Scottish Business Briefing - Friday 16 November 2012

RBS is one of the banks which receieved government funding. Picture: Getty
RBS is one of the banks which receieved government funding. Picture: Getty
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WELCOME to’s Scottish Business Briefing. Every morning we bring you a comprehensive round-up of all news affecting business in Scotland today.


Warning taxpayer may never get back £66 billion tied up in banks

MORE than £66 billion of taxpayers’ cash invested in RBS and Lloyds may never be recovered, a spending watchdog warns today. The public accounts committee included its observations in a report that is critical of the Treasury for making a series of costly mistakes in its handling of the Northern Rock rescue. (Scotsman)

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Ayrshire firm wins share of £20m nuclear decommissioning contract

A FAMILY-owned construction company in Ayrshire is hoping to expand its specialist engineering subsidiary after winning a share of a £20 million contract on the decommissioning of Scotland’s Magnox reactors. McLaughlin Construction in Irvine is one of six UK companies named in a new framework contract awarded by Magnox. (Scotsman)

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Saudi Arabia has taste for Tunnock’s teacakes and biscuits

STRONG sales to overseas markets, including Saudi Arabia, have seen teacake and caramel wafer manufacturer Thomas Tunnock return to growth with record turnover and profits. The Middle East, where the Uddingston firm’s markets also include Iraq and Kuwait, now makes up around 20 per cent of its exports to more than 30 countries. (Scotsman)

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Kier ready to review construction arm in spite of new deals

KIER Group has warned it is conducting a further review of its construction operations despite securing more than £400 million worth of new work since July. Kier bought Aberdeen-based Stewart Milne Construction in April this year for £1m in a bid to increase its presence in Scotland beyond existing sites in Edinburgh and Stepps. (Herald)

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Hotel chains’ parent company MWB to call in the administrators

THE company behind Malmaison and Hotel du Vin is poised to appoint administrators within days as it struggles to refinance or find a buyer. But the management of MWB Group has insisted that the problems affecting the parent company would have “no impact” on the trading of Malmaison and Hotel du Vin, and that both businesses were “continuing to trade in line with expectations”. (Scotsman)

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Allied eyes up London market

GLASGOW-based Allied Vehicles is sending one of its taxis to London for testing as it seeks a relaxation of black cab rules to allow it to supply the capital after dominant market player Manganese Bronze fell into administration. (Herald)

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