Scottish Business Briefing - Tuesday 17 May, 2011

WELCOME to's Scottish Business Briefing. Every morning we bring you a comprehensive round-up of all news affecting business in Scotland today.


Wood Group to return 1.05bn to shareholders

OIL services giant Wood Group yesterday outlined how it plans to return 1.05 billion of cash to shareholders in a move which will see the founding family and charities raise at least 123 million by cutting their stake in the company.

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WEB looks worldwide after securing funds

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A Scottish firm that has developed a lightweight alternative to scaffolding has won 600,000 backing from private investors to help accelerate its international growth plans.

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Speculation grows over sale of Ocean Terminal

THE head of Forth Ports' property business has left the company amid speculation that its new owner is planning the sale of the Ocean Terminal shopping centre in Leith.

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SVM UK Active succumbs to 60.7m Cyrun

SVM UK Active, the investment trust run by Edinburgh fund manager Colin McLean, surrendered yesterday to a 60.7 million hostile cash offer from Alaska-based investor Stewart Horejsi's Cyrun vehicle, after East Riding of Yorkshire Council sold its 9.44% stake to the bidder.

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Magid leads IBM team checking out top Scots IT start-ups

Technology and business services company IBM will be running the rule over a group of Scottish start-ups this week for potential acquisition targets or business partners.

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Vodafone profits up 10% on smartphone growth

Vodafone has reported a sharp rise in full-year profits, thanks in part to the increasing popularity of smartphones. Pre-tax profits for the 12 months to the end of March were 9.5bn, up almost 10% on the 8.7bn recorded a year ago. Revenue rose 3.2% to 45.9bn, slightly higher than analysts had forecast.

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