BANKING & INSURANCEDrive to secure 1,500 jobs as Tesco switches insurance arm to FortisTESCO Personal Finance last night revealed that it is to transfer its general insurance business to Fortis UK, prompting the
Scottish Government to step up efforts to secure the 1,500 new jobs the deal will create (
Scotsman). Edinburgh-based TPF made the surprise announcement last night after rumours over the switch began to emerge in the City. Tesco's banking arm revealed it is moving the bulk of its insurance business away from Royal Bank of Scotland (RBS), which has acted as the group's underwriter for more than 11 years since the two groups established TPF as a joint venture.
Bank says banking crisis easing The Bank of England says conditions in the financial system are easing, although the banking system is fragile and vulnerable to disruption. In its Financial Stability Report, it said the total losses from the financial crisis reached $15tn (£10tn). However, that is a substantial improvement from March's estimate of a $25tn fall in the value of such assets. The Bank also calls for further regulation to prevent banks getting too big and tougher controls on lending.
http://news.bbc.co.uk/1/hi/business/8119399.stm
Read all today's banking news from scotsman.comENERGY & UTILITIESDeal reached in oil refinery row A deal to end the bitter jobs dispute at the Total-run Lindsey oil refinery, which has led to walkouts across the country, has been agreed, unions say (
BBC). The agreement follows talks between union leaders and employers of contract staff at the North Lincolnshire site. Other sites affected by industrial included Longannet in Fife, Sellafield in Cumbria, Drax and Eggborough in North Yorkshire, Stanlow in Cheshire, Aberthaw in south Wales and Didcot in Oxfordshire. On Friday morning, staff at Sellafield and Longannet returned to work.
Read all today's energy and utilities news from scotsman.comFOOD, DRINK & AGRICULTUREBest foot forward as show leaps out of stallsYESTERDAY'S launch of the 225th Royal Highland Show at Ingliston saw the occasion attract one of the largest crowds for many years (
Scotsman). The mood was upbeat, with many smiling faces and a general sense of anticipation that the farming industry may be on the brink of a much more positive era, despite the global recession. However, the fact is that while demand for food is set to increase, production in Scotland, and throughout much of the EU, is in decline. The root cause of this trend lies with the 2003 reforms of the Common Agricultural Policy (CAP), which "decoupled" subsidy payments from levels of production. Farmers were then permitted to collect the Single Farm Payment (SFP) almost regardless of how much more, or more frequently less, they produced.
Read all today's food, drink and agriculture news from scotsman.comRETAILMenzies delivers as it cuts debt and signs new dealsSHARES in newspaper distribution and cargo handling group Menzies shot up nearly 18 per cent yesterday after the company announced it has slashed debt and expects improved profits in the first half of this year (
Scotsman). In a pre-close trading statement to the Stock Exchange, Menzies said it expected profit for its first six months to be better than during the same period last year. And it added that net debt would be lower than expected – between £140 million and £150m.
Read all today's retail news from scotsman.comTRANSPORTScotland 'must build' £25bn Grand Central travel hub in capital
SCOTLAND should create a "Grand Central" rail-air hub at Edinburgh Airport to form the heart of a national high-speed rail network, a think tank has proposed (
Scotsman). The ambitious £25 billion scheme would enable passengers to reach the new super-airport from Edinburgh city centre in five minutes and Inverness in just over an hour, according to Reform Scotland. In a report to be published today, the group called for the airport to be renamed "Grand Central" and surrounded by a ring road. The proposed adjacent railway station – which would be Scotland's largest – would have the same name.
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."
