Scottish Business Briefing - Monday 2 December
ECONOMY
Scotland is enjoying sustained growth at last
Scotland is outstripping the wider UK and enjoying its most sustained period of economic growth in three years, according to a report published today. The latest forecasts from accountancy giant Ernst & Young’s Scottish Item Club put economic growth north of the Border at 1.9 per cent this year – well above the group’s forecast of 1.4 per cent for the UK as a whole. (Scotsman)
Scottish spending watchdog ‘must be independent’
A STANDALONE Scottish spending watchdog must not be tasked with “pleasing the government of the day”, a top Scottish economist has warned. Professor David Bell says a Scottish Independent Fiscal Body could fill a gap left by the London-based Office for Budget Responsibility (OBR) which does not always produce “forecasts specifically for Scotland”.
(Scotsman)
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ENERGY
Outlook good for North Sea M&A activity
Sales and mergers among companies trading North Sea assets are expected to remain frothy this year as dealmakers confirm lack of funding is no longer acting as a “significant” barrier, a survey has found. Dealmakers expect transactions, such as the acquisition of BP assets by Abu Dhabi-based Taqa, to be healthy in the next 12 months, according to a report by KPMG.
FOOD, DRINK & AGRICULTURE
Overseas sales help Tunnocks fluff up pre-tax profits to £6.1m
A growing appetite for teacakes and caramel wafers on foreign shores helped iconic Scottish confectioner Thomas Tunnock post record profits last year. The Uddingston-based firm – which started life in a baker’s shop in 1890 – saw pre-tax profits soar to £6.1 million in the 12 months to the end of February, up from its previous high of £3.8m a year before.
(Scotsman)
Greenock company spices up haggis for new year
A MEAT processing business is hoping its new haggis pakora will land on the shelves of supermarkets across the country next year and is also eyeing a move into the ready meals sector. McKechnie Jess, established more than a century ago, is in negotiations with a number of multiple retailers about stocking the pakora with positive feedback having been received from buying teams.
(Herald)
(http://www.scotsman.com/business/food-drink-agriculture|Read all today’s food, drink and agriculture news from scotsman.com|Click here}
MEDIA, TECH & LEISURE
Earnings narrow for holiday company
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Hide AdMF Wells (Hotels), the company which trades as Lochs & Glens Holidays, has seen earnings narrow after sustaining costs linked to its investment in a new hotel and the start of a refurbishment programme in its older properties. The Dunbartonshire-based firm, which operates coach tours from its portfolio of seven hotels, has booked pre-tax profits of £1.92 million for the year ended March 31. This compares with pre-tax profits of £2.55m the previous year.
(Herald)