WELCOME to scotsman.com’s Scottish Business Briefing. Every morning we bring you a comprehensive round-up of all news affecting business in Scotland today.
Faltering private sector adds to gloom of Scots economic outlook
SCOTLAND’S economy remains mired in recession after private sector output suffered its first fall in nearly two years, a key report out today reveals. The latest Bank of Scotland purchasing managers index (PMI) also highlights mounting cost pressures for businesses, with input price inflation hitting an eight-month high (Scotsman).
Tough property market sees ESPC profits slide, but investment goes on
Last year’s worsening market for home property sales has driven down profits and turnover at the Edinburgh Solicitors Property Centre (ESPC). The firm, which counts registrations of sold property as income, said turnover in the year to the end of May fell to £8.8 million from £11.4m in the previous year. Pre-tax profits were lower at £949,000 from £1.6m (Scotsman)
ENERGY & UTILITIES
Bold expansion plan sees senior Xodus pair move to Dubai
The chief executive and chief financial officer of Aberdeen-based energy consultancy Xodus Group are relocating to Dubai as part a £2 million push into the Middle East (Scotsman).
Wake-up call to oil firms on supply, demand
Oil firms need to wake up to global changes in supply and demand, according to a research paper published today. The report by Chatham House says demand for oil in traditional markets is peaking as transport users seek efficiency and alternative fuels (P&J).
BAE-EADS merger may be vetoed if state influence is not reduced
BRITAIN is prepared to block BAE Systems’ proposed £28 billion merger with EADS if the French and German governments do not reduce their stakes in the European aerospace and defence group, defence secretary Philip Hammond has warned (Scotsman).
Asda’s profits boosted by Netto
ASDA raised its profits by 4% last year amid uncertain economic conditions and increased market share helped by the acquisition of Netto Foodstores. Accounts filed at Companies House by the supermarket giant show the company made £767.8m profit before tax in 2011, compared with £739.1m in the preceding year (Herald).