The Scotsman

Gbp 10bn Profit Is Bonus for Barclays Chiefs

BARCLAYS is reportedly on track to post record profits of more than GBP 10 billion this year, a figure which would prompt more huge payments for its directors. Boosted by its acquisition of part of Lehman Brothers, the collapsed US investment bank, surging profits are expected to lead to big windfalls, with Bob Diamond, the Barclays president, in line for a major pay-out.

Comment: Discounts a Warning As Well As an Opportunity

SO AUTO-CANNIBALISM is back, alive and kicking. Devouring your own tail, eating your own innards, call it what you will: in the investment trust world it goes by the name of share buyback and is an honourable thing, of sorts. It is a tempting option when, as with the giant Alliance Trust this year, the shares swooned way below the net asset value of the underlying portfolio. The discount ballooned out to 27 per cent at one point.

Dana Assets Already Attracting Attention

DANA Petroleum, the independent oil exploration company, has revealed it has received approaches about buying its assets just days after becoming the largest independent holder of gas reserves in the UK. Dana has more gas reserves than any other oil explorer, with energy consultancy Wood Mackenzie estimating it is sitting on 400 billion cubic feet of gas.

'Fresh Headhunters' in Search for Itv Chief

TROUBLED broadcaster ITV is understood to have approached headhunters to replace present incumbent Russell Reynolds as it tries to step up the search for a chief executive and chairman as Michael Grade quits. Reports say that several headhunters have turned down the invitation, including Carol Leonard at Inzito Partners, due to the shambolic nature of the channel's recruitment process.

Monday Profile: Mark Higson: A Tough Package to Deliver for Man in Charge of Updating Royal Mail

MARK Higson is facing the fight of his life to change Royal Mail. The fight is with the unions who will this week strike in an increasingly-bitter dispute over pay, jobs and modernisation.

In Brief: Questions at R20 After Gbp 31.4m Loss

R20, the investment vehicle of property tycoon Robert Tchenguiz faced questions after falling to a loss of GBP 31.4 million last year. Results filed at Companies House showed that the Mayfair- based company faced questions over whether it could continue as a "going concern" by its auditors.

In Brief: Microsoft Logs On for Windows 7 Start

MICROSOFT is this week expected to take the fight to arch rivals Apple and Google when it launches Windows 7on Thursday. Microsoft's last upgrade of Windows was a marketing disaster. Bugs plagued Vista after its launch in January 2007.

In Brief: Walkabout Pubs in Search of Rescue

REGENT Inns, owners of Walkabout bars and Jongleurs comedy clubs, is seeking a rescue deal after a management buyout collapsed last week. The company, which employs around 2,000 staff, was dealt a blow on Friday when its management failed to secure financing for their deal.

In Brief: Irish Airline Must Save Euro 100m a Year

AER Lingus must slash jobs and make savings of almost 100 million a year to survive, the Irish government has warned. Transport Minister Noel Dempsey said yesterday that if the group was to survive it needed to cut almost a fifth of its 4,000 staff.

Gbp 1m Boost: Creative Extension

Uk Transport Giants Look at New National Express Bids

TRANSPORT giants Stagecoach and FirstGroup were last night understood to be considering approaches for bus and rail operator National Express after its GBP 765 million sale talks collapsed last week. Brian Souter, the chief executive of Stagecoach, has begun sounding out leading shareholders of National Express, to gauge their support for an all-share GBP 1.7 billion merger.

Jump in Scottish Deal-Making Adds to Growth Hopes

LIFE may already be returning to the corporate sector, with the level of deal-making in Scotland recovering strongly since the start of the year. Figures from professional services firm KPMG show that the number of business deals in Scotland rose sharply in the second quarter of 2009 to 53, an increase of just under a third compared to the first quarter.

Between the Lines: Cadbury's Third-Quarter Update Key to Bid Defence

CADBURY could have its last chance to convince investors of its prospects as a stand-alone company this week, as it gives an update on trading for the third quarter. The Dairy Milk company was thrust into the bid spotlight last month by its rejection of a GBP 10.2 billion takeover approach from US food giant Kraft.

Green Light for Scottish Skin Cancer Treatment

A SCOTTISH university spinout has been given approval to launch the first sales of a revolutionary plaster which uses flashing lights to kill skin cancer cells. Ambicare, a spin out of St Andrews and Dundee universities, has received CE Mark approval, freeing it to market its Ambulight PDT, in Europe.

'Postcode Lottery' - Scotland's Divided Education Revealed

STARK differences still exist in educational achievement despite millions being spent encouraging youngsters from poorer backgrounds to go to university. Scotland still lags behind England in academic attainment, according to the UK-wide study, broken down by parliamentary constituency.

Rae to Succeed Westbrook As Dla Piper's Scottish Managing Partner

DLA Piper has announced that corporate lawyer Simon Rae is to be the firm's new managing partner in Scotland, succeeding Bruce Westbrook who is retiring from the partnership. Having trained in Scotland, Mr Rae joined DLA Piper in 2004 after six years with a "magic circle" firm, and latterly headed the firm's corporate practice in Edinburgh. He will take up his new role on 1 January, 2010, as the practice enters its second decade of working in Scotland.

Does Privacy Law Need Conjured Up to Keep Cases North of the Border?

IN MAY 2008, JK Rowling brought a successful case against Express Newspapers and Big Pictures, after photos of her and her husband pushing her young son along a Scottish street were published in a Sunday newspaper. The newspaper settled out of court, but after taking its fight to the appeal court, Big Pictures was forced to pay upwards of GBP 200,000 after judges ruled the Harry Potter author was entitled to shield her child from publicity.

Belief Remains That 'Old Boys' Network' Selects Judges

TWO thirds of lawyers in Scotland think the "old boys' network" is a deciding factor in the appointment of judges, a report commissioned by the Judicial Appointments Board for Scotland has suggested. According to the study, 67 per cent of legal professionals thought being part of "the right social network" was a telling factor in who was selected to become a sheriff or judge. In addition, nearly half of respondents believed being from a middle or upper class background was beneficial to being...

Forecast Is ... Weather Could Be Privatised

THE future of Scotland's only civilian Met Office centre is "under threat" after the shadow defence secretary said the weather forecasting bureau could be sold off under a Tory government. Liam Fox said yesterday the Met Office could be privatised in an attempt to cut Ministry of Defence costs, prompting fears that its Scottish centre in the north-east could be sold.

Nurses 'Too Busy' to Give Best Care

NURSES in Scotland are too busy and short-staffed to give patients the highest standards of care, researchers have found. A survey by the Royal College of Nursing (RCN) found that more than half - 52 per cent - of all NHS nurses in Scotland said they were too busy to provide the standard of care they would like to deliver.