RBS share sale ‘value for money’ despite £2bn loss
A report by the UK’s National Audit Office (NAO) has concluded that the first sale of UK government shares in Royal Bank of Scotland (RBS)…
Articles by Scottish Financial Review
Head of Student Loans Company ‘suspended’
Steve Lamey, the chief executive of the UK’s Glasgow-based Student Loans Company (SLC), has been suspended pending an investigation, according to reports. No clear reason was…
FanDuel and DraftKings terminate merger
Edinburgh-headquartered FanDuel and Boston-based DraftKings, the two largest daily fantasy sports sites, have terminated their merger agreement. The decision follows the move by the US Federal Trade…
Scotland, Wales ‘won’t support’ EU Withdrawal Bill
The First Ministers of Scotland and Wales said the UK government’s European Union (Withdrawal) Bill is a “naked power-grab” for which the Scottish and Welsh Governments…
North America tourist spend up 40% to £641m
Visitors to Scotland from North America spent £641 million in the 12 months to the end of March 2017, a 40% rise on the previous…
Scots consortium buys Speyside’s Glenallachie
Pernod Ricard said it signed an agreement with a consortium that includes Scotch whisky industry veteran Billy Walker for the sale of Glenallachie Distillery in…
Mega Edinburgh office lease for civil service hub
The largest office leasing deal in Edinburgh for more than 20 years has been agreed following confirmation by the UK Government that it will open…
RBS pays £4.2bn to resolve US mortgage probe
Royal Bank of Scotland said it will pay £4.2 billion to settle one of two US investigations into allegations it mis-sold mortgage-backed bonds. RBS needs to…
Scots unemployment at record low of 3.8%
Scotland’s unemployment rate fell to a record low of 3.8% over the last quarter, down 0.7 percentage points, according to labour market statistics for March to…
Fraud Office probes Wood target Amec Foster Wheeler
UPDATE 3 — Oil and gas services company Amec Foster Wheeler — which has agreed to be taken over for £2.2 billion by Aberdeen-based Wood…
Delay to £1bn Edinburgh City Deal hurts investment
Delays to the £1 billion Edinburgh and South East City Region Deal could cost the Scottish economy crucial investment, Economy Secretary Keith Brown has warned….
ScottishPower to invest £4m a day until 2020
ScottishPower said it will invest £4 million every day until 2020 as it celebrated the official opening of its new headquarters in St Vincent Street,…
Cairn Energy finds oil offshore Senegal
Edinburgh-based oil and gas company Cairn Energy announced the results of the FAN South-1 well in the South Fan prospect offshore Senegal. “The well encountered…
Craneware expects revenue up 16% to $57.8m
Edinburgh-based Craneware, a software firm that specializes in the US healthcare market, said in a trading update for the year ended June 30, 2017, that it expects to…
Wood Group wins Maersk contract, creating 200 jobs
Aberdeen-based oil and gas services giant Wood Group said it was awarded a new contract by Maersk to deliver mechanical and management services for the…
Cochrane becomes interim CEO of Carillion
Construction and outsourcing firm Carillion said on Monday it appointed Keith Cochrane — former chief executive of Stagecoach and Weir Group — as its interim…
Scots output rises, employment returns to growth
The Bank of Scotland purchasing managers’ index (PMI) data for June showed a slight increase in Scottish private sector output. The June data extended the…
61% of firms want single market, customs union
About 61% of Scottish businesses want the UK to stay in the European single market and the customs union after Brexit, according to a survey…
Scots job market has ‘best quarter on record’
The IHS Markit Report on Jobs for Scotland for June has indicated a “sharp improvement of labour market conditions.” “Steep growth in demand for both…
Menzies merger firm DX avoids ‘full investigation’
Courier firm DX Group, currently in the process of merging with the distribution business of Edinburgh-based John Menzies, said on Friday that the City of London Police “will not…
Scottish Enterprise CEO Lena Wilson steps down
Scottish Enterprise confirmed that its chief executive Lena Wilson is to step down after nearly eight years in the job. Wilson told the organisation’s employees…
Merkle buys Edinburgh data marketing firm Aquila
US marketing agency Merkle said it acquired Edinburgh-based data analytics firm Aquila Insight. Aquila Insight was founded in 2012 and also has offices in London and Derby….
Scots economy rebounds to outpace UK growth
UPDATE 2 — Scotland’s gross domestic product (GDP) rose 0.8% in the first quarter of 2017 compared to the previous three months — outpacing the quarterly…
Takeover talk at ex-RBS firm Worldpay lifts shares
Shares of payment processing firm Worldpay Group, sold by RBS to comply with EU rules after its UK state bailout, rose 28% on Tuesday after Worldpay said it received…
Perthshire home sales up to £70m in first half
Almost £70 million worth of homes were sold by member firms of the Perthshire Solicitors Property Centre (PSPC) in the first half of 2017, with some…
Cala ‘on track’ to deliver record £700m revenue
Upmarket home builder Cala Group on Tuesday issued a trading update for the 12 months to June 30 — and said it was on track…
Surprise as Higgins retires from Tesco Bank
Edinburgh-based Tesco Bank sprung a surprise on Tuesday when it announced that its CEO Benny Higgins would retire from Tesco in February 2018. Higgins joined Tesco…
Help to Buy scheme gives Scots economy £1bn boost
The number of households that have purchased a new home through the Scottish Government’s Help to Buy shared equity scheme has exceeded 10,000, according to…
Atlantic salmon to be tagged in conservation move
Hundreds of Atlantic salmon are to be tagged and released back into the wild as part of a new study aimed at increasing the understanding…
Aggreko buys battery storage firm Younicos for £40m
Glasgow-based Aggreko, the world’s largest temporary power firm, announced a £40 million agreement to acquire smart energy and battery storage technology company Younicos. Based in Berlin and…
1,700 Scots jobs secured in £3.7bn warship deal
UK defence secretary Michael Fallon announced the signing of a contract worth £3.7 billion to start building the Royal Navy’s Type 26 Frigates. Fallon said manufacture…
Fraser of Allander: Growth returns to Scots economy
Growth will return to the Scottish economy in 2017 “with tentative signs of a more positive outlook for Scotland’s oil and gas sector and improving…
Shortage of new Edinburgh offices pushes up rents
A severe shortage of new office development in Edinburgh has led to a steep rise in rents on refurbished offices, according to Savills. Rents on…
Revenue up to £668m at Macallan owner Edrington
Glasgow-based drinks company Edrington — owner of Scotch whisky brands The Macallan, Highland Park, Famous Grouse and Cutty Sark — said on Thursday that its core revenues rose…
Wood Group shares fall amid ‘cautious’ outlook
Shares of Aberdeen-based oil and gas services giant Wood Group fell about 3% after it said its 2017 first half performance was “weaker than anticipated” and…
Scottish Equity Partners in Tilbury wind farm deal
Scottish Equity Partners (SEP) said it funded the acquisition of the 9.2MW onshore wind farm at the Port of Tilbury in London from SSE. SEP…
Stagecoach shares hit 7-year low as profits slump
UPDATE 2 – Shares of Perth-based rail and bus giant Stagecoach Group touched a seven-year low, falling as much as 10%, after it said statutory profit…
EU fines Google €2.42bn for ‘abuse of dominance’
The European Commission said it fined Alphabet unit Google a record €2.42 billion for abusing its dominance as a search engine by “giving illegal advantage”…
Scots fish farming now a £620m, 12,000-job industry
Fish and shellfish farming now contributes £620 million to the Scottish national economy every year, according to according to a new study commissioned by the…
EnQuest starts Kraken in latest North Sea boost
Shares of North Sea oil exploration firm EnQuest rose at least 7% after it confirmed that first oil from the important Kraken development east of…
RBS to cut 443 jobs, move roles to India
Royal Bank of Scotland has confirmed it that plans to cut 443 UK jobs dealing with business loans and that many of the roles will move…
iomart confirms talks to buy Germany’s PlusServer
Glasgow-based cloud computing firm iomart confirmed on Friday that it is one of a number of parties in early stage discussions regarding the potential acquisition of…
Limited partnerships forced to reveal ownership
The UK Government’s Department for Business said on Friday that new laws from Monday, June 26 will force Scottish limited partnerships to disclose ownership and…
New group to grow Scots £236m fruit, veg sector
The Scottish Government has announced plans to accelerate the growth of Scotland’s fruit and vegetables sector with the launch of a new industry group. The…
FirstGroup, Stagecoach vie for HS2 high speed rail
Aberdeen-based FirstGroup and Perth-based Stagecoach are among the groups shortlisted in the bidding to run the new West Coast Partnership (WCP) rail franchise, which will…
Lothian Buses profit £11.9m on £146m revenue
Lothian Buses said in its annual report that its revenue rose £4 million to £146 million in 2016, with profit up from £6.4 million to £11.9 million….
New enterprise agency for South of Scotland
The Scottish Government said a new enterprise agency will be created to meet the economic needs of communities in the South of Scotland. It said…
Regulator clears Standard Life-Aberdeen merger
Standard Life and Aberdeen Asset Management said the UK’s Competition and Markets Authority (CMA) announced that it has cleared the £11 billion merger of the Scottish investment giants….
Cairn Energy wins licenses in Mexico round
Edinburgh-based oil and gas company Cairn Energy said it secured interests in two licences in the Mexico offshore bid round. The licences are located in the…
Better productivity ‘worth £25bn to Scots economy’
A new CBI Scotland report has claimed that improving productivity and unlocking growth across Scotland’s regions could be worth up to £25 billion to the…
Oil and gas industry ‘turning the corner’
Nearly 60% of businesses in the UK’s oil and gas industry expect to expand this year, while optimism has soared to 39% from 2% in…
Queensferry Crossing to open on August 30
The new Queensferry Crossing will open to traffic on August 30, 2017, the Scottish Government announced. The new bridge across the Forth will then close to…
HSBC to create 500 new jobs in Scotland
Banking giant HSBC said on Tuesday it is creating 500 new jobs in Scotland. HSBC will create new roles in its global risk business in…
US authorities move to block FanDuel merger
The US Federal Trade Commission (FTC) said on Monday it has authorized legal action “to block the merger” of Edinburgh-headquartered FanDuel and Boston-based DraftKings, the two…
Go-ahead for £8.9m Renfrew manufacturing centre
The Scottish Government said on Monday that a specialist centre to develop new manufacturing processes for lightweight materials for the aerospace and automotive industries is…
Scottish Equity Partners finance for wind farm
Scottish Equity Partners (SEP) said it provided project finance to fund the construction of the €8.7 million, 4.6MW Curraghderrig wind farm in the Republic of…
Shareholders OK Standard Life-Aberdeen merger
Shareholders of Standard Life and Aberdeen Asset Management both voted overwhelmingly to approve the £11 billion merger of the Scottish investment giants on Monday. About…
Motherwell’s MB Aerospace wins $1bn contract
Motherwell-based engineering firm MB Aerospace has signed a $1 billion contract to provide flight engine parts to Pratt & Whitney, a division of United Technologies Corporation…
Scots food and drink Q1 exports up 11% to £1.2bn
Scotland’s food and drink exports increased by more than 11% to £1.2 billion in the first quarter of this year, compared with the same period…
Massive pay rises for top two SSE executives
The chief executive and finance director of Perth-based energy giant SSE enjoyed massive rises in their total remuneration packages in the year to March 31, according…
Investors hold key to £11bn Stan Life-Aberdeen deal
Shareholders of Standard Life and Aberdeen Asset Management will vote on Monday on the proposed £11 billion merger of the two Scottish investment giants. The transaction requires…
RBS welcomes Moody’s upgrade to investment grade
Credit rating agency Moody’s has upgraded its rating on Royal Bank of Scotland Group to investment grade, saying the move reflected the group’s “stronger standalone financial…
Investors OK £2.2bn Wood Group-Amec FW deal
Shareholders of Aberdeen-based oil and gas services company Wood Group and rival Amec Foster Wheeler have overwhelmingly approved Wood Group’s roughly £2.2 billion recommended all-share offer…
Audit Scotland slams govt. farm payment system
The Scottish Government’s IT programme set up to deliver financial support to farms and rural businesses has been slammed in a report by Audit Scotland. The…
90% of Scotland ‘has access to fibre broadband’
More than 750,000 Scottish homes and businesses can now connect to fibre broadband thanks to the £428 million Digital Scotland Superfast Broadband programme, the Scottish…
Aggreko buys Indonesia’s KBT for $33m
Glasgow-based Aggreko, the world’s largest temporary power firm, said it acquired KBT (Kerta Bumni Teknindo), an Indonesia-based power rental company for about $32.8 million. “KBT…
Scots unemployment falls to 4%, a 25 year low
The Scottish Government said Scotland’s unemployment rate has fallen to 4.0% to match the lowest rate in 25 years. Labour market statistics for February-April 2017 published…
Skeoch: Stan Life ‘would sell £16bn annuity business’
Standard Life chief executive Keith Skeoch told Reuters in an interview that the Edinburgh financial giant would be willing to sell its £16.1 billion annuity portfolio after…
Edinburgh homes now selling within 15 days
The median selling time for properties in the Edinburgh area is down to 15 days “indicating a thriving market where buyers are willing to snap…
£1.75bn allocated for Scots affordable housing
The Scottish Government said more than £1.75 billion would be allocated to councils in a major commitment to stimulate investment in affordable housing. It said…