Scottish Business Briefing - Monday 23 November, 2009

Published on Monday 23 November 2009 08:28

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 & INSURANCE

Recovery blow as 'face of banking' quits

SCOTLAND'S economic recovery could be hindered by the decision of a key banking figure to step down as chairman and chief executive of Lloyds TSB Scotland, business leaders warned last night. Susan Rice, one of the country's most senior bankers, is regarded as the "face of banking in Scotland" and her high-profile role is credited with keeping many businesses afloat (Scotsman). Lady Rice, who will remain as managing director of the Lloyds Banking Group in Scotland, announced her decision to the board at a meeting of Lloyds TSB Scotland last Thursday.

Left high and not-so-dry with 100m floods bill

DAMAGE caused by flooding in southern Scotland and Cumbria could cost up to 100 million to repair, insurers said yesterday (Scotsman). The news came as another severe weather warning was issued for tomorrow, with forecasts of a further 30mm of rain and 60mph winds. The Association of British Insurers (ABI) said up to 1,000 claims had already been received, with the total bill estimated at 50-100 million

Read all today's banking news from scotsman.com

ENERGY & UTILITIES

Confidence and rising crude prices boost oil and gas growth

OIL and gas companies listed on London's Alternative Investment Market (Aim) have enjoyed their third consecutive quarter of growth thanks to rising crude prices and renewed investor confidence (Scotsman). According to Ernst & Young's latest Oil and Gas Eye report, the index of 109 energy firms on Aim rose by 35 per cent in the third quarter of 2009. Two-thirds of the companies posted share price gains during the period.

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

FOOD, DRINK & AGRICULTURE

Whisky protected against copies

New guidelines to protect whisky from foreign imitation, including new rules on labelling and bottling, are coming into force in Scotland on Monday (BBC). There will be a new requirement to only bottle Single Malts in Scotland, and tighter rules on the use of distillery names on bottle labels. There will also be better protection of traditional regional names such as "Highland" and "Lowland". The Scotch Whisky Association (SWA) described it as "landmark legislation". The regulations have been drawn up by the UK government.

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

INDUSTRY

BAE joins battle to seal Gulf weapons contracts

BAE Systems, the UK defence and aerospace group with a substantial presence in Scotland, is competing head-to-head with US-based Lockheed and Boeing for lucrative weapons contracts in the Persian Gulf states (Herald). Saudi Arabia, the United Arab Emirates and other oil-rich Gulf nations have long shopping lists for a range of weapons systems, including tanks and armoured fighting vehicles, patrol boats and fighter aircraft – all of which are built by BAE.

Read all today's industry news from scotsman.com

RETAIL

Blacks landlords 'likely' to vote for rescue in hope of saving jobs

LANDLORDS are today "likely" to vote in favour of a rescue deal for troubled outdoors retailer Blacks in a bid to save more than 4,000 jobs, according to the British Property Federation (Scotsman). The BPF said Blacks landlords would meet with the retailer today to try to agree a company voluntary agreement (CVA) to stave off administration. CVAs are deals struck between landlords and their tenants to end leases early.

Read all today's retail news from scotsman.com

Scotsman Business Club

Get to the heart of the issues affecting Scottish business at www.scotsman.com/businessclub. Features include blogs from The Scotsman's formidable team of business writers - including Bill Jamieson, Martin Flanagan, Peter MacMahon and Scott Reid, a diary of forthcoming company announcements and networking events and video interviews with leading business experts covering a wide range of useful topics."