WELCOME to scotsman.com’s Scottish Business Briefing. Every morning we bring you a comprehensive round-up of all news affecting business in Scotland today.
BANKING
Co-op profits slump – and boss has to apologise over PPI sales
CO-OPERATIVE Group has seen its profits slump by a third as its boss apologised on Thursday for its self-styled “ethical” banking arm mis-selling payment protection insurance (PPI). (Scotsman)
Read all today’s banking news from scotsman.com
ECONOMICS
Key UK economic growth figures face revision
The real depth of the UK recession will be revealed later when the Office for National Statistics (ONS) releases its revised figures for April to June. Financial markets and industry are awaiting the second reading of second-quarter gross domestic product. (BBC)
Read all today’s economics news from scotsman.com
FOOD, DRINK & AGRICULTURE
Glenmorangie hit by focus on single malts
Glenmorangie has seen its annual sales fall by a fifth following its decision to focus on single malts. The distiller, owned by luxury goods group LVMH, said the decline was in line with its expectations and reflected its move away from the blended Scotch market. (Scotsman)
Scottish independence makes no difference to us, insists Diageo chief
THE CHIEF executive of drinks giant Diageo yesterday said independence would make “no difference” to plans for the company to invest in Scotland. Paul Walsh suggested potential investments by the Johnnie Walker producer would be judged on economic rather than constitutional grounds. (Scotsman)
Read all today’s food, drink and agriculture news from scotsman.com
MEDIA & LEISURE
STV back in the black as production surge offsets advert slide
HIGHER revenues from production and digital operations allowed Scottish broadcaster STV to overcome a tough television advertising market and return to profit after a costly legal dispute that plunged it into the red last year. (Scotsman)
Read all today’s media and leisure news from scotsman.com
TECHNOLOGY
US firm Moog buys subsea specialist Tritech
Aberdeenshire-based underwater technology firm Tritech International has been bought by a US producer of precision control systems. New York-based Moog Inc said it had paid about £21m for the Westhill firm. (BBC)
