Scottish Business Briefing - Tuesday 26 March, 2013
BANKING
AAM funds grow following strong start to the year
ABERDEEN Asset Management (AAM) has played down talk of an imminent return of cash to shareholders after unveiling a better-than-expected 10 per cent jump in funds under management since the start of the year. Speculation had been mounting that the firm was gearing up to reveal a special dividend alongside next month’s interim results, but finance director Bill Rattray told The Scotsman that some analysts had become “a little bit ambitious about the timing”. (Scotsman)
TRANSPORT
East Coast rail franchise bidding process begins
Private companies have been invited to bid for the East Coast rail franchise, which has been run in the public sector since 2009. The London to Scotland route was given up by National Express in that year. Ten of the country’s 16 rail franchises are due for renewal before the general election, expected in 2015. (Scotsman)
MEDIA & LEISURE
SCOTSMAN CONFERENCE
The Future of the Media in Scotland – 9 April, Edinburgh
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Hide AdJoin delegates from across the marketing, communication and advertising industry at this unmissable event. Top speakers will debate the Leveson fall out and tackle the big issues facing Scotland’s media in the 21st Century. Book your place today! (The Scotsman Conferences)
Cupid fightback over claims sparks share price recovery
ONLINE dating business Cupid have sought to stem a wave of attacks on the company as it hit back at allegations over its business model. Shares in the Edinburgh-headquartered company soared by 53 per cent – recovering some of the heavy losses seen on Friday – after it issued a second statement to the stock market following claims which emerged from Ukraine where many of its staff are based. (Scotsman)
RETAIL
Minoan has a unifying approach to expansion
MINOAN Group plans to launch a new high street travel brand with the first stores to be in Scotland’s three largest cities. Chief executive Duncan Wilson said the company is looking at high street locations in Glasgow, Edinburgh and Aberdeen while still pursuing further acquisition in the sector. (Herald)
B&Q owner Kingfisher profits hit by wet weather
Kingfisher, owner of the B&Q DIY chain, has posted a big fall in profits after what it described as “a tough year”. Pre-tax profits for the 12 months to the end of January were down 11.4% to £715m compared with a year earlier. (BBC)
TECHNOLOGY
Biotech start-up raises £1.3m in seed financing
Taragenyx, the first biotechnology firm in Glasgow’s Entrepreneurial-Spark incubator, has raised an impressive £1.3 million in seed financing after just four months in business. The ambitious start-up, which aims to transform the approach to dental and orthopaedic implants, has successfully raised a total of $2m from Kelvin Capital, Lancaster Capital and the Scottish Investment Bank arm of Scottish Enterprise. (Herald)