Scottish Business Briefing – Friday 5 July, 2013
ECONOMICS
Carney interest rate hint boosts FTSE
STRONG hints by new Bank of England governor Mark Carney that interest rates are unlikely to rise in the foreseeable future sparked bumper gains on the stock market yesterday. The FTSE 100 saw its biggest one-day gain since September 2011, surging by 191.8 points or just over 3 per cent, as the Bank’s monetary policy committee (MPC) again held rates at 0.5 per cent and decided against boosting the £375 billion quantitative easing (QE) programme (Scotsman).
ENERGY & UTILITIES
Oil and gas technology developer expands into Aberdeen
A CHEMICALS detection firm in which energy giants ConocoPhillips and Statoil bought stakes earlier this year is expanding into Aberdeen and has picked a senior oil industry figure as its first chief executive. Charles Cruickshank, a former business development director at FTSE 100 energy services giant Petrofac, will help to turn Edinburgh-based Lux Assure from a research and development (R&D) outfit into a services provider (Scotsman).
Bowleven receives support for East Africa plan
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Hide AdBOWLEVEN has won a multi-million dollar vote of confidence in its East African exploration ambitions from one of Scotland’s most successful oil and gas entrepreneurs. The Edinburgh-based company has secured up to $15 million (£10m) backing for its work in the area from the First Oil operation owned by Ian Suttie, who sold the Orwell oil services business for around $250m in 2001 (Herald).
INDUSTRY
Remploy closures may leave disabled Scots jobless
ABOUT 140 disabled workers in Scotland face redundancy after five further Remploy factories were earmarked for closure. The factories in Leven, Cowdenbeath, Stirling, Dundee and Clydebank are among nine closures across the UK. The Scottish factories employed 154 people, including 137 disabled workers (Scotsman).
New deals in Indonesia for Barr + Wray
POOL and spa specialist Barr + Wray has won almost £500,000 of business in Indonesia including for a hotel which is hosting Miss World contestants. The Renfrewshire company said its Hong Kong office had been awarded four contracts for developments on Bali. The largest, worth around £335,000, is to supply and install new spa facilities at the Westin Nusa Dua Hotel on the southern coast of the island (Herald).
SCOTSMAN CONFERENCE
The Future of the UK Aerospace Industry – 5 September 2013, Prestwick
20% Early bird discount until 12 July
The UK Government signed up to a £2 billion partnership to keep the UK aerospace industry at the forefront of world aerospace manufacturing. Join us and hear the government explain its strategy to secure large numbers of high value jobs. Book your place today. (The Scotsman Conferences)
TRANSPORT
Car sales expected to top 190,000 in 2013
INDUSTRY bosses have hiked their expectations for new car sales after private buyers continued to flock to showrooms last month. The Scottish Motor Trade Association said it now expected sales north of the Border to top 190,000 for the year after an “excellent” first half. That would mark the strongest outcome since 2007, before the onset of the financial crisis (Scotsman).