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.
HBOS: Vince Cable ‘has power’ to ban bankers
The UK’s Business Secretary, Vince Cable, has launched an investigation into whether the three former HBOS directors blamed for the banking group’s collapse can be banned as company directors for life. Mr Cable warned it was the “first step” in a process which could lead to the three – who have so far not faced formal sanction – being stripped of their right to work as company directors
Shoppers key to avoiding triple-dip recession
A rise in consumer spending indicates the UK has avoided entering a triple-dip recession during the opening months of the year, according to figures published today. Data compiled by research group Markit will reveal a third successive monthly rise in consumer spending as shoppers who were unable to reach the high street amid heavy snow turned to the internet to satisfy their renewed appetite for spending
ENERGY & UTILITIES
US tidal firm ResHydro to invest in Scotland
An American tidal power company has announced plans to establish a base in Scotland. ResHydro is currently working on a hydrokinetic energy generation device that requires further research and development. The company will be supported by a £100,000 award from Scottish Enterprise and will work in partnership with the University of Strathclyde.
FOOD, DRINK & AGRICULTURE
Arran beer maker brews up cider plan
Arran Brewery owner Gerald Michaluk has unveiled plans to make cider on the island as he bounces back from being turned down for a Scottish Government grant to expand production. Michaluk revealed in February that enterprise minister Fergus Ewing had rejected a £1 million grant application, forcing him to “slam the brakes” on plans to expand.
Tyre website founder is driving sales towards £100m as Tesco talks continue
Mike Welch launched his tyre business, BlackCircles.com, 12 years ago, but he still feels like he is just getting started. Welch, whose company has enjoyed an average 30 per cent compound growth in sales per year, refers to himself as “the perennial apprentice”
The Future of the Media in Scotland – 9 April, Edinburgh
Only a few days left to secure your delegate places! Join delegates from across the marketing, communication and advertising industry at this unmissable event. Top speakers will debate the big issues facing Scotland’s media in the 21st Century.
Angels pump £500,000 into Napier start-up firm
A spin-out company launched by a student from Edinburgh Napier University has secured £500,000 of funding from business angels and the Scottish Investment Bank (SIB). Jamie Graves developed the programming for security software package ZoneFox while carrying out a post-graduate project at the university in 2008 looking at ways to improve digital forensic investigations.