Tuesday business round-up: Four key stories of the day

Mark Carney said the BoE will 'do the right thing at the right time'

Bank of England governor Mark Carney said policymakers are in no rush to raise interest rates amid a weakened world economy and slowing UK growth. He said “now is not yet the time” to hike rates from their historic low of 0.5 per cent following turmoil in financial markets as oil prices have plunged and China’s economic slowdown has spooked investors.

Oil and gas explorer Cairn Energy said it would press ahead with more appraisal work in Senegal this year after hailing positive results from a recent test well. The Edinburgh-based firm, which has been locked in a $1.6 billion (£1.1bn) dispute with India’s tax authorities for two years, also told investors that it has a “high level of confidence” in its case, which relates to former subsidiary Cairn India.

Trading at Scotland’s rural pubs was hit badly over the festive period, with more than 40 per cent seeing a decline in business, a new survey revealed. Remote and countryside pubs blamed tougher drink-driving laws and the new living wage, while only 16 per cent of them expect any growth this year, according to the report by the Scottish Licensed Trade Association.

Scottish businesses are being offered the chance to join a new initiative that unites the corporate world with rugby to provide inspiration beyond the 80 minutes on the pitch. The Scotland Business Club is being led by former Scotland and Glasgow Warriors’ PRO12 winning captain Al Kellock, through his business development role in Scottish Rugby’s commercial department.