The Herald

Chemring Buys Ayrshire-Based Nobel for Gbp22m Global Military Pyrotechnics Group Promises No Redundancies

CHEMRING, the global military pyrotechnics group chaired by Ken Scobie, controversial former head of Scottish Rugby Union, yesterday announced the acquisition of Nobel Energetics, in Ayrshire, for GBP22m, and said it has plans to expand the operation's manufacturing base. Ardeer-based Nobel, which already specialises in the manufacture of high explosives and rocket motors, was acquired from Troon Investments, a subsidiary of Inabata, the 112-yearold Japanese electronics and chemicals giant.

Lifetime Award for Royal Legal Eagle

Taggarts Buys Murray Volvo Sites

Guitar Specialists Strike Right Note

Pensions Provider in Top League

Food Services Firm Swallowed Up

Manufacturing Shows Growth Sector Activity Beats Expectations but Jobs Fall at Sharpest Pace for More Than Two Years

THE UK manufacturing sector broke a four-month losing streak in August - according to a key survey which defied City expectations of a further deterioration - but employment in the sector tumbled. The survey from the Chartered Institute of Purchasing and Supply helped boost sterling, which rocketed more than three cents on the foreign exchanges yesterday as a report signalled US manufacturing activity might have been dampened even before Hurricane Katrina by soaring oil prices and rising Amer...

Lower Footfall Stunts Profits at Schuh

PROFIT growth has stalled at the footwear retailer Schuh, which has seen margins squeezed amid changing fashion trends and tougher trading conditions. The Livingston-based company warned yesterday of a difficult year ahead, with fewer shoppers visiting its 42-strong network of stores in Britain and Ireland.

Partick Thistle Posts Loss After Second Successive Relegation

PARTICKThistle's second successive relegation coincided with the club's first significant loss in years last season. However, deep cost-cutting, including the dismantling of the Firhill youth squad and the departure of chief executive Alan Dick, enabled the club to retain a small full-time squad.

Bush Warns Gasoline Retailers As Us Scrambles for Fuel

PRESIDENT George W Bush warned gasoline retailers not to gouge fuel-starved motorists yesterday as the price of petrol soared to dollars-100 a barrel. Crude prices, meanwhile, hovered near dollars-69 a barrel, off recent record levels, as the United States scrambled to replace fuel supplies lost when Hurricane Katrina slammed into Gulf of Mexico rigs and refineries.

I Am Not Quitting, Says Enterprise Chief Perry Insists Creation of New Top Post has No Significance

JACK Perry, chief executive of Scottish Enterprise, laughed off any suggestion that he might be about to quit the economic development agency after appointing Lena Wilson to look after much of its business as chief operating officer. Following Perry's decision to promote Wilson to the newly created post in a recent management reshuffle, there has been talk in industry circles that he might have been paving the way for a move.

Dunedin Capital Seals Gbp1m Takeover

DUNEDIN Capital Partners, the Edinburgh-based venture capitalist, has agreed to buy an English rival in a GBP1m-plus takeover that will significantly increase its firepower. In a departure from what has become the norm of Scottish firms being gobbled up by raiders from south of the border, Dunedin has bought Londonbased Sand Aire Private Equity.

Axis-Shield Shares Soar 10-Per Cent As Diagnostic Kit Maker Moves Into Profit

SHARES in Axis-Shield surged almost 10-per cent yesterday after the Scottish-Norwegian maker of diagnostic kits shot into profit in the first half of the year and announced an eagerly-awaited US distribution deal for its Afinion kit. The group, which has its headquarters in Dundee and Oslo, posted a pre-tax profit of GBP429,000 for the six months to the end of June, compared with a loss of GBP658,000 for the same period last year.

Sli Head Claims 'We Are in a Bull Market'

THE resilience of equity markets in the face of terrorism and natural disasters suggests "we are in a bull market", Scotland's biggest fund manager said yesterday. Keith Skeoch, chief executive of Standard Life Investments which now manages GBP106bn, said the market had reacted to the London bombings and the hurricane destruction in the US not as a trigger for panic selling but for opportunist buying.

Melrose Plans to Raise Production As Earnings Leap

OIL and gas company Melrose Resources yesterday said it was planning to raise production further this year as it reported soaring profits in the first half, thanks to higher turnover. The Edinburgh-based group, which has switched to reporting its results in dollars, said net profit for the six months to June 30 rose to dollars-17.7m (GBP9.8m) from dollars-2.4m in the first half of the previous year.

Diageo Hopes New Range Will Add Fizz to Alcopops Ready-to-Drink Sales Decline but Top Brands Still Perform

DRINKS giant Diageo is preparing a new range of flavoured alcopops as it tries to arrest declining sales of its socalled ready- to-drink beverages in its key European market. The maker of Guinness and Baileys has seen the popularity of the tipples slide across the continent, but products such as Smirnoff Ice remain core to the business, representing around 10-per cent of net sales.

Lamb Export Hopes Raised As Danish Traders Visit Farming

THERE is a distinct possibility that Scotch lamb will be exported to Denmark in the coming months. Four Danish traders were in Scotland earlier this week visiting abattoirs at Dornoch, lnverurie and Bridge of Allan, where the delegates discussed the practicalities of importing lamb, albeit in limited quantities. Quality Meat Scotland, which organised the trip, is optimistic.

Oil and Gas Explorer Leads the Way in Terms of Total Shareholder Return

DANA Petroleum, the oil and gas explorer, was the best performing Scottish share judged by total shareholder return in August, according to Bank of Scotland's latest Scottish Stockwatch report. Oil and gas firms led the way last month on the back of the rocketing price of crude oil - especially in the wake of Hurricane Katrina - with Dana notching a 28-per cent increase in total shareholder returns (TSR) .

Petrofac Announces Plans for Dollars-1bn Flotation On Lse

PETROFAC, an oil and gas services company with over 3000 staff in Aberdeen, is planning a dollars-1bn (GBP550m) flotation on the London Stock Exchange next month that could leave management and staff sitting on a paper fortune. The company, which designs, builds, and maintains oil and gas facilities, said the offer will comprise existing shares - 84-per cent of which are held by management and staff and 16-per cent by private equity specialist 3i.

Cadbury's European Drinks Put Up for Sale

CADBURY Schweppes announced yesterday that it has put its European drinks business up for sale with an estimated price tag of GBP1.2bn. The company said it intends to focus on its confectionery, and North American and Australian drinks.