Scottish Business Briefing - Thursday 22 August, 2013

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STV have weathered the storm. Picture: Ian Georgeson

FINANCE

Banks face £1.3bn bill for mis-sold card protection

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The City regulator today said seven million customers are in line to receive up to £1.3 billion in compensation for mis-sold credit card protection policies. The Financial Conduct Authority (FCA) said card insurer CPP, which sold policies on behalf of 13 banks and card issuers – including Bank of Scotland, Clydesdale and Royal Bank of Scotland – will soon write to customers with details of how to claim (Scotsman).

Emerging market currencies could benefit Murray

Plunging emerging market currencies could bring buying opportunities for Murray International investment trust, manager Bruce Stout has said. The £1.4 billion trust, run in Edinburgh for Aberdeen Asset Management, saw first-half performance negatively impacted by under-exposure to North America, Brazil and Japan, while solid absolute returns were achieved in Asia as a whole (Herald).

ECONOMY

£30million business park gets go-ahead

Another new business park in Aberdeen is on its way after the £30million project got planning approval yesterday. New occupiers could be in offices at the 4.1-acre Stoneywood Business Park at Dyce the year after next after councillors gave property group Goodman the go-ahead (P&J).

ENERGY

Glacier Energy snaps up Ross Offshore

OILFIELD specialist Glacier Energy Services has completed its fourth acquisition in two years in a move that will boost its turnover to more than £15 million. The group, which was formed in 2011 following a management buyout of MB Oil and Gas, said the “multi-million-pound” deal to acquire Ross Offshore would see it establish a new offshore divisional headquarters in Aberdeen (Scotsman).

MEDIA, TECH & LEISURE

STV to resume dividend payouts

STV chief executive Rob Woodward yesterday hailed the firm’s return to full health as the Glasgow-based broadcaster unveiled plans to dole out dividends for the first time in seven years. The group posted an increase in both revenues and profits during the first half, while also cutting its debts by nearly a quarter. It now plans to pay a full-year dividend of 1.5p per share early in 2014, its first since 2006, sending the stock up 6 per cent (Scotsman).

Six firms aim for £700k Squareknot crowdfund cash

SIX start-ups have launched appeals to raise a total of £700,000 through a new crowdfunding platform that allows companies to offer investors debt or equity stakes in the business. Four of the six to set up crowdfunding appeals on the Glasgow-based Squareknot platform are Scottish firms (Scotsman).

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