Scottish Business Briefing - Thursday 28 July, 2011

ECONOMY

Fresh blow to recovery hopes as manufacturing output falls

Scottish manufacturers are bracing themselves for one of their toughest years ever after output fell in the last three months, despite a further rise in export orders, a key survey yesterday revealed (Scotsman).

Read all today's economics news from scotsman.com

ENERGY & UTILITIES

British Gas owner Centrica reports 1.3bn profit

British Gas owner Centrica has reported operating profits of 1.3bn in the six months to 30 June, down 19% on the same period last year. The results include a 54% fall in operating profits at its residential energy division, British Gas, to 270m (BBC)

Shell profits jump 77% on higher oil prices

Oil giant Royal Dutch Shell has reported a 77% jump in second-quarter profit, thanks to higher energy prices. Shell's profit for the three months to June came in at $8bn (4.9bn) on a current cost of supplies basis, up from $4.5bn in the same quarter last year (BBC).

Read all today's energy and utilities news from scotsman.com

BANKING & INSURANCE

Funds under management on the up but Rathbones hits out a red tape

TWO of the best-known investment managers in the Scottish market yesterday posted increases in their funds under management (FUM) amid a warning that changes to the regulatory system were sapping directors' time (Scotsman).

Read all today's banking news from scotsman.com

INDUSTRY

Demand creates roles at National Semiconductor

NATIONAL Semiconductor UK has announced it is creating 36 permanent jobs at its Greenock site as it steps up production to meet a growing demand for its analog technology products and is investing $27 million (16.49m) in the site during the next 12 months (Herald).

Read all today's industry news from scotsman.com

RETAIL

Retailers call for action to kick-start the economy

Retailers today called for government action to stimulate the economy after a sharp fall in employment levels in the sector. There was a 3,100 drop in the number of workers employed by retail businesses in the three months to the end of June, according to figures from the British Retail Consortium (Scotsman).

Read all today's retail news from scotsman.com