BANKING & INSURANCEGoodwin to face shareholders at Royal Bank AGM RBS chief executive Sir Fred Goodwin will today have the opportunity to defend his plans to refinance the banking giant in front of worried
shareholders at the company's AGM in Edinburgh.
(The Scotsman) In proposing the biggest rights issue in Europe, Sir Fred Goodwin could be presented with opposition to his plans to raise £12billion from smaller tranche share holders. However, it has been suggested that Goodwin may have won back some favour with shareholders by proposing to write down sub-prime investments and potentially selling off the insurance arm of RBS, which includes Churchill and Direct Line. A City insider commented: "The moment of truth is not really at the AGM, which is a necessary piece of theatre the management has to endure, even though it may be unpleasant. The real moment of truth is the first time the chief executive has to meet shareholders cap in hand to ask them to support the rights issue."
Read all today's banking news from scotsman.comENERGY & UTILITIESIneos to sue union over pension claimsIneos, the owners of Scotland's only oil refinery, is to begin legal proceedings against the union representing its striking workforce.
(The Herald) The workers union, Unite is facing a legal battle after claims of 'inaccurate and misleading' comments being made about Ineos regarding the ongoing pension dispute. An Ineos company statement said: "This is an extremely serious allegation and is completely untrue. We have asked Unite to retract their statement but they have refused to do so. We therefore have no choice but to issue court proceedings in order to protect our reputation and to establish that the allegation is untrue," A Unite spokeswoman said that the union 's lawyers were dealing with the matter adding: "Our negotiating team is still in talks with the company trying to find a constructive way forward." The strike threat has brought discomfort to Scotland's motorists with panic purchases of fuel being reported throughout Scotland. A RAC spokesman said last night: "We'd like motorists to resist the temptation to stockpile fuel or panic buy - we are assured by the fuel companies that there is enough to go round if everyone just buys what they need. Professor Alex Kemp, of Aberdeen University, said: "If the whole complex is closed down for some time then there's bound to be a knock-on effect on North Sea oil and gas production because the Forties Pipeline has to come in there, the oil has to be processed and then of course exported."
Bibby's new ship ready set for workBibby Offshore, the subsea contractor has received a new diving support (DSV).
(Aberdeen Press & Journal) The purposed-built DSV , known as the DSV Bibby Topaz comes as part of a commitment by the Aberdeen-based company in excess of £50million. The Norwegian-built ship, which will work on a selection of subsea construction projects in the North Sea, begins its contract this week, which will run for six months. Fraser Moonie, commercial director at Bibby Offshore said: "The Bibby Topaz is the second north-sea class vessel to be delivered by Bibby Offshore within 13 months. This investment further underlines our focus and commitment to the industry in the North Sea region and beyond. A superb addition to our fleet, Bibby Topaz adds much to our capability, capacity and reputation within the sector. As the most advanced vessel in her class, Bibby Topaz is uniquely designed to allow for harsh-environment working, further strengthening our view that she will play an integral role in the future development not only of Bibby Offshore, but the sector in which we operate."
Faroe eye profit in the near futureAberdeen-based Faroe Petroleum announced yesterday that an increase in production over the next two years should move the company into profit in either 2008 or 2009.
(Aberdeen Press & Journal) a Plans are arranged for work on 11 or 12 wells this year, adding to a total of 20 over the course of a two-year period. With the heavy drilling programmes on the horizon, senior company members appear confident about the future. John Bentley, Faroe non-executive chairman said: "2007 was a milestone year for the company , strengthening considerably its foundations and its ability to create substantial near-term value for shareholders. We have started production, proved up a significant gas field in Breagh, concluded acquisitions involving several proven fields and exploration licences, won 17 new licences, arranged debt facilities for Norway and UK and raised £45million of new equity to ensure we are well financed for an exciting period ahead."
Read all today's energy and utilities news from scotsman.comFOOD, DRINK & AGRICULTUREMEP claims French pig producers are bending the rulesPig producers in Scotland are being placed under considerable financial pressure with losses estimated around £20 for each animal sent to slaughter.
(The Scotsman) The Scottish Parliament admitted there are large problems and the rural affairs secretary Richard Lochhead is to establish a task force to provide possible solutions. However, in France the circumstances are different with the government introducing assistance for farmers. Struan Stevenson MEP has raised the issue with the EU agriculture commissioner Mariann Fischer Boel: in a written question Stevenson said: "On 23 January 2008 the French government announced it would double the tax rebate and increase the loan subsidy fund to 10m, which corresponds to 70m in loans for producers. Can the European Commission provide assurances that this financial aid will not place pig producers in other EU countries at a competitive disadvantage?" Mariann Fischer Boel replied by stating: "The Commission considers that such a small amount of aid granted in the agricultural sector should not affect trade between member states nor distort or threaten to distort competition." Struan Stevenson was not happy with the response commenting: "This once again illustrates the way in which France knows how to manipulate the rules to its own benefit, while also highlighting the stark contrast with the UK where our national government under Gordon Brown is quite content to let our beleaguered pig farmers go bankrupt." NFU Scotland, policy manager, Peter Loggie said: "As soon as we heard about the French scheme we were immediately in touch once again with the Scottish Government to ascertain what more could be done for our pig producers."
Read all today's food, drink and agriculture news from scotsman.comTECHNOLOGY300 Scottish jobs could still go at LogicaThe IT services company, Logica was unable to rule out Scottish jobs cuts last night, after announcing that a £110million restructuring programme will result in 1,300 staff losing their jobs.
(The Scotsman) Logica, who won the Scottish Parliament IT contract last year, employ staff in Edinburgh, Glasgow and Aberdeen. It has been suggested that 500 jobs will be lost in the UK although a company spokesperson was unable to confirm which of Logica's 30 UK offices would be affected. Chief Executive Andy Green said: "I am confident that this plan will allow us to outperform the market and revitalise Logica. We have set out an exciting programme for growth. We will be increasing our investment in growing the business, funded by a cost-cutting programme that will reduce overheads." George O'Connor, a Panmure Gordon analyst did not think Green's plans were sufficient. He said: "He's trying to make an existing structure better, rather than addressing a fundamental shift in the market." O'Connor's opinion was shared by Investec and Citigroup brokers.
Read all today's technology news from scotsman.com
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