Scottish Business Briefing – Thursday 1 November, 2012

Published on 01/11/2012 08:56

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

Clydesdale puts a brave face on first full-year loss and job cuts

Clydesdale boss David Thorburn yesterday claimed the worst was behind the bank as it unveiled its first ever full-year loss amid a hike in bad debts. The group, which also owns Yorkshire Bank, confirmed it will have cut almost 1,000 jobs before the end of March, out of a target of 1,400, as part of a massive restructuring programme unveiled in April.

(Scotsman)

Standard Life sales fall but new pension rules offer hope

STANDARD Life has revealed a fall in new business as sales of its corporate schemes were hit by companies putting their plans on hold ahead of a shake-up in pension provision. The life and pensions giant said corporate pension sales tumbled 38 per cent to £635 million in the three months to 30 September, but insisted it was well placed to benefit from the changing regulatory landscape.

(Scotsman)

Read all today’s banking news from scotsman.com

ENERGY & UTILITIES

Royal Dutch Shell sees profits fall

Royal Dutch Shell has reported profits of $6.12bn (£4.5bn) for the past three months, down from $7.2bn for same the quarter last year. The Anglo-Dutch company blamed the fall on lower oil and gas prices. Excluding one-off items such tax changes and other factors, the third-quarter profits were $6.6bn, down 6% on last year.

(BBC)

Record £1m profit for Dron & Dickson

DRON & Dickson, which designs and supplies electrical systems for use in hazardous areas on oil rigs, has more than doubled profits ahead of a push into the Middle East market. Stirling-based Dron & Dickson saw a record £1 million pre-tax profit in the year to May compared with £423,000 in the preceding year as it benefited from buoyant activity levels in the core oil and gas market.

(Herald)

Read all today’s energy and utilities news from scotsman.com

FOOD, DRINK & AGRICULTURE

Irn Bru maker given ‘surprise’ deadline extension for takeover talks

ANALYSTS today raised questions about the complexity of Irn Bru-maker AG Barr’s proposed merger with Pepsi bottler Britvic after the Takeover Panel gave the pair a “surprise” second three-week extension to the deadline for their talks.

(Scotsman)

Read all today’s food, drink and agriculture news from scotsman.com

TRANSPORT

Stagecoach buys Wigan bus business from FirstGroup for £12m

TRANSPORT giant FirstGroup ploughed ahead with its £100 million asset disposal programme today by selling its bus business in Wigan to Stagecoach for £12m, raising eyebrows in the City. The Aberdeen-based company unveiled plans in March to dispose of some of its bus services so that it could concentrate on “high-growth” areas.

(Scotsman)

Read all today’s transport news from scotsman.com