Scottish Business Briefing - Monday November 4
FINANCE
Co-op Bank to axe 1000 jobs amid deep cuts
THE Co-op is expected to announce deep cuts at its troubled bank today at the same time as it relinquishes control of the business to some of its hedge fund creditors. Co-op Bank will reportedly axe more than 1,000 jobs, more than 10 per cent of its workforce, as part of an overhaul of its business and finances designed to address a £1.5 billion capital shortfall identified by banking regulators.
(Scotsman)
ECONOMY
Salmond seeks trade boost with China visit
FIRST Minister Alex Salmond has arrived in China, hoping to build on growing trade with one of the world’s leading economies – and a mutual interest in whisky and golf. Drinks company Diageo and golf’s Ryder Cup trophy, which will be contested between Europe and the US at Gleneagles next year, are taking part in the tour – Mr Salmond made a speech at Diageo’s Johnnie Walker House, a bar, museum and retail outlet in the Chinese capital.
(Scotsman)
ENERGY
Oil and gas minnows ride investor tide to market
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Hide AdA STRING of oil and gas firms is expected to float on the junior stock market in the coming months as they tap in to a growing appetite for initial public offerings (IPOs). Accountancy firm EY’s latest report on the sector’s smaller companies shows flotation activity has already propelled business confidence to its highest level in 18 months, although the feel-good factor is so far confined to a small number of players. (Scotsman)
Weir warns of foreign exchange hit to profits
Glasgow-based engineering group Weir today said its full-year profits will take a knock because of the weak US and Australian dollars. The firm also said weakness in many emerging market currencies will contribute to a hit to profits of between £8 million and £12m as its predicted annual underlying pre-tax profits of between £425m and £435m.
(Scotsman)
Glasgow is UK base for new venture
THE man who set up Murray International Metals’ (MIM) steel business in Singapore in 1992 has chosen Glasgow as the first UK base for his new venture. Michael Craig assembled a group of North Sea oil and gas veterans, many ex-MIM, to set up EEW Energy Services, a Singapore-based steel supplier last year.
(Herald)
SCOTSMAN CONFERENCE
The Fracking Question - 11th December – Edinburgh
Join us as we hear how fracking challenges the basic premise of the UK energy story – resources are declining and prices are rising. The conference will look at the current and potential impacts of fracking on a local and global scale. Visit (the Scotsman Conferences) website for more details.
MEDIA, TECH & LEISURE
Tourism will face a make-or-break moment in 2014
THE chairman of VisitScotland has urged the tourism industry to guard against complacency ahead of a potentially bumper year for Scottish tourism in 2014. Mike Cantlay is leading a delegation of Scottish tourism businesses, including Edinburgh’s Sheraton Grand Hotel, Historic Scotland and Strathmore Hotels, to the World Travel Market in London this week. As many as 46,000 buyers of tourism products and services are expected to attend.
(Herald)