Picture at Melrose is mixed

Melrose Resources provided a mixed update on recent drilling yesterday, but chief executive David Thomas insisted the oil and gas independent had been making good progress in all areas, writes Mark Williamson.

Energy is main challenge

The biggest challenge currently facing Scottish business is energy, according to the first PricewaterhouseCoopers (PwC) Business Review supported by the Fraser of Allander Institute at Strathclyde University.

CBI Scotland publishes Holyrood blueprint

The Confederation of British Industry (CBI) in Scotland has published a 15-point blueprint for reform and investment by the Scottish Government in its 2009/10 budget.

US Federal Reserve cuts key interest rate to 1%

The US Federal Reserve today cut America's key interest rate by 0.5% to 1%.

Lufthansa buys bmi, Britain's second biggest airline

German airline Lufthansa today strengthened its position at the UK's biggest airport by taking control of Britain's second-biggest airline.

	Arch hawk Besley admits consumers under pressure
	Tim Besley, the Monetary Policy Committee hawk who tried to push through a rise in benchmark UK interest rates in August, admitted last night that the prospects for consumption and the overall economy were weak and inflation risks had “diminished significantly”.

Dow rises by 889 points as investors seek out bargains

New York’s Dow Jones Industrial Average rocketed by nearly 11%, hurdling the 9000-point mark on hopes of cuts in interest rates in the US and elsewhere and buoyed by bargain-hunting.

Crisis not over yet, cautions Bank chief

Sir John Gieve, deputy governor of the Bank of England, warned yesterday that it was “too soon” to declare the global financial crisis over and said authorities around the world must stand ready to step in again if required.

BP profit figures for quarter delight City

BP announced it made record profits in the third quarter after cashing in on the tail-end of the boom in oil and gas prices, delighting the City and putting shareholders in line for big increases in dividends.

No respite for battered high street stores

UK retail sales volumes this month are down significantly on last October, and another big year-on-year drop is forecast next month, according to the Confederation of British Industry's latest survey.

Opec threatens more output cuts

Production warning: The Opec oil cartel warned consuming nations yesterday that it will take further action to increase crude prices that have plunged by nearly 60% since reaching a peak of $147 a barrel in July.

Abbey’s sunny figures defy the credit freeze

Abbey National has outshone its UK rivals this year, with strong deposit inflows countering the credit market freeze, along with high investment sales, well-covered loans and buoyant current account openings.

John Martin drives deeper into the red

John Martin Holdings, the eponymous motor dealership controlled by one of Scotland’s richest men, has increased its underlying losses, in spite of a hefty jump in pre-tax profits and a strategic move into auto repair for insurance companies.

Market rewards Aviva’s capital strength with 5% share boost

Aviva bucked the insurance sector trend yesterday as a reassurance over capital strength saw its shares rise by more than 5%.

Construction firm faces downturn with confidence

Robison & Davidson, the Scottish construction group, greeted the credit crunch and ensuing housing downturn on the crest of a wave with record profits.

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