BANKING & INSURANCERBS insurance in Spanish linkBankinter, the Madrid based bank, is the latest firm to be linked with a bid for Royal Bank of Scotland's insurance business. The Spanish group is believed to have
approached the Edinburgh banking giant with a proposal to buy out us motor insurance joint-venture partner. Interbank already holds a 50 per cent stake in Linea Directa, which currently controls a five per cent slice of the Spanish motor insurance market, with RBS valuing Linea Directa at £700 million. The move, which is being described as 'logical' by an RBS source, comes after RBS announced it was to sell off assets worth £4 billion to improve its capital position.
(The Scotsman) Read all today's banking news from scotsman.comENERGY & UTILITIESCentrica in BE bid claimsRumours are circulating that British Gas owner Centrica is in talks with French energy giant EDF over forming a new company to bid for nuclear generator British Energy. It is thought that Centrica would want a 25 per cent stake in East Kilbride's BE should the deal go through and has made contact with other major European power firms to discuss mounting a joint bid. Reports over the weekend claimed that Centrica had been in talks with EDF for several weeks, though it was also claimed the French group is reserving the right to stage a solo bid worth £11 billion. Centrica is thought to be a vital part of any deal for BE, with the British involvement in a bid likely to be welcomed within the government which currently holds a 36 per cent stake in the firm.
(The Scotsman) Read all today's energy and utilities news from scotsman.comFOOD, DRINK & AGRICULTUREBid to extend food labellingThe labelling of Scottish produce could be extended to restaurants and take-aways in a new bid to widen the government's national food policy. Ministers seeking to capitalize on consumer demand for locally sourced food are keen to see the labelling extended while food procurement policy within schools and hospitals could also be changed to involve a greater selection of fresh, local produce. Rural Affairs Minister Richard Lochhead is believed to be considering the changes as he looks over consultation responses on the national food policy. Meanwhile, Highlands and Islands Manager for the Scottish Council for Development and Industry, Gareth Williams commented: "Procurement is one of the government's main tools to support Scottish businesses, influence the quality and sustainability of Scotland's food and create a culture of healthier eating. Spending by the public sector, including the NHS, amounts to about £85 million per annum. While EU rules preclude public bodies from discriminating against suppliers from other regions or countries, there are ways that procurement rules can be used to favour local suppliers which would particularly benefit food and drink producers."
(The Scotsman)Sarti sells outThe Italian family founders of Glasgow's fashionable Sarti restaurant chain have sold the business to a six-strong management buy-out team in a £5 million deal. The deal is believed to have been accelerated to avoid the forthcoming squeeze on capital gains tax next month. The founders Sandro and Pietro Sarti business partner Gerry O'Donnell will retain a one-third stake in the separate company holding the Sarti brand while the trading arm has been sold to Sandro's daughter Daniella and five other directors. Gerry O'Donnell commented: "The market then (when the chain was founded) was much smaller than it is now. Glasgow is a changed place, much more cosmopolitan in the years we have been in business. At Wellington Street, may people argued we were in the wrong location, but things have changed. What we do is very traditional in the sense that we try to stay true to the Tuscan and Ligurian roots of the business, but Italy has developed its menus and its types of food too, and we have tried to stay up with that."
(The Herald) Read all today's food, drink and agriculture news from scotsman.comINDUSTRYHunters to end Dumfries productionHunter Boot Ltd, makers of the iconic green wellies, are to cease production at their Heathall plant near Dumfries. The move will cost the area 2 jobs as the company enters into consultation with staff over the possibility of moving its head office to Edinburgh. All boot production in Scotland will cease and the operation will be moved to Serbia, China and Brazil. Managing director Malcolm Cannon said: "We are entering into consultation over the closure of the site. It is very sad but I think it was inevitable – we have now only got seven people making boots here. Unfortunately, making boots in Scotland is no longer economically viable."
(BBC Scotland Online) Read all today's industry news from scotsman.comMANAGEMENTBusiness encouraged to back 'green champions'Scottish business are being urged to adopt their own 'green champions' top promote environmentally friendly ways of doing business. Scottish Business in the Community wants to see Scottish businesses doing more to tackle climate change and carried the message at the May Day Business Summit on Climate Change last week. Chief executive of Lloyds TSB Scotland told the summit: "We are already carbon neutral, but we've also set a stretching target to reduce our carbon emissions by 30 per cent by 2012, against a 2002 baseline. Some of our initiatives are around our customers, such as encouraging online rather than paper communications. Others involve our people, our buildings and the way we do business – both internally and externally. Shortening the time to open a new account, for instance, may be greener because we're on the PC for less time per transaction, but it's also more efficient for the bank and most importantly, it's on the customer's agenda."
(The Herald) Read all today's management news from scotsman.comRETAILAu Natruale on brink of collapseRetail chain Au Naturale is believed to be close to collapse as parent company Ossian slips into administration. The Glasgow-based chain has been in trouble for some weeks but there was hope it may be saved when sister company Internacionale was bought out last week, but 'sources' now claim there is little hope of saving the chain.
(The Herald) Read all today's retail news from scotsman.comTRANSPORTSea trials for catamaran ferryThe new catamaran ferry set to operate the route across the Pentland Firth has begun six weeks of sea-trials in South East Asia. The Pentalina is expected to head to Scotland from the Philippines by the end of May and arrive under its own power within 30 days of departure. The ferry, which can carry 350 passengers and between 32 and 58 cars and nine lorries, will be capable of making the crossing between St Margarets Hope on Orkney to Gills Bay in Caithness in just 45 minutes.
(BBC Scotland Online) Read all today's transport news from scotsman.com
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