Business News Round Up (16/06/2020)
Scottish unemployment rises faster than UK during lockdown
The number of people aged 16 to 64 in employment in the three months ending in April fell to 74.3%, a 0.7% drop on the previous quarter.
The figures reflect the impact of a month of lockdown which started on March 23.
Business Minister Jamie Hepburn said: “Between February and April 2020, Scotland’s employment rate estimate fell over the quarter to 74.3% and the unemployment rate estimate rose over the quarter to 4.6%.
“These are the first labour market statistics to include a full month of lockdown measures, and show clearly the scale of the challenge facing Scotland as a result of the coronavirus (Covid-19) pandemic.”
https://www.insider.co.uk/news/scottish-unemployment-rises-faster-uk-22198705
Scottish Government announces £62m fund for energy sector
A multi-million-pound fund has been set up by the Scottish Government to help the energy sector recover from the dual economic impacts of coronavirus and the oil and gas price crash.
The £62 million Energy Transition Fund will support businesses in the oil, gas and energy sectors over the next five years as they grow and diversify and will help attract private sector investment in the region.
The investment, with a focus on the North East, underpins the region’s ambitions to become a world leader in the transition to net-zero, helping Scotland meet its ambitious targets on climate change.
Major projects to be considered for funding include a Global Underwater Hub, Net Zero Solution Centre projects, a Hydrogen Hub, the Acorn project and an Energy Transition Zone.
The investment will also benefit the wider Scottish energy sector and supply chain, working with local businesses to support sustainable jobs and maximise inclusive economic growth across the country.
Financial advisory group eyes acquisitions as market readjusts
Wilmslow-based financial advisory firm Tatton Asset Management announced improved annual results for the year to March 31, today, and laid out expansion plans, including potential acquisitions as markets recover from the coronavirus pandemic.
The firm, which floated on AIM in July 2017, grew revenues by 22% to £21.369m, while pre-tax profits jumped from £6.112m last year to £10.296m.
Tatton, which has an office in Handforth, and London, will pay a much improved final dividend of 6.4p per share, which is a 14.3% increase, giving a full year dividend of 9.6p per share.