Scottish Business Briefing - Monday August 9, 2010

Published on Monday 9 August 2010 09:43

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.

ECONOMY

Scotland's economy closing gap on the UK

THE Scottish economy is closing the gap on the rest of the UK after business activity increased last month, according to an influential survey out today (Scotsman). The purchase manager index (PMI) report published by Bank of Scotland said the Scottish private sector economy was showing signs of a subdued recovery, with activity levels up for the 13th successive month in July.

UK jobs market recovery 'to stall'

Recovery in the jobs market will "stall" this year as demand for workers in the public sector falls, new research has warned (BBC). According to the Chartered Institute of Personnel and Development (CIPD), a third of employers expect to cut jobs in the next three months. The public sector employers in particular are planning cuts, with 36% of them looking to lose staff.

Salmond's trip to China secures 2.4m in new business

SCOTTISH firms won more than 2.4 million of new business in China during a trade visit led by First Minister Alex Salmond last month, it has been revealed (Scotsman). The 21-strong delegation of Scottish businesses and organisations took part in a five-day mission in Shanghai and Hong Kong that was organised by the Scottish Council for Development and Industry (SCDI).

BoE expected to cut growth forecasts as growth remains slow

THE City believes the Bank of England will fuel further concerns over the UK's economic recovery this week by sharply cutting its growth projections and predicting higher inflation (Scotsman). The Bank's May forecast of 3.4 per cent growth in 2011 and 3.6 per cent in 2012 was widely considered more optimistic than nearly all City forecasts.

Read all today's economics news from scotsman.com

FOOD, DRINK & AGRICULTURE

Distillery set to make first profit in its history

ONE of Scotland's most remote distilleries is reportedly set to make a profit this year for the first time since being set up in 1995 (Scotsman). Arran Distillery lost up to 500,000 a year in the early stages of the operation. But this has narrowed over the years: in 2008 it made a loss of 137,000, and was only 16,000 in the red last year on turnover of just over 2 million.

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

TECHNOLOGY

Companies backed by Scottish Equity enjoy revenue boost

Scottish Equity Partners (SEP), the UK venture capital firm, has reported strong revenue growth across its portfolio of leading-edge technology companies in the year to June 30, 2010, despite weak economic conditions (Herald).

Read all today's technology news from scotsman.com

Entrepreneur

Be inspired and communicate with other Scottish entrepreneursat http://entrepreneur.scotsman.com. Features includeupdates from The Scotsman's Executive Editor Bill Jamieson, a diary of forthcoming company announcements and networking events and videoadvice on how to succeed with your new business start-up.