BANKING & INSURANCEStandard Life unveils sales surgeInsurance giant Standard Life has revealed its sales in the first quarter of the year were nearly 10 per cent ahead of market expectations. The markets were wai
ting for the Edinburgh group to unveil a slight fall in worldwide life and pensions sales but SL shocked analysts with an increase of eight per cent boosting sales to £4.48 billion. Finance director David Nish insisted the figures were slightly flattered by a jump in investment bond sales, generally sold as a low risk investment or for inheritance tax planning. Two substantial pieces of business were won from separate investment banks seeking investment bond deals. Nish added: "There's quite a lot of this type of business which goes on in the first quarter ahead of the tax year end, and one of the reasons we were so keen on these (deals) is it forms a good strategic relationship with both of these bank... we're hoping to build more sales from the back of this."
(The Scotsman)RBS to pay £6 million to itselfRoyal Bank of Scotland will pay £6 million to itself when it launches its £12 billion rights issue, the prospectus for the fundraising exercise has revealed. The £6 million will be part of £246 million paid in advisers' fees as the banking giant raises cash to bolster its balance sheet in the face of the continuing credit crunch. The prospectus states: "RBS will pay RBS plc an aggregate bookrunning fee of 0.05% of the issue price multiplied by the aggregate number of new shares."
(The Herald) Read all today's banking news from scotsman.comECONOMYCentral belt to suffer in credit crunchNew research has claimed the credit crunch could see city centres and major shopping malls riding out the storm while town centres take 'a battering'. The report by commercial property advisers Ryden claims retailers will be forced to cut back on new store openings and property developers will drop shopping centre schemes as the global economic turmoil starts to take its toll. The group's head of consulting Mark Robertson commented: "We have seen a long period where consumer expenditure has been growing. However, the shopping centre pipeline had been looking ambitious. Inevitably, we are reaching a situation where some retailers are not going to trade as well and where some schemes are not going to look as lucrative as they might have done, meaning developers will begin to think quite hard about them. You have to wonder if this could be another kick for Paisley, another kick for Bathgate – the sort of towns that were struggling to compete with the large centres anyway."
(The Scotsman) Read all today's economics news from scotsman.comFOOD, DRINK & AGRICULTUREWhisky exports hit £90 a secondThe Scotch Whisky Association has revealed that record overseas whisky sales are earning the UK £90 per second last year. Shipments of the spirit were up 14 per cent to a record £2.8 billion with export volume growing by eight per cent. SWA chairman Paul Walsh said: "This record performance – generating £90 every second for the UK balance of trade – underscores that Scotch whisky's international appeal can militate against individual or regional fluctuations."
(The Scotsman)Production to resume at distilleryA Dumfries and Galloway distillery is to resume production for the first time in 90 years after Annandale Distillery Company was awarded Regional Selective Assistance. The £150,000 grant will see the derelict Annandale distillery operating or the first time since it closed in 1919 and create 18 new jobs. David Thomson who bought the plant commented: "Our ambition is to create an interesting and meaningful brand around Annandale, to create a whisky drinking experience around the main parameters of single malt Scotch whisky flavour and to create an engaging visitor experience."
(The Herald) Read all today's food, drink and agriculture news from scotsman.comRETAILOssian offer leaves creditors reelingInternacionale and Au Naturale owner Ossian Retail is set to offer creditors a take-it-or-leave-it 25p in the pound as it tumbles into administration. The offer comes as rumours pick up speed that the Internacionale fashion chain has already been sold off, though neither Ossian nor its financial backers were prepared to comment. Founder Ken Cairnduff sold the business in a management buy-out in 2006 for £45 million but remains landlord to the group in Ayr and Glasgow. He told the Herald: "I've heard there were a few people looking at it, but I haven't heard any confirmation of a sale. I guess, as a landlord, they'll let me know when the time comes." Meanwhile, it has also been claimed that many creditors are ready to rebuff the offer from Ossian. Sources speaking to the Herald commented: "This is obviously an attempt to force our hand and to try to make us accept 25p in the pound, instead of us coming along with a truck and repossessing our stock – which we are legally entitled to do, because they haven't paid us for it. As far as I understand, this company is turning over around £1.5 million a week with stock they haven't paid for. As far as I know, they're still taking on stock from any supplier foolish enough to enter into an agreement with them."
(The Herald) Read all today's retail news from scotsman.comTRANSPORTHaymarket expansion plannedA new plan or Edinburgh's Haymarket could see the busy railway station treble in size by 2031. The £190 million plan would see a glass roof covering the station which would be surrounded by offices and shops. Transport Scotland is set to consider the plans before reporting back on the scheme, which could get underway as early as 2012, in the early summer. Edinburgh City Council transport convenor Phil Wheeler said: "A regenerated station is essential to ensure that the city keeps moving effectively as it, as well as the Haymarket area, continues to expand. The existing facility is becoming strained, congested and inadequate, with pedestrians and passengers constantly competing for space. These proposals give us a very real and exciting vision of how we could create a sleek transport hub which will be integrated with trams and buses and which will be much more suited to its status as one of the country's busiest railway stations."
(BBC Scotland Online) Read all today's transport news from scotsman.com
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