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Scottish Business Briefing - Wednesday 27 March, 2013

Lloyd's of London's profits increased, despite Superstorm Sandy's impact. Picture: Getty

Lloyd's of London's profits increased, despite Superstorm Sandy's impact. Picture: Getty

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

New banks given help to take on bigger rivals

REGULATORS unveiled a new drive to encourage more competition in the banking sector today by allowing start-up banks to hold lower reserves of capital. At the heart of the changes will be much less stringent capital and liquidity requirements for new entrants, as well as a significantly faster timetable for regulators to process banking licence application. (Scotsman)

Read all today’s banking news from scotsman.com

INSURANCE

Lloyd’s of London in profit despite Superstorm Sandy

Insurance market Lloyd’s of London has returned to profit, despite paying the biggest claim in the company’s history. Superstorm Sandy, which hit the Caribbean and North America in October 2012, resulted in a £1.4bn pay-out. But Lloyd’s still made pre-tax profits of £2.77bn reversing a loss of £511m for 2011, the company’s costliest year on record. (BBC)

Read all today’s insurance news from scotsman.com

ENERGY & UTILITIES

Faroe determined to stay independent

THE head of Faroe Petroleum has expressed his wish for the Aberdeen-based oil and gas company to remain independent amid a flurry of consolidation among independents engaged in North Sea exploration and production. Graham Stewart was speaking as Faroe, whose model is based on investing revenue from oil production into exploration, reported a near doubling of turnover last year. (Herald)

Wood Group hails ‘significant’ North Sea contract win

Oil services giant Wood Group has hailed a “significant” extension to one of its contracts in the North Sea. Under the deal, the Aberdeen-based firm’s Production Services Network (PSN) business will work with CNR International for a further three years. (Scotsman)

Read all today’s energy news from scotsman.com

MEDIA & LEISURE

SCOTSMAN CONFERENCE

The Future of the Media in Scotland – 9 April, Edinburgh

Join delegates from across the marketing, communication and advertising industry at this unmissable event. Top speakers will debate the Leveson fall out and tackle the big issues facing Scotland’s media in the 21st Century. Book your place today! (The Scotsman Conferences)

TECHNOLOGY

ReNeuron to pursue stem cell drug trial in Dundee

SCOTLAND’S life sciences sector was given a boost yesterday when Aim-quoted drug developer ReNeuron got the go-ahead to use Dundee’s Ninewells hospital for a stem cell trial. ReNeuron will inject stem cells into nine patients with “critical limb ischaemia” (CLI) to see if they can help restore the flow of blood to their legs. (Scotsman)

Iomart says ‘sticky customers’ will help profits beat market forecasts

WEB hosting firm Iomart has predicted that loyal customers and a spate of recent acquisitions will help its full-year profits beat market forecasts with a jump of almost 54 per cent. The Glasgow-based group has made a series of takeovers during the past year, including the £1.4 million purchase of Skymarket in July, adding Melbourne Server Hosting the following month for £6.7m, and chief executive Angus MacSween said the newly-acquired businesses were performing well. (Scotsman)

Read all today’s technology news from scotsman.com

 

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