Business

The case for a second referendum Scotland’s First Minister and leader of the Scottish National Party (SNP), Nicola Sturgeon, has renewed her call for a second referendum on Scottish independence, arguing that it is time to offer the prospect of progress on the issue. She said that the UK government’s handling of Brexit and the Covid-19 pandemic has shown that Scotland needs to have the power to make its own decisions and chart its own course. She also accused Prime Minister Boris Johnson of being “frightened of democracy” and ignoring the will of the Scottish people, who voted overwhelmingly to…

The Faroe Islands’ success story The Faroe Islands are a small archipelago of 18 islands in the North Atlantic, with a population of about 50,000 people. They are an autonomous territory within the Kingdom of Denmark, but have their own parliament, flag, currency, and language. They are also home to one of the most successful and innovative banking sectors in Europe. The Bank of the Faroe Islands, or BankNordik, is the largest bank in the country, with a market share of over 60%. It was founded in 1906 as a cooperative bank, and has since grown to become a modern…

A family business in Scotland announces its closure A family-run hardware store in Bridge of Weir, Scotland, has announced that it will be closing its doors after 142 years of serving the local community. Gibb Stuart Home Hardware, which has been operating since 1881, revealed that it was unable to find a viable buyer to continue the business as a going concern. The store, which sells a variety of household items, gardening tools, and DIY supplies, has been a fixture in the village for generations. The owners said that it was their “greatest privilege” to be part of the community…

The Culture Secretary has issued a notice to examine the potential impact of the proposed takeover of The Telegraph by a fund backed by Abu Dhabi on press freedom and media plurality in the UK. The deal and the notice The Telegraph, one of the UK’s oldest and most influential newspapers, is currently under the control of Lloyds Banking Group, which seized the media assets from the Barclay family in June 2023 after they failed to repay £1.2 billion in loans. The Barclay family, who had owned The Telegraph since 2004, have agreed to a deal with RedBird IMI, a…

Hundreds of whisky workers are set to go on strike during the busy festive period after rejecting a pay offer from Chivas Brothers. The workers, who are members of the GMB and Unite unions, voted overwhelmingly in favour of industrial action following a breakdown in negotiations with the company, which is part of the Pernod Ricard group. The unions said the workers were offered a 1.5% pay rise for 2023, which they described as “insulting” and “derisory” in light of the company’s profits and performance during the pandemic. Impact on production and supply The strike will affect 10 sites across…

A large forest in Aberdeenshire, Scotland, that includes the remains of a World War One airship station, is on the market for offers over £3.9 million. Lenabo Forest: A productive and historic site Lenabo Forest, located near Mintlaw, is a mixed-aged commercial forest that covers 890 acres of land. It has well-established crops of conifer and broadleaf trees, and offers long-term investment security. The forest is being sold by Goldcrest Land and Forestry Group, a specialist agent in woodland and forestry sales. The forest also contains a special extra: the site of the former Lenabo Airship Station, also known as…

The Scottish farmland market witnessed a surge in sales in the past three years, reaching a total value of £1.3 billion, according to a new report by the Scottish Land Commission. The report reveals the changing dynamics of the rural land market, driven by strong demand from non-farming investors, environmental considerations, and low interest rates. Farmland values rise by 31.2% in 2021 The report, based on data from Strutt & Parker, Savills, and the Royal Institution of Chartered Surveyors, shows that farmland values in Scotland increased by 31.2% in 2021, compared with 6.2% across the UK. The average price of…

More than 200 companies, including Sony, Coca-Cola, and Virgin Media, have urged world leaders to agree on a timeline to phase out fossil fuels at the upcoming COP28 summit in Dubai. The companies, which collectively have nearly $1 trillion in annual revenues, said that decarbonizing the global energy system is essential to avoid the worst impacts of climate change. Businesses feel the impacts of climate change The companies signed a letter coordinated by the non-profit We Mean Business Coalition, which advocates for greater climate action from the private sector. The letter stated that the businesses are feeling the impacts and…

More than 100 workers at the Stoneywood paper mill in Aberdeen have won a legal battle over claims they were not properly consulted over redundancy. Background of the dispute The dispute arose after the mill’s owner, Arjowiggins Fine Papers Ltd, went into administration in January 2023, putting 500 jobs at risk. The company was later bought by a consortium of Scottish investors, saving 270 jobs, but the remaining 230 workers were made redundant. The workers claimed that they were not given adequate information or consultation by the administrators, KPMG, before they were dismissed. They argued that this breached the Trade…

China’s President Xi Jinping delivers a surprise speech at the World Economic Forum In a rare appearance at the annual meeting of the World Economic Forum in Davos, Switzerland, China’s President Xi Jinping delivered a speech that signaled a willingness to engage with the U.S. on trade issues. Xi said that China and the U.S. have both realized that they need to have trade and that they should respect each other’s core interests and major concerns. He also said that China is ready to work with the international community to uphold the multilateral trading system and promote global economic recovery. Xi’s speech…