Scottish Business Briefing - Friday 11 May, 2012
BANKING & INVESTMENT
Martin Currie fined £8.6m
MARTIN Currie, the Edinburgh-based fund manager, has been fined £8.6 million by British and US regulators over the fraudulent use of client funds (Scotsman.
Scottish Life figures hit as drawdown sales tumble
MUTUAL life and pensions firm Royal London yesterday reported a 10 per cent fall in first-quarter new business as its Scottish Life brand, which accounts for the bulk of sales, was hit by a slide in demand for “drawdown” pensions (http://www.scotsman.com/business/banking/scottish-life-figures-hit-as-drawdown-sales-tumble-1-2287426|Scotsman|Scotsman}).
Aegon UK back in the black after £80m cut in annual costs
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Hide AdAEGON UK, the Edinburgh-based life and pensions company, has returned to profitability, though falling sales indicate a continuing tough climate (Scotsman).
ENERGY & UTILITIES
Moore hails better links
There has been a “step change” in the relationship between the oil and gas industry and government, Scottish Secretary Michael Moore said yesterday (http://www.pressandjournal.co.uk/Article.aspx/2763872|P&J|P&J}).
British Gas owner Centrica warns of higher energy bills
Centrica, the owner of British Gas, has said that despite its recent cut in electricity prices, rising wholesale gas costs will make supplying energy to UK households more expensive this year (BBC).
TRANSPORT
Aberdeen group buys Bmi Regional in £8m deal
International Airlines Group (IAG) has sold Bmi Regional to a consortium of Aberdeenshire businessmen for £8 million. The deal will save more than 300 jobs in the area (Scotsman).