ZTE slumps to first loss as firm is blighted by US security fears October 15, 2012 CHINESE telecoms equipment maker ZTE sank to a first quarterly loss yesterday due to project delays in a slowing global economy. ZTE blamed delays in overseas projects, which count for around half of its revenue, for a 2bn yuan (£198m) loss in its third quarter, which compares with a profit of 299.3m yuan for the [...]
Microsoft launches Xbox music service in bid to take on iTunes October 15, 2012 MICROSOFT is launching a new music streaming service in an effort to take on Apple’s iTunes and Swedish startup Spotify, and build up excitement around its new Windows 8 operating system. The company’s Xbox Music offering, which launches today on the Xbox 360 console and later this month on Microsoft’s forthcoming Windows 8 PC, tablet [...]
New Trinity Mirror boss makes his mark with cost cutting push October 15, 2012 TRINITY Mirror boss Simon Fox said yesterday he would streamline the newspaper firm’s operations, announcing a wave of cost-cutting measures after just over a month in the job. Fox, who relinquished the reins at HMV in September to replace long-serving Trinity Mirror head Sly Bailey, said he would merge the national and regional newspaper operations, [...]
Great Portland sells stake in City Tower October 15, 2012 GREAT Portland Estates yesterday confirmed it has agreed to sell a chunk of its 50 per cent stake in 100 Bishopsgate to its Canadian joint venture partner Brookfield Properties for £50m. The developer is to sell a 37.5 per cent stake in the two-acre site in the City, where the firms plan to build a [...]
Morrisons FD joins The Hut Group October 15, 2012 Richard Pennycook, Morrisons’ outgoing finance director, is the latest high profile executive to join the board of Hut Group, fuelling further speculation that the fast-growing retailer is gearing up for an IPO. The firm, which counts retail veterans Sir Stuart Rose and Sir Terry Leahy among its backers, said Pennycook will join the board immediately. [...]
Galliford wins £89m casino deal October 15, 2012 Galliford Try yesterday announced it has signed an £89m deal with casino operator Genting UK to build a casino complex in Birmingham. The Resorts World project at the National Exhibition Centre will also include a 176-bed four-star hotel, a spa, conference facilities, a factory outlet centre and a cinema, the construction company said. Construction is [...]
CBRE GI’s supermarket sweep October 15, 2012 CBRE Global Investors yesterday said it has bought five supermarkets across the UK for around £62m. The acquisitions include two Waitrose stores in Frimley and East Grinstead, two Sainsbury’s stores in Chadwell Heath and West Wickham and a Co-op in Leeds. “These five acquisitions offer secure income streams of more than 15 years and with [...]
Record output lifts Fresnillo for 2012 targets October 15, 2012 MEXICAN precious metal miner Fresnillo yesterday posted a record 15.1 per cent increase in gold production in the year to date, putting it on track to meet its targets for the full year. Fresnillo, which has seven operating mines in Mexico, said gold production hit 375,637 ounces in the year to date. Quarter on quarter, [...]
Tullow Oil partners with Maersk in exploration of Greenland oil October 15, 2012 BRITISH explorer Tullow Oil yesterday acquired a 40 per cent interest in a block belonging to Maersk Oil offshore Greenland. Maersk Oil will continue to act as operator of the Tooq licence in Baffin Bay, an area of North West Greenland, with a 47.5 per cent interest. The Tooq licence, which covers an area of [...]
Language software outfit SDL shares drop on legal warning October 15, 2012 SHARES in British translation software firm SDL plummeted yesterday as the firm counted the cost of a lawsuit resulting from its 2005 acquisition of Trados. SDL said litigation from a former Trados shareholder could cost the firm up to $3m (£1.9m). The announcement, along with a host of City analyst downgrades, sent SDL’s share price [...]
