Scottish Business Briefing - Tuesday 20 October, 2009

Published on Tuesday 20 October 2009 09:38

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 & INSURANCE

Standard Life's new chief looks to fill key vacancy

DAVID Nish, who was confirmed yesterday as Standard Life's new chief executive, is expected to make the appointment of a head of UK life and pensions a key priority and will not be pushed into pursuing acquisitions (Scotsman). His appointment ended a long search for a successor to Sir Sandy Crombie and analysts pounced quickly with questions about his strategy for the Edinburgh-based company. There were indications that he would hire someone quickly for the life and pensions role, which Crombie has undertaken alongside his other duties since Trevor Matthews left to join Friends Provident nearly two years ago.

Read all today's banking news from scotsman.com

INDUSTRY

Rolls-Royce first equipment delivery

Engineering company Rolls-Royce yesterday made its first delivery on a 96m contract to supply equipment for the Royal Navy's Queen Elizabeth Class aircraft carriers (Herald). The first pair of Neptune stabilising fins, which were designed, manufactured and tested at Rolls-Royce's facility at Dunfermline in Fife, were transported to the BVT Surface Fleet shipyard in Govan on the Clyde. They will be incorporated into the under-construction hull section at the Clyde yard, part of the BAE Systems empire.

Read all today's industry news from scotsman.com

MEDIA & LEISURE

St Ives sinks into the red with 7m losses

BRITAIN'S biggest printing firm was caught in a sea of red ink yesterday as it posted annual losses of more than 7 million and warned of "significant challenges" ahead (Scotsman). St Ives, whose clients include publishing giants Penguin, HarperCollins and Bloomsbury, has been hit by lower demand for commercial and consumer printing in the recession, as well as by advertisers moving to the internet.The company, which has off-loaded its US and Dutch businesses, said it cut about 400 jobs during the year to 31 July.

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

TECHNOLOGY

Another Scots firm in firing line as Omega confirms takeover approach

OMEGA Diagnostics, the listed medical testing firm, could become the latest Scottish plc to disappear from the market, after confirming it has received a takeover approach (Scotsman). The Alva-based group was forced to issue the statement revealing the approach, after its shares jumped 11p to 36.5p on Friday. The 43 per cent rise took the stock to its highest level since Omega entered Aim following a reverse takeover of Quintessentially English, a cash shell, in 2007. Yesterday's statement stressed that, while a preliminary approach had been received and could lead to a takeover, there was no certainty that a formal offer might be made.

Apple profits up on iPhone sales

Apple has shrugged off the recession with profits surging on demand for its iPhones, laptops and desktop computers (BBC). The technology giant made a net profit of $1.67bn (1bn) in the three months to 26 September, up 47% on a year earlier. Sales rose 25% to $9.87bn. Computer sales grew 17%, and iPhone sales climbed 7%, though there was an 8% drop in the number of iPods sold. The results come ahead of rival Microsoft launching its new Windows 7 operating system later this week.

Read all today's technology news from scotsman.com

TRANSPORT

BAA accuses airport panel of 'red-hot' conflict of interest

BAA yesterday hit out at a competition tribunal over an alleged conflict of interest at the heart of a decision to force it to sell its airports at Gatwick, Stansted and either Edinburgh or Glasgow (Scotsman). Nicholas Green, QC, acting for the airport operator, said one of the regulators on the inquiry panel, Professor Peter Moizer, had links with Manchester Airport Group, one of the companies that are interested in buying Gatwick. Green told the Competition Commission (CC) appeal tribunal that Moizer was a strategic adviser to the Greater Manchester Pension Fund (GMPF), which is a Manchester airport shareholder and had been considering an equity investment to back a bid.

Read all today's transport news from scotsman.com

Scotsman Business Club

Get to the heart of the issues affecting Scottish business at www.scotsman.com/businessclub. Features include blogs from The Scotsman's formidable team of business writers - including Bill Jamieson, Martin Flanagan, Peter MacMahon and Scott Reid, a diary of forthcoming company announcements and networking events and video interviews with leading business experts covering a wide range of useful topics."