Scottish Business Briefing - Monday 1 April, 2013
BANKING
More jobs to go as RBS plans drastic cuts to investment banking division
TAXPAYER-BACKED Royal Bank of Scotland is reportedly poised to slash hundreds more jobs to further shrink its investment banking division under plans to boost its balance sheet. RBS is also looking to offload around £60 billion of assets from the markets division after the Bank of England last week said UK banks were collectively facing a £25bn capital shortfall (Scotsman).
Financier optimistic on better lending climate
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Hide AdBANKS are now providing more funding to businesses in Scotland, according to the head of a Glasgow-based commercial lender who last year declared they were turning down plenty of “attractive propositions”. Giving his view of the mainstream bank lending climate, WM Mann Group chairman Bruce Mann said: “I think it is becoming easier for good applicants, which is positive.” (Herald)
Bank of England’s role in regulatory regime change
The Bank of England becomes one of the most powerful central banks in the world today, with an extended remit being the bedrock of a shake-up in Britain’s regulatory system. As part of sweeping changes, the Financial Services Authority is abolished to be superseded by three new bodies – the Prudential Regulation Authority (PRA); the Financial Policy Committee (FPC); and the Financial Conduct Authority (FCA) (Scotsman)
ECONOMICS
Empty property levy sparks anger from CBI
A BUSINESS lobby group has criticised the introduction of £18 million of annual levies on empty properties that come into force today. David Lonsdale, assistant director of CBI Scotland, labelled the Scottish Government’s reduction in rates relief a “tax on distress” and “bewildering and disappointing”. He said the charges were “wholly at odds” with government promises to “promote private sector investment” (Scotsman)
ENERGY & UTILITIES
Enerco set for £3million new office complex
Enerco Group is investing £3million in an office complex in the west end of Aberdeen as part of plans to expand the three-year-old business. The new property is at 18 Carden Place and was previously owned by partners in legal firm Esslemont Cameron Gauld, which merged last July with Ledingham Chalmers (P&J).
MEDIA & LEISURE
SCOTSMAN CONFERENCE
The Future of the Media in Scotland – 9 April, Edinburgh
Join delegates from across the marketing, communication and advertising industry at this unmissable event. Top speakers will debate the Leveson fall out and tackle the big issues facing Scotland’s media in the 21st Century. Book your place today (Scotsman Conferences)!
TECHNOLOGY
Scotland urged to join ‘smart city’ revolution
Scotland has been urged to embrace the “smart city” revolution which, it is claimed, is using environmental and digital innovation to power economic growth in cities around the globe. In a presentation in Edinburgh, consultants and engineers Arup warned that cities “which choose to stand still run the risk of losing competitiveness and the ability to lead” (Herald).