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The Business Matrix: Wednesday 9 October 2013
Cineworld sheds three cinemas
Cineworld was yesterday forced to sell three cinemas as Competition Commission officials reacted to its £47.3m acquisition of arthouse group Picturehouse.The Aberdeen and Bury St Edmunds Picturehouse branches are to be sold, while boss Steve Wiener said he was still deciding whether to dump the Cineworld or Picturehouse in Cambridge.
10,000 jobs to go at Alcatel-Lucent
Alcatel-Lucent, the telecoms giant, said it plans to shed 10,000 jobs across the world as it attempts to cut costs in the face of heavy losses. The cut are set to affect more than 4,000 jobs in Europe, the Middle East and Africa, as well as almost 4,000 in the Asia-Pacific region and more than 2,000 in the Americas.
Recovery moves beyond London
Recruitment agency Robert Walters is seeing the recovery in the UK move out beyond London and the South-east, it said yesterday. While group fee income rose by 7 per cent in the three months to the end of September UK fees were up 21 per cent at £15.8m. This was driven by growth in regional cities such as Birmingham and Manchester.
Morrisons to open on Boxing Day
Morrisons is to open its doors on Boxing Day and New Year's Day for the first time in its history – the last of the Big Four supermarkets to do so. Store managers have been told they must open for six hours on each bank holiday in the hope of taking extra cash at a time when the supermarket has been falling behind its rivals.
WS Atkins wins Riyadh contract
British engineer WS Atkins has bagged a £75m contract to design metro lines on one of the world's biggest transportation project. The London-listed company was yesterday named as the lead designer for lines four, five and six on the proposed Riyadh Metro in Saudi Arabia.
Sainsbury's boss blasts Government
Sainsbury's chief executive Justin King has attacked the Government for refusing to negotiate over high business rates. Amid calls for reform, he said: "We're in the court of public opinion having that debate because that's the only place you can negotiate with government."
EY reports high growth figures
Big Four accountant EY has unveiled its best growth figures since the onset of the financial crisis, with global turnover up 7.7 per cent to $25.8bn (£16.1bn). Emerging markets were particularly strong for EY, formerly known as Ernst & Young, growing at 12 per cent.
Direct Line sells closed life fund
Direct Line, has sold its closed life asurance business Direct Line Life, to quoted Chesnara for £62m. Chesnara specialises in buying and running down closed life businesses. Direct Line said that it would hand the proceeds to its shareholders through a one off dividend of 4p.
Lafarge told to sell cement plant
The Competition Commission has demanded that Lafarge Tarmac sells off one of its huge cement plants, just months after the regulator approved the company's creation. The watchdog is looking to tempt another big player into a market.
Finance director is headhunted
Phillip McLelland, finance director of UK Asset Resolution, has been headhunted to become finance director of an unnamed listed company. Mr McLelland, 47, will step down from the boards of UKAR, B&B and NRAM at the end of next month.
- 1 This restaurant has misunderstood the concept of 'cheese and biscuits'
- 2 Raif Badawi, the Saudi Arabian blogger sentenced to 1,000 lashes, may now face death penalty
- 3 Delhi bus rapist blames dead victim for attack because 'girls are responsible for rape'
- 4 PornHub turns masturbation into energy in bid to save the planet
- 5 Have sex with your iPad thanks to the new sex toy no-one asked for