Scottish Business News | Herald Scotland

Faroe chief happy to face the music on rocky road

One of Scotland's leading oil and gas executives, Graham Stewart can claim the unusual distinction of also being a big name on the rock music scene in the Faroe Islands.

HSBC pay report wins 90% backing

HSBC survived the shareholder spring relatively unscathed, receiving nearly 90% support for its pay report while its Glaswegian chairman Douglas Flint was convincingly re-elected.

Energy price fix deals 'a no-brainer'

The UK Government this week published its plans for reform of the electricity market, but was accused of doing little to lower household bills.

Footsie in doldrums between US and euro

London's leading index was broadly flat yesterday as fears over Europe's banks were offset by a strong consumer confidence survey on the other side of the Atlantic.

Financial product complaints on the increase

Watch out, there's a financial product about.

Lord Smith chairman of Green Investment Bank

LORD Smith of Kelvin was yesterday named as chairman of the new UK Green Investment Bank, writes Ian McConnell.

Standard Life pay report approved

THE chairman of Standard Life has said the key role played by its investment arm in the shareholder spring meant the company had to make sure its own remuneration was "in order".

Aggreko finance boss FTSE's best

THE finance director of temporary power supplier Aggreko has been named the best in the FTSE-100.

Tense wait for investors as Greeks face 'euro vote' Tense wait for investors as Greeks face euro vote

FORMER British prime minister Harold Wilson once said "a week is a long time in politics", but for Europe and global investors generally, the next four weeks are going to seem like an eternity.

John Lewis sales climb but Scottish picture remains mixed

JOHN Lewis Partnership has reported an 8.3% rise in weekly sales to £167.59 million but there was a more mixed picture in Scotland.

Switch simplified managing my energy bill

MARGARET Kane, 52, recently switched from ScottishPower to First Utility, one of the smaller energy companies.

Clydesdale deposits drop amid ratings fall

CLYDESDALE Bank saw wholesale deposits fall by £3.1 billion in just six months as big companies moved their money in response to a drop in the Glasgow-based institution's credit rating, its latest accounts reveal.

Payments collection times cut by firms

BUSINESSES have succeeded in cutting the average time it takes them to collect money due from 52 days to 49 days in the last 10 months, based on £6.7 billion worth of sales studied by Glasgow-based Clydesdale Bank's invoice finance team.

Details published on next generation broadband

THE Scottish Government has published more details about its forthcoming invitation to companies to tender for next generation broadband roll-out, due to start in September.

Consumers cautious as GDP shrinks

OVERALL UK consumer spending grew by 0.1% in the first quarter, in spite of a 0.7% jump in retail sales, suggesting household expenditure off the high street fell sharply.

ATH plunges after halting Ayrshire mine extension

SHARES in surface miner ATH Resources plunged as much as 31.3% after it halted a multi-million-pound extension of its Glenmuckloch mine in Ayrshire following a plunge in coal prices.

Incentive scheme scrapped by Faroe

ABERDEEN-based oil explorer Faroe Petroleum blamed a change in shareholder sentiment as it ditched plans for a controversial incentive scheme which could have seen chief executive Graham Stewart take a 1% stake in the company.

Salmon hatchery in line for £1.3m upgrade

SCOTTISH Sea Farms is spending £1.3 million on improving its fresh water salmon hatchery at Holywood near Dumfries.

Strathclyde wins Korean venture

STRATHCLYDE University has beaten several other academic institutions to be named European partner for South Korea's global research and commercialisation programme.

Mothercare to axe stores as losses grow

MOTHERCARE is pressing ahead with plans to cut more than one-third of its UK stores after reporting a £102.9 million loss.

Property database launch

SCOTTISH Enterprise is launching a database of more than 5000 business premises for sale or lease.

Further signs Bank open to fiscal easing

FURTHER monetary stimulus for the recession-hit UK economy looks ever-more likely after it emerged that the vote of several Bank of England policy-makers to hold quantitative easing at £325 billion two weeks ago was "finely balanced".

April showers dampen sales

UK retail sales plummeted in April as demand for clothing was hammered by grim weather, against a backdrop of weak consumer confidence.

Orkney expertise for US

AN Orkney-based centre that developed pioneering techniques to test the efficiency of marine renewable energy devices is set to play a key role in the United States' efforts to harness the potential of its waves.

Sharp rise in number of Scots firms going under

SCOTTISH business insolvencies showed a sharp year-on-year rise in April, in contrast to falls in most other parts of the UK, according to the latest "insolvency index" from Experian.

Scottish buses are 'core' to FirstGroup

FIRSTGROUP chief executive Tim O'Toole insisted its Scottish bus business remained core to the transport group after it said "deteriorating economic conditions" north of the Border were hitting earnings and announced a "repositioning" that would see it sell some of its operations.

Investors miss bigger picture at 'resilient' RBS

ANALYSTS at finance house Investec said many would-be investors perceive Royal Bank of Scotland as a "zombie bank" but believe the Edinburgh-based institution has become far more resilient, albeit not very profitable.

Faroe faces rebellion over bonus scheme

ABERDEEN-based Faroe Petroleum is today facing a shareholder rebellion on a new bonus scheme, corporate governance adviser Manifest has warned.

Funding for online furniture retailer

A Scottish online furniture and interiors portal has secured ongoing funding support from the investment group which backed successful e-commerce retail sites ASOS and The Hut.

House of Fraser sales rise as chain survives weather impact

HOUSE of Fraser, the department store chain with Glasgow roots, has defied cut-throat competition on the high street and a wet spring to post a 2.6% rise in like-for-like sales for the 13 weeks to April 28.