Scottish Business Briefing - Wednesday 10 March, 2010

Published on Wednesday 10 March 2010 08:30

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

Gordon Brown is hit by fresh doubts over UK plc as exports crash

GORDON Brown's strategy to drag Britain out of the current economic crisis is "not credible", it was claimed yesterday as new figures revealed a dramatic increase in the trade gap and serious doubts about the country's credit rating (Scotsman). New data revealed UK exports suffered their biggest fall in more than three years in January, plunging 1.4 billion, or 6.9 per cent

Read all today's economics news from scotsman.com

BANKING & INSURANCE

Northern Rock sees reduced losses

Northern Rock has said that it made "good progress" in 2009, as it reported a sharp fall in its annual losses (BBC). The bank lost 257.4m last year, compared with 1.36bn in 2008. It said it had seen an increase in mortgage lending across the year, while the amount of money people saved with the bank was largely unchanged. Since 1 January, the Rock has been split in two, with savers' money held by a "good bank", Northern Rock PLC, which will eventually be sold.

Read all today's banking news from scotsman.com

ENERGY & UTILITIES

Global Energy snaps up six Sovereign firms from administrator

THE fabrication division of Sovereign Oilfield Group, which slipped into administration last month, has been snapped up by Aberdeen-based peer Global Energy Group, in a move that is expected to save hundreds of jobs (Scotsman). Six firms have been taken over in the deal that it is hoped will protect about 400 jobs in Aberdeen and Dunfermline. The companies being acquired by Global Energy are Caledonian Petroleum Services, Cooltime Engineering Services, Forfab, Labtech Services, OIL Engineering and Sovereign Dimensional Survey.

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

FOOD, DRINK & AGRICULTURE

Drink price plan 'will cost jobs'

One of the world's leading Scotch whisky suppliers has warned it might have to cut hundreds of Scottish jobs, under plans for minimum drink pricing (BBC). Whyte & Mackay said the government- proposed move would force it to compete with more expensive, premium brands. The Asda, Morrisons and Sainsbury's supermarket chains have also expressed concern about the plan. Scottish ministers have said radical action was needed to tackle the nation's alcohol problems.

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

INDUSTRY

Weir Group shows hunger to buy firms after record profits

WEIR Group has built up a 500 million war chest as it continues to search the world for acquisitions after booking record annual profits (Scotsman). Keith Cochrane, chief executive of the Glasgow-based engineering firm, said that, given the group's balance sheet capacity, it could spend between 400m and 500m on deal-making. The City is primed for a single deal which could transform Weir's oil and gas or industrial business.

Read all today's industry news from scotsman.com

MEDIA & LEISURE

John Menzies team hails 'stellar' year

PAUL Dollman, finance director at aviation and distribution group John Menzies, yesterday claimed the "worst was behind us" as he revealed pre-tax profits had more than doubled to 22 million (Scotsman). The firm reinstated its dividend after a year's hiatus, with an interim payment of 8p due on 1 April but has no plans to recommend a final 2009 dividend ahead of its annual meeting. Edinburgh-based Menzies said it has had a "stellar" year in its distribution side, which performed ahead of expectation

Read all today's media and leisure 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."

Scotsman Conferences

Following the successful launch of Scotsman Conferences at Edinburgh: The Next Five Years on 22nd February,the debate is movingon withtwo new events.On 24th May Can the Green Economy Deliver for Scotland, in partnership with Scottish Enterprise, will investigate whether thegreen economycandeliver the tens of thousands of jobs promised. The conferencewill be followed by the announcement of The Green List, a roll-call of the environmental heroes who are making a genuine difference to Scotland.

Then, on1st June, Shopping for Growth,in association with the Scottish Retail Consortium will examine the challenges and opportunities that lie ahead forthe retailsector which accounts for 10% of the Scottish workforce.

Find outhow Scotsman Conferences can bring you and your organisation to the heart of the debate at www.scotsman.com/conferences.