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Business
SSE to invest £200m in Dunmaglass wind farm project
Perth-based utility group SSE has agreed to buy a wind farm project near Loch Mhor from Renewable Energy Systems.
Lloyds Banking Group close to break-even point
SHARES in Lloyds Banking Group last night closed close to the taxpayers’ break even point after its chief executive confirmed the bank would be profitable in 2013.
Baroness Ford to take over as STV chairman in August
Richard Findlay is to retire as chairman of Scottish media group STV and will be succeeded by Margaret Ford, the former chair of the Olympic Park Legacy Company.
No recovery in sight for magazines market, says Menzies
Newspaper distributor and baggage handler John Menzies does not expect to see a recovery this year in the magazines market, where sales for weekly titles were described as “poor”.
1 commentMorrisons agrees online food tie-up with Ocado
Supermarket group Morrisons is to make its long-awaited move into online food deliveries next year after agreeing a tie-up with internet grocer Ocado.
Banking
Prudential fights off shareholder rebellion on pay
INSURANCE giant Prudential defused a shareholder rebellion on pay at yesterday’s annual general meeting, but directors had to suffer being accused of corporate greed from the floor.
Adam & Co sees profits double as costs reduce
ADAM & Co, the private bank owned by Royal Bank of Scotland, saw profits more than double last year as it reaped the benefits of reduced costs and lower writedowns.
David Cameron ‘open’ to RBS privatisation options
David Cameron has said he is “open to all ideas” on returning the Royal Bank of Scotland to private ownership.
3 commentsCo–op could sell £2bn loan package
THE Co-operative Group is mulling the sale of a £2 billion loan portfolio after a report by a credit agency raised fears its banking arm was in need of a government bail out.
Standard Life leads protests over divi cut at RSA’s AGM
STANDARD Life Investments (SLI) led the protests at fellow institutional investor RSA’s annual general meeting (AGM) yesterday as shareholders rebelled over the dividend being slashed by a third and concerns regarding the auditor’s appointment.
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Insurance
Prudential fights off shareholder rebellion on pay
INSURANCE giant Prudential defused a shareholder rebellion on pay at yesterday’s annual general meeting, but directors had to suffer being accused of corporate greed from the floor.
Standard Life leads protests over divi cut at RSA’s AGM
STANDARD Life Investments (SLI) led the protests at fellow institutional investor RSA’s annual general meeting (AGM) yesterday as shareholders rebelled over the dividend being slashed by a third and concerns regarding the auditor’s appointment.
Standard Life AGM: Pay deals defended by Grimstone
STANDARD Life chairman Gerry Grimstone was forced into a robust defence of the company’s pay policy yesterday as shareholders expressed concern at poor returns on some policies.
3 commentsRoyal London lifted by 22% rise in new business
ROYAL London, the life insurance and pensions company that owns Scottish Life, has posted a 22 per cent rise in new business for the opening three months of the year.
Partnership Assurance Group in £1bn float plans
PARTNERSHIP Assurance Group, the private-equity backed life insurer, yesterday announced plans to list on the London Stock Exchange in a further sign that the market for flotations is rebounding.
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Economics
Mervyn King: ‘Inflation to stay stubborn to 2015’
INFLATION will remain stubbornly sticky until at least the end of 2015, the outgoing governor of the Bank of England cautioned yesterday, though the economy will experience a “modest and sustained” recovery.
2 commentsEurozone misery as recession drags on
GERMANY’S economy crept back into growth in the opening months of the year but not by enough to stop the eurozone from contracting for a sixth straight quarter.
Scots economy begins ‘more robust recovery’
ACTIVITY among Scottish businesses rose at its fastest pace for 12 months during April, suggesting the economy is beginning a “more robust recovery”, the Bank of Scotland said today.
12 commentsSchaeuble against ECB buying asset-backed securities
GERMANY’S finance minister has signalled his opposition to any move by the European Central Bank (ECB) to buy asset-backed securities (ABS) to help indebted states, telling his party it would amount to “covert state financing”, according to German magazine Der Spiegel.
Help small firms win public contracts, urges Young
SMALL companies must be given a better chance of winning government contracts and more should be done to promote business support schemes, according to the Prime Minister’s adviser on enterprise.
Energy and Utilities
Hargreaves steps in to save Scottish coal miners’ jobs
More than 200 jobs Scottish coal jobs have been saved after energy and waste services group Hargreaves Services agreed to buy “certain assets” of miner Aardvark, which is being wound up.
1 commentCairn shareholders back oil explorer’s pay plans
Shareholders in Cairn Energy have overwhelmingly backed its executive pay plans, a year after the Edinburgh-based oil explorer suffered a backlash over bonuses for its chairman, Sir Bill Gammell.
Business briefs: Petrofac | BT | Balfour Beatty
OIL services firm Petrofac expects modest growth in net profit this year after its books were hit by the shutdown of a gas plant in Algeria.
Tony Hayward to be Glencore chairman
GLENCORE bosses tightened their grip on the newly enlarged miner and trader yesterday, as shareholders voted out all former Xstrata directors, including the already outgoing chairman, replacing him with former BP boss Tony Hayward.
Business in brief: SSE | Semple Fraser | Barratt
SSE, the Perth-based utility giant, remained tight-lipped yesterday over the details reached in a settlement between one of its joint venture companies and construction firm Fluor over the quality of the foundations built for some turbines at one of its offshore wind farms.
Retail
Asda’s market share helped by robust online sales
ASDA has shrugged off continuing tough consumer pressures to post a 1.3 per cent rise in first-quarter like-for-like sales, powered like its main rivals by a robust online performance.
Glasgow retailers urged to join group for sector
INDEPENDENT retailers across Glasgow’s city centre are being urged to join a new group to give the sector a stronger voice in economic development.
Warm weather blamed for dip in sales at John Lewis
Department store group John Lewis has blamed a dip in sales last week on the warm bank holiday weather, although it said there were some “encouraging signs” as temperatures cooled towards the end of the week.
Shields Automotive founder in £8.75m sale to Lookers
SHIELDS Automotive founder Joe O’Donnell is retiring after 27 years in the industry, having sold his Glasgow-based Land Rover franchise to Lookers in a £8.75 million cash deal.
Dixons expects profits to be at top end of City forecasts
Electrical goods retailer Dixons today said its annual profits should be at the top end of market expectations as it continues to benefit from the demise of rival Comet.
Food, Drink and Agriculture
Farming: Honesty is key to winning over consumers
Pig and poultry producers need to be more straightforward, honest and open about animal welfare if they are to encourage shoppers to choose British food over cheaper imports.
Scottish dairy herd free of Schmallenberg virus
So FAR so good but watch out in the future was the message from the NFUS yesterday after it reported no positive samples in a survey as to whether the Schmallenberg virus had entered Scottish dairy farms.
EU rules end hope of aid
Although sympathetic to a plea from NFU Scotland for a relaxation in grazing rules for agri-environment schemes, rural affairs secretary Richard Lochhead yesterday warned any such move might infringe strict European rules.
£2m plans for new entrants and deer farmers
Details emerged yesterday on how the £2 million promised in February by rural affairs secretary Richard Lochhead would be distributed to new entrants and deer farmers, both of whom are currently excluded from single farm payment support (SFP).
C&C; to grow Tennent’s sales overseas
TENNENT’S maker C&C Group is preparing to launch its flagship lager into overseas markets including India, while freezing prices at home and introducing a beer aged in whisky casks.
Transport
Virgin’s Little Red passengers shun onward flights
TRAVELLERS using Virgin Atlantic’s new Little Red service from Scotland to London are ending their journey in London rather than connecting with long-haul flights, the airline admitted yesterday.
Comment: Long–term hope for Branson’s plan
WHEN Sir Richard Branson’s Virgin Atlantic announced last year that it was going head-to-head with British Airways in the short-haul market, the move was meant to help boost its wider ambitions.
Shields Automotive founder in £8.75m sale to Lookers
SHIELDS Automotive founder Joe O’Donnell is retiring after 27 years in the industry, having sold his Glasgow-based Land Rover franchise to Lookers in a £8.75 million cash deal.
Stelios hails Easyjet cut in losses
BUDGET carrier EasyJet has unveiled a sharp reduction in winter losses as capacity cuts by rivals and Britons fleeing the country’s deep freeze helped boost passenger numbers.
Nathan Goode: Trams just start for sustainable city
We’ve all read the stories and watched in horror as the costs have rocketed and the completion date has been repeatedly rolled back, but now is the time for businesses and citizens of Edinburgh to back the much-maligned tram project.
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Industry
Global Energy: £37m Easter Ross South Quay upgrade
GLOBAL Energy Group will boost the South Quay in Easter Ross by investing £37 million into its Nigg yard operation.
Optos profits slump on lower first-half sales
Eyecare company Optos has unveiled a 90 per cent plunge in first-half profits, sending its shares down sharply, but insisted its long-term prospects “remain strong”.
Tata job fears as steel giant writes off £1bn
FRESH fears over the future of UK steel jobs were raised yesterday after India’s Tata Steel wrote down the value of its European operations by £1 billion.
Business in brief: Babcock | Balfour Beatty | APR
SUPPORT services outfit Babcock International has reported a steady rise in annual turnover and profits.
‘No change’ in performance at Balfour Beatty
Balfour Beatty this morning said there had been “no change in performance” following last month’s profit warning, its second in six months.
Technology
Optos profits slump on lower first-half sales
Eyecare company Optos has unveiled a 90 per cent plunge in first-half profits, sending its shares down sharply, but insisted its long-term prospects “remain strong”.
Optos shares hit by sharp profit drop
SHARES in Optos, one of Scotland’s most promising technology companies, slumped to their lowest level for more than two years yesterday after a sharp drop in profits.
Business briefs: Scots internet exchange | Mowat | Paradigm
IT FIRMS are joining forces to build an internet exchange in Scotland, so that website traffic doesn’t have to be sent back and forth to London.
Business briefs: BT | BP | Rolls–Royce
TELECOMS giant BT will return to the mobile phone market within a year through the launch of its 4G services.
Novia Financial eye further push into Scotland
A FINANCIAL technology firm that provides key products for insurance and pensions group Aegon is eyeing a further push into Scotland.
Management
Scottish Business Briefing – Friday 17 May, 2013
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.
Stelios hails Easyjet cut in losses
BUDGET carrier EasyJet has unveiled a sharp reduction in winter losses as capacity cuts by rivals and Britons fleeing the country’s deep freeze helped boost passenger numbers.
Comment: Mervyn fancies himself the new Che Guevara
WHATEVER you might think of Argentine revolutionary Che Guevara, his role as a central bank governor probably comes low on the list of his most famous attributes.
Standard Life leads protests over divi cut at RSA’s AGM
STANDARD Life Investments (SLI) led the protests at fellow institutional investor RSA’s annual general meeting (AGM) yesterday as shareholders rebelled over the dividend being slashed by a third and concerns regarding the auditor’s appointment.
Business in brief: SSE | Semple Fraser | Barratt
SSE, the Perth-based utility giant, remained tight-lipped yesterday over the details reached in a settlement between one of its joint venture companies and construction firm Fluor over the quality of the foundations built for some turbines at one of its offshore wind farms.
Market Reports
FTSE’s winning streak grinds to halt
Britain’s top share index ended its ten-session winning streak yesterday, as weak US data hit sentiment and technical charts pointed to an increasing risk of a correction.
Stocks: City warms to M&S; clothing strategy
Shares in Marks & Spencer swung higher yesterday as analysts warmed to the high street stalwart’s new clothing strategy and autumn/winter launch.
Stocks: Severn swoop supports FTSE charge
London’s leading share index continued its bull charge yesterday supported by upbeat corporate numbers and bid activity surrounding water utility Severn Trent.
Defensive stance pushes FTSE higher
Defensive stocks came to the fore yesterday helping to compensate for losses in the banking sector and pushing the market to yet another closing high.
Dixons Retail to reveal continuing surge in sales
MORE sales cheer is on the cards from PC World and Currys parent Dixons Retail when it updates on trading on Thursday as it continues to benefit from the demise of rival Comet and a booming tablet computer market.
Media and Leisure
Snoozebox says its needs extra funding after management shake-up
Temporary hotel specialist Snoozebox today said it needs a “more rigorous approach to management” and will require extra funds to support its trading this year.
Thomas Cook eyes return to dividend with £1.6bn refinancing
Travel agent Thomas Cook has taken another step towards calmer waters by announcing a £425 million fundraising with shareholders in a bid to cut debt.
ITV enjoys advertising rise
ITV boss Adam Crozier hailed progress at the broadcaster yesterday after it outpaced rivals in the advertising market during a “good” start to 2013.
Johnston Press names new finance chief
NEWSPAPER and website publisher Johnston Press has appointed David King as its next chief financial officer.
CVC walks away after improved Betfair bid rejected
BID interest in gambling group Betfair ended yesterday after a consortium failed to tempt the company’s board with two improved offers.
Opinion
Comment: Centrica’s price promise creates a warm glow
MARKETS regard anything that cuts corporate costs as a reason to send company shares upwards as it means more on the bottom line. Even job cuts get a cheer.
Andrew Arbuckle: Carving up the £1bn SRDP cake is no easy task for minister
YOU would think it was the best job in the world spending £1 billion – but being cabinet secretary and having the next Scottish Rural Development Programme (SRDP) cash to distribute is a veritable minefield.
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Bill Jamieson: Taking a defensive position could be sensible
WHAT is it that stock markets know that the rest of us don’t? Despite a near brush with a third recession, glacial growth performance and signs that the global economy may be slowing, stock markets round the world seem to have thrown caution to the winds.
Week ahead: Lloyds Banking Group and RBS AGMs
LLOYDS Banking Group and Royal Bank of Scotland directors will be grilled at their AGMs this week on speculation over government plans for a pre-election sell-off of taxpayer stakes.
Comment: Co-op needs review after bank debacle
JUST a few weeks ago the Co-operative was poised to become a new force in banking by acquiring more than 630 branches from Lloyds. Now it is contemplating the future of its own financial services operations.
Personal Finance
Credit unions take on payday lenders
CREDIT unions in Scotland are targeting both banks and payday lenders following the launch of a scheme aimed at boosting membership of the mutuals.
1 commentJeff Salway: Anger growing over behaviour of banks
WE CAN call it the “Goodwin effect” if you like. I’m referring to the growing propensity of people in Scotland to complain about the banks.
Energy giants locked in power struggle over fixed-price bills
MAJOR energy companies are battling it out to win customers keen to set the price of their energy bills – led by a new fixed-price deal by nPower which will see tariffs set for the next three winters.
Jane Bradley: Forget toy boys, in the US it’s girls only
WHEN retailer Boots separated out its toy section into “girl” and “boy”, shoppers were horrified.
Scots towns are among the most affordable
SCOTLAND boasts four of the ten most affordable towns for key workers, a study has revealed.
Business Briefing
Scottish Business Briefing – Friday 17 May, 2013
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.
Scottish Business Briefing – Thursday 16 May, 2013
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.
Scottish Business Briefing – May 14th 2013
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.
Scottish Business Briefing – May 13th 2013
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.
Scottish Business Briefing – Friday 10 May, 2013
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.
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Weather for Edinburgh
Friday 17 May 2013
Today
Cloudy
Temperature: 8 C to 14 C
Wind Speed: 13 mph
Wind direction: North
Tomorrow
Heavy rain
Temperature: 9 C to 13 C
Wind Speed: 18 mph
Wind direction: North east
