ECONOMYFraud likely to increase as credit crunch bitesScottish companies have been warned that business fraud is likely to increase as the economic downturn becomes increasingly severe. The comments came from acc
ountant and business adviser BDO Stoy Hayward who revealed that while recorded business fraud north of the Border had fallen by 46 per cent they expected it to rise as people become more financially desperate. The new FraudTrack analysis showed fraud reported in Scotland was down to £1.85 million in the last six months, down from £3.5 million in the same period last year. Forensic director at BDO Stoy Hayward, Judith Scott commented: "While the Scottish figures are encouraging, it must be recognized that the latest figures show only the value of reported fraud. When you factor in the fraud committed by rogue traders, fraud that is yet to be uncovered and that which companies have discovered but do not wish to expose, the real cost to Scottish businesses could be much higher. The combination of spiralling personal debt and desperate employees spells real danger of businesses. Our national fraud team has witnessed a dramatic increase in the number of banks, corporate and public sector organizations contacting us about our fraud investigations and prevention services and we expect this trend to continue."
(The Scotsman) Read all today's economics news from scotsman.comENERGY & UTILITIESTRACS acquired by AGRAberdeen based provider of integrated services and training to the geology and oil industry engineering sectors TRACS International has been acquitted by well management giant AGR Petroleum Services in a £20 million deal. The Scottish subsidiary of Norway-based AGR Group has revealed that all 70 employees of TRACS will be offered new positions at AGR as part of the deal. Director at TRACS, Mark Cook welcomed the deal: "The opportunity to work within AGR Petroleum Services is a significant and exciting step in the development of TRACS. It allows TRACS subsurface and commercial expertise to be combined with AGR's well management, existing subsurface, field development and subsea design capability."
(The Herald) Read all today's energy and utilities news from scotsman.comMANAGEMENTLegal jobs under threatA new survey by accounting giant PKF has claimed that large number of Scottish legal jobs could go as the credit crunch starts to affect the sector. Scottish legal firms are expected to start feeling the pinch from the credit crunch and the ongoing slump in the housing market. PKF partner Charles Barnett said: "Of course, not all Scottish law firms are at risk. Those firms with different specialities, such as criminal law, for example, will not really be impacted. But those with a connection to the property market are vulnerable, because most of their work is essentially transactional and with the property market in decline there are simply fewer transactions. I suspect that before long there will be widespread redundancies, and I don't just mean legal assistants and secretaries, but I think this will go right through practising lawyers and partners. I'm not going to name any firms in particular, but those which are heavily dependent on the property market are already making staff redundant."
(The Herald) Read all today's management news from scotsman.comPERSONAL FINANCEFinancial service sector under the coshA new survey from the Confederation of British Industry has revealed the financial services sector has taken a hammering over the past months. Profitability among individual firms has fallen at record pace and the volume of business has declined at its fastest rate for 17 years, according to the report from the business group. The survey carried out by the CBI and PriceWaterhouseCoopers has warned that conditions in the sector are not expected to improve until at least the end of the year. Chief economic adviser at the CBI, Ian McCafferty said: "The impact of the credit crunch on financial services has deepened over the last three months, and conditions look set to remain difficult for some time yet. Although credit markets have been somewhat calmer of later, the interbank lending system is still looking gummed up, and spreads have widened more than at any time in the past 18 years."
(The Herald) Read all today's personal finance news from scotsman.comTECHNOLOGYC&W to step up bid for ThusCable & Wireless is expected to make an improved bid for Glasgow telecommunications supplier Thus. The new offer is expected to come today after an initial 165p a share offer for the group was rejected with Thus believed to be holding out for 180p a share and valuing the company at £330 million. A source close to the deal told the Scotsman: "There's a little bit of push and shove on one or two issues , but things are progressing." C&W announced a self-imposed 5pm today deadline earlier in the month in an attempt to force Thus into talks and while negotiations had lulled they were picked up again last Thursday.
(The Scotsman) Read all today's technology news from scotsman.comTRANSPORTSquinty Bridge re-opensThe Glasgow Arc Bridge has re-opened to traffic after being closed for more than five months. The bridge between Finnieston and Pacific Quay was closed in January when a cable supporting the span snapped and fell onto the roadway. Extensive repairs of the transport artery have now been completed and two of the four lanes on the 140 metre bridge were re-opened to traffic on Saturday. Executive member for land and environmental services at Glasgow City Council, Cllr Ruth Simpson commented: "Clearly, it has been disappointing to be without the bridge in recent months, but public safety is our priority and time and caution has been necessary."
(BBC Scotland Online) Read all today's transport news from scotsman.comPROPERTYScotland to weather housing stormBritain's largest mortgage lender has predicted Scotland will see out the worst of the housing slump this year. The Halifax believes the Scottish market will fare better than its UK counterparts as it has traditionally avoided the boom and bust cycles which typify the UK market. Halifax has already stunned the market recently by warning it expected UK housing transactions in 2008 to fall by as much as 45 per cent as the market was squeezed by falling house process and tougher deposit conditions being imposed by wary banks. Martin Ellis, chief economist at Halifax said: "While we think (the transaction decline) will be quite significant in Scotland, we do not see it as being as dramatic or spectacular as in the rest of the UK. Scotland has been the best-performing region of the UK this year in this regard and we think it will continue to outperform." Senior technical manager at mortgage broker John Charcol, Ray Boulger added: "There is no fresher hard data at present, but I would guess Scotland would hold up better on the transaction front than this near-50 per cent fall being predicted more widely. That's because house prices have held up well historically in Scotland in other difficult downturns. And if Scottish house prices are not as volatile as those in England, then there should also not be the same degree of volatility in transactions this time, either."
(The Scotsman) Read all today's property news from scotsman.com
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