DCSIMG

Scottish Business Briefing - Tuesday 9 October 2012

Barclays Bank has agreed to buy ING Direct UK

Barclays Bank has agreed to buy ING Direct UK

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

‘We’re building a normal bank at RBS’

ROYAL Bank of Scotland (RBS) chief executive Stephen Hester has signalled the end of the “big shrinkage” of the company and said it would soon start to grow again. He said the bank had become “too big” but it was returning to “normal” after cleaning up its balance sheet and disposing of assets worth £700 billion (Scotsman).

Barclays to acquire ING Direct UK

Barclays Bank has agreed to buy ING Direct UK, taking on its £10.9bn deposits and £5.6bn mortgage book. The deal will involve the transfer of 750 ING Direct staff and 1.5 million customers to Barclays (BBC).

Read all today’s banking news from scotsman.com

ECONOMICS

Scottish private sector output ‘contracts’

Output in Scotland’s private sector has contracted for the first time in 20 months, according to a new report. A Bank of Scotland survey of purchasing managers attributed the slight fall in September to a drop in the amount of new business firms were picking up (BBC).

Read all today’s economics news from scotsman.com

ENERGY & UTILITIES

Scotgold predicting premium jewellery price for Cononish gold

Scotgold has predicted that jewellery buyers will pay a premium for gold from the firm’s Cononish mine near Tyndrum, where production is set to begin in early 2014 (Scotsman).

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

INDUSTRY

Pre-tax profits at Howden up 156% before takeover

PRE-TAX profits at Renfrew-based engineering firm Howden surged 156.4% in 2011, the last year of Bob Cleland’s reign as chief executive before it was acquired by Maryland-based Colfax Corporation. According to accounts for Howden Group filed with Companies House, turnover rose 30.3% to £121.2 million at the company (Herald).

Read all today’s industry news from scotsman.com

MANAGEMENT

Scots heavyweights join forces as legal merger fever continues

LAW FIRMS Burness and Paull & Williamsons are the latest to join the merger fever sweeping through the sector. The tie-up will see the formation of Burness Paull & Williamsons, creating one of the largest firms based solely north of the Border (Scotsman).

Read all today’s management news from scotsman.com

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

Read all today’s retail news from scotsman.com

Read all today’s media and leisure news from scotsman.com

Read all today’s transport news from scotsman.com

Read all today’s technology news from scotsman.com

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

 

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