Scottish Business Briefing - July 30th 2013

Barclays: Cash call as profits fall. Picture: AFP
Barclays: Cash call as profits fall. Picture: AFP
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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.

FINANCE

Barclays launches £5.8bn cash call as profits fall

Banking group Barclays has outlined plans to raise £5.8 billion through a heavily discounted rights issue as it seeks to shore up its balance sheet. The Prudential Regulation Authority (PRA) said today’s move was a “credible plan” that would let Barclays boosts its capital reserves “without cutting back on lending to the real economy”.

ECONOMY

CBI cautious despite surge in summer retail sales

FRESH evidence emerged from the CBI yesterday that UK consumer confidence is rising as it revealed that retail sales are growing at their fastest rate since January. City economists said the CBI distributive trades survey was the latest in a string of more positive economic data that added weight to Chancellor George Osborne’s recent claim that Britain was now on the mend after a five-year downturn

ENERGY

Macquarie Group trims stake in Energy Assets

MAJOR shareholder Macquarie Group has begun reducing its stake in Energy Assets, the Livingston-based gas meter manager that it floated on the main market last year. The Australian investment bank cut its shareholding from 46.78 per cent to 39.44 per cent, with Henderson Global Investors increasing its stake to 16.04 per cent from 9.18 per cent.

SCOTSMAN CONFERENCE

The Future of the UK Aerospace Industry, 5 Sept, Prestwick

Join expert speakers including: Michael Moore MP & Secretary of State for Scotland; Scott McLarty of Spirit AeroSystems; Gavin Campbell of Bombardier and Murdo Morrison of Flight International as they discuss the big issues facing the UK aerospace industry. For full details see The Scotsman Conferences website

TRANSPORT & INDUSTRY

Weir upbeat despite fall in first-half profits

Engineering firm Weir Group has unveiled a 14 per cent drop in first-half profits but said it remained confident of delivering an increase in revenues for the full year. The Glasgow-based company said its order input dipped 5 per cent to £1.26 billion in the six months to 28 June following delays in mineral projects and excess pump capacity in the oil and gas fracking industry.

Crisis at bus giant as boss Park is ‘put out to pasture’

SCOTLAND’S largest bus-operating company has been plunged into crisis after the head of its Glasgow division went on indefinite gardening leave in a suspected row over service cuts. Ronnie Park, managing director of First Glasgow, which runs bus services in Greater Glasgow, is understood to be taking a leave of absence. It is unclear if or when he will return to the post. A senior manager from First’s Aberdeen division is understood to have been appointed temporarily in his place

MEDIA, TECH & LEISURE

CCTV firm shares plummet after profit warning

A PROFIT warning from video surveillance systems specialist IndigoVision sent its shares plunging 12.4% to a 52-week low and wiped £3.3 million off its market value. The news is just the latest problem to engulf the company which spent the tail end of 2011 and part of 2012 embroiled battle for control of its boardroom with its former chief executive Oliver Vellacott.

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