Scottish Business Briefing - Thursday January 5, 2012
ECONOMICS
Threat to top credit rating in separate Scotland
An independent Scotland would struggle to sustain a top-notch triple A credit rating on its sovereign debt, a leading fund manager has warned. (The Scotsman)
FOOD, DRINK & AGRICULTURE
Bakery’s battle to prosper as towns struggle
Scottish bakery chain Aulds remained stuck in the red in its last financial year, in a generally difficult retail environment which is proving particularly tough in those town centres suffering decline. (The Herald)
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MacRoberts adds to legal gloom after profits suffer 13% slump
Central Belt law firm MacRoberts has blamed “continuing pressures” on corporate markets for a 13 per cent hit to annual profits. Subdued transactional activity north of the Border, such as mergers and acquisitions, has seen several mid-tier law firms post lower turnover and profits for the last year. (The Scotsman)
RETAIL
Jeweller in upbeat mood despite slide in earnings
THE board of upmarket jeweller Hamilton & Inches is confident of getting the business back to growth despite a dip in turnover and profits. Falling demand for one-off high-value items was pinpointed as the main reason for the decline. (The Herald)
John Lewis reports ‘outstanding’ Christmas sales
Strong sales of clothes and electrical items helped department store John Lewis take more than half a billion pounds in an “outstanding” Christmas. (The Scotsman)
Clinton Cards reports on ‘tough’ Christmas
Struggling retailer Clinton Cards has reported its sales for the Christmas period. Like-for-like sales, which exclude the effects of stores opening or closing, rose 0.4% in the 5 weeks to 1 January. In the 22 weeks to 1 January, though, like-for-like sales fell 1.4%. (BBC)