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.
Nationwide postpones small business loan move
PLANS to boost credit to small businesses have been dealt a blow after Nationwide delayed its launch into the sector. Business leaders expressed dismay at the decision from the UK’s largest building society, which is understood to have put its move on hold as regulators force it to hold more capital as a buffer against financial crises (Scotsman).
North Sea oil tax breaks to ‘enhance’ output
TAX breaks for the oil industry introduced by Chancellor George Osborne should lead to a “substantial enhancement” of output from the North Sea, according to Aberdeen University economist Alex Kemp. In a study published today, Kemp and his colleague, Linda Stephen, found that the rate of return for companies drilling for oil and gas in British waters had dipped in recent years but still remained “worthwhile.” ( Scotsman)
Petrofac stock up despite interim profits slide
SHARES in oil services group Petrofac jumped yesterday as the firm promised a strong second half to the year. The group, which has bases in Aberdeen and Montrose, saw first-half profits slide by a quarter to $243 million (£156.3m) but said it was on track to meet full-year forecasts. Investors were also cheered by a 21 per cent increase in the order backlog in the last six months, to $14.3 billion (Scotsman)
FOOD, DRINK & AGRICULTURE
RBS helps brothers reel in new business
BROTHERS Fraser and Scott Adams are seeking to hook customers with a fishing business established after they netted £91,500 of funding from Royal Bank of Scotland. Their Black Loch Fishery in Limerigg, south of Falkirk, which provides both bank and boat fly fishing, opened earlier this year (Herald).
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MEDIA, TECH & LEISURE
BT to create 150 Scots jobs with broadband deal
BT is to create 150 new engineering jobs in Scotland to support the rollout of fibre broadband. The recruitment comes after the company won contracts to install fibre connections in homes and businesses in the Highlands and Islands and in the rest of Scotland. Around 90 of the posts will be located in the Highlands and Islands, with jobs in Inverness, Fort William and Oban, as well as across the country (Scotsman).
Glasgow software firm Azolve unveils plan for US expansion
AZOLVE, the Glasgow-based software firm that specialises in streamlining administration processes, has announced plans to open a US office. The wholly-owned, New York-based subsidiary will be used as a springboard to expand Azolve’s subscription-based business model, whose clients include the Wood Group and sportscotland, across the Atlantic (Herald).