BANKING & INSURANCEKPMG snags rivalBig Four accounting firm KPMG has successfully poached a new partner from rival PricewaterhouseCoopers to run its pensions business north of the Border. The capture of Donald Fl
eming is being hailed as a coup by the accountancy group, while two other new partners have also been created. Head of KPMG Scotland, Craig Anderson commented: "Donald's decision to join the from PricewaterhouseCooper represents a real coup. He brings with him significant experience and an enviable track record of helping Scottish businesses address pension related issues. Donald has a remit to significantly grow the pensions team in Scotland and is already actively recruiting."
(The Herald) Read all today's banking news from scotsman.comECONOMYRecession fears boostedNew official data from the Office of National Statistics have revealed the UK economy failed to achieve any growth at all in the second quarter of the year, further fuelling fears the UK is set to slump into full blown recession. The ONS had estimated UK gross domestic product would grow by 0.2 per cent between the first and second quarters, however, the final figures have recorded no growth of any kind. Chief European economists at Capital Economics, Jonathan Loynes commented: "With GDP growth grinding to a complete halt in Q2 and most forward-looking indicators still pointing downwards, the UK economy looks almost certain to head into a technical recession over the coming quarters. Although some downward revision to the provisional growth estimate of 0.2 per cent was expected, the news that the economy did not grow at all in Q2 is a clear blow. We still expect GDP to contract slightly in both Q3 and Q4 - giving a technical recession – with GDP growth averaging just 1.2 per cent or so in 2008 overall."
(The Herald) Read all today's economics news from scotsman.comENERGY & UTILITIESEnd for oil and gas surge?Analysts have warned that the boom in the oil and gas sector may have ended despite strong results being reported by Aberdeen's Wood Group. The oil and gas giant is expected to unveil figures revealing earnings growth of up to 43 per cent in the first half but it is thought that faltering oil prices may start to take the shine off oil stocks in the eyes of investors. Analysts at Credit Suisse commented: "Recent oil price weakness has sparked fears that the services cycle may prove shorter than expected. This, combined with general equities selling pressure, has driven our UK oil services universe down 12 per cent this year to date." However, Cazenove have pointed to the strong results from the Aberdeen group and disagree with Credit Suisse. Their analysts said: "Based on the volatile and unpredictable recent swings in the share price of oilfield services stocks, it is hard to call the end of the sell-off of the sector. However, fundamentally the sector looks strong as ever and we are confident that we will continue to see positive consensus earnings revisions in the second half of 2008."
(The Scotsman)Centrica merger the 'obvious solution' for BE, claimInvesco, the largest City shareholder in British Energy, has claimed a merger with Centrica is the obvious solution to the nuclear generator's problems. Head of investment at Invesco, Neil Woodford called for the merger with the parent company of British Gas as takeover speculation continues to engulf East Kilbride BE. A proposed takeover by French firm EDF seemed sealed earlier this month but the move collapsed at the last minute after shareholders demanded a higher price for BE. Now Woodford wants to see the Centrica merger, he commented: "A combination of British Energy and Centrica solves the problems facing both companies today. Together, they can work out a joint venture with EDF to build nuclear sites."
(The Scotsman) Read all today's energy and utilities news from scotsman.comMANAGEMENTNetworking firm launches in FifeBusiness9am, a networking firm aiming to become the Starbucks of business networking, has launched its first franchise in Fife. The franchise owned by Katrina Wilkinson and business partner Wendy Sneddon hopes to boost business support among Fife' 6,000 small firms and will hold regular informal events in St Andrews, Dunfermline, Glenrothes and Kirkcaldy. Members of the Fife franchise will also be able to join other Business9am events in Glasgow and Edinburgh. Chief executive of Business9am, Amanda Boyle, commented: "There's an awful lot of business that goees on in Fife that even people in Fife aren't aware of. When I was at Caledonian Contacts, one of our biggest competitors were based in Fife. But there are a lot of business that Fife can't afford to have an interest in just doing business there and we want to tap into that." Sneddon added: "We joined Business9am after we read about it. We had been thinking about setting up a network or some way of getting business together to share issues. We went along to Business9am and thought this is just what we would have envisaged doing ourselves."
(The Scotsman) Read all today's management news from scotsman.comTRANSPORTNew park and ride scheme for StirlingThe second park and ride facility in Stirling is to begin operations today after being opened by Transport Minister Stewart Stevenson. The new transport link with serve both the north and west of the city and will see buses operate from the site, which boasts 200 parking spaces near junction 10 of the M9, six day a week. Stirling councillor Jim Thomson welcomed the development: "Our roads are getting busier each year and the more we can do to provide alternatives and give the public a choice, the more it improves the experience of visiting Stirling. It's not just about tackling congestion, this new bus route provides an opportunity for people who don't have their own transport to access destinations along the route."
(BBC Scotland Online) Read all today's transport news from scotsman.comPROPERTYCouncillors approve Heathhall planDumfries and Galloway councillors have given the go ahead to a plan to demolish a further education college and replace it with housing. Under the scheme some 200 new houses would be built on the site of the former Dumfries and Galloway College site at Heathall. The plan has been given permission on the proviso that sportscotland raises no objections to the development which includes a site which it is believed could still constitute an official playing field.
(BBC Scotland Online) Read all today's property news from scotsman.com
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