FanDuel, Scotland’s most lauded technology start-ups, was ordered to stop trading in its biggest market in the United States. The fantasy sports operator, which has a major presence in Edinburgh, has been told to stop accepting bets in the state of New York after investigators concluded that its daily competitions amount to gambling, rather than a game of skill.
Former SSE chief Ian Marchant criticised regulatory changes for denting investor and business confidence in renewable energy. He was speaking as Infinis Energy, the green power company that he chairs, reported a 3 per cent fall in first-half underlying profits to £56.5 million.
Former ScotRail operator FirstGroup saw its half-year profits tumble by almost a third as it counted the loss of rail franchises. The Aberdeen-based transport giant posted a pre-tax profit of £22.4m for the six months to the end of September, down 32.7 per cent compared with a year ago.
Defence contractor BAE Systems said it would cut up to 371 jobs as the group announced plans to slow production of its Typhoon jet fighters. BAE also warned that the move would hit its 2015 financial results and will see Typhoon production sales drop from about £1.3 billion in 2015 to about £1.1bn in 2016.
Aerospace engines maker Rolls-Royce also said it was set to “streamline” its senior management next year as it downgraded its profits forecast. Shares plummeted as the firm revealed that 2015 profits would be at the lower end of its guidance range of £1.325bn to £1.475bn, and warned investors that it faced profit “headwinds” of around £650m next year.
Insurance firm Aegon UK reported a fall in third-quarter profits following a drop in pensions sales. However, the Edinburgh-based firm said the total assets held on its online platform more than doubled from a year earlier to stand at £5.3bn.
The four-star Lodge on Loch Lomond Hotel was put on the market, offering operators and investors “a unique opportunity” to acquire a luxury hotel within the Loch Lomond and The Trossachs National Park.