Scottish Business Briefing – Friday 24 February, 2012
BANKING
Beleaguered Royal Bank of Scotland will be back in the black ‘within two years’
ROYAL Bank of Scotland is two years away from turning its years of losses into a profit, according to chief executive Stephen Hester. (Scotsman)
Lloyds Banking Group makes annual loss of £3.5bn
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Hide AdLloyds Banking Group made a loss of £3.5bn for the year to 31 December after setting aside £3.2bn to cover payment protection insurance claims. (BBC)
ECONOMICS
CBI flags up good news as UK industrial confidence bounces back
THE flow of positive economic news continued yesterday after a key measure of UK manufacturing activity hit a six-month high. Economists said the latest data from the CBI suggested the sector was on course to make its first positive contribution to overall gross domestic product (GDP) growth in a year. (Scotsman)
ENERGY & UTILITIES
SeaEnergy plans £7m shareholder pay-out
SEAENERGY, the Aberdeen-based energy services group which last month parted company with its founder Steve Remp, yesterday named a new chief executive and outlined plans to return £6.9 million to shareholders. (Scotsman)
Solar Electricity workforce ‘to rise 50%’
A renewable energy installer is growing its workforce by 50% as it starts adding new products and eyes expansion into England. Solar Electricity Systems has grown rapidly since being formed in the middle of 2009 and is on course for around £12.5 million turnover in the year to March 2012. (Herald)
MEDIA & LEISURE
STV losses hide underlying solidity
SCOTTISH broadcaster STV turned in a solid underlying performance in 2011, but the cost of settling a long-running legal battle with ITV pushed the company into a bottom-line loss. (Scotsman)