Scottish Business Briefing - Thursday 5 September, 2013
FINANCE
RBS shareholders in united front
A looming court hearing in London is poised to rule that at least two lawsuits alleging shareholders were misled in Royal Bank of Scotland’s £12 billion capital-raising in 2008 will be heard together. Lawyers representing more than 100 institutional investors and about 12,000 small shareholders in RBS believe the judge will decide that separate hearings for legal actions would mean unnecessary duplication and waste time and money (Scotsman).
Green Investment Bank fails to invest in Scotland
The UK’s flagship Green Investment Bank (GIB) has not been investing in Scotland, despite being headquartered in Edinburgh, because it cannot find “profitable” schemes north of the Border, MSPs have been told. There are also concerns that the £4 billion bank’s Scottish base is just a “back office”, with the bulk of decision-making, staff and high-earners located in London (Scotsman).
ENERGY
Inspection services firm CAN Group wins £90m deal
Advertisement
Hide AdAdvertisement
Hide AdAberdeen-based CAN Group has won a £90m contract to provide inspection services in the North Sea for oil explorer and producer Talisman Sinopec Energy UK. Under the deal, CAN will cover the operator’s 11 offshore installations and onshore terminal at Flotta, Orkney. Up to deal, CAN will cover the operator’s 11 offshore installations and onshore terminal at Flotta, Orkney. Up to 120 offshore staff will carry out the inspection work. BBC)
FOOD, DRINK & AGRICULTURE
Distillers toasting rise in demand for Scotch in America and France
STRONG demand from the United States and a bounce-back in France helped Scotch whisky exports to hit nearly £2 billion in the opening half of the year, overcoming the slowdown in the Chinese market. Communist party officials have been cracking down on the giving of extravagant gifts, with exports to China dropping by 20 per cent to £24.8 million (Scotsman).
(http://www.scotsman.com/business/food-drink-agriculture|Read all today’s food, drink and agriculture news from scotsman.com|Click here}
RETAIL
Sisters to open first jewellery outlet inside Corinthian Club
A JEWELLERY company run by two sisters has opened its first retail premises with a boutique inside The Corinthian in Glasgow. Shona Bain and Sheena Jack are creating two new jobs in Sheenashona Jewellery with their latest venture. The duo have been building up the company since June 2011 and have seen steady growth through the online shop it opened at the start of 2012 (Herald).
MEDIA, TECH & LEISURE
Iomart buys data centre firm for up to £8.1m
Glasgow-based web hosting firm Iomart has acquired a rival outfit for up to £8.1 million in cash and shares. Aim-quoted Iomart said it has paid an initial £6.6m for Hampshire-based Redstation, comprising £5.1m in cash and £1.5m of new shares. A further cash payment of up to £1.5m will be made, depending on Redstation meeting profit targets for the year to March (Scotsman)