Scottish Business Briefing - Thursday 28 March, 2013
BANKING
King: No more from taxpayer for banks’ £25bn shortfall
THE Bank of England yesterday pledged to taxpayers that its dramatic order for Britain’s banks to plug a £25 billion black hole in their balance sheets will not call for a further state bailout. But a row flared as Business Secretary Vince Cable and industry groups queried the wisdom of the move at a time when banks are being urged to lend more to spark an economic recovery. (Scotsman)
ENERGY & UTILITIES
FSB calls for action on fuel and energy bills
SMALL businesses are demanding further government action on rising energy and fuel bills after a survey showed confidence among Scottish firms is still lagging behind that for the UK as a whole. New figures from the Federation of Small Business (FSB) yesterday revealed rising morale across Scotland, but those confidence levels still lagged behind the UK average. (Scotsman)
EnQuest in ‘prime position’ to buy North Sea assets
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Hide AdENQUEST, which specialises in extending production from ageing oil fields, says it is in “prime position” to buy up more assets in its core North Sea market following government assurances earlier this month on tax breaks for closing down platforms. Reporting a slight rise in pre-tax profits for 2012, EnQuest chief financial officer Jonathan Swinney said moves by the UK to effectively guarantee half the cost of decommissioning would free up cash for investment in prolonging the life of older fields. (Scotsman)
BP pushes button on North Sea project as plan unveiled
PARTNERS in the Clair project west of the Shetland Isles have begun drilling on what could become the third phase of development at the biggest oil field on the UK Continental Shelf. BP and its partners will invest more than $500 million (£331m) in a two-year appraisal programme that will lead to the initial drilling of five wells. (Scotsman)
INDUSTRY
Plexus shares increase 4% on strong trading update
ENGINEERING firm Plexus Holdings saw its share price rise more than 4% on the back of a strong half-year trading update. The Aberdeen oil and gas industry supplier highlighted a strong forward order book as it posted an 18% rise in pre-tax profit from £1.5 million to £1.7m as sales grew 21% from £9.3m to £11.3m in the six months to December 31, 2012. (Herald)
Caerlee Mill workers face liquidation threat
The company that runs Scotland’s oldest continually operating mill has gone into provisional liquidation. Caerlee Mill in the Borders dates to 1788 although its current operator was only formed in 2010 after a management buy-out. Caerlee Mills Ltd, which traded as Ballantyne Cashmere Ltd, employs 36 people at the site and has a turnover in the region of £1 million. But a drop in orders left the firm in difficulty. (Scotsman)
MEDIA & LEISURE
SCOTSMAN CONFERENCE
The Future of the Media in Scotland – 9 April, Edinburgh
Join delegates from across the marketing, communication and advertising industry at this unmissable event. Top speakers will debate the Leveson fall out and tackle the big issues facing Scotland’s media in the 21st Century. Book your place today! (The Scotsman Conferences)