HSBC boss apologises

Tuesday 31 July 2012 7:00

Hsbc chief Stuart Gulliver has reportedly apologised for "the mistakes of the past" as the banking giant set aside a further £950m to cover the cost of mis-selling claims and a money-laundering scandal in the US. HSBC said it increased its provision to cover mis-sold payment protection insurance (PPI) by £341.6m in the three months to June, bringing the total charge to date to £1.1bn.

350 jobs created in Scotland

Tuesday 31 July 2012 7:00

Up to 350 new jobs are to be created in Fife and the Isle of Lewis, on the back of two contracts for an oil production platform. Premier Oil has awarded the contract to Burntisland Fabrications (BiFab), which means the firm will double its workforce by the end of this year.

RBS regional chief named

Tuesday 31 July 2012 4:00

Dave Harris has been named as the new regional director for RBS's Corporate & Institutional Banking (CIB) team in Yorkshire.

Patent box opens

Thursday 19 July 2012 8:00

With Royal Assent being given to legislation which introduces the Patent Box, now is the time for businesses to take advantage, says PwC. The legislation will provide a 10% rate of Corporation tax for profits from patented technology as opposed to the forecast headline rate of 23%. The 10% tax rate will be phased in from April 2013 – a move that is ultimately expected to save UK companies around £1bn a year. Senior manager of tax Lyndsey Fothergill says: “The Patent Box is key to making the tax regime competitive for innovative companies and will help to put the UK back on the map as a top location for innovative industries. It will undoubtedly encourage businesses across a wide range of sectors, such as manufacturing and engineering, to invest in the UK, generating growth and creating jobs."

Mothercare takes hit

Thursday 19 July 2012 8:00

Baby products retailer Mothercare saw sales fall 4.4% for the first quarter amid increased competition from supermarkets and online retailers.

Sports Direct defies weather

Thursday 19 July 2012 8:00

The UK's biggest sporting goods retailer Sports Direct has recored a strong rise
in full year profit on the back of healthy online sales. The firm, controlled by billionaire Newcastle United soccer club owner Mike Ashley, said underlying pretax profit rose 17.3% to £162.1m in the 53 weeks to April 29.

Aer Lingus feels undervalued

Thursday 19 July 2012 6:00

Airline Aer Lingus says a revised takeover bid by rival airline Ryanair undervalues the company, according to reports. In a letter to shareholders urging them to reject the offer, the carrier said the reasons were stronger than at the time of the first failed bid in 2006. Ryanair reportedly offered €1.30 (£1.02) a share and the Irish government, which retains a stake in the airline since privatisation, said it will look at the new takeover attempt.

Scotland in recession

Wednesday 18 July 2012 13:00

The Scottish economy has officially followed the wider UK back into recession, new figures show. Gross domestic product (GDP) in Q1 of 2012 dipped by 0.1%, in line with a drop in economic output reported for the final three months of 2011.

Dairy Crest endures tough quarter

Tuesday 17 July 2012 6:00

IMF lowers UK forecast

Tuesday 17 July 2012 0:00

The International Monetary Fund (IMF) has significantly reduced its growth forecast for the UK this year to 0.2% and warned the risks from the eurozone debt crisis "continue to loom large". Its forecast was reduced from 0.8% three months ago, highlighting the UK's slide into a double-dip recession in the first quarter of the year.

Shutting up shop

Tuesday 17 July 2012 0:00

A quarter of shops and almost a fifth of hotels in Scotland could close next year, according to a study by insolvency trade group R3. The report predicts that 274 retail businesses and 30 hotels had a high risk of going out of business within the next 12 months. Meanwhile, a further 1,238 retailers and 137 hoteliers are vulnerable to failure over the same period, the study claims.

Staycation boost

Friday 13 July 2012 9:00

'Staycations' continue to boost the Scottish economy, new figures show today, with a 5% rise in visitor numbers in the 12 months to March. The report, from the Office for National Statistics and the Great Britain Tourism Survey, also shows visitors spent 15% more over the year. The number of visits to Scotland from within Great Britain were up 6%, with a small rise in international visits.