Scottish Business Briefing – Thursday 14 June, 2012
BANKING
Transaction slump hits Quayle Munro forecasts
SHARES in Scottish merchant bank Quayle Munro slumped dramatically after warning it will fall into the red this year due to a slowdown in corporate transactions. (Scotsman)
ENERGY & UTILITIES
Cairn lines up £414m swoop for North Sea oil explorer Nautical
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Hide AdOil company Cairn Energy has unveiled a £414 million cash bid for Nautical Petroleum, its second swoop this year on an explorer focused on the North Sea. (Scotsman)
Rumours of consolidation prompts surge for Valiant
SHARES in North Sea-focused Valiant Petroleum surged 7% yesterday amid speculation it could get swept up in the expected round of consolidation in the area. (Herald)
INDUSTRY
Carronvale calls in the receivers and axes 15 jobs
A HOUSEBUILDING company with roots stretching back to 1960 has been shut down after its bankers called in the receiver. Grangemouth-based Carronvale Homes had outstanding debts of £11.6 million at the end of March 2011 and a significant overdraft with Clydesdale Bank. (Scotsman)
Newton mulls move into the Dubai market place
GLASGOW-based residential letting and factoring business Newton Property, which is majority-owned by sector veteran Stephen O’Neill, is eyeing a move into the Dubai market place. It also plans a sizeable acquisition of a factoring business in west central Scotland in the next year, as it pursues an ambitious expansion strategy. (Herald)
TECHNOLOGY
Smart move for Glasgow group with second metering contract
SHARES in Glasgow-based utility meter supplier Smart Metering Systems (SMS) soared after it announced the second contract in as many months for its new device. (Scotsman)