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Wednesday, December 31st, 2014

 

Talks with potential buyer breakdown

New Year blow as 2,356 jobs go at City Link

The administrators of the collapsed parcels delivery firm City Link  have laid off 2,356 staff after talks with an unnamed consortium broke down without agreement. A potential buyer had come forward but its offer fell short of the assets’ valuation, said Ernst & Young which was called in on Christmas Eve. The job losses announced this afternoon represent the bulk of the Coventry-based company’s 2,727 employees of which 165 are based in five Scottish depots. The administrators said a revised proposal put to the potential buyer was not acceptable andRead More


FTSE100: 6,566.09 +19.09 (0.29%)

FTSE100 suffers worst December for 12 years

Wed (close): London stocks ended the year on an upbeat note after yesterday’s plunge, though the FTSE100 suffered its worst December since 2002. The leading index has lost 2.6% of its value this month and is almost 3% lower than at the start of 2014. But trading was light in the half-day session. “With numerous countries enjoying bank holidays today and the likes of the FTSE closing just after midday, traders have seen a lethargic market struggle to move into second gear,” said analyst Alastair McCaig from IG. Despite theRead More


Sale latest move in power struggle

Rangers shareholder sells 16% stake to consortium

Ibrox

The consortium involved in a boardroom power struggle for control of Rangers have bought the entire 16.3% stake held by an Isle of Man based hedge fund. Laxey Partners, which only recently increased its holding in the club has offloaded all its 13 million shares in three tranches. The buyers are the so-called Three Bears –  Douglas Park, George Letham and George Taylor –  who attempted to vote through a motion at the AGM last week enabling them to buy new shares without them first being offered to the existingRead More


Appointment signals aim for robust system

Cybersecurity expert to chair Revenue Scotland

An expert in cybersecurity has been appointed chairman of Scotland’s new taxation agency. Keith Nicholson will help steer Revenue Scotland which formally becomes a non-ministerial department tomorrow. Other board appointments include John Whiting, tax director of the UK’s Office of Tax Simplification (OTS) and a regular television and radio pundit. Mr Nicholson is an internationally recognised scientist and company director with more than 30 years’ experience in statistical analysis and data modelling. His appointment will be seen as a clear signal of the government’s intent to ensure its system is robustRead More


Business demands change in schools

CBI wants schools to provide “work ready” young people

John Howie

Businesses are calling for changes to the education system that will ensure young people  are properly prepared for the world of work. The CBI Scotland will be issuing a report early in the new year which will identify weakness and recommend improvements. It believes business can work with the government in helping to achieve the changes it wants for the benefit of the economy and young people themselves. Chairman John Howie said in a New Year statement today that the report will identify “areas where changes to the curriculum and qualificationsRead More