BANKING & INSURANCEResolution draws up banking hitlistFinancial entrepreneur Clive Cowdrey has drawn up a 15 strong hitlist as his company Resolution attempts to sweep up the UK's smaller banks and lenders. Cowdr
ey has already made an approach to the board of troubled Bradford & Bingley under which the current shareholders would invest £400 million in the lender, B&B would then go on an acquisition spree to buy other small players in the sector. The bank is believed to have firm rejected the proposal but has left the door open for further negotiations. Resolution's strategy is to assume management control of B&B while maintaining its status as a public company, allowing investors to benefit from the planned acquisitions. A spokesman for Resolution commented: "We think this is a robust business model. There is the potential to create a sizeable bank targeting a double-A (credit) rating."
(The Scotsman) Read all today's banking news from scotsman.comECONOMYMortgage approvals hit new lowNew figures from the British Bankers Association have revealed the number of mortgage approvals hit a record low last month. Just 27,968 mortgages were approved in May by members of the BBA, some 20 per cent down on April and 56 per cent down on the corresponding month last year. The approvals level is the lowest since the BBC first began collecting the data in September 1997 and the month on month decline is the sharpest yet seen.
(The Scotsman) Read all today's economics news from scotsman.comENERGY & UTILITIESAberdeen oil rental group acquiredPhoenix Equity Partners have revealed their third Scottish acquisition in two years as it emerged it had paid £95.6 million to buy out Ashtead Technology Rentals from the public quoted Ashtead Group. ATR is one of the leading providers of rental equipment to the offshore industry as well as the environmental monitoring and testing industry. The move for ATR follows two other deals in Scotland by Phoenix who insist they are still open to making deals north of the Border. Partner at Phoenix Chris Hanna said: "We are delighted to have the opportunity to acquire ATR, a clear leader in its markets with a strong customer base and a number of exciting opportunities for growth. The management team have done an outstanding job in building a truly impressive business and we are delighted to have the opportunity to work in partnership with them."
(The Scotsman) Read all today's energy and utilities news from scotsman.comINDUSTRYWeir makes £20 acquisitionScotland's largest engineering company, Weir Group, has announced the acquisition of Texas-based Mesa Manufacturing. The £20 million cash deal further bolsters the group's presence in the oil and gas sector and is in line with the company's determination earlier this year to spend up to £140 million on bolt-on acquisitions. Mesa, based in the Texan town of Odessa, specialises in the manufacture of pumps and other products for the oil and gas drilling and well service industries. Weir is regarding the deal for Mesa as a bolt-on to Texas-based SPM Flow Control which it acquired last year in a £328 million deal.
(The Herald) Read all today's industry news from scotsman.comMEDIA & LEISURESMG to rebrandStruggling media group SMG is set to splash out on a new corporate identity and rebrand itself as stv Group. The move sees the Glasgow firm shifting its focus back to its television subsidiary STV after agreeing the sale of Virgin Radio as part of a drive to concentrate on television production. A spokeswoman for SMG refused to reveal how much the rebranding would cost SMG but Richard Irvine, managing director of brand identity company Redpath commented: "It could be anything between £15,000 and £250,000, depending on how much of it they do in house. It's impossible to be any more precise. But at a minimum, I certainly can't see it costing less than £15,000. It's probably going to be a pretty significant job." In a prepared statement, SMG chief executive Rob Woodward added: "Now that we have disposed of Virgin Radio and Primesight, television is the core of our business and our energies are focused on exploiting our core geographical strength in broadcasting, content and ventures. stv (sic) is the original name of the company and the board believes this is the right time to align the corporate name with our primary business activity. Our aim is to be the broadcaster of choice in Scotland. Our Scottishness is a core attitude in achieving this and it is both logical and more relevant for us to run our corporate and business affairs under the same name."
(The Herald) Read all today's media and leisure news from scotsman.comTECHNOLOGYFreescale cut redundancy termsThe Scottish Government is under pressure to step in after it emerged Freescale Semiconductor slashed the redundancy entitlement of its workers by 30 per cent month before its plan to axe its East Kilbride plant was revealed. Workers at the plant are alleged to have been told the cut in redundancy terms, which was made in 206, would help to secure their jobs 'until 2010 and beyond'. The Texan semiconductor firm's plans to close down the East Kilbride plant were revealed last year and confirmed earlier this year. East Kilbride MSP Any Kerr is calling for enterprise minister Jim Mather to help the workers. He said: "The proposition was put to the workforce two years ago that this would make the company more attractive and the prospect of it remaining open and viable was the rationale. I share the view of the workforce in this question. That is not true now and it was not true then and it is borne out by events." A spokesman for the Scottish Government responded: "We will consider the important issues raised in Mr Kerr's letter when we receive it."
(The Herald) Read all today's technology news from scotsman.comTRANSPORTM74 cost soarsThe cost of the extension to the M74 has risen by a further £35 million, according to Audit Scotland. The five mile extension, which will see the M74 cut through Glasgow and South Lanarkshire, will now cost in the region of £692 million with Transport Scotland claiming that 95 per cent of the costs for the project are now fixed. The remaining 5 per cent of the final bill is expected to include land compensation, utility diversions and site supervision. When the project was first mooted it was expected to cost £250 million which was later revised to between £375 million and £500 million. The extension is expected to be open in 2011 after work finally got underway in May.
(BBC Scotland Online)Catamaran ferry still in shipyardA new catamaran ferry due to begin operating on the Caithness to Orkney route is still in a Philippines ship yard despite being expected to arrive in Scotland last month. The Pentalina vessel is now expected to leave the FBMA Marine yard early next month and will take 28 days to reach Scotland. A spokesman for Pentland Ferries said: "There have been two to three weeks of delay for various reasons. On the positive side it has completed sea trials successfully."
(BBC Scotland Online) Read all today's transport news from scotsman.com
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