Scottish Business Briefing - Thursday 20 January, 2011

Published on Thursday 20 January 2011 08:52

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

Scottish economy poised to 'slide into reverse'

SCOTLAND'S recovery from recession has reached its "high tide" and could go into reverse over the coming year as the impact of public sector cuts and tax rises kick in, business experts said today. The Scottish Chambers of Commerce is warning of an increasing slowdown throughout 2011 (Scotsman)

Record numbers of Scottish businesses going to the wall

A RECORD number of Scottish firms went to the wall last year, official figures yesterday revealed, and experts warn there is "more to come" in 2011. Almost 1,100 Scots businesses failed in 2010, the highest ever figure and a 46 per cent increase on 2009, as companies struggled to cope with a changed marketplace and subdued demand (Scotsman).

Read all today's economics news from scotsman.com

ENERGY & UTILITIES

Subocean stuns markets as it fights to stave off failure and save 300 jobs

MORE than 300 jobs were under threat last night at one of Scotland's most-lauded offshore engineering companies in a major blow for the booming renewable energy industry. Aberdeen-based Subocean - which in recent years had diversified from the oil and gas sector into offshore wind power - is taking steps to avoid going into administration (Scotsman).

Investment in North Sea forecast to almost double

Oil and gas firms will almost double their investment off the UK this year, bringing the decline in UK production to a temporary end, and step up exploration off Scotland. The prediction comes from Wood Mackenzie, which reckons that the boom in deals involving North Sea assets will continue this year (Herald).

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

PERSONAL FINANCE

Reforms to boost pension savings not enough to stop crisis

Government reforms aimed at boosting pension provision will not be enough to stop the UK savings crisis from snowballing, according to new research by insurer Aegon. The Edinburgh-based group said the savings system was undermined by complexity, low awareness and a lack of confidence that incentives will not be scrapped (Scotsman).

Read all today's personal finance news from scotsman.com

TRANSPORT

Easyjet revenue up despite 18m snow bill

Budget airline Easyjet has said the severe weather in Europe in December cost it 18m. Strike action by air traffic controllers in the final three months of the year cost a further 6m. Revenue lost from both disruptions was 7m (BBC).

Read all today's transport news from scotsman.com