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NAB says Clydesdale earnings are on the mend
Clydesdale Bank’s Australian parent company has reported “pleasing” progress in the restructuring of its UK arm, which slumped to its first annual loss last year. Under pressure to improve shareholder returns, National Australia Bank (NAB) last year embarked on a shake-up at Clydesdale that will see 1,400 jobs axed by September 2015.
ENERGY & UTILITIES
Event organiser says global visitors came to do business
Global opportunities for UK companies were in sharp focus at a record-breaking ninth annual Subsea show in Aberdeen yesterday. Speaking to some of the 4,000 participants, Brazil’s Petrobras and other firms from emerging markets were said to have invited UK businesses in the subsea supply chain to bring their expertise to overseas projects.
FOOD, DRINK & AGRICULTURE
Scottish farmers ‘optimistic about future’
Scottish farmers remain optimistic about the industry’s future despite two years of wet weather-hit harvests and rising costs, according to a report. The annual Bank of Scotland Agricultural Report found farmers who believe the industry to be prosperous or very prosperous fell to 11%. But the report said many farmers were expecting a period of growth over the next five years
Cosalt warns over future as funds prove elusive
OFFSHORE workwear business Cosalt, which employs about 250 in Scotland, yesterday warned it faces insolvency by the end of this month unless it can reach agreement with its banks over its debts. Heavily-indebted Cosalt said despite extensive discussions with existing and potential funders, no alternative source of credit was currently available.
HMV suffers wipe-out in capital as administrator culls stores
MORE than half of Scotland’s remaining HMV stores will close within the next two months as part of a UK-wide cull that administrators hope will secure a rescue deal for the stricken music retailer. Administrator Deloitte yesterday shut 66 loss-making sites across the UK leaving HMV with 154 stores. Of the 11 to close in Scotland, all five in Edinburgh shut down, as well as three in Glasgow and stores in Dumfries, Falkirk and Kirkcaldy.
Life science firms will use £169m drugs project as a ‘springboard’
SCOTLAND’S life sciences industry has secured a share of a £169 million European Union drug research programme, which could trigger a wave of further investment across the sector. Glenn Crocker, whose BioCity Group teamed up with Dundee University to bring part of the giant pharmaceuticals project to its site in Lanarkshire, said 40 jobs would initially be created.