Scottish Business Briefing - Wednesday 20 June, 2012
BANKING & INVESTMENT
RBS to axe a further 618 jobs in UK
JOB cuts at the Royal Bank of Scotland yesterday passed the 36,000 mark since the 2008 financial crisis after the taxpayer-backed lender axed a further 600 roles. (Scotsman)
Currie’s after-tax profits fall by £7m
Investment house Martin Currie saw its after-tax profits crash last year from £8.9 million to £1.6m, a fraction of the £9.7m it repaid to its Bermuda-based holding company. (Herald)
ECONOMICS
Scots workers benefit from foreign investment boom
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Hide AdScotland has generated more jobs through Foreign Direct Investment (FDI) than other parts of the UK, according to research from Ernst & Young. There were 5926 jobs created in Scotland during 2011, the highest figure since 2000. (Herald)
ENERGY & UTILITIES
Scotland ‘Silicon Valley’ of marine energy says Salmond
ALEX Salmond was last night to use the keynote speech of his American trade visit to say that Scotland would become the “Silicon Valley” of marine energy. (Scotsman)
INDUSTRY
Kwik Fit owner plans boost for Uddingston site
THE Belgian owners of Kwik Fit insurance are set to provide a vote of confidence to its Scottish operation although the company recorded a sharp fall in profits last year. Ageas has proposed to transfer the operations of its Express Insurance arm from a site in Birmingham to Uddingston. (Herald)
RETAIL
Boots sells major stake to US giant Walgreens for £4.3bn
THE owner of Boots yesterday agreed to sell 45 per cent of the health and beauty business to Walgreens, the largest pharmacy chain in the US, in a deal that could lead to an eventual £10.3 billion takeover. (Scotsman)