BANKING & INSURANCECard fraud hits £11 millionHer Majesty's Inspectorate of Constabulary for Scotland has warned that credit card fraud cost Scotland £11.5 million in the year 2006/07. The level of fraud totalled a
n equivalent of £330 for every person in the country and saw the HMICS calling for a joined-up approach to the problem and the establishment of a separate unit to tackle serious fraud north of the Border. HM Chief Inspector for Constabulary in Scotland, Paddy Tomkins, said: "Fraud in Scotland concerns everyone. For example, it is estimated that on average £330 for every man, woman and child in Scotland is lost through fraud every year. The impact is felt not just by the individuals or businesses directly affected, but by the public generally and the public purse. Although police recording of fraud needs to be improved and is inconsistent, figures from APACS show a 16 per cent rise from 2006 to 2007, when £11.5 million was lost to plastic payment card fraud alone in Scotland. A recent estimate put the overall loss to the UK as between £13 billion and £20 billion each year."
(BBC Scotland Online) Read all today's banking news from scotsman.comECONOMYUK factory prices hit record riseNew figures from the Office of National Statistics have revealed factory gate prices are rising at their fastest monthly and annual rates since records began. The news will further complicate the deliberations of the Bank of England's Monetary Policy Committee which had been widely expected to rubber stamp a further cut in the interest base rate next month. Chief UK economist at Global Insight, Howard Archer commented: "Ouch! The April producer price data are truly horrible and very worrying indeed for the Bank of England." He added: "Going forward, the Bank of England will be hoping that current growing signs that manufacturing activity is faltering will deter manufacturers from trying to raise their prices and limit their ability to do so. However, with oil prices reaching $126 a barrel, commodity prices elevated and the pound weaker, the upward pressure on manufacturers' costs continues to mount."
(The Herald) Read all today's economics news from scotsman.comENERGY & UTILITIESDana up on second North Sea discoveryShares in Dana Petroleum rose six per cent yesterday after the Aberdeen-based exploration firm revealed it had encountered high-quality crude close to a previous find. The find in the East Rinnes area is said to be similar to the early find to the west of the area and lead to an announcement from chief executive Tom Cross that the firm hopes the find will form the basis of a substantial new development. He added: "Finding a second oil field in the Rinnes area is an important and valuable result for Dana. The discoveries should significantly increase the probability of success for a number of Dana's other prospects in the immediate vicinity."
(The Herald) Read all today's energy and utilities news from scotsman.comFOOD, DRINK & AGRICULTUREWiseman shares plungeShares in Robert Wiseman dairies slid yesterday as fears grew the milk processor was set to be caught in a squeeze between supermarkets and the rising cost of raw materials. The fall came after the UK's second largest dairy group warned it was likely to see an £8.5 million fall in profits this year – the shares ended the day down nine per cent at 452.25p. The profit warning came after the rising price of milk at the farm gate and the increase in cost of raw materials including diesel combined with delays in negotiating higher prices from supermarkets. Communications director at Wiseman's, Graeme Jack, commented: "We've been left in the situation where we have to absorb a lower cream price. Because the supply of milk is tight, the last thing we want to do is reduce our price to farmers. We want to give them confidence and incentivize them to produce more milk."
(The Scotsman) Read all today's food, drink and agriculture news from scotsman.comRETAILRetail sales downApril saw the High Street suffer its worst month for three years as retail sales fell for the second month in a row, according to new figures from the British Retail Consortium. Sales fell 1.5 per cent last month on top of the 1.6 per cent fall in the previous month, with clothing and footwear sales the most severely affected. BRC director general Stephen Robertson commented: "With higher fuel and utility bills eating away at people's spare cash, they are concentrating on essentials like food. Retailers will look to the recent sunny weather to provide some boost but with the economic fundamentals remaining weak, there seems no reason for these tough trading conditions to improve soon."
(The Scotsman) Read all today's retail news from scotsman.comTECHNOLOGYData centre looks westRoyal Bank of Scotland-owned data centre Scolocate has revealed plans to open a west coast office as it looks to double its turnover in the next four years. Scolocate run one of the country's largest internet hotels which provide businesses with remotely-hosted computer services. As demand for secure hosting continues to grow, the firm, which survived the dotcom crash to book sales of £4.5 million in 2006/07, is now looking to expand out of its office in Edinburgh's South Gyle. Managing director Roy Maxwell said: "We want to expand the business within Scotland and would like a location in the west. It's really down to the right facility being available. Even though our customers can be located anywhere, there are still many that like to be relatively close to the heart of their system. We have to plan capacity-wise. At some stage in the next couple of years we will hit the space barrier." He added: "We see more and more demand coming from small and medium-sized companies. They need something that's always on – businesses can't afford for the web to go down. What we do underpins so much of Scottish business, but most people are unaware of it."
(The Scotsman) Read all today's technology news from scotsman.comPROPERTYKilpatrick boosts NAVGlasgow commercial property firm Kilpatrick Property group has bucked the downward trend in the sector to lift its net asset value by 16 per cent for the year to March 31 2008. The firm also revealed it has completed acquisitions worth more than £8 million since the beginning of the year. Chief executive Maurice Glen commented: "Market conditions over the course of the last year have changed significantly and while presenting new challenges, also provide opportunity. The group's strict acquisition criteria, resulting in few new acquisitions being implemented at the top of the market over the last two years, is now likely to pay dividends, as we find ourselves well placed to implement new acquisitions taking advantage of softer market conditions. This should ensure that the group's pipeline of profit opportunities will be maintained over the medium term."
(The Herald) Read all today's property news from scotsman.com
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