BANKING & INSURANCEAegon profits dragged lower by tumbling stock marketProfits at Aegon UK have fallen some 22 per cent as the group's equities struggle to perform in the challenging market conditions. Second qua
rter results saws the insurer's profits fall in line with its first quarter results, down 23 per cent from £48.6 million to £37.6 million. The company's finance director, Mark Laidlaw commented: "In the UK, our business is heavily dominated by unit-linked pensions. Our income and our profit comes from charges on unit linked funds, which are invested in the stock market. The movement in profitability year on year is a result of the equity markets, which are down 7 per cent, so that direct impact on the profit in the UK."
(The Scotsman) Read all today's banking news from scotsman.comECONOMYSurvey reveals sobering housing market conditionsA new survey from the Halifax has revealed UK house prices are falling at a faster annual rate than during the property crash of the early 1990s. The HBoS subsidiary's new monthly index showed the average UK house price now stands 10.9 per cent lower in the same period last year. The new figures are being seen as further justification for the Bank of England's decision yesterday to hold the interest base rate at 5 per cent despite the inflationary pressures currently distorting the economy. Head of group economics at the Royal Bank of Scotland, Stuart Porteous commented: "No surprises… although, with UK activity slowing sharply and inflation surging, a case could have been made for a move in either direction. The committee (the Bank of England's Monetary Policy Committee) will likely stand pat for the remainder of the year as the tug of war between slower growth and mounting price pressures continues. We expect rates to be lowered next year as inflation comes off its peak and economy struggles to its feet." Liz Cameron, the chief executive of Scottish Chambers of Commerce added: "With inflation running at almost double the Government's target of 2 per cent it is perhaps as much as we could have hoped for that the Bank of England have kept rates on hold this month. We are detecting a deepening lack of optimism among Scottish businesses and it is important that everything possible is being done to bolster confidence and reduce business costs. Any rise in interest rates at this time could have hit both businesses and consumers hard, and led to greater pressure on wage settlements without necessarily having had any impact on the factors which are fuelling inflation, including energy prices."
(The Herald) Read all today's economics news from scotsman.comENERGY & UTILITIESDiageo plan whisky waste power plantThe waste product created during the production of whisky could soon be powering Diageo's largest distillery should plans for a £65 million bio-energy system go ahead. The company has claimed the plant, to be installed at its Cameronbridge distillery near Leven, will reduce carbon dioxide emissions at the site by 56,000 tonnes a year. Under the plans unveiled yesterday, 'spent wash' – the mixture of wheat, malted barley, yeast and water produced by the distillation process – will generate 98 per cent of the steam required by the plant and 80 per cent of the necessary electricity.
(The Scotsman) Read all today's energy and utilities news from scotsman.comFOOD, DRINK & AGRICULTUREMorrison Bowmore book healthy figuresGlasgow-based distiller Morrison Bowmore has seen turnover and profits increase for the year to the end of December 31, 2007. The company has hailed 'a great performance' by its malt whiskies as the catalyst for the figures which saw turnover up 22 per cent and pre-tax profits rise to £3.16 million from £2.6 million the year before. The directors' statement read: "The improvement in profit was a combination of the growth in our single malt brands and also the buoyant whisky market. The company continued with the strategy of moving away from low-margin blend business, concentrating on building our single malt brands."
(The Herald)Fishing leaders renew calls for fuel assistanceFishing industry leaders have reiterated their calls for the Scottish Government to help the sector cope with increasing fuel costs which they fear could cripple the industry. An announcement is expected from Fisheries Secretary Richard Lochhead today as to whether the Fuel Task Force has been successful in their bid. Chief executive of the Scottish Fishermen's Federation commented: "The easing of prices is welcome but we need maximum efficiency. We hope that the fuel task force will be able to take forward these aims so that we can get on with our everyday work on ensuring stock sustainability. We look to Richard Lochhead to provide the practical wherewithal to turn the vision of a commercially sustainable industry into reality."
(BBC Scotland Online) Read all today's food, drink and agriculture news from scotsman.comMEDIA & LEISUREBorders golf course set to unveil planThe Rutherford Castle golf club near West Linton in the Borders is set to unveil a £50 million plan to become of Scotland's top golfing venues. The scheme would see the development of a five star hotel, incorporating retail outlets, a conference centre, leisure facilities and a swimming pool. Should the plan get the go ahead from Scottish Borders Council, it is claimed the new project could create up to 300 new jobs for the Borders economy. The council's business spokeswoman, Cllr Vicky Davidson said: "This is a very exciting announcement and shows that the Scottish Borders is an excellent venue for such world-class developments. It shows that the developers have a lot of faith in the area."
(BBC Scotland Online) Read all today's media and leisure news from scotsman.comRETAILHunter moves for home shopping brandSir Tom Hunter has made a takeover bid for the struggling Flying Brands home shopping business he bought into two years. Scotland's richest man bought a 29.9 per cent stake in the firm in November 2006 and is now hoping to complete a takeover of the Jersey-based company. The group, which includes Flying Flowers and cards company Greetings Direct, has confirmed it has received a 'very preliminary approach' from Hunter and his investment vehicle West Coast Capital. It has long been expected that Hunter wished to merge the Flying Brands group with his Wyevale Garden Centres business as he attempts to consolidate his investment portfolio.
(The Herald) Read all today's retail news from scotsman.comTECHNOLOGYIndigoVision stock on the slideEdinburgh digital CCTV company IndigoVision has seen its share price fall to its lowest point in nearly two years as the firm warned of slowing sales growth in the second half of the year. The company, which supplies surveillance equipment to Edinburgh Castle, has enjoyed strong growth in recent years but is now feeling the pinch of slower spending by corporate clients and is expected to see revenue for the year fall to £18.4 million. However, chief financial officer Marcus Kneen remained confident the firm would rally as the conversion from analogue to digital equipment continues to gather pace. He commented: "The market is so big that even if there is a slowdown, the conversion should be such that it would compensate for any general economic slowdown."
(The Scotsman) Read all today's technology news from scotsman.com
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