Scottish Business Briefing - Tuesday 15 January, 2013

HMV is to go into administration. Picture: PA
HMV is to go into administration. Picture: PA
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WELCOME to’s Scottish Business Briefing. Every morning we bring you a comprehensive round-up of all news affecting business in Scotland today.


Cormorant first oil landed by Taqa after just 85 days

Abu Dhabi’s national oil company has set a North Sea record by delivering first oil from the Cormorant East field to the east of Shetland just 85 days after it was discovered. Taqa Bratani operates the Cormorant East well and the nearby North Cormorant platform, from where the oil will be pumped to the Sullom Voe terminal on Shetland.


Sale of part of ScottishPower network scrapped under disposal programme

Scottishpower’s Spanish owner, Iberdrola, has shelved the possible sale of a stake in part of the Glasgow-headquartered business after better-than-expected progress with its disposal programme. In September, Iberdrola said it was looking at disposals across its global interests as it looked to reduce its debt pile by 2014.


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Superglass shares fall after gloomy update

Superglass Holdings has issued another gloomy update on trading – which was followed by a sharp fall in its share price. The Stirling-based firm highlighted continued uncertainty about how the transition to a new government programme to encourage investment in energy efficiency will impact on the business.


Bibby unit crewing up as fleet expands

Subsea specialist Bibby Offshore said yesterday it was to create nearly 50 jobs after its support division chartered another vessel. Bibby Remote Intervention (BRI), which provides remotely operated vehicle (ROV) services, has signed a contract for the multipurpose ship Toisa Warrior.


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Music giant HMV goes into administration

One of the biggest names on the high street, HMV, the music and film retailer, is to go into administration, putting more than 4,000 jobs at risk, it was announced last night. In a statement, the company said the decision to cease trading had been taken “as a result of current market trading conditions” and the probability “it would not comply with its banking covenants at the end of January 2013”.


Standard Life piles pressure on Bolland over poor M&S trading

Further pressure was heaped on embattled Marks & Spencer (M&S) boss Marc Bolland yesterday by a top Scottish fund manager in the wake of the bellwether retailer’s recent disappointing festive trading. M&S chief executive Bolland’s future was called into question by the City last week after the company said sales of clothing, footwear and homeware slumped 3.8 per cent in the 13 weeks to 29 December.


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