The Herald

Mcculloch Nets Chef From Stein

Expro Full-Year Trading On Track

Sse Spells Out Impact of Ifrs

Standard Life Makes Power Play Life Insurer Punts Gbp25m As German Giant E.On Weighs Up Takeover Bid for Scottishpower

STANDARD Life has embarked on a GBP25m spending spree on ScottishPower shares since German giant E.ON revealed it was weighing a potential GBP10bn-plus bid for the Glasgow-headquartered utility, calculations by The Herald reveal. This relentless and heavy buying of ScottishPower stock in the last three-and-a-half weeks would appear to signal Standard Life expects a relatively high bid from E.ON, or perhaps even a takeover battle for the Glasgow-headquartered utility.

Setanta Tv Deal Fails to Lift Spl's Dwindling Revenues

THE domestic commercial income of Scotland's toptier football clubs has fallen again this year, despite the SPL's much-touted pay- perview television deal with Irish broadcaster Setanta. Centrally-negotiated revenues from broadcast deals and sponsorship brought in GBP14.6m in the 12 months to May 31, down nearly GBP800,000 on 2004 and one-third less than the GBP21.2m recorded as recently as 2002.

Chelsea Owner Sells Controlling Stake in Oil Giant for Dollars-13bn

GAZPROM, the state-controlled Russian gas and oil group, said yesterday it has agreed to pay Roman Abramovich dollars-13bn (GBP7.4bn) for a controlling stake in Sibneft, the country's fifth- largest oil producer which turns out 660,000 barrels a day in output. Gazprom, which has huge gas fields in Siberia, said it bought a 72.6-per cent stake from Millhouse Capital, the investment company run by Abramovich, the billionaire businessman who owns Chelsea football club.

Morrison Returns to the Fray with Purchase of Social Housing Firm

GORDON Morrison, who with his brother Sir Fraser built up his father's construction business in the 1990s, has made a return to the sector after buying Richardson, a refurbishment specialist firm, for an undisclosed sum. The Kent-based company, which has a turnover of GBP21m a year, specialises in social housing, with clients including a number of London boroughs and housing associations.

Grow Th Figures Pile Pressure On Brown Sterling Tumbles As Dealers Bet On Cut in the Cost of Borrowing

FRESH figures showing the British economy grew at its weakest annual pace in 12 years in the second quarter of 2005 piled more pressure on chancellor Gordon Brown and sent sterling tumbling yesterday. However, the chancellor of the exchequer did receive some good news - consumer spending growth was revised up.

Uk Retail Sales Fall at Fastest Pace in 22 Years

UK retail sales volumes fell at their fastest pace in 22 years in September, driven by lower sales of housing-related items, a survey from the Confederation of British Industry showed yesterday. The figures reinforced the view of some City economists that the Bank of England would cut interest rates again to shore up weak consumer spending. The Bank's ratesetting monetary policy committee meets next week.

Department Store Losses Widen in 'Horrific' Trading Conditions

JOHN Coleman, chief executive of House of Fraser, believes the "horrific" consumer slowdown currently gripping the high street is the worst he has seen in his 25-year career. The retail chief was speaking as House of Fraser reported a widening in underlying firsthalf losses to GBP4.4m, compared with a loss of GBP2.9m a year earlier.

Nuclear Generator Boosted by Sky-High Prices

BRITISH Energy, the nuclear power generator, has emerged from the shadows of its controversial government-sponsored rescue deal by announcing a move back into profit thanks to soaring power prices. The company, which supplies around a fifth of the UK's energy needs, posted first-quarter profits of GBP64m, having relisted its shares in January. The figures, which showed revenues of GBP521m in the three-month period, are the first to come from British Energy since its restructuring was complete...

Babcock First-Half Trading On Track

SHARES in Babcock International Group, which owns Glasgow-based First Engineering and the Rosyth dockyard, jumped 4-per cent yesterday after the company said first-half trading was in line with expectations. The stock rose 6.5p to 183p as Babcock updated the market ahead of its close period.

Shares in Virtual Animator Lose Ground On Turnover Warning

SHARES in DA Group, which recently hit the headlines over a digital pornography creation, plunged more than 7-per cent yesterday after announcing turnover for the first half of this year would come in below market expectations. The Scottish virtual animation creator, which yesterday gave a trading update to the London Stock Exchange prior to its interim results to the end of September, added that it had "managed its cost base effectively" and therefore the losses would be less than the compan...

Firstgroup Claims Us Trade Union Lobbyists Are 'Mischief-Makers'

FIRSTGROUP yesterday condemned as "mischief-making" an American trade union lobby of the Labour Party conference, as it grappled with industrial action threats on three fronts in the UK. The transport group satisfied the market with a trading update that said the half-year to September 30 was in line with expectations despite rising fuel costs.

How Norse Gord the Pillager Could Do Us Some Good

GORDON Brown's week at the seaside took an even queasier turn yesterday. Not only is Tony Blair not thinking of quitting any time soon, the government's number crunchers have now revised the pace of UK growth down to a worrisome 12-year low. If that slide continues, the chancellor now looks like having plenty of time left in the Treasury to revisit his own heady forecasts, eat the statistical equivalent of humble pie, and carry the political can in person. Not the best preparation for the top...

Sovereign Oilfield Makes Aim Debut Services Firm Capitalised at Gbp25m

SOVEREIGN Oilfield Group, the Aberdeen oil services firm, became the latest Scottish company to float on the Alternative Investment Market yesterday, valuing the holdings of its founding directors at around GBP8m each. Graham Burgess and Peter Felter retained stakes in Sovereign representing 35-per cent and 34-per cent respectively of the total share capital of Sovereign, which had a market capitalisation of GBP25m at yesterday's close.

Powerleague Scores with High Demand

POWERLEAGUE, the Paisley-based five-a-side football operator, saw like-for-like income rise 6-per cent last year as more than 80,000 players used its 32 sites in the UK each week. Turnover climbed 14-per cent to GBP17.5m as the company added five centres, four of them from the collapsed Vida Sports.

Increased Oil and Gas Prices Help Dana Hit First-Half Earnings Gusher

THE transformational effects of rising oil and gas prices on the finances of exploration and production companies were vividly demonstrated by a surge in first-half earnings at Dana. While the Aberdeen-based independent managed only a 5-per cent increase in production, operating profits doubled to GBP40m as a combination of political instability and booming demand for energy sent commodity prices upwards.

Ec Threat to Abattoirs' Green Fuel Credentials Farming

UNLESS the rules are changed under the European Commission's proposed waste incineration directive, which is scheduled to become operative from January 1, 2006, the use of rendered animal fat - tallow - will be prohibited as an energy source. This would add huge costs to the abattoir industry, with the effects passed on down the chain to primary producers, undermining attempts to develop green fuels.