Scottish Business Briefing - Wednesday 2 October, 2013
FINANCE
New RBS boss admits ‘fear’, promises to repay debt
New Royal Bank of Scotland boss Ross McEwan today admitted to “trepidation” and “fear” as he started the job of returning the lender to a central role in the UK economy. The 56-year-old New Zealander pledged to repay the taxpayer’s support by doing “everything possible” to help the UK economy recover, and promised that RBS would increase lending (Scotsman).
ECONOMY
Scotland’s family firms stand the test of time
Scotland’s 25 oldest family firms have clocked up a total of more than 3,700 years in business, a new report says. Moray is unveiled as a hotbed of family business longevity, accounting for one-fifth of the companies which have been on the go since at least 1905. According to Close Brothers Asset Management (CBAM), the oldest of all is John White and Son of Auchtermuchty in Fife (P&J).
SCOTSMAN CONFERENCES
The Fracking Question - 11th December – Edinburgh
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Hide AdJoin 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.
FOOD, DRINK & AGRICULTURE
Matthew Algie drinks in rising sales of coffee
GLASGOW-based coffee roaster Matthew Algie is enjoying a rise in sales volumes this year, after a “challenging” 2012 in which turnover dipped and underlying profits were broadly flat. Eric Hagman, chairman of the long-established company, highlighted an improvement in trading in 2013 and a move by Matthew Algie to broaden its range of coffee blends to include less expensive offerings (Herald).
(http://www.scotsman.com/business/food-drink-agriculture|Read all today’s food, drink and agriculture news from scotsman.com|Click here}
RETAIL
Tesco reports sharp drop in profits
The UK’s biggest supermarket chain, Tesco, has reported a 23.5% drop in profits during the first half of its financial year. Tesco’s pre-tax profits in the six months to 24 August were £1.39bn, with total UK sales rising 1.5% to £1.13bn. However, UK like-for-like sales - which strip out the impact of new stores - fell by 0.5% (BBC).
TRANSPORT & INDUSTRY
MSPs to debate Rosyth container terminal plan
A BATTLE over the proposed building of a container terminal at Rosyth will be debated in the Scottish Parliament today after opposition MSPs forced a debate on the issue. Campaigners trying to stop Babcock’s £85 million plan believe the Scottish Government has failed to properly investigate the full implications of the project (Scotsman.
MEDIA, TECH & LEISURE
MacSween cashes £10m after Iomart’s biggest buyout
Technology firm Iomart made its biggest acquisition today as it splashed out £23 million on an English rival in a bid to accelerate its growth. The buyout of Leeds-based “disaster recovery” specialist Backup Technology (BTL), which boasts both Liverpool and Everton football clubs as clients, follows Iomart’s £8.1m purchase of another English firm less than a month ago (Scotsman.