Scottish Business Briefing - Thursday 26 July, 2012
ECONOMICS
Scottish firms go bust at record rate
Scottish firms are going bust at their fastest-ever rate, official figures revealed today. A total of 420 companies went into liquidation or receivership in the three months to 30 June, according to the Office of the Accountancy in Bankruptcy, the Scottish Government agency that collates such figures (Scotsman)
Never had it so bad: UK recession is the worst since Fifties
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Hide AdFresh splits have emerged in the coalition, with Liberal Democrat Business Secretary Vince Cable calling for his government to rethink the direction of its economic policy (Scotsman).
ENERGY & UTILITIES
Iberdrola profits surge to £1.4bn
SCOTTISHPOWER owner Iberdrola has reported a 15.2% increase in first half earnings to €1.8 billion (£1.4bn), despite poor performance in Spain. Net profit from international operations for the Madrid energy company were up 74% at €1.36bn in the period although the Spanish arm declined 44% to €438m (http://www.heraldscotland.com/business/company-news/iberdrola-profits-surge-to-14bn.18248181|Herald|Herald}).
British Gas owner Centrica sees profits rise
Centrica, the owner of British Gas, has reported a 15% rise in first-half adjusted operating profits to £1.45bn. The results include a 23% rise in operating profits at its residential energy division, British Gas, to £345m (BBC).
RETAIL
Olympic bounce for retailers led by supermarket expansion
RETAILERS offered a rare ray of light amid the economic gloom this morning as it emerged that just 4 per cent of shops expect to shed staff in the months head, down from 25 per cent at this stage last year (Scotsman).
TRANSPORT
FirstGroup bosses upbeat but analysts say ‘it ain’t fixed yet’
ANALYSTS yesterday warned that FirstGroup still faced problems even as the bus and rail giant assured investors over its recent trading. Shares in the Aberdeen-based group rose 3.7 per cent to 212.9p, as chief executive Tim O’Toole said trading during the first quarter of the financial year was “in line with our expectations” (Scotsman).