Scottish Business Briefing - Tuesday 17 May, 2011

ENERGY & UTILITIES

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.

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

INDUSTRY

WEB looks worldwide after securing funds

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.

Read all today's industry news from scotsman.com

RETAIL

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.

Read all today's retail news from scotsman.com

BANKING & INVESTMENTS

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.

Read all today's banking news from scotsman.com

TECHNOLOGY

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.

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.

Read all today's technology news from scotsman.com