Business news in brief: Ineos| Axminster| IMF| Anderson Strathern

CHEMICALS giant Ineos, which owns the Grangemouth oil refinery, is open to buying a stake in Cuadrilla Resources, the drilling outfit that received permission to “frack” for shale gas in Lancashire.

Tom Crotty, head of Ineos’ UK operations, told a Sunday newspaper: “We wouldn’t say if we were in commercial discussions with a company like Cuadrilla. But we haven’t dismissed any primary involvement.”

Crotty said Ineos couldn’t afford to ignore shale gas, which he said could have the same impact on the UK economy as the North Sea oil and gas sector.

Devon consortium snaps up Axminster

Historic carpets maker Axminster has been rescued by a Devon consortium, saving its remaining 100 jobs.

A consortium backed by Stephen Boyd, a local businessman who chairs leather firm Pittards, and other unnamed parties bought the firm as a going concern from administrators at Duff & Phelps.

The business plunged into administration in March, with the loss of 300 jobs, following a sharp increase in raw material prices and the tough economy eroding sales. The deal saves the company’s factory and outlet in Axminster.

Japanese stimulus is welcomed by IMF

A HUGE monetary stimulus package to be unleashed by the Bank of Japan this week is a welcome step in supporting growth in the world economy, according to International Monetary Fund managing director Christine Lagarde.

Lagarde told a meeting in south China: “Monetary policies – including unconventional measures – have helped prop up the advanced economies and, in turn, global growth.

“The reforms just announced by the Bank of Japan are another welcome step in this direction.”

The central bank is acting to increase inflation in Japan.

Legal practice gets thumbs up for data

LAW firm Anderson Strathern has achieved the world’s highest accreditation for information protection and security,

ISO 27001, making it one of only a handful of legal firms in the UK to have reached such a high standard, the practice said.

Andy Lothian, managing partner at the Edinburgh-based firm, said: “ISO 27001 confirms our clients’ sensitive data is robustly secure. Our clients include governments, commercial organisations, and individuals whose information has to be strictly safeguarded in accordance with world-class standards.”