Scottish Business Briefing - Tuesday 17 September 2013
FINANCE
Lloyds share sale raises £3.2bn for taxpayer
The sale of a 6 per cent stake in bailed-out lender Lloyds Banking Group has raised more than £3.2 billion, it was announced today. UK Financial Investments (UKFI), the body created to manage the state’s holdings in Lloyds and Royal Bank of Scotland, said it has sold 2.4 billion Lloyds shares at 75p each Scotsman).
Barclays to refund at least 300,000 borrowers
Barclays Bank is to refund at least 300,000 personal loan customers because it made mistakes on their paperwork. Lending rules say that if mistakes are made in loan paperwork, all interest paid must be returned. The errors date back to October 2008. The bank said it would contact the affected customers (BBC).
ECONOMY
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Hide AdBritain is losing £85bn a year to criminals according to accountant
The UK is losing more than £85 billion to fraud every year after financial crime increased by 20 per cent following the recession. The latest “financial cost of fraud report” from accountancy firm BDO estimates that 5.5 per cent of the nation’s economic output is being lost to criminals, amounting to £85.3bn (Scotsman).
ENERGY
Ministers get tough over opencast mine sites
THE coal industry is facing a crackdown by the Scottish Government amid growing anger over large swathes of countryside left “scarred” by abandoned opencast mines. Firms which go bust are walking away from areas which have been affected, prompting energy minister Fergus Ewing to unveil plans for new regulations to ensure sites are “appropriately restored” (Scotsman).
FOOD, DRINK & AGRICULTURE
Former ambassador to lead SWA
Civil servant and former ambassador David Frost has been unveiled as the next chief executive the Scotch Whisky Association (SWA). Frost, who is currently director for Europe, trade and international affairs at the Department of Business, Innovation and Skills (BIS), will take over from Gavin Hewitt when he steps down as planned at the end of the year (Scotsman).
MEDIA, TECH & LEISURE
Turnover Arrows up at Cisco specialists
AN IT company expects to hike turnover by 50% to £3 million before the end of 2015 having just completed £600,000 of oil and gas contracts. Arrowdawn, which employs eight people, says it is on course to increase turnover to £2m in the 12 months to October this year, up from £1.8m in 2012. The Aberdeen business has just finished its involvement in a six-month data and equipment transfer project for TAQA (Herald).
(http://www.scotsman.com/business/food-drink-agriculture|Read all today’s food, drink and agriculture news from scotsman.com|Click here}