PRESS DIGEST - British business - Nov 1

The Mail on Sunday

TRAVELODGE AXES 15 HQ STAFF

In an effort to contain costs, Travelodge [DUBAHT.UL] has shed 15 head office staff and four regional workers. A spokesman for the budget hotel chain confirmed the redundancies, noting that the group is currently engaged in a price war and needs to keep costs down. No further redundancies are expected. Travelodge recently cut prices from 29 to 19 pounds-a-night and is competing for market share with rivals Premier Inn and Holiday Inn Express.

EASTERN FOCUS FOR GSK

According to analysts, GlaxoSmithKline (GSK.L) may seek to expand in India or China as it takes its acquisition strategy to emerging markets. Robin Davidson of Edison Investment Research says China and India are attractive to GSK because they have a large number of companies which make vaccines and biologics, the two areas in which GSK wants to expand. GSK chief executive Andrew Witty made his desire for diversification clear when he announced third-quarter results last week.

RANK LASHES OUT AT GAMBLING TAX

The chief executive of Rank Group (RNK.L), Ian Burke, has written to the Treasury appealing for changes to gambling tax. He requests the newly raised bingo tax be cut from 22 percent to 15 percent and that poker games should be taxed less stringently than casino games. He also says there should be no increase in tax on fruit machines. Burke describes the social and economic damage resulting from these taxes and points to the closure of 100 bingo clubs and 14 casinos and the loss of thousands of jobs.

The Sunday Times

HOLLYWOOD BACKING UK DIGITAL FILM MOVE