Scottish Business Briefing – Wednesday 20 December, 2012
ENERGY & UTILITIES
Scotland ‘will be poorer than UK’ as projections for oil and gas revenues plummet
AN INDEPENDENT Scotland would be worse off financially than the remainder of the UK as projections for oil and gas revenues plummet, a leading think tank has warned. The SNP government’s claim that independence will help protect Scotland from the worst of the austerity cuts from Westminster has also been thrown into doubt by the Centre for Public Policy for Regions. (Scotsman)
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Accountancy group under fire for research on audits
THE Institute of Chartered Accountants of Scotland has come under fire after publishing research it said showed there was no conclusive evidence that the mandatory rotation of audit firms improves the quality of the checks they complete on company accounts. (The Herald)
FOOD, DRINK & AGRICULTURE
Scottish fishermen welcome EU talks outcome
Fishing industry representatives have welcomed the outcome of overnight talks in Brussels on EU fish conservation measures. The Scottish Fishermen’s Federation said it ensured the Scottish whitefish and prawn fleets would not endure “unnecessary” cuts in days at sea. (BBC)
INDUSTRY
Weir buys US pressure control firm for up to $385m
Glasgow-based engineering group Weir has agreed to buy US firm Mathena for up to $385 million (£236.9m) to expand its growth in North America and other overseas markets. Along with an initial payment of $240m, Weir could pay a further $145m over the next two years, depending on Oklahoma-based Mathena meeting profit growth targets. (Scotsman)
e-BUSINESS
Scottish shopping centres among those in new Google search deal
SHOPPING centre owner Land Securities has secured an exclusive tie-up with Google Product Search, enabling shoppers to find which stores stock products they want. The company believes the deal is an important development at a time when online shopping is becoming more habitual even for those visiting stores. (Scotsman)
RETAIL
Co-op opts for Euan Sutherland’s ‘DIY’ experience to fix bank expansion
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Hide AdFIX-it man Euan Sutherland is set to leave the world of DIY in a surprise move that will see the Scots-born executive take over the top job at Co-operative Group as it grapples with a major expansion of its banking business. (Scotsman)