The Business Matrix: Wednesday 16 November 2011

Stagecoach sells US school buses

Stagecoach has sold its school bus business in Winconsin for $47m (£30m). The British firm has owned the business since 1999 but has decided to focus on its Megabus network in the US. Earlier this month, Stagecoach said sales at its US operations had risen by 12 per cent while its UK bus and rail revenue growth was in single digits.

Asda sales up 1.3% in third quarter

Asda underlined its steady recovery by announcing a rise in third-quarter sales. The UK's second-biggest grocer said the performance of its own-label ranges and message on low prices had helped to drive growth. Sales at stores open for more than a year rose 1.3 per cent, excluding fuel and VAT sales tax, in the three months to September.

Pinewood stirred by new Bond film

The film and television studio operator Pinewood Shepperton said it continued to trade well in the second half of 2011 after being boosted by projects including the new James Bond film, Skyfall. Other productions filmed on site included Dark Shadows, with Johnny Depp, Prometheus, The Rob Brydon Show and Lee Mack's All Star Cast.

Southern Cross CEO steps down

Southern Cross, formerly the UK's biggest care homes provider, said it had transferred a further 24 sites to new operators, bringing the total to 743. Its remaining nine homes will undergo transfers over the next month. It also confirmed that its chief executive, Jamie Buchan, has stepped down after helping to wind up the company.

Shell seals deal on Iraqi 'flare' gas

Iraq has approved a $17bn deal with Shell and Mitsubishi to capture gas that is now being flared off into the atmosphere at oilfields in the south of the country. The 25-year venture is expected to help Iraq make use of more than 700 million cubic feet of gas that is burned off a day at three major fields around Basra.

Johnston Press revenues drop

The regional newspaper group Johnston Press has suffered an 8 per cent fall in print and digital advertising revenues since June, although this was a slight improvement on the 10 per cent slide in the first half of the year. Circulation revenues declined by 1.6 per cent, compared to 1.8 per cent in the first six months.

Darby succeeds Pluthero at CWW

Gavin Darby, a former UK head of Vodafone, is to succeed John Pluthero as chief executive of the business telecoms group Cable & Wireless Worldwide on 28 November. Mr Pluthero's unexpected departure was announced yesterday as the telecoms group posted half-year losses of £590m.

Ermotti takes over at UBS

The Swiss bank UBS has made Sergio Ermotti its permanent chief executive and brought forward its chairman-designate Axel Weber's start date, in a move to reassure investors after the bank's $2bn (£1.3bn) trading scandal. Mr Ermotti was named interim CEO in September after Oswald Grübel quit.

Drax reconsiders biomass projects

Drax, the operator of one of Europe's most polluting power plants, may not pursue plans to build two green energy projects as it says the new state aid level for the green fuel it intends to use is too low. Drax wanted to build two 299MW biomass-fired power plants. Consultations on the state aid level are ongoing.

Clyde Blowers buys Moventas

The British private equity group Clyde Blowers has agreed to buy the wind turbine and industrial gear-maker Moventas for €100m (£86m). The Finnish company, which supplies turbine-makers such as Vestas, filed for bankruptcy for two of its subsidiaries earlier this year due to weak demand and overcapacity.