BANKING & INSURANCE3,700 Royal Bank of Scotland staff face the axe as break-up revealedHUNDREDS of Scottish jobs are under threat, after Royal Bank of Scotland announced plans to shed 3,700 posts at branches acro
ss the UK (
Scotsman). Union officials have warned that the job losses over the next two years will disproportionately hit Scotland, where the majority of RBS branches are. The news came ahead of a statement today by Chancellor Alistair Darling, in which he is expected to announce plans to pump a further £25 billion into RBS and £5bn into Lloyds.
Read all today's banking news from scotsman.comENERGY & UTILITIESBowleven set to drill four wells next yearNEXT year will be the "most active" in Bowleven's history according to chief executive Kevin Hart, who yesterday revealed that full-year losses at the oil and gas explorer had narrowed from $10.9 million (£6.6m) to $10.2m, primarily due to the strength of the dollar (
Scotsman). The Edinburgh-based firm, which focuses on west Africa, confirmed plans to drill four appraisal wells next year in its "Etinde" block off Cameroon.Kerry Crawford, Bowleven's deputy financial director, said a high-impact exploration well in the Douala Basin had the potential to be "transformational".
Read all today's energy and utilities news from scotsman.comFOOD, DRINK & AGRICULTUREScots distiller reports record £129m profitWILLIAM Grant & Sons, the family-owned distiller and one of Scotland's largest private companies, has reported record profits boosted by sales of non whisky spirits such as Hendrick's Gin and Sailor Jerry spiced rum (
Scotsman). The distiller, which also makes Glenfiddich single malt whisky and Grant's blended Scotch, said its best financial performance yet was driven by a positive trading environment for its core brands and an improved mix for spirit sales. But analysts said that profits had also been boosted by consumers trading down to some of its portfolio whiskies and payments received from one-off exceptionals such as the reorganisation of the spirits distribution group Maxxium.
Read all today's food, drink and agriculture news from scotsman.comINDUSTRYResurgence in manufacturing raises hopes of exit from recessionThe UK manufacturing sector rebounded strongly into growth territory in October, after contracting in September, according to a key survey yesterday which raised hopes that the economy could emerge from recession in the fourth quarter (
Herald). The Chartered Institute of Purchasing and Supply's headline purchasing managers' index (PMI) for UK manufacturing rose from 49.9 in September to 53.7 last month – surging through the level of 50 which separates expansion from contraction. The October reading signals the fastest pace of expansion in the UK manufacturing sector since November 2007, and was way ahead of the no-change reading of 50 forecast by the City.
Read all today's industry news from scotsman.comMEDIA & LEISUREOFT to investigate Brightsolid takeover of Friends ReunitedBRIGHTSOLID, the Dundee firm which bought Friends Reunited from ITV for £25 million, has expressed disappointment at the Office of Fair Trading's decision yesterday to refer the acquisition to the Competition Commission (
Scotsman). Chris van der Kuyl, chief executive of the DC Thomson subsidiary, insisted the deal would be "good for competition and good for consumers" after it was announced that the commission is to launch an investigation. Van der Kuyl said: "We look forward to demonstrating that this is a lively competitive marketplace with a multitude of free and paid offerings available to consumers.
Read all today's media and leisure news from scotsman.comTRANSPORT
Takeover bid 'not a priority' for National Express shareholdersDOUBTS have been cast on an attempt by Spain's Cosmen family to get institutional shareholders in National Express to back its bid to make the transport group reopen takeover talks with Stagecoach.It is thought a number of big shareholders instead back debt-laden National's decision to focus on its City fundraising (
Scotsman). One leading institutional shareholder said yesterday: "Time is of the essence for the fundraising. That's where the priority should lie at present, not with merger talk.
Read all today's transport news from scotsman.comScotsman Business ClubGet to the heart of the issues affecting Scottish business at
www.scotsman.com/businessclub. Features include blogs from The Scotsman's formidable team of business writers - including Bill Jamieson, Martin Flanagan, Peter MacMahon and Scott Reid, a diary of forthcoming company announcements and networking events and video interviews with leading business experts covering a wide range of useful topics."
