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BANKING & INSURANCEWidows could see new ownersEdinburgh life giant Scottish Widows could be set for a change of ownership as part of a possible £6 billion takeover of Dresdner Bank by Lloyds TSB. Lloyds has suffe
red little from the sub-prime crisis fall out and is ready to use its position of relative strength to swoop for Dresdner Bank in takeover from its current parent firm, German insurance giant Allianz. As part of the deal it is thought that Lloyds may offer Scottish Widows to Allianz in a bid to sweeten the deal. The speculation over a possible deal sprang from comments by Lloyds chief executive Eric Daniels who told a meeting of British Bankers Association that he felt there was scope for industry consolidation. However, the British bank may well face competition from Santander, the owner of Abbey National. Chie executive of Santander, Alfredo Saenz said: "Germany interests us very much. We get many offers More than things that come from our side, things get offered to us. It's our obligation to always be alert to opportunities that present themselves."
(The Scotsman)New rules reveal hedge fundsThree secretive hedge funds have been forced to reveal their holdings in Edinburgh banking giant HBoS and their tactics for profiting from the shares. Under new rules aimed at bringing greater transparency to 'short-selling' of stock, the three investment groups emerged as major proponents of the art. The groups hope to profit by betting the price of stock will plummet, with the Harbert Management Corporation revealing it had shorted 3.3 per cent of HBoS shares, representing some £340 million, through its Harbinger Hedge Fund. Meanwhile, Meditor Capital Management shorted a 0.3 per cent stake in the bank and Lansdowne Partners did the same with 0.58 per cent of the shares. A spokesman for Alabama based HBC would say only: "Beyond disclosures required by regulation we don't comment on trading strategies."
(The Scotsman) Read all today's banking news from scotsman.comENERGY & UTILITIESAggreko up on trading news Temporary power supplier Aggreko saw its shares soar yesterday as it revealed it was trading ahead of expectations. The Glasgow firm revealed it was up 10 per cent on expectations for the year and shares climbed some 64.5p to 709p, hitting a record high. Aggreko is currently supplying power to the European football championships in Austria and Switzerland and is also set to support the Olympic Games in Beijing later in the year. The company reported: "Trading has been strong in the first half and we expect that revenues will grow by about 25 per cent (22 per cent in constant currency) and profit before tax will be about 40 per cent higher than the prior year." The confident trading statement was welcomed in the city, with Panmure Gordon analyst Mike Murphy commenting: "The trading update was even more positive than we imagined, aided by strong demand for (temperature control) in America but, more importantly, the ongoing strength of the international businesses. The latter are being driven by high oil prices and structural energy shortages."
(The Herald) Read all today's energy and utilities news from scotsman.comINDUSTRYDawson could see more job lossesThe collapse of takeover talks with a Chinese cashmere group could see Dawson International forced to make more job cuts. Chief executive Andy Bartness has admitted jobs could go at the Kinross spinning operation Todd & Duncan following the breakdown of negotiations with Lingwu Zhongyin. Shares in the firm are standing at 1.75p, down from the 2.75p they were standing at when the negotiations, which it was hoped would lead to a takeover, were still ongoing. As Bartness battles to improve efficiency at Todd & Duncan in the wake of the disappointing news from China it is now feared that jobs could go. The chief executive remained bullish but commented: "We certainly can continue to exist in our current state. There are some things we need to do in order to create profitability and free up working capital but I do not think we are dependent on a big deal to make this work." On Todd & Duncan he added: "We have to figure out a way to run with less capital. Anything we can do to operate the business with lower inventory levels is going to help."
(The Herald) Read all today's industry news from scotsman.comMEDIA & LEISUREVisitScotland to shift jobsTourism agency VisitScotland has revealed plans to relocate staff from its offices in Strathpeffer and Inverness. The agency has revealed that 66 staff will be moved from their current home to Cowan House in Inverness, the office it currently shares with Highlands and Islands Enterprise. It is thought the relocation will occur by the end of August.
(BBC Scotland Online) Read all today's media and leisure news from scotsman.comRETAILScotland still attractive to retailersScotland remains attractive to retailers despite its relatively mature retail environment, according to the latest retail report from Colliers CRE. The Midsummer Retail Report admitted that while permission to develop new stores north of the Border could be difficult to come by, Scotland was still a big draw for retailers. Colliers' head of retail in town, Scotland John Duffy: "It is difficult to see developers bold enough and brave enough to come forward with new schemes. Getting consent for out-of-town is now extremely rare and developers have to be more innovative. But when considering the shopping centre and other large-scale retail development pipeline the Scottish picture is more favourable than the national one, which is in danger of producing an oversupply. In the wider market for Scotland, while there has been a number of retail failures, most have resulted in the companies being bought out of administration and remaining relatively intact." The report added: "So perhaps these 'failures' are less a reflection of a struggling market than some assume, and perhaps more a convenient way of restructuring a portfolio. Retailers are struggling with the economic downturn and falling consumer confidence arising from the credit crunch and falling house prices. The number of business failures and the media focus on negative news serves as a constant reminder to the boardroom decision makers that entering into expensive commitments in uncertain times can be fatal. Where overheads are considered to be at a manageable level or where risks are low, competition is still driving rents up and will continue to do so."
(The Scotsman) Read all today's retail news from scotsman.comTECHNOLOGYBraveheart joins forces with UniScottish business angel syndicate Braveheart Investment has inked a collaboration deal with the University of Aberdeen to commercialise technology and intellectual property developed by the university. Aberdeen University has already successfully spun out a number of companies including Brinker Technology, Haptogen and BI Medical and now the business angel group hopes to get in on the act. Under the terms of the deal, Braveheart will fund new spin-outs and will retain a mechanism whereby it will be able to back projects leading to licensing deals for individual IPs. The group will also back the university's annual 'Blue Skies' business plan competition. The university will, in return, grant Braveheart a time limited exclusive right to first refusal on all commercial investment opportunities in relevant and defined areas. The agreement has a time-span of 15 years and could see funding of up to £5 million poured into the university.
(The Herald) Read all today's technology news from scotsman.com
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