BANKING & INSURANCEQuayle Munro adds US officeEdinburgh finance house Quayle Munro has completed a £6.1 million shares and cash deal to acquire US corporate finance boutique van Tulleken. The US house holds offic
es in London and New York and its takeover follows the move for London's New Boathouse Capital last summer. Quayle chief executive Peter Norris explained the deal: "There isn't a specific acquisition strategy. This is more about finding businesses with the right fit of personality and relationships. These are two very complementary businesses with attractive but distinct skill-sets and we both believe we will get tremendous benefits from putting them together." On the timing of the deal, he added: "Companies that are particularly dependent on bank finance have got some issues to confront, but in terms of the underlying level of activity, the situation is very good. We are not directly engaged in any of the markets that have been so badly affected (by the credit crunch)."
(The Scotsman) Read all today's banking news from scotsman.comECONOMYInflation spike hits BankThe Bank of England is under more pressure after an unexpected rise in inflation was recorded in the latest Consumer Price Index. The central bank is struggling with the dual demands of rising prices and constricted money markets and will not welcome news that the CPI for March is expected to show a further increase from the 2.5 per cent inflation recorded in February. Economists are predicting the annual rate will hit 2.6 per cent or more this month, limiting the scope of the Bank's Monetary Policy Committee to cut interest rates further despite increasing demands from industry and the banking sector.
(The Scotsman) Read all today's economics news from scotsman.comENERGY & UTILITIESRamco lines up fundingAberdeen oil and gas independent Ramco has lined up £2 million in debt funding from US private equity investor LC Capital Master Fund as it prepares to return to Iraq. Oil and gas giants have been cleared to bid for licences in Iraq and Ramco has indicated an eagerness to return to the troubled area after an unsuccessful foray into the Irish Sea.
(The Herald) Read all today's energy and utilities news from scotsman.comFOOD, DRINK & AGRICULTUREEgg firm plots further expansionGlenarth Farms, one of the largest egg farms in Europe, is planning further expansion at its Borders base. The group already has consent to build ten new sheds at West Linton but has now applied for permission to construct a further building housing up to 25,000 birds at East Happrew Farm in the Stobo valley.
(BBC Scotland Online) Read all today's food, drink and agriculture news from scotsman.comRETAILRetail sales downNew figures from the British Retail Consortium have revealed retail sales for March have fallen for the first time in nearly two years. Unpleasant weather and an early Easter are being blamed for the 1.6 per cent fall as well as the ongoing credit squeeze and concomitant consumer caution. City analysts had been predicting a jump in sales brought on by the early holiday period but almost every sector suffered in the downturn. Director general of the BRC, Stephen Robertson commented: "Here is the strongest evidence yet that customers are making serious economies and are increasingly concerned about the future. It's clear customers are concentrating on essentials." Helen Dickinson, head of retail at accountants KPMG added: "Given the timing of Easter, one thing we expected was this month's figures to be strong. Instead, we have the worst monthly performance since July 2005. Retailers were hit by the double whammy of an early Easter and poor weather even before factoring in the slowdown in consumer spending on the back of rising inflation, falling house prices and the impact on consumer confidence of the credit crisis."
(The Herald) Read all today's retail news from scotsman.comTECHNOLOGYGames firm in funding boostDundee video games producer Realtime Worlds has won some $50 million in funding from US investment house Maverick Capital. The firm, founded in 2002 by former DMD Games chief Dave Jones, will use the funding to launch a new online urban action game All Points Bulletin, ironically the name of an earlier game many feel was the genesis for the hugely successful Grand Theft Auto series. Jones commented on the funding award: "We want to launch APB in 2009 which will be pretty much worldwide – including the Asian markets. This is our first big online game. Securing funding of this size from partners that are leading the financial and marketing communications industries further affirms Realtime Worlds' position as one of the most creative, respected and successful games development companies in the world." He added: "If we have a big success with APB on the scale of, for example, World of Warcraft, then we could be looking at hundreds of millions of pounds. It just depends what happens after we've launched it."
(The Scotsman)Spiral handed Braveheart fundingEdinburgh University spin-out Spiral Gateway has been handed £730,000 in third-round funding by business angel venture capitalists Braveheart. The university spin-out concentrates on the development of microchip technology for mobile media devices and is already the subject of investment from Bank of Scotland and Scottish Enterprise who also took part in the latest round of funding. Spiral is currently involved in the development of Reconfigurable Instruction Cell Array technology, which it hopes will prove a revolution in the next generation of mobile media devices as well as cameras and phones.
(The Herald) Read all today's technology news from scotsman.comPROPERTYScotland bucks housing trendThe Scottish housing market is continuing to rise despite other areas of the UK suffering, according to new figures from the Royal Institute of Chartered Surveyors. However, the RICS reported that although prices were holding firm or rising more than 34 per cent of its members had revealed a fall in new buyer enquiries north of the Border. It is also believed that many owners are resisting selling their property while the financial sector remains in such turmoil. RICS Scotland director Graeme Hartley commented: "Scotland is in a unique position with house prices continuing to increase, albeit not at a 'booming' rate. The general feeling within the industry is that the Scottish market is currently holding up well, despite the downturn in new instructions reflecting the limited finance options currently available. The figures reflect the housing market that's holding its breath, waiting to see what will happen in the financial market, but certainly not one heading for a crash. In fact it's quite the opposite in Scotland."
(BBC Scotland Online) Read all today's property news from scotsman.com
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