Scottish Business Briefing - Tuesday October 29

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

Rupert Soames, CEO of Aggreko. Picture: Contributed
Rupert Soames, CEO of Aggreko. Picture: Contributed

ECONOMY

Independent Scotland ‘faces deep financial cuts’

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TWO leading think-tanks have warned that Scotland would face an unpalatable choice of cuts to the military, public services or welfare to plug a gaping hole in its finances immediately after independence. In separate reports, Glasgow University’s Centre for Public Policy and Regions and the Institute of Fiscal Studies, conclude that Scotland’s finances would be deeper in the red if the country dumped the current UK system of funding for one heavily reliant on North Sea oil taxes. Scotsman

FINANCE

SLI chief Cumming calls for clarity on bank capital rules

REGULATORS need to provide greater clarity on bank capital rules before the Government sells more shares in the part-nationalised institution with a pre-election divestment of Royal Bank of Scotland unlikely, according to Standard Life Investments executive David Cumming. Meanwhile, banks have been warned by ratings agency Moody’s that the expense of completing a Bank of England stress testing programme could put them under “significant financial pressure”. Herald

ENERGY

Aggreko shares surge on hopes of record order haul

Shares in Aggreko surged today after the Glasgow-based temporary power provider said potential demand for major power projects had hit a record high. The firm, headed by chief executive Rupert Soames, also said its annual profits were on track to meet City forecasts of about £335 million, and its shares touched the highest levels in almost a month following the upbeat assessment. Scotsman

The Fracking Question - 11th December – Edinburgh

Join us as we hear how fracking challenges the basic premise of the UK energy story – resources are declining and prices are rising. The conference will look at the current and potential impacts of fracking on a local and global scale. Visit the Scotsman Conferences website for more details. (The Scotsman Conferences)

RETAIL

More shops opening than closing in Scotland

RETAIL store openings are beginning to outstrip closures in Scotland for the first time in several years, say new figures. Almost four times as many traders opened in the first half of 2013 as in the same period in 2012. The report by PricewaterhouseCoopers and the Local Data Company found there was a net gain of 102 stores, with Glasgow and Edinburgh seeing the most new arrivals. Scotsman

MEDIA, TECH & LEISURE

Aberdeen tech firm to double staff

Technology company Inoapps has moved to new headquarters in Aberdeen as it prepares to double its workforce with an expansion into the US and the Middle East. The firm, which specialises in supplying Oracle software and hardware to clients across the oil and gas, construction and defence sectors, said the move to the new location was driven by its recent growth. Scotsman