ECONOMYPositive note sounded by AAMMartin Gilbert, the founder of Aberdeen Asset Manager, has bucked the air of gloom surrounding the economy by claiming the credit crunch is set to end. Gilbert, who is regarded
as one of Scotland's top fund management figures, told the Fund Forum 2008 conference in Barcelona that the end was in sight. He said: "I think we're almost over (the crisis].. I think there are a lot of things that will still go wrong but we'll muddle through. We're back to what I'd term normal banking." He added: "We've had an unbelievably bad bear market already in most stocks… I think the worst is over in most stocks… I think everyone is so negative that I tend to be more positive."
(The Scotsman) Read all today's economics news from scotsman.comENERGY & UTILITIESFerguson books big figuresAberdeenshire supplier of offshore accommodation Ferguson group has reported an increase in turnover of some 45 per cent. The Inverurie company unveiled results which saw turnover up to more than £28 million last year and record pre-tax profits of more than £8.5 million. The results mark the first time the group has reported integrated results including Ferguson Modular and Ferguson Seacabs and saw the company benefiting from it increased international growth. Managing director Steven Ferguson commented: "We aim to continue to grow over the coming year and have set the divisions in the group ambitious, achievable targets for structured expansion. We will support this with investments over £60 million across the divisions over the next three years."
(The Herald) Read all today's energy and utilities news from scotsman.comFOOD, DRINK & AGRICULTUREGlenmorangie to relocateWhisky distiller Glenmorangie has revealed plans to relocate its headquarters to Edinburgh as well as upgrading its distilleries in Tain and on Islay. The moves are part of a £45 million plan which will see its present HQ in Broxburn sold to Diageo and the Glen Moray distillery in Elgin sold as a going concern. Job losses are anticipated as part of the plan, but the company expects many of the jobs to go through retirement. Chief executive Paul Neep said: "We believe that these proposals will deliver long-term additional growth for both the company, and also, importantly for the local and wider Scottish economies."
(BBC Scotland Online)Edrington books higher profitsWhisky distiller the Edrington group has announced a profit increase of nearly 10 per cent. The 9.7 per cent increase has been boosted by strong growth in sales of both Highland Park and Macallan but the distiller has warned of tougher times ahead. The group saw turnover rise by 4.7 per cent to £291.5 million with underlying pre-tax profits up to £75.6 million in the year to March 31. Chief executive Ian Curle commented: "The general economic climate is less optimistic and we are facing significant cost increases in cereals, energy, transport and packaging materials." A spokesman for Edrington added: "These cost increases may well lead to price rises at some point in the future. There is only so many of these costs you can absorb as a business before they have to be passed on." He continued: "With Macallan in particular we have been concentrating on the value of the brand, particularly in America and in Asia where we have been (driving) premium price position."
(The Herald) Read all today's food, drink and agriculture news from scotsman.comINDUSTRYMore jobs to go at NCRCash machine manufacturer NCR is set to shed some 50 more jobs in Dundee, it has been revealed. The firm laid off more than 600 workers just 18 months ago and left 170 workers at its manufacturing facility in the city. Now, the company has announced that more jobs are to go from its 800-strong workforce as it streamlines its worldwide operations. NCR has transferred the majority of its production to Hungary.
(BBC Scotland Online)Manufacturing decline acceleratesA new survey has revealed that UK manufacturing output has tumbled in the last month as costs and factory-gate prices both surged at their quickest rate since comparable records began. The Chartered Institute of Purchasing and Supply Managers' Index, which measures the activity within the sector, saw levels fall to their weakest levels since December 2001. The PMI reading for June hit 45.8 despite city forecasts it would bottom out at 49.8 and slumped way below the 50 level which separates expansion from contraction. Global Insight's chief UK economist, Howard Archer commented: "This is a truly dreadful report in every respect, which encapsulates the extremely difficult position that the Bank of England is in. It shows sharply contracting manufacturing output, orders, backlogs of work and employment in June but still rising price pressures." Paul Dales from consultancy Capital Economics added: "The exceptionally sharp plunge in the headline Purchasing Managers' Index… is a worrying sign that the weakness of the financial and housing sectors is spreading to other parts of the economy. Much more worrying is that that output (index) which is a better guide to trends in the official output data, is now consistent with manufacturing output falling by nearly 8 per cent per annum… On the face of it, this survey suggests that the manufacturing sector is in recession."
(The Herald) Read all today's industry news from scotsman.comTRANSPORTAdministrators look to future of ArdanaAdministrators Ernst & Young believe they may be able to seal deals to sell the rights to some of the most promising products produced by Edinburgh pharmaceutical firm Ardana. The firm announced yesterday that it had been forced place itself in administration after its efforts to seek either a merger or sell-off proved fruitless. Now Ernst & Young are hopeful they can find buyers for either the company's promising products or the property itself. Joint administrator David Duggins said: "Both Tevelix (a prostate cancer treatment) and testosterone cream have shown promising results in clinical trials and we expect strong interest from potential buyers."
(The Herald) Read all today's transport news from scotsman.comPROPERTYSuperglass falls as house market slumpsStirling insulation manufacturer Superglass saw its shares fall 36 per cent as it announced a profits warning. The group has seen profits slump on the back of the UK housing slump and expects to book profits 10 per cent lower than earlier predicted. The announcement came as it became clear that the take-up of the government's carbon emission reduction target was not accelerating as quickly as expected. Chief executive John Smellie commented: "We will not be massively down, but we have definitely seen a slowdown in UK business. When we realised there was likely to be a delay in Cert and a slowdown in the housing market generally, we decided to increase our presence in Europe which has now paid off."
(The Scotsman)Warning on housing marketScottish homeowners have been warned they may not escape the effects of the global credit crunch. Head of agency for property specialists Savills Scotland, Jamie Macnab has urged caution amid claims that the market north of the Border will escape the worst of the slump expected to engulf the property market. He told the Scotsman: "A lot of people say Scotland will get away with the property recession. I just don't see how that can be true when the market in the whole world is falling. What we can hope for is that Scotland will see smaller price falls than the rest of the UK, and a more rapid recovery, but we definitely face a drop." He added: "We need the uncertainty to work its way through the system, for banks to stop announcing rights issues, and for credit to return."
(The Scotsman) Read all today's property news from scotsman.com
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