Tuesday business round-up: Five key stories of the day

Michelin is closing its plant in Ballymena but investing in its Dundee factory. Picture: Paul Faith/PA Wire

French tyre giant Michelin announced plans to invest €69 million (£49m) in its Dundee plant to ramp up production, but its factory in Ballymena, Northern Ireland, is set to close in a move that will cost 860 jobs. The proposals form part of a shake-up of the group’s European operations.

Glasgow-based engineer Weir Group said it would be cutting 400 jobs in a bid to save costs amid the downturn in the oil and gas industry. A spokesman said the “vast majority” of the job losses would be in North America, Africa and China. Weir employs about 15,000 people around the world, including about 600 in Scotland.

Technology professionals working in Edinburgh’s “big data” arena command the highest IT salaries in the UK, according to a report from Experis, part of global recruitment giant Manpower. The average permanent salary in Edinburgh for those working in big data – which enables clients to delve into the mountains of information generated by their business in a bid to identify trends and improve their bottom line – is £69,733.

A real estate investment trust (Reit) with a heavy focus on the Scottish commercial property scene unveiled plans to make its stock market debut on Friday. Glasgow-based London & Scottish Investments is the asset manager of Regional Reit, which has a property portfolio valued at £386m, while Toscafund Asset Management will act as the investment manager. The trust has 128 properties in its portfolio, of which 51 – valued at some £136.5m – are in Scotland.

King Digital, the Irish company behind hit mobile game candy Crush Saga, agreed to a $5.9 billion (£3.8bn) takeover by US video game giant Activision Blizzard. The deal values Dublin-based King at $18 per share – below the $22.50 price when it made its debut on the New York Stock Exchange in March last year.