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Tuesday, June 9th, 2015


As Treasury prepares RBS sell-off

Osborne ready to ‘phase out’ bank levy in appeal to HSBC

Chancellor George Osborne may be preparing a u-turn on the bank levy in order to head off HSBC’s plan to leave the country. Mr Osborne is expected to use his annual Mansion House speech to water down the yearly charge on the banks in an attempt to persuade Britain’s biggest bank to retain its headquarters in London. His move, however, may prove to be too late as the bank has already set the wheels in motion by unveiling plans to hive off the UK bank and taking a long leaseRead More

Start-up expansion confirmed

Entrepreneurial Spark expands incubators into India


One of Scotland’s top start-up incubators is to expand into India as it capitalises on a formula that has already seen it establish a firm foothold around the UK. Entrepreneurial Spark, which is actively supported by leading Scottish tycoons Sir Tom Hunter, Sir Willie Haughey and Ann Gloag, has grown rapidly from its Ayrshire base. Daily Business revealed its overseas plans in April soon after founder Jim Duffy had signed up big four accountancy firm KPMG to join Royal Bank of Scotland as a key supporter. Its Indian accelerator programmeRead More

Comment: Bob Mowat

Why Burt’s local tax plan needs to be implemented

The Scottish government is currently seeking views to be put forward to the Commission on Local Tax Reform, established earlier this year. Co-chairman Marco Biagi, MSP, has stated that: “The Scottish Government believes the current council tax system is unfair and we are acting . . . to look at alternative approaches to local taxation.” I can’t believe that anyone would argue seriously that a property tax based on valuation figures – which are almost 25 years out of date – could in any way be described as “fair”, orRead More

Tue close: Greek plan fails to impress

Greece presented a new proposal to end the long-running credit saga but it failed to impress investors who saw it as little more than an attempt to buy time. The delays merely dampened any enthusiasm on European markets. The FTSE100  ended the day down by 36.96 points or 0.54% to 6,753.08 points after hitting an intra-day low at 6,736.88. The DAX is now 10% off its April high and Wall St was trying to end a three-day losing streak. The second estimate of first quarter Eurozone GDP revealed a 1% year-on-yearRead More

US data company Spire will create 50 jobs at a design, manufacturing and management facility at Glasgow’s Skypark

Weber hires Watt for digital team

Thom Watt 2

Weber Shandwick is expanding its digital team in Scotland with the appointment of Thom Watt as digital account manager. Based in Glasgow, he will work across its Scottish client base and support managing director Moray Macdonald expand the consultancy’s digital services. He joins Weber Shandwick with over a decade of experience in community management and journalism, working with STV, 118118 and SwiftKey. Mr Macdonald, managing director of Weber Shandwick in Scotland, said: “As a fully integrated agency, it’s vital that we have the strongest teams in place to support our clients.Read More

Deal extends distribution network

John Menzies buys Highlands firm AJG for £7.5m

Distribution company John Menzies has acquired the Inverness-based firm AJG Parcels in a £7.5 million deal that will expand its presence in the Highlands and in the e-commerce parcel market. AJG, which began as a husband and wife operation 20 years ago, is now the key provider of collection and delivery services in the Highlands, Islands and Argyll where its 100 vehicles deliver three million parcels a year. It employs 140 staff. It has a new, purpose-built 10,000 sq ft headquarters in Inverness and a hub in Linwood, which provides linksRead More

Aberdeen Asset Management’s head of acquisitions Hugh Little is to retire after 28 years with the firm

Moody’s warns that Britain’s credit rating would be at risk if it left the European Union

Cloud firm aims to be consolidator

Iomart on lookout for transformational deal

Angus MacSween

Iomart, the Scottish cloud computing company, says it is targeting a “transformational” deal that may require it to transfer its listing to the main market. Angus MacSween, chief executive, told Daily Business, that the firm was constantly monitoring potential acquisition targets and it would consider a deal of between £50 million and £100m. This would represent a step-change in operations and confirm the company as a leading consolidator in a booming but fragmented sector. The company today reported a 14% rise in adjusted profit before tax to £16.6m as itRead More