Latest news with #Aberdeen-based
Scottish Sun
5 hours ago
- Business
- Scottish Sun
More than 1,000 Scots workers could lose jobs unless they accept pension cuts
Aberdeen-based energy giant Baker Hughes has slapped thousands of its UK staff with redundancy warnings PENSION ROW More than 1,000 Scots workers could lose jobs unless they accept pension cuts Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) MORE than 1,000 oil and gas workers in Scotland have been hit with a brutal ultimatum — accept a pension cut or face the axe. Energy giant Baker Hughes has slapped thousands of its UK staff with redundancy warnings, as it pushes through a controversial shake-up of pension terms. Sign up for Scottish Sun newsletter Sign up 1 Former Prime Minister Rishi Sunak visits the Baker Hughes Subsea Centre of Excellence in Montrose with then- Secretary of State for Scotland, Alister Jack. Credit: PA The US-based company — a major player in Aberdeen's oil and gas sector — has handed out formal redundancy notices to over 4,500 employees in what's being branded a 'fire and rehire" threat. Sources say bosses have warned employees that if they don't agree, the company might go down the 'dismiss and re-engage' route — a legal, but controversial tactic due to be clamped down on by new UK laws. An insider told the Press and Journal: 'Essentially the business is looking to impose a 25% reduction in pension contributions under an excessive timeline, which currently is legal, but looks to be timed just before the amendment of the employee rights bill that would outlaw this practice. 'Too often oil and gas workers of the UK are forgotten about, and need to be vocal'. Newer workers who joined after 1 August 2024 already face lower pension terms and won't be affected by the latest move. But others could be hit hard from 1 January 2026, unless a deal is struck. Baker Hughes runs key hubs in Montrose, Portlethen, Peterhead, and Dyce, with its UK headquarters in Aberdeen, managing operations as far as Norway and the Caspian. To add fuel to the fire, the row comes just weeks after the firm sealed a £900 million pension deal to protect payouts for over 7,000 retired staff. A Baker Hughes spokesperson said: 'Baker Hughes regularly reviews its global benefit offerings to ensure that we remain an employer of choice, while also maintaining sustainable business practices. "In the wake of a review that began in 2024, the company recently communicated an upcoming proposed change in pension plans which would align with the current offering to new hires in the UK from 1st August 2024. Rachel Reeves cries at PMQs as Starmer refuses to say if she'll stay in job "These plans would keep Baker Hughes within the top 25% of employers in the UK in terms of pension contributions. "The HR1 form is statutorily required by the UK government. "It was part of a broader communications package to our employees. "This communications package provided additional context and background on this proposal.'
The National
2 days ago
- General
- The National
Ballater residents 'dumbfounded' by slow response to fire
Emergency services were called out to a blaze at a property in Swann Place on Saturday afternoon, where two homes were destroyed and a third was damaged. Terry Gauld, who was evacuated from his home in the area, told The National that 'everyone was dumbfounded' by how long it took fire crews to attend the scene. READ MORE: Firefighters tackling wildfires in Highlands for third day He said 'without a doubt, had there been a quicker response' only one of the properties would have been fully engulfed by flames. It took responders nearly six hours to extinguish the fire after they arrived. Ballater fire services were busy tackling a wildfire in the Highlands, meaning Swann Place residents had to rely on Aberdeen-based fire crews based over an hour away. 'The whole of Deeside was left without cover,' Gauld said, and explained that whilst there were a few community firefighters on the scene, there was 'nothing they could do' since their equipment was in use elsewhere. 'I could see the frustration on their faces,' he added. Four other homes were evacuated due to the thick plumes of smoke from the fire, and nearby residents were warned to keep their doors and windows closed. READ MORE: Wildfire blazes overnight at Moray wind farm Guald was one of the Swann Place occupants told to leave the area and he told The National that there was oil burning all down the road due to a tank in one of the destroyed properties exploding. He was able to return to his undamaged house around 8pm, though he was left without power until well after midnight. There were no injuries reported as a result of the fire. According to reports from The Press and Journal, a police inquiry into the cause of the blaze is currently ongoing.
Scotsman
5 days ago
- Business
- Scotsman
Wood Group: Scottish engineering giant faces probe by watchdog over accounting 'cultural failures'
The Financial Conduct Authority probe will look into the period between January 2023 and November 2024 at Aberdeen-based Wood Group. Sign up to our Scotsman Money newsletter, covering all you need to know to help manage your money. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Engineering giant Wood Group is being investigated by the UK's financial watchdog following an independent review which unearthed 'cultural failings' with its accounting practices. The Financial Conduct Authority's (FCA) probe will look into the period between January 2023 and November 2024. Advertisement Hide Ad Advertisement Hide Ad The troubled Scottish group, which provides oilfield and engineering services, warned in April that it was having to restate its accounts from previous years. The troubled Scottish Wood Group, which provides oilfield and engineering services, warned in April that it was having to restate its accounts from previous years. It also delayed the publication of results for the 2024 financial year, which were due at the end of April, meaning its shares have been suspended from trading on the London Stock Exchange since. This followed an independent review carried out by accountants Deloitte finding 'material weaknesses and failures in the group's financial culture' within its projects business unit and the engagement with its group finance team. This included 'inappropriate management pressure' to maintain previously reported positions and 'over-optimism and/or lack of evidence in respect of accounting judgments'. Advertisement Hide Ad Advertisement Hide Ad 'The cultural failings appear to have led to instances of information being inappropriately withheld from, and unreliable information being provided to, Wood's auditors,' the results found. The firm stressed there has since been significant change within the group and steps taken to address the failings discovered. Meanwhile, Aberdeen-based Wood Group has been the subject of a takeover approach by Dubai-based buyer Sidara. The latest offer, received in April, valued the company at around £242 million. Advertisement Hide Ad Advertisement Hide Ad A year ago, Sidara made a £1.56 billion takeover approach before talks collapsed – and Wood Group's share price has plummeted since. The Aberdeen-headquartered energy and engineering services heavyweight employing thousands of Scottish workers appeared in April to be close to agreeing the £242m takeover deal. Founded more than four decades ago from fishing industry roots, the company's fortunes have tracked the growth of the North Sea sector and with it a push into related energy and specialist engineering markets, both domestically, and increasingly, overseas.
STV News
5 days ago
- Business
- STV News
Financial watchdog launches investigation into troubled Wood Group
Aberdeen-based engineering firm Wood Group is being investigated by the UK's financial watchdog. The Financial Conduct Authority (FCA) is to investigate the company covering the period from the January 1, 2023 until November 7, 2024. It comes after Wood announced in March that an independent review had found 'material weaknesses and failures in the Group's financial culture'. Wood said it was having to adjust its accounts from the past three financial years after the review. The statement in March also said: 'The cultural failings appear to have led to instances of information being inappropriately withheld from, and unreliable information being provided to, Wood's auditors.' Wood also said it was unlikely to file its accounts for 2024 on time, which means shares in the firm have been suspended from trading on the London Stock Exchange since May. On Friday, Wood said the FCA had launched an investigation, and it would cooperate fully with the regulator. It comes as Wood continues to hold talks with a Dubai-based firm over a possible takeover. Sidara tabled an offer in April which valued the Aberdeen firm at around £242m. Sidara abandoned a deal last August, blaming global market turmoil and geopolitical risks, valuing Wood Group at around £1.56bn. A deadline for a deal to be concluded between the two companies is June 30, 2025. Get all the latest news from around the country Follow STV News Scan the QR code on your mobile device for all the latest news from around the country
Glasgow Times
24-06-2025
- Entertainment
- Glasgow Times
Still Game legend announced exciting Glasgow event
Mark Cox, who played tight Tam Mullen in the hit sitcom, will share his stories, memories, and 'loads of laughs' at his brand-new show in the city. The 53-year-old, from Glasgow, will host the event at Woodside Hall in the city's North on Saturday, October 25, at 6pm. The show is part of an 11-date tour of Scotland, which will start in Aberdeen on Saturday, August 8 and end in Kirkcaldy on Saturday, October 25. Other shows include: Irvine, Volunteer Roos, Saturday, August 23. Bearsden, Kilmardinny House, Friday, September 5. Dumbarton, Denny Civic Theatre, Friday, October 24, at 6pm. Kilbarchan, Kilbarchan Performance Arts Centre, Friday, October 24, at 8.30pm. The tour is being organised by Aberdeen-based promoters Breakneak Comedy. READ MORE: Famous faces in Still Game you probably forgot about READ MORE: Still Game legend has addressed rumours that the show will return READ MORE: Still Game cast members announced exciting Glasgow show Breakneck Comedy founder, Naz Hussain, said: 'I'm delighted to be working with Mark on this tour, he's got some amazing stories from throughout his career, so I know audiences are in for a really entertaining evening. 'We've recently finished a run of gigs with Mark's Still Game co-star, Jane McCarry, and the love that people have for the cast and the buzz there is when they talk about the show is truly special to see'. Naz added: 'I love bringing big names to towns that some promoters might overlook. 'It's really exciting to be able to put on shows all over Scotland and make it easier for people to be able to enjoy a great night of comedy and entertainment without them having to worry about catching a train home from the city.' In Still Game, Mark appeared in 61 of 62 of the show's episodes. He is also known for writing and starring in the legendary Scottish sketch show Chewin' the Fat.
