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.
The costs and complexities of carving Royal Bank of Scotland into “good” and “bad” parts would likely leave taxpayers worse off and exceed any benefits, a ratings agency has claimed. Chancellor George Osborne has ordered a review into breaking up the lender, which is 81 per cent state-owned, with investment bank Rothschild due to report back in the autumn.
SUBSEA 7, which employs 2000 people in Scotland, said it has won almost $1 billion (£650m) worth of business in the North Sea this year amid booming investment in the area. The oil services firm has won a string of bumper contracts to work on new fields that oil and gas firms plan to bring onstream in the North Sea to meet strong demand for energy.
FOOD, DRINK & AGRICULTURE
Major farmed salmon producers are joining forces to address challenges facing the industry globally. A group representing 70% of the world’s farmed salmon industry is launching the Global Salmon Initiative (GSI) in Trondheim, Norway. GSI will include 15 firms based in the world’s main salmon producing nations - Scotland, Norway, Canada and Chile.
Full agenda now available. Featuring expert industry speakers including: Scott McLarty of Spirit AeroSystems, Alan Fraser of BAE Systems; Jim Houston of Woodward & Gavin Campbell of Bombardier Aerospace. See The Scotsman Conferences website for more details.
TRANSPORT & INDUSTRY
CITYJET is to axe its loss-making Edinburgh-London City route in October, leaving British Airways with a monopoly on the route for the first time in a decade. The Air France-KLM subsidiary has thrown in the towel in the face of “very tough” competition from BA on the key business link.
THE Scottish operation of the maker of the Gore-Tex waterproof material has seen profits slump 63% as European austerity measures hit sales. Accounts filed at Companies House show turnover at WL Gore & Associates (UK) dipped almost 18% from a record £136.3 million to £112.3m.
MEDIA, TECH & LEISURE
SHARES in Frontier IP, which helps universities to commercialise their research, jumped by 10 per cent yesterday after the Edinburgh-based firm raised £392,000 through an over-subscribed share placing. Sigma Capital, the Aim-quoted investment vehicle in which Sir Tom Hunter has a 22 per cent stake, reduced its holding in Frontier from 26.7 per cent to 5.9 per cent as part of the move to place new and existing stock.
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