ECONOMYCautious optimism in financial services, but tough year aheadBATTERED, beleaguered and besieged it may be, but the first sign that the UK's financial services industry could be on the road to a "gradual re
covery" emerges today (
Scotsman). According to a survey by one of the country's major business groups, financial services firms are more upbeat than they have been for two years. Despite continuing falls in levels of business, income and profitability – alongside continuing job losses – there are now glimmers of hope across the sector.
Read all today's economics news from scotsman.comBANKING & INSURANCE
Fight continues for anti-HBOS merger groupThe Edinburgh businessmen who challenged Lord Mandelson in court over the Lloyds takeover of HBOS, and who were last week told to find £35,000 in costs, are considering an appeal against the award (
Herald). The Merger Action Group (MAG) says it has "no regrets" over its legal battle to preserve the independence of HBOS, notwithstanding the subsequent publication of the bank's £10.8bn loss. Ian McKerron, a spokesman for the group, said MAG had not been out to defend a collapsed institution. "The thrust of our case was not based on whether the merger was a good or bad thing but on the government's behaviour in waiving competition law," he said.
Read all today's banking news from scotsman.comPERSONAL FINANCECash scramble puts fresh pressure on staff pensionsCompanies are queuing up to close off their final salary schemes to existing members in the wake of this month's decision by Barclays to do so, a leading consultant says (
Herald). Hymans Robertson adds that the so-called "lost decade" of equity investing means that defined contribution pension schemes, to which companies are now flocking, will have returned precious little over the past 10 years. The gloomy prognosis from the Glasgow-based adviser to major corporates follows last week's raft of reports predicting further erosion of quality pension provision in the UK.
Read all today's personal finance news from scotsman.comTECHNOLOGYSkills academy boost for Scottish training organisationsSCOTLAND is to get its own national skills academy for the chemical and pharmaceutical industries. Scottish training organisations in the industry will be able to apply for accreditation from the National Skills Academy (NSA) for the first time (
Scotsman). The NSA for the "process industries" – which also includes polymer companies as well as any oil and gas firms that do not work offshore – is in talks with Scottish Enterprise in an attempt to secure funding for the scheme. There are seven academy "hubs" in England and Wales, funded over the past two years by a £4.5 million government grant from Westminster and match funding from industries in the sector.
Read all today's technology news from scotsman.comTRANSPORTMoffat & Williamson plans £3m revamp of coach fleetA FIFE-based coach operator has embarked on the latest stage of its investment programme after securing a £3 million refinancing package from its bank (
Scotsman). Moffat & Williamson has launched a rolling programme of investment in its 63-strong fleet – a mixture of school buses, service vehicles and luxury coaches. Four vehicles have been acquired this year, with another three to join the fleet by the end of 2009, according to the firm. The company, which employs 85 people in Glenrothes and Newport-on-Tay, secured the funding from Royal Bank of Scotland (RBS) and its asset finance division, Lombard. JP Williamson, director of Moffat & Williamson, said: "With the safety and comfort of our passengers of paramount importance to our business, it is vital that we invest in our fleet."
National Express snubs bid from rivalNational Express has rejected an unsolicited takeover bid from its larger rival FirstGroup in a surprise development likely to put further pressure on the bus and rail operator (
FT). News of the board's decision to spurn the offer comes ahead of a trading update on Wednesday and only a week after the company agreed a deal with bankers to ease restrictions on its £1.2bn debt. National Express's future has been called into question by the government's refusal to renegotiate the terms of its East Coast rail franchise between London and Edinburgh, the most expensive in the industry. Analysts said the approach from FirstGroup suggested an agreement with the Department for Transport was imminent.
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."
