ECONOMY
£25bn injection welcomed but City warns of continued risksBANK of England policymakers were yesterday warned that the UK economy remained in the "high-dependency unit", as markets responded favourably to an injection of a
further £25 billion to help to drag the country out of recession (
The Scotsman). Shares cut their opening losses at news of the expansion in quantitative easing (QE) and the Bank's decision to hold interest rates at a record low of 0.5 per cent. Further encouragement came from official figures showing that Britain's manufacturers had bounced back from a weak August to record the biggest monthly rise in output for more than seven years
Scottish house prices rise by 6 per cent but sales remain sluggishSCOTTISH property prices have risen by an average of 6 per cent in the third quarter of 2009, according to new figures. But while the increase adds to hopes of a sustained recovery, sales remain sluggish with house prices marginally lower than this time last year (
The Scotsman). Registers of Scotland – which keeps a record of all sales – reported that between July and September, the average cost of a house in Scotland was £154,453 – up from £145,553 in the previous quarter. But the figure represents a 3.6 per cent year-on-year fall from an average price of £160,155 during the third quarter of 2008.
Read all today's economics news from scotsman.comBANKING & INSURANCE
RBS bank reports losses of £2.2bn Royal Bank of Scotland Group, which is 70%-owned by taxpayers, has reported a pre-tax loss of £2.2bn for the three months to the end of September (
BBC). It compares with a profit of £1.9bn in the same period last year. RBS has written off another £3.3bn in bad debts and other bad investments, which is down from the £4.7bn it wrote off in the previous three months. The bank said that conditions had improved in the past three months but that they "remain fragile".
Read all today's banking news from scotsman.comFOOD, DRINK & AGRICULTURE
Graham's is the cream of the crop as dairy firm's sales surge 20%FAMILY-OWNED dairy business Graham's has booked a 20 per cent hike in annual sales thanks to a push into new products and markets (
The Scotsman). The Bridge of Allan-based firm, which this year celebrates its 70th anniversary, said turnover had risen to £40 million in the year to the end of March. Pre-tax profits came in at £820,959, up from £721,953 a year earlier. The company, which was founded by the grandfather of current managing director Robert Graham, employs some 300 staff and partners with more than 50 Scottish farmers.
Read all today's food, drink and agriculture news from scotsman.comTECHNOLOGY
Wright Health fearing impact from downturn after strong 2008Wright Health Group, the Dundee-based dental equipment maker which employs over 150 in the city, has reported a strong 2008 but warned of a potential impact from the downturn (
The Herald). The group, formed 10 years ago from a Scottish-English merger, made a pre-tax profit of £3.2m last year, up 5% from the £3m in 2007, according to the annual accounts lodged at Companies House. But the directors, writing in the second quarter, warned that future prospects were "particularly difficult to predict at this time of economic uncertainty with its potential impact on both state expenditure and general practice plans".
Read all today's technology news from scotsman.comTRANSPORT
British Airways hit by £292m loss British Airways has reported a loss before tax of £292m ($485m) for the six months to the end of September, as the recession continues to hit airlines (
Read all today's transport news from scotsman.com">The Scotsman). It is the first time BA has reported a loss in the first half of its financial year. Last year it reported a profit of £52m for the same period. BA said revenue over the six-month period was down 13.7%. "Aviation remains in recession with revenue likely to be £1bn lower this year," said BA chief Willie Walsh.
http://news.bbc.co.uk/1/hi/business/8345912.stm
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