BANKING & INSURANCEHBoS to rule on share issueThe board of directors at Halifax Bank of Scotland are expected to meet today and discuss whether to go to its shareholders for £4 billion to shore up the balance she
et. The meeting comes as the banking giant prepares for its annual shareholder meeting in Glasgow tomorrow. A trading statement to be issued to the meeting and is believed to be ready to write down at least £1 billion of assets against the credit crunch, in its position as Britain's largest mortgage lender HBoS's write down could hit as high as £3 billion. The group's exposure to vulnerable areas of the economy – housing, property and construction – is also believed to be causing concern. The decision last week by Royal Bank of Scotland to raise £12 billion from a record share placement is also believed to be prompting the HBoS move.
(The Scotsman) Read all today's banking news from scotsman.comECONOMYBusiness losing faith in politiciansA survey by the British Chambers of Commerce has revealed that Britain's business community is losing faith in politicians and no longer believe their representatives understand their needs. The survey of 250 firms showed that just 14 per cent thought Labour prioritized business. Director General of the BCC David Frost commented: "These figures paint a depressing picture on the faith that the business community has in politicians. High levels of tax are clearly the number one problem. The main competitors for British firms are no longer in the neighbouring streets or towns but halfway around the world in countries that have far lower tax rates. If we are to remain competitive, then the government must cut taxes for both large and small firms and look at reducing other damaging taxes such as fuel duty. The business vote is clearly up for grabs."
(The Scotsman) Read all today's economics news from scotsman.comENERGY & UTILITIESScottish Water awards huge contractScottish Water has awarded an IT contract worth £120 million to three international IT and telecoms giants. The contract will see the groups provide support to the utility giant's drive to improve efficiency and produce savings of up to £1 million annually. Contracts have gone to Tata Consultancy Services, Fujitsu and BT for services which will include the development of new software applications, providing helpdesks for staff and running new voice communications networks. General manager of IT at Scottish Water, David Brown commented: "This announcement is the culmination of a great deal of hard work from both the suppliers and Scottish Water. It is a rounded package of benefits that delivers significant cost savings, an enhanced service and the opportunity to exploit the extensive business capabilities of some of the most innovative companies in the business."
(The Herald)Extra fuel arrivesTwo out of seven fuel tankers heading or Grangemouth with extra fuel to make up or possible shortages as the strike at the refinery enters its second day have arrived in the Forth. It had been feared there would be mass fuel shortages at Scottish petrol stations, but it now appears that only a few filling stations have reported a fuel drought with the Scottish Government announcing that by midday on Saturday only five of the country's 956 filling stations had run out. However, the concern that as the strike continues more station may run dry remains – the strike is expected to end at 6am tomorrow morning.
(BBC Scotland Online) Read all today's energy and utilities news from scotsman.comMANAGEMENTSE revamp a 'model'The chairman of Scottish Enterprise has hailed the shake-up of the government agency as a model for reform throughout the public sector. The economic development group is set to publish its three year business plan today and will see the group move away from local business support towards investment in high-growth Scottish companies and priority industries. Chairman Jack Perry said: "This is not about picking winners, this is whole industries where there is evidence that Scotland does have a genuine competitive advantage and can make its living in the future." He added: "In the past most of our measures were about activity, we are increasingly trying to make them about output, economic impact and leverage. We have set ourselves some very ambitious targets for the year in terms of helping Scottish companies grow and in attracting new investment to Scotland, particularly when we will still be operating in a very challenging economic climate. It is now time to deliver, and we remain ambitious in our plans to work with our partners to help develop a truly sustainable and successful Scottish economy."
(The Herald) Read all today's management news from scotsman.comMEDIA & LEISUREAVC in Al Jazeera link upScottish media and communications agency AVC has been recruited by Al Jazeera to train members of its broadcasting team serving Europe and America. Specialised courses will be run in Qatari capital Doha by AVC Media Enterprises in a development the company hopes will help spearhead its international expansion ambitions. AVC director Spencer Buchan commented: "I carried out a little bit of research and discovered they (Al Jazeera) were making a push into Europe and eventually America and that they had a substantial media training centre in Doha. They try to find western organisations like ourselves which have the academic skills combined with the hands-on experience to pass on these experiences and skills to their workforce." He added: "We are currently in Doha doing a three week course on documentary making for TV, and also planned are courses in TV journalism, filming, editing and public relations." Head of the Al Jazeera media training centre Amar Elsheikh Mohamed added: "We researched the Scottish media market and saw that Televisual (broadcast magazine) had rated AVC the top production facility in Scotland and made contact. We have been very impressed with AVC Media' diversity and flexibility and have now entered into a growing relationship."
(The Herald) Read all today's media and leisure news from scotsman.comTECHNOLOGYBraveheart look southBusiness angel venture capitalists Braveheart Investment Group is preparing to expand south of the Border. It was revealed earlier this month that the group was considering a move for Surrey based Angle, a move that would double the size of Braveheart's business should a 60p per share offer go through. And Braveheart are refusing to rule other opportunities to expand into England where the group believe their canny Scots image may draw more investors. Co-founder Geoffrey Thompson commented: "The skill is finding the good prospects. The rule of thumb is that as long as the good ones make twice the money, we're OK. Everybody needs luck, but also good judgement. When you get a company that makes ten or 20 times the investment, it's fantastic. We narrow the odds substantially by doing due diligence and knowing the sector very well, but you still can't guarantee anything."
(The Scotsman) Read all today's technology news from scotsman.com
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