THE Welsh Government has rejected a bid from Bangor University to acquire a former technium business incubator site at no cost.
Minister for Business Edwina Hart has confirmed that she has rejected the takeover bid for the former CAST (Centre for Advance Software Technology) Technium, now known as T Menai.
Instead Mrs Hart has directed officials in her department to enter into discussions with Bangor University to agree a disposal on market terms.
In the event that Bangor University is not prepared to proceed on this basis the minister has agreed that the property is offered for sale on the open market.
The technium once formed part of the Welsh Governments business support initiative.
However, following a return on investment evaluation, six of the 10 techniums set up to accommodate and support mainly start-up businesses in specific sectors were axed from the European Union back programme last year.
As reported in the Western Mail last month, a bid by Glyndr University to acquire the OpTIC Technium at St Asaph for no cost was also rejected by Mrs Hart although negotiations are continuing.
As well as OpTIC Technium, the remaining sites are Technium Digital and Techniums one and two all in Swansea and Technium Springboard in Cwmbran.
A Welsh Government spokesman said: As announced in November 2010, four sites are retained within the Technium network.
The Welsh Government continues to review Technium performance and the most appropriate way of taking forward the network.
The cabinet meeting has approved issuing of four financial decrees relating to acquiring loans for rebuilding the country and flood prevention, Atchaporn Charuchinda, secretary general of the Council of State, said on Tuesday.
The four proposals were put forward by the strategic committees for rehabilitation and future development and for setting up a water resource management system.
They are needed to help restore the confidence of Thai and foreign investors and to ensure the prevention of a recurrence of the floods in the long term, Mr Atchaporn said.
The Council of State must give advice to the cabinet on whether the issuance of bills and decrees is constitutional. It wa
NEW YORK Morgan Stanley will cut about 1,600 jobs across all levels of company, becoming the latest bank to slash payrolls against a backdrop of extreme volatility in financial markets.
The cuts, which amount to 2.6 percent of the banks workforce, will be made in the first three months of 2012, a spokesman for the New York investment bank said Thursday. The bank had more than 62,000 employees as of the end of September.
Spokesman Mark Lake said that the cuts will occur globally and will include analyst, associate, vice president, executive director and managing director levels.
Citigroup also said last week it will eliminate 4,500 jobs, or about 1.5 percent of its global workforce of 267,000, over the next few quarters.
AN international trade body has called on the Welsh Government to take a more aggressive approach to attracting foreign investment into Wales.
The Wales International Business Council (WIBC) said that Wales needed to up its game securing more foreign direct investment (FDI) projects, although it had become a far more competitive global marketplace
Following the decision to scrap the International Business Wales inward investment brand, inward investment personnel although a number opted for redundancy are now supporting the sector specific teams, which include ICT and advanced manufacturing, in the Welsh Government.
However, it is understood that the Welsh Government will make an announcement next month which could see a centralised team being reintroduced.
NEW YORK (AP) — Online broker E-Trade Financial Corp. shares fell 3.5 percent during the trading day and plunged another 5 percent in after-market trading following its announcement that it had concluded a strategic review and has no plans for a sale.
Shares fell 34 cents to close at $9.48. A
Central Marketing Group (CMG), a business unit of the Central Group, has signed a franchise agreement with Kansas-based Payless ShoeSource that will see outlets next year in Bangkok, making Thailand its 15th franchise country.
“The franchise model has proven to be an effective way to quickly reach more international markets with the Payless brand and all it has to offer,” said LuAnn Via, the chief executive and president of Payless.
Payless will provide CMG with seasonal product assortments along with expertise in retail operations, merchandising, marketing and brand strategy.
In return, CMG will provide location planning, construction, logistics, store training, staffing and local marketing execution.
It will also adopt Payless’s new Hot Zone format and purchase products directly from the seasonal assortments, with slight adjustments for local needs.
Like the Payless branches in the US, the international franchise stores all feature a wide assortment of shoes and accessories for the family.
Payless launched its franchise operation in Kuwait in 2009.
This past August, it opened its 100th international franchise outlet.
Payless envisions having 700 franchises worldwide by 2014 on top of the nearly 4,500 outlets under its own management and joint ventures.
CARACAS, Venezuela Chinese officials signed 6 billion in new loans to Venezuela on Thursday aiming to boost the South American countrys oil industry.
After the loans were signed, Venezuelan President Hugo Chavez defended his countrys growing ties with China as vital to his countrys development. He also dismissed criticisms by opponents who question the mounting loans, which are to be paid back in oil shipments.
China has swiftly become Venezuelas biggest foreign lender in recent years, and had previously agreed to more than 32 billion in loans.