Scottish Business Briefing - Thursday October 24

Stephen Russell, Magician Kevin McMahon and Hamish Martin of Inverarity MortonStephen Russell, Magician Kevin McMahon and Hamish Martin of Inverarity Morton
Stephen Russell, Magician Kevin McMahon and Hamish Martin of Inverarity Morton
WELCOME to scotsman.com’s Scottish Business Briefing. Every morning we bring you a comprehensive round-up of all news affecting business in Scotland today.

TRANSPORT & INDUSTRY

Grangemouth closure: Union may make concessions

UNION bosses will make a last-ditch attempt to stop the closure of the Grangemouth petrochemical plant today and avoid the loss of 800 jobs amid reports that concessions may be made by Unite chiefs. The move came after Ineos, the owners of Scotland’s biggest industrial powerhouse, announced its intention yesterday to axe the facility. The announcement also raised fears for the future Scotland’s only oil refinery, as the company suggested that it might not be able to survive on the Grangemouth site on its own. (Scotsman)

BASF Paisley plant closure talks planned

THE Scottish Government is to hold urgent talks with chemical firm BASF on the future of the company’s closure-hit site in Renfrewshire. BASF is planning to shut its plant in Paisley with the loss of 141 jobs. The Hawkhead Road factory has produced pigments to colour inks, paints, paper and plastics for almost 60 years. It is due to shut by the middle of 2015 because of a rapidly changing market and unsustainable manufacturing costs, according to BASF.

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ECONOMY

Insolvencies ‘spike’ as Scots economy improves

A SPIKE in the number of companies going bust is a sign that the economic outlook is improving, analysts said yesterday. Official figures from the Accountant in Bankruptcy showed the number of firms being liquidated or entering receivership jumped by 45.7 per cent quarter-on-quarter between July and September to 268. (Scotsman)

Chemical sales drive export growth

Refined petrol and chemicals were among the stronger sectors of the Scottish economy, according to the latest manufactured export figures. According to the Scottish government, total overseas sales grew 3.5% in the second quarter of this year. Engineering also proved to be a strong factor.

(BBC)

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