Monday, July 15, 2013

News in brief: Barclays gives Travelzest reprieve, SThree slashes its support operation, Cobham pays £74m in helicopter buyout, Google China boss steps down

Travelzest, which used to sell naturist holidays, now focuses on two British travel websites, holiday.co.uk and flights.co.uk. It is attempting to renegotiate loans which it claims are ?unsustainable and negatively impacting profitability?.

SThree slashes its support operation

Recruiter SThree Plc announced today that roughly 8% of its support function jobs and seven offices across Europe are to be axed as part of a restructuring that will reduce costs by about ?8 million per year.

?We have or will exit from seven leases across Europe and the UK,? said chief financial officer Alex Smith. ?Some 50 employees will be affected from our support services and 13 from sales management?.

Cobham pays ?74m in helicopter buyout

Defence and aviation firm Cobham today took full control of the company that trained Prince Harry to be a helicopter pilot by buying out its partner in the joint venture.

Cobham paid ?74 million in cash to American-owned Bristow Helicopters to acquire the 50% stake in the FBH group which it did not already own.

FBH specialises in defence helicopter training and has a string of clients including the Ministry of Defence.

Google China boss steps down

The head of Google?s China operations has stepped down ?to pursue other opportunities,? according to a statement from the technology firm.

Dr John Liu has been at Google for six years. He was originally head of sales for the company?s Greater China operations, before being elevated to head of Google?s Greater China business in 2009. Liu oversaw a fall in market share in the country after Google decided not to adhere to China?s censorship rules in 2010. The company?s market share for search is at 3 percent, according to Chinese analytics site CNZZ.com.

Source: http://www.standard.co.uk/business/business-news/news-in-brief-barclays-gives-travelzest-reprieve-sthree-slashes-its-support-operation-cobham-pays-74m-in-helicopter-buyout-google-china-boss-steps-down-8709507.html

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