Business news in brief

January 13, 2012
  • A pedestrian walks past ATMs outside the Royal Bank of Scotland in London. The Royal Bank of Scotland Group P.L.C., Britain's biggest government-owned bank, said Thursday it would cut about 4,800 jobs, including 3,500 at the investment bank, as it jettisons unprofitable units, citing volatile markets and the cost of new British regulation.

In the Region

'Ban-the-box' law goes into effect in Philadelphia

Under a new law that goes into effect Friday, Philadelphia public and private employers with more than 10 workers may not ask potential employees to disclose whether they have a criminal record until after the first interview. Passed in April, the "ban-the-box" law, as it is called, refers to the box on a job application that asks about a candidate's criminal history. After the first interview, employers may conduct a background check but may not ask about or consider arrests that did not result in convictions. If there is no interview, no background checks may be made. Exempt are criminal-justice employers, such as the police. The Philadelphia Human Relations Commission will enforce the law, which carries a $2,000 fine for violations. - Jane M. Von Bergen

Lockheed to build two more GPS satellites

Lockheed Martin Corp. said the Air Force exercised an option to have it build the third and fourth satellites for the next-generation Global Positioning System, known as GPS III. Much of the work on the $238 million contract will be done at Lockheed's facility in Newtown, Bucks County. The company won the initial GPS III contract in 2008, and the Air Force plans up to 32 satellites for the system. The first satellite is scheduled for launch in 2014. - Reid Kanaley

Teva confirms plan to market powerful painkiller

Teva Pharmaceutical Industries Ltd. confirmed plans to market a new form of the powerful and addictive painkiller hydrocodone, worrying experts who fear a narcotics "arms race" that could worsen a national problem with prescription-drug abuse. Israel-based Teva, with its North American division in North Wales, Montgomery County, said its product, TD Hydrocodone, could be worth as much as $500 million annually in sales. The drug is in the final stages of testing, but the company has not yet applied for Food and Drug Administration approval. Another company, San Diego-based Zogenix, plans to file an application early this year for another pure hydrocodone product, Zohydro. - AP

Former patent official joins Drinker, Biddle

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