.28m, as the housing downturn impacting on the home furnishings market, notably bigger ticket items.

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TRANSPORT

National Express shares dip on disappointing revenue figures

NATIONAL Express jolted the market with worse-than- expected trading figures yesterday, as the transport group said it continued to assess Perth-based Stagecoach's takeover approach. The group revealed that total revenue fell 1 per cent in the three months to the end of September and warned that its full-year underlying pre-tax profits would be "slightly below" its previous expectations as a result. Shares in National closed down 4.4 per cent, or 18.5p, at 397p.

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Scotsman Business Club

Get to the heart of the issues affecting Scottish business at www.scotsman.com/businessclub. Features include blogs from The Scotsman's formidable team of business writers - including Bill Jamieson, Martin Flanagan, Peter MacMahon and Scott Reid, a diary of forthcoming company announcements and networking events and video interviews with leading business experts covering a wide range of useful topics."