BANKING & INSURANCE
RBS eases fundraising targetsRoyal Bank of Scotland's successful sale of leveraged finance debt has allowed the banking giant to ease back on its fundraising targets. The group is still planning to dispose of i
ts insurance arm but it has claimed that the recent sales have allowed it to shore up its balance sheet. The claim comes as Commonwealth Bank of Australia confirmed it had pulled out of negotiations to buy ABN Amro Australia Holdings, the banking division acquired by RBS when it bought out the Dutch bank.
(The Scotsman) Read all today's banking news from scotsman.comECONOMY
Hopes rise of new rate cutHopes of a cut in the interest base rate have risen after the Bank of England revised its medium term inflation projection amid fears the UK economic output could stagnate over 'the next year or so'. The Bank's Monetary Policy Committee is now forecasting the benchmark consumer price index will peak at or above 5 per cent in the coming months but expects to then see a sharp fall in inflation. It is now predicting the rate of inflation will fall back below the vital 2 per cent threshold in the next two years and that it will continue to fall. The MPC's inflation report read: "The committee's central projection is for output to be broadly flat over the next year or so, after which growth gradually recovers. But there is a risk that the slowdown may be more pronounced." Bank of England Governor Mervyn King added: "I think, with broadly flat output, it's bound to be the case that there is a possibility of a quarter or two of negative growth." And added: "The next year will be a difficult one. It may still just be summer, but there is a feeling of chill in the economic air. The British economy is going through a difficult and painful adjustment due to high energy and commodity prices and (developments) in banking, credit and housing markets. This adjustment to our economy cannot be avoided and, as result, inflation is rising and growth is slowing."
(The Herald) Read all today's economics news from scotsman.comENERGY & UTILITIES
BE in earnings slumpBritish Energy has revealed its first quarter profits have fallen by nearly 50 per cent to £129 million as it struggles with outages at its nuclear power stations. The East Kilbride energy generator is currently completing repair work on one reactor at the Hunterston power station but has confirmed its is hopeful of returning it to full operation soon. BE's shareholder's recently rejected a £12 billion takeover bid from French utility giant EDF and is believed to be in the sights of British Gas parent company Centrica. Chief executive Bill Coley commented on the company's travails: "We have continued to make good progress towards resolving the plant issues that have significantly impacted our performance in the year to date." Meanwhile. Energy analyst David Hunter at McKinnon & Clarke predicted the EDF deal would still go through, commenting: "EDF has the expertise of running and building nuclear stations and is the world's largest nuclear generator. The UK Government's overriding objective is to get the new nuclear build process under way as soon as possible and they believe this is best achieved by sale to EDF."
(The Herald) Read all today's energy and utilities news from scotsman.comMANAGEMENT
Scots firms should cash in on EU legislationA leading patent attorney has urged Scottish firms to cash in on new moves by the European Commission to protect industrial property rights. David Moreland of Marks and Clerk and called for small and medium sized Scots firms to take advantage of the EC's determination to fight unlawful copying of ideas. He commented: "Counterfeiting and piracy are reaching alarming levels, with damaging effects on job creation, and Scottish companies have suffered as much as others. This is all about driving innovation safely from the laboratory to the marketplace but to do that there has to be protection, and the decision by the commission to strike hard at counterfeiting and piracy should encourage Scottish companies to spread their wings more into Europe and create more wealth and jobs in Scotland."
(The Scotsman) Read all today's management news from scotsman.comMEDIA & LEISURE
Gaelic TV channel launch dateBBC Alba, the new Gaelic television channel, is set to launch on September 19 it has been confirmed. The channel will be available on satellite and cable throughout the UK with content also made available online. Chairman of MG Alba, a partner in the channel, Alasdair Morrison commented: "The launch of BBC Alba is wonderful milestone for broadcasting. The most important priority for MG Alba is that viewers and listeners receive high quality television, radio and online services, and I'm delighted that we are establishing this news service through the historic collaboration between MG Alba and the BBC."
(BBC Scotland Online) Read all today's media and leisure news from scotsman.comRETAIL
Shop rents fallRents paid on retail property have fallen for the first time in seven years as the impact of the credit crunch continues to spread. New figures from CB Richard Ellis revealed average high street rents fell 0.3 per cent in July as inflation continued to keep customers out of shops. Director in business space for CBRE Stewart Taylor: "In any cycle in property, the highs and lows in Scotland tend to be not as high and not as low as London. Rents there race ahead and they see much stronger growth when the market is on the up. In Scotland you never see rents racing ahead, they tend to be more gentle. The upside is when the market quietens you don't get the same depths of troughs."
(The Scotsman) Read all today's retail news from scotsman.comTECHNOLOGY
Cable and Wireless snares ThusCable & Wireless has revealed it has gained the necessary acceptances to push through a takeover deal for Glasgow telecoms group Thus. C&W will now try to push through the 180p per share offer after it was accepted by 39 per cent of the total shareholders. A spokesman for C&W said: "We are not going to get into exactly what we are going to do until we have done the deal. When we get to the stage when we complete, then we will talk about how we intend to develop the business."
(The Herald) Read all today's technology news from scotsman.comTRANSPORT
Towns awarded green travel fundingSeven Scottish towns and cities will share £15 million in funding to promote alternatives to car use. The money is intended to fund the development of better walking and cycling routes and promote other green forms of travel. Barrhead, Kirkwall, Dumfries, Dundee, the east end of Glasgow, Kirkintilloch and Lenzie and Larbert and Stenhousemuir have been selected to pilot the scheme. The plan could involve the UK's first self-service bike rental schemes as well as the introduction of more pedestrianised zones and free trial bus and rail passes. Transport minister Stewart Stevenson said: "With more cars on our roads, increasing levels of congestion and rising emissions, it is time for us all to look at our travel behaviour. We need to look at news ways of persuading people out of their cars and onto more sustainable forms of travel such as trains, buses walking and cycling. The proposals have been impressive and the seven communities selected now have the chance to improve travel options for thousands of residents. These schemes will make a real difference, making transport choices cheaper, healthier, safer and greener."
(BBC Scotland Online) Read all today's transport news from scotsman.com
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