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| Nicola Sturgeon unveils £78m business fund | |
| (about 14 hours later) | |
| The Scottish government has announced the details of a £78m fund which it says will help Scottish businesses to develop almost 1,000 new inventions, products and services. | |
| First Minister Nicola Sturgeon said the move was a step towards Scotland becoming an "innovation nation". | First Minister Nicola Sturgeon said the move was a step towards Scotland becoming an "innovation nation". |
| The fund will provide financial support and specialist advice to businesses. | The fund will provide financial support and specialist advice to businesses. |
| It comes as a report suggested the economy is continuing to recover from the slowdown at the start of the year. | It comes as a report suggested the economy is continuing to recover from the slowdown at the start of the year. |
| Ms Sturgeon said the fund, which will be available from now until 2018, was the key step in the Scottish government's economic strategy. | Ms Sturgeon said the fund, which will be available from now until 2018, was the key step in the Scottish government's economic strategy. |
| The fund is also expected to allow an extra 1,200 businesses to work directly with universities. | The fund is also expected to allow an extra 1,200 businesses to work directly with universities. |
| 'New products' | 'New products' |
| Ms Sturgeon confirmed details of the fund at an event for 80 business leaders. | |
| She said: "In total, we expect to see businesses develop 1,000 commercial products which are new to their firm - or perhaps even more importantly, completely new to the market place as a whole. | |
| "Those new products will differ in terms of their importance and their impact - but our overall intention is clear. | "Those new products will differ in terms of their importance and their impact - but our overall intention is clear. |
| "We want to support ambitious and innovative companies in every corner of Scotland. And we want those companies to develop and profit from new products, which improve the wellbeing of individuals around the world." | "We want to support ambitious and innovative companies in every corner of Scotland. And we want those companies to develop and profit from new products, which improve the wellbeing of individuals around the world." |
| The Scottish government has dedicated £31m of the funding available to it through the European Regional Development Fund, with the remainder of the £78m total coming from Scotland's enterprise agencies. | The Scottish government has dedicated £31m of the funding available to it through the European Regional Development Fund, with the remainder of the £78m total coming from Scotland's enterprise agencies. |
| Meanwhile, the latest Bank of Scotland business monitor said new business levels picked up strongly over the summer. | Meanwhile, the latest Bank of Scotland business monitor said new business levels picked up strongly over the summer. |
| And expectations for the coming months continue to point towards moderate growth for the remainder of the year. | And expectations for the coming months continue to point towards moderate growth for the remainder of the year. |
| In the three months to August, 36% of firms surveyed increased turnover, while 36% experienced static turnover. | In the three months to August, 36% of firms surveyed increased turnover, while 36% experienced static turnover. |
| Marginal improvement | Marginal improvement |
| The remaining 28% experienced a decrease, giving a net balance of +8%, marginally up from the +7% of the previous quarter but down from the +30% of the same quarter one year ago. | The remaining 28% experienced a decrease, giving a net balance of +8%, marginally up from the +7% of the previous quarter but down from the +30% of the same quarter one year ago. |
| Turnover for firms in the production sector improved on the previous quarter but was significantly down on the same period in 2014, while the services sector showed a decline on the previous three months. | Turnover for firms in the production sector improved on the previous quarter but was significantly down on the same period in 2014, while the services sector showed a decline on the previous three months. |
| Firms reported a marginal improvement in volumes of repeat business in the latest three months. | Firms reported a marginal improvement in volumes of repeat business in the latest three months. |
| However, trends in the volume of new business are much better with an overall net balance of +17% compared to +3% of the previous quarter and close to the +23% of the same quarter one year ago. | However, trends in the volume of new business are much better with an overall net balance of +17% compared to +3% of the previous quarter and close to the +23% of the same quarter one year ago. |
| Businesses remain optimistic for the next six months, with 34% expecting turnover to increase against 19% who predict a decrease. A further 47% expect it to be static. | Businesses remain optimistic for the next six months, with 34% expecting turnover to increase against 19% who predict a decrease. A further 47% expect it to be static. |
| Bank of Scotland chief economist Donald MacRae said: "The Scottish economy slowed at the start of 2015 but is expected to return to moderate growth in summer and autumn. | Bank of Scotland chief economist Donald MacRae said: "The Scottish economy slowed at the start of 2015 but is expected to return to moderate growth in summer and autumn. |
| "Expectations remain positive and suggest that current growth rates will be maintained in the third quarter of the year." | "Expectations remain positive and suggest that current growth rates will be maintained in the third quarter of the year." |