Scottish Business Briefing - Thursday 12 January, 2012
BANKING
Hester forced into unveiling 3,500 job losses
STEPHEN Hester, chief executive of Royal Bank of Scotland, will today announce a further 3,500 job losses in a shake-up of its investment banking operations. Sources have told The Scotsman that talks are already under way with interested bidders for some of the businesses up for sale (Scotsman).
INDUSTRY
Hundreds lose their jobs as engineering firm collapses
FIVE hundred jobs have been axed at a major Scots engineering firm crippled by the slump in the property industry (Scotsman).
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Hide AdToo many lawyers chasing too little work drives merger threat
SCOTLAND’S law firms expect “a major merger” in their ranks within the next three years as profits continue to be squeezed by a glut of lawyers scrambling for work north of the Border (Scotsman).
MEDIA & LEISURE
Tight rein on costs secures profit for Harlequin
SANJAY Majhu’s Harlequin Leisure Group, best known for its Ashoka Indian restaurants, notched up a solid after-tax profit in its last financial year to March 2011 as it kept a tight rein on costs in a difficult economic environment (Herald).
RETAIL
Tesco ‘disappointed’ by its UK Christmas trading
The UK’s biggest retailer, Tesco, says it is “disappointed” by its seasonal trading in the UK. Like-for-like sales, which exclude the effects of new store openings, fell 2.3%, excluding fuel and VAT (BBC).
TECHNOLOGY
Biosciences incubator on former pharma site welcomes first tenants
The former Merck research plant in Lanarkshire was reborn yesterday as BioCity Scotland, an incubator facility which has already signed up two tenants (Scotsman).