BANKING & INSURANCE
Widows weathers stormHalf year profits at life giant Scottish Widows were up 15 per cent to £298 million despite parent company Lloyds TSB suffering in the economic storm. The Scottish Widows Investment Partner
ship also saw profits holding steady at £20 million. However, Lloyds TSB has stunned the market with a 70 per cent fall in profits after suffering a £585 million hit on risky assets exposed to the credit crunch. Widows chief executive Archie Kane welcomed the profits which came at a time when the company was facing tough trading conditions in the equity, bond and property markets. He commented: "We have got a virtual 'perfect storm' where all asset classes have gone down at the same time. That's pretty unusual. It has been a pretty worrying year, not just in financial services but in a wider (economic) context."
(The Scotsman) Read all today's banking news from scotsman.comECONOMY
Consumer confidence hits record lowNew figures from GfK NOP have revealed consumer confidence in the UK has slumped to its lowest level since records began in 1974. The figures are expected to add to the headaches for the Bank of England as it attempts to battle surging inflation in the face of widespread calls for a cut in the base rate of interest. Consumer confidence team member at the private sector research company GfK NOP, Donna Culverwell said : "The index score has dropped again this month and is now at its lowest level since the survey began in 1974. At minus 39, this is our points lower than in March 1990 when the UK was heading in the grip of the last recession." She added she was not surprised at the lack of consumer confidence 'with the cost of living still on the increase, the housing market in a depression and reports of further increases in energy prices'.
(The Herald) Read all today's economics news from scotsman.comENERGY & UTILITIES
British Gas spark inflation surge fearsBritish Gas, which trades as Scottish Gas north of the Border, has announced a 35 per cent hike in its gas prices for its 16 million customers across the UK, sparking fears inflation will break the 5 per cent mark in a matter of months. EDF Energy gave already increased prices by 22 per cent and if the remaining member of the big six utility firms follow suit it is expected to increase inflation by one percentage point. The combination of the vastly increasing fuel prices and higher food prices is expected to push inflation beyond the 5 per cent mark beyond even the bleak 4 per cent warning issued by Bank of England Governor Mervyn King last month. UK chief economist at Global Insight, Howard Archer said: "If inflation goes up near 5 per cent it is very hard to see the Bank of England cutting rates." Meanwhile, SNP energy spokesman Mike Weir called for the UK government to step in over the spiralling gas prices, saying: "The UK government must act now to limit these price rises, which come at a time when energy companies are making massive profits. It is high time that shareholders in the companies suffered some of the pain that is being inflicted on Scottish families."
(The Scotsman) Read all today's energy and utilities news from scotsman.comINDUSTRY
Bottlers up profitabilityNew accounts posted by Caledonian Bottlers have revealed the Cumnock firm increased turnover from £14.9 million to £15.8 million and pushed up pre-tax profits from £2.02 million to £1.71 million. The company which currently employs 48 people holds the contract to bottle the majority of the WKD alcopop sold in the UK and is currently valued in the region of the £3.5 million.
(The Herald)Clyde Bergemann see profits rocketGlasgow engineering firm Clyde Bergemann has booked a 124 per cent increase in profits in the year to February. The £1 million profits were sparked by the surge in demand for the firm's soot blowing technology developed by the old Clyde Blowers group from which Clyde Bergemann emerged. Managing director Jim Fairbairn confidently announced there was no sign of the boom ending in Europe, the Middle East and South America where the system has proved particularly popular. The system allows customers to clean the inner parts of huge boilers used in power generation plants and oil and gas installations and can increase the efficiency of boilers and reduce emissions.
(The Herald) Read all today's industry news from scotsman.comMANAGEMENT
BeCogent to expandScottish call centre operator BeCogent is set to expand its Glasgow operation after it emerged the group had created nearly 1000 new jobs in the past year. The company announced yesterday it had reached agreement on a ten year deal to rent a 35,000 sq ft office at Cadogan Square in the city centre and expects to quit its current premises at the Indigo Lighthouse on Bath Street by the end of the year. Commercial and operations director John Devlin told the Scotsman: "The expansion is based on forecasted growth in our business. Last year we grew 44 per cent and we're forecasting growth of 12 per cent this year. We're on target to achieve that and we've also secured a new three year contract with a retail client, which is worth £15 million to us. We'll take our head count to 3,500 by the end of this year."
(The Scotsman) Read all today's management news from scotsman.comMEDIA & LEISURE
Confidence down in tourismA poll of tourist businesses in Strathspey and Badenoch has revealed confidence is low over the future of the trade. Aviemore and Cairngorms Destination Management Limited has revealed its online survey painted a gloomy picture punctuated with rising supply costs and falling visiting numbers.
(BBC Scotland Online) Read all today's media and leisure news from scotsman.comRETAIL
Post Office closures to go onPlans to close 16 post offices across Fife are to push ahead despite a consultation exercise following the original announcement of the closures. Politicians have now described the consultation process as 'futile' after being unable to extract any concessions despite the Post Office insisting it had to make 'difficult decisions which were not taken lightly'. North East Fife MSP Iain Smith commented: "This is an absolute disgrace. The Royal Mail has clearly ignored the views of the people of North East Fife. I made a point of stating at the beginning of this consultation period that it should in no way replicate the shambolic consultation which surrounded the St Andrews Post Office last year, which only acted as a means for the Royal Mail to tell residents of their final plans. Again, it appears that this consultation is little more than a sham." Network development manager for the Post Office in Scotland, Sally Buchanan responded: "These are difficult decisions which have not been taken lightly. We have considered very carefully all the comments made during the public consultation. We believed that the amended plan announced today offers our customers across North East, Tayside and Fife the best prospect for a sustainable network in the future, bearing in mind the UK Government's minimum access criteria and the other factors it has asked us to consider."
(BBC Scotland Online) Read all today's retail news from scotsman.com
The full article contains 1254 words and appears in scotsman.com newspaper.
