The Herald

Call to Extend Whisky Duty Freeze

Price of Regulations Tops Gbp50bn

Dowlis Buys Ross Promotional

Stem Cell Secures Us Deal

Royal Bank of Scotland Shares Leap On Gbp1bn Share Buy-Back Unexpected 25-Per Cent Hike in Dividend Delights As Profits Beat Forecasts

THE City last night applauded Royal Bank of Scotland, as investors chased its shares up 2.7-per cent, adding GBP1.6bn to its stock market worth after the bank announced a GBP1bn share buyback programme, a hike in its dividend and record profits. Some investors and analysts have been calling for Royal Bank to return excess capital to shareholders through a buyback, rather than spending it on another acquisition.

Chief Reaffirms Commitment to Honour Pension Fund Benefits

ROYAL Bank of Scotland will continue to honour the "emotional contract" made with staff over their pension benefits, despite a growing deficit in the scheme, chief executive Sir Fred Goodwin last night said. The Edinburgh-based lender is one of an ever-dwindling group of large corporations that still operates a noncontributory final salary pension scheme.

Chairman-Elect Looks Forward to Filling Mathewson's Big Boots

SIR Fred Goodwin, chief executive of Royal Bank of Scotland, yesterday paid an emotional tribute to his outgoing chairman, Sir George Mathewson, saying the bank owed him a great "debt". Additionally, Mathewson's successor, Sir Tom McKillop, spoke publicly for the first time of his "excitement" at the prospect of trying to fill Mathewson's "big boots".

Retailers Suffer As Consumer Spending Continues Downward Trend

UK retail sales fell at a faster rate than expected in February, and despite predictions from shopkeepers that the decline will slow, most analysts believe the downward trend in consumer spending has further to run. The Confederation of British Industry's latest monthly distributive trades survey found that 22-per cent of retailers reported an increase in sales volumes on the previous year, while 40- per cent reported a fall. The balance of -18-per cent compared with - 11-per cent in January,...

Sir Fred Adds Populist Polish to His Classic Marque Comment

'MOTORING, so quite happy with that."This was how Sir Fred Goodwin, chief executive of Royal Bank of Scotland, summed up the progress of his charge's shares yesterday. Few people know the meaning of the word "motoring" better than Goodwin, a Grand Prix fan who during his days at Clydesdale Bank was renowned for his love of tinkering with old cars to make them purr. Yesterday, motoring meant a 2.7-per cent or GBP1.5bn-plus jump in Royal's stock market worth in a fast-reversing stock market. Mo...

3000 Jobs Cut As C&W Sharpens Its Focus Staff Suffer As Telecoms Giant Adopts 'Big Is Best' Approach

CABLE & Wireless yesterday made the dramatic announcement that it will slash up to 3000 jobs over the next five years in an overhaul of its domestic business aimed at cutting its corporate customer base by 90-per cent. However, the UK's secondbiggest telecoms operator said it will retain its directory enquiries and emergency calls services, thereby guaranteeing the job security of the 100 workers it employs at call centres in Glasgow and Bellshill, Lanarkshire.

Powerleague Aims to Lift Earnings

POWERLEAGUE, the Paisley-based five-a-side football operator, is anticipating a fillip to earnings from this summer's World Cup after agreeing deals with two of the tournament's main sponsors. The agreements with Braun and Budweiser were announced as the company reported a solid set of half-year results for the period to December 31.

Ohm Soars 18-Per Cent As Strong Sales Growth Kicks In

SHARES in Offshore Hydrocarbon Mapping surged 18-per cent after the exploration technology firm said it had enjoyed strong growth in sales and operating profits and that a long-running patent dispute would have little impact on its business. Aberdeen-based OHM said it had benefited from a big increase in demand for its kit, which uses electro-magnetic surveying technology to help find hydrocarbons, as firms looked to cash-in on soaring oil and gas prices.

Struggling Mfi to Close Glasgow Delivery Centre

MFI, the struggling furniture group that employs more than 300 in Scotland, is to close its home delivery centre in Glasgow with the potential loss of 57 jobs, as part of a restructuring which will see it shed almost 1500 jobs UK-wide. One or more of Scotland's 21 stores could also be at risk, as the group plans to close 11 of its 215 stores.

Cairn Energy Restates Assets

CAIRN Energy, which has been propelled into the FTSE-100 by a series of oil and gas finds in India, said adoption of international financial reporting standards would result in a GBP60m reduction in net assets reported for prior years. Cairn said net assets at December 31, 2004, restated to comply with IFRS were GBP371m. This compares with GBP431m under the old accounting conventions. Cairn stressed the accounting changes had no impact on its underlying business. They did not affect its cash ...

Murray Income Beats Benchmark

Poundstretcher Chief Quits

FORMER Matalan boss Angus Monro quit as chief executive of Poundstretcher owner Instore yesterday - weeks after the firm reported a hefty downturn in trading. Monro, who has been at Instore for three years, is being replaced with immediate effect by formerAldi UK managing director Trevor Coates.

Correction: Cruise

Bullish Run Helps Simon Howie Stay Well Ahead Perthshire Entrepreneur Files Retained Profits Around Gbp1.1m

SIMON Howie Limited, the eponymous meat products business of one of Scotland's most acclaimed entrepreneurs, continued its bullish trading run with a retained profit last year of around GBP1.1m and the company was still growing fast. The Perthshire entrepreneur, who is now in his third year of a lucrative full-blown contract to supply product to J Sainsbury, filed his firm's latest set of accounts under special Companies Act provisions, which allow small companies to produce abbreviated finan...

Pork Imports Threaten to Kill Off Scotland's Pig Industry Farming

THE Scottish pig industry, whose standards of production and welfare are among the highest in the world, is in danger of collapse, with prices to farmers under increasing pressure. Within the industry, supermarkets are perceived to be at the centre of a price war in which they can make a higher margin from imported pork.

Management Buys Out Choices in Deal Worth Gbp20m

CHOICES, a Livingston-based provider of services to people with learning disabilities, has been bought out by its management in a deal worth close to GBP20m. Choices employs 650 people in Scotland and another 50 in north- east England, contracting with local authorities for "care in the community".