Scottish Business Briefing – Friday 28 June, 2013

BP expects 500 jobs to be created in Shetland. Picture: Getty
BP expects 500 jobs to be created in Shetland. Picture: Getty
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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

Church of England backing RBS branch bidder

A GROUP looking to snap up hundreds of Royal Bank of Scotland branches has been given a boost after the Church of England emerged yesterday as a financial backer. The Church’s Commissioners investment body, which manages some £5.5 billion of assets, is understood to be looking to put millions of pounds into the consortium led by former trade minister Lord Davies (Scotsman).

Read all today’s banking news from scotsman.com

ECONOMICS

Scots firms get less than 1% of UK crowdfunding

SCOTTISH firms are missing out on millions of pounds of potential investment from “crowdfunding”, as a report shows that less than 1 per cent of money raised last year in the UK went to recipients north of the Border. A study commissioned by Glasgow Chamber of Commerce indicates that out of £200 million raised across the UK using the social media-inspired method, only about £1m ended up in Scotland. Global crowdfunding uptake hit $2.7 billion (£1.8bn) in 2012 (Scotsman).

Read all today’s economics news from scotsman.com

ENERGY & UTILITIES

Isles win millions from Treasury for renewable energy

THE coalition government yesterday pledged to boost renewable energy production in Scotland’s islands as part of a £100 billion infrastructure package for the UK. The commitment to building new generators was announced as Liberal Democrat Chief Secretary to the Treasury Danny Alexander unveiled what he described as the biggest infrastructure programme in UK history (Scotsman).

500 jobs to be created at Shetland terminal

BP expects 500 jobs to be created in Shetland as part of its plans to bring bumper projects onstream west of the islands. The numbers working at the giant oil and gas processing terminal at Sullom Voe in Shetland are set to double under plans to upgrade the plant to cope with a big increase in production offshore (http://www.heraldscotland.com/business/company-news/500-jobs-to-be-created-at-shetland-terminal.21464625|Herald|Herald}).

Deepwater sector needs more drillers

Drilling firms will need to recruit nearly 40,000 people to meet future demand in international deepwater drilling as the sector enjoys a period of sustained growth, according to a new report. Energy research firm Wood Mackenzie said yesterday annual spending on deepwater wells worldwide is expected to more than double from £28billion last year to more than £74billion in 2022 (P&J.

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

SCOTSMAN CONFERENCE

The Future of the UK Aerospace Industry – 5 September 2013, Prestwick

20% Early bird discount until 12 July

The UK Government signed up to a £2 billion partnership to keep the UK aerospace industry at the forefront of world aerospace manufacturing. Join us and hear the government explain its strategy to secure large numbers of high value jobs. Book your place today.

(The Scotsman Conferences)

RETAIL

Scotmid eyes England expansion with Penrith tie-up

CO-operative retailer Scotmid is poised to expand its presence south of the Border after agreeing a deal to swallow a smaller peer in the Lake District. The Edinburgh-based group, which owns almost 200 food stores across Scotland, hopes to complete the deal with Penrith Co-operative in the autumn, subject to member approval (Scotsman).

Read all today’s retail news from scotsman.com