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Scottish Business Briefing – February 8th 2013

File photo dated 01/02/05 of an HMV store on Oxford Street, London. PRESS ASSOCIATION photo. Issue date: Friday May 9, 2008. Entertainment retailer HMV today confirmed it was one of the high street winners from the past year after a group-wide overhaul saw like-for-like sales lift 7.3%. The group, which runs the same-name music and games stores as well as the Waterstone's book chain, said its turnaround plan was ahead of schedule as same-store sales growth at its UK and Ireland HMV stores was even further ahead at 11.4%. See PA Story CITY HMV. Photo Credit should read: Fiona Hanson/PA Wire

File photo dated 01/02/05 of an HMV store on Oxford Street, London. PRESS ASSOCIATION photo. Issue date: Friday May 9, 2008. Entertainment retailer HMV today confirmed it was one of the high street winners from the past year after a group-wide overhaul saw like-for-like sales lift 7.3%. The group, which runs the same-name music and games stores as well as the Waterstone's book chain, said its turnaround plan was ahead of schedule as same-store sales growth at its UK and Ireland HMV stores was even further ahead at 11.4%. See PA Story CITY HMV. Photo Credit should read: Fiona Hanson/PA Wire

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

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.

Read all today’s banking news from scotsman.com

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.

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

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

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

INDUSTRY

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.

Read all today’s industry news from scotsman.com

RETAIL

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.

Read all today’s retail news from scotsman.com

TECHNOLOGY

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.

Read all today’s technology news from scotsman.com

 

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