Scottish Business Briefing 10 October, 2012
BANKING
Bank boss Paul Fisher hints at lighter touch regulation to drive the recovery
BANK OF England policymaker Paul Fisher has hinted at an initial lighter touch to financial regulation under changes coming in next year, easing demands on Britain’s banks to help speed the economic recovery (Scotsman).
Fortunes of Murray capital firm rise
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Hide AdMurray Capital, Sir David Murray’s flagship private investment vehicle, has reported a turnaround in performance in its first year after being hived off into family ownership (Herald).
ENERGY & UTILITIES
Ithaca snaps up stakes in North Sea gas fields in £24m double swoop
Ithaca Energy is buying stakes in two North Sea oil fields as it hits the acquisition trail with a new debt facility behind it. The oil and gas producer, which is listed on the Canadian and London stock exchanges, said yesterday that it would buy Noble Energy’s interests in the Cook and MacCulloch fields for $38.5 million (£24m) (Scotsman).
FOOD, DRINK & AGRICULTURE
Poor harvest ‘set to hit food prices’
Food prices are set to rise after a summer of wet weather hit harvests, Scottish farmers have warned. The National Farmers Union said the crucial wheat harvest was down by almost 20% in Scotland compared with last year (BBC).
MANAGEMENT
Shannan takes the chair in McClure Naismith shake-up
Scottish law firm McClure Naismith has overhauled its pay structure and unveiled a shake-up of its management team. Robin Shannan has been appointed to the newly-created role of executive chairman and the firm has altered its pay so that partners can move down – as well as up – the equity ladder, while performance will also play a role in partner remuneration (Scotsman).
TECHNOLOGY
Benedetti eyeing Saudi opportunity
ENTREPRENEUR Gio Benedetti is closing in on a contract that could be worth a few million pounds to provide first-aid kits to a car manufacturer in Saudi Arabia. Mr Benedetti revealed the negotiations as accounts at Companies House show Benedetti International narrowed pre-tax losses from £186,000 to £25,000 after posting a £500,000 sales rise in 2011 (Herald)