Scottish Business Briefing – Thursday October 18th 2012

Unemployment in Scotland has risen. Picture: Ian Rutherford
Unemployment in Scotland has risen. Picture: Ian Rutherford
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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.


Scottish jobless-rate gap with UK widens as total rises by 7,000 in 3 months

UNEMPLOYMENT has risen in Scotland by 7,000 to 222,000, with the jobless rate north of the Border continuing to outstrip that for the UK as a whole, official figures revealed today. Scotland’s jobless total for the quarter from June to August contrasted with an improving situation in the UK as a whole, where unemployment fell by 50,000 over the same period to 2.53 million, the lowest level since the spring.


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Citigroup to axe one in six Edinburgh posts

AROUND one-sixth of posts at Citigroup’s funds administration business in Edinburgh are to be axed as the US banking giant moves work to lower cost locations. Citigroup said it is committed to retaining a base in the capital.


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Global Energy takes majority stake in Vertech

Global Energy Group, the Inverness-based company, yesterday announced its third deal in the Australian market in as many years. The energy services business has bought a majority stake in Perth-based offshore services firm Vertech Group for an undisclosed sum.


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Diageo’s strong growth in emerging markets held in check by Europe

DIAGEO, Scotland’s largest distiller behind brands such as Johnnie Walker and Bell’s, has seen continuing strong growth in emerging markets offset by a weaker performance in parts of Asia and western Europe.


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Greaves dips into the red

GREAVES Sports is confident it is pursuing the right course to get back into profit after annual accounts showed it fell into the red. In documents filed at Companies House the Glasgow business reported a £308,634 pre-tax loss for the 12 months to January this year, against a profit of £46,193 in the previous period.


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Iomart powers up cloud computing network

CLOUD computing group Iomart yesterday announced a multimillion pound investment in an optical fibre network to link its six data centres. Under the ten-year agreement with Geo Networks, Glasgow-based Iomart will have full control over its own data network rather than using third-party providers.


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