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Business IN BRIEF.

AN INITIATIVE aimed at stimulating research and development in Scotland is set to create more than 2000 jobs by 2010.

The Intermediary Technology Institutes were created by the Executive and Scottish Enterprise in 2004 and have funding of pounds 450million to be spent over 10 years.

In the latest edition of Scottish Business Insider magazine, ITI chairman Shonaig MacPherson hit out at critics of the scheme.

She said: "I'm not sure how critics think we are going to increase the overall knowledge base and international asset base in Scotland unless we have programmes like ITI Scotland, which is respected around the world."

THE UK's largest estate agency chain yesterday confirmed they had received a preliminary takeover approach from an unnamed source.

The news followed speculation at the weekend that American private equity firm Apollo Management were preparing a pounds 950million offer for the group.

Apollo's interest emerged just days after Countrywide shareholders rejected a management buy-out backed by private equity firm 3i.

Some 42 per cent of investors voted against the planned 3i takeover, saying it undervalued the company.

Countrywide said the recent approach was from a party not connected to the 3i offer.

THE owner of Heart and Galaxy radio stations yesterday reported stronger revenues for the start of the year.

Chrysalis said that January had seen an improvement in the advertising market with revenues rising by five per cent on the previous year.

The trading update came amid reports that Chrysalis, who also have a music publishing division, were considering the possible sale of their radio operations.

Heart are the most listened to independent local radio station in the country.

More than 45million Britons tune in to the radio each week, the highest number since records began in 1992.

Chrysalis said the figures boosted confidence in radio.

INVESTMENT firm Braveheart have signed a deal with Strathclyde University to fund commercial investment opportunities arising from intellectual property developed there.

Braveheart are setting up the pounds 12million Strathclyde Innovation Fund using business angel investors as nonexecutive directors to firms set up as a result of investments.

The Glasgow university is fifth in the UK for intellectual property income and already has more than 160 patents and licence agreements.

Braveheart have invested in three firms who have commercialised technology developed there - Vibration Technology, Cascade Technologies and PSI Electronics.
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Title Annotation:Business
Publication:Daily Record (Glasgow, Scotland)
Date:Feb 6, 2007
Words:387
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