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Top story
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Training makes Valley fly
The Ministry of Defence has struck a £635m deal with Ascent, a joint venture between VT Group and Lockheed Martin, to train jet pilots at the RAFs Valley airbase on Anglesey. New hangars, squadron buildings, lecture theatres and flight simulators will be built on the base by 2011 as part of the deal. Ascent will provide all fast jet pilot training for UK armed forces flying the new Hawk 128 aircraft. The joint venture company joins private sector contractors Babcock and FB Heliservices at Valley.
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T&C tunes in to Cardiff
Town & Country Broadcasting, the Neath-based radio group, has bought ailing indie music station XFM South Wales from GCap Media. T&C will rebrand the station as Nation Radio and move its studios from Cardiff to Neath. Jason Bryant, chairman and chief executive of T&C, said he would run the station as a younger Virgin Radio aimed at a mainstream audience of 15 to 44-year-olds. He added: It gets us into Cardiff, which is obviously crucial. 
Riochem pools resources
Test technology company Riochem has raised £250,000 from investors led by UK Steel Enterprise to promote its portable TinyLab water testing kit. Riochem, founded by former Corus chief chemist Sohail Hajatdoost, is targeting the swimming pool and spa market around the world. The Caerphilly company was backed by Corus subsidiary UK Steel Enterprise, business angel Roy Clark, HSBC and a Welsh Assembly grant in a deal arranged by accountancy firm BPU.
To good health
A Powys company promoting healthy lifestyles has received investment from a business angel to help expand across the UK. Health Matters Education, set up by health and fitness expert Vicky Bowen, raised the early stage funding from an individual through the Xénos network. The cash will enable Bowens firm to expand its services to primary schools and nurseries throughout the UK as part of a nationwide launch as childrens health moves up the political agenda.
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Admiral for Italy
Insurance group Admiral has entered the Italian market, where it will trade under the ConTe brand from offices in Rome. The Cardiff companys subsidiary plans to test marketing campaigns over the coming months and anticipates that trading volumes will be low during this period. Admiral said that it would provide a progress update on this, its third overseas operation, in March 2009.
Investor targets Redrow
A major shareholder in Redrow, the North Wales-based housebuilder, has lifted its stake to 18.13 per cent, raising the possibility of a merger with another construction firm. Tosca Asset Management, which has a stake in rival Taylor Wimpey, bought 1.4 million shares in Redrow, giving it a total of 29 million shares.
International bright young things
Education provider Study Group International and the University of Wales have opened the public/private partnership Wales International Study Centre in Newport. The centre is aimed at building the profile of Wales as a destination for international students. It is hoped that it will provide a £20m boost to the economy. Financial support came from the Welsh International Consortium, International Business Wales and the British Council Wales.
Dee down
Dee Valley, the utilities group based in Wrexham, has posted lower full-year pre-tax profits despite an increase in revenues. The company reported pre-tax profit of £4m compared with £4.4m a year ago, while revenue rose to £19m from £18.6m. The company blamed increased loan indexation charges and an increase in depreciation for the fall in profits.
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Two in at the Liberty
Lambert Smith Hampton has let two units at the Liberty Stadium in Swansea on behalf of the Swansea Stadium Management Company. Unit 1 has been let to Liberty Financial Services and Unit 2 has been taken by hairdresser Icon. Both deals are for 25-year leases.
Office firm moves to Caspian
Serviced business accommodation specialist Executive Communication Centres has taken up residence at One Caspian Point in Cardiff Bay. Established in 1988, the company has three offices in Birmingham, together with others at Nottingham, Reading and London.
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Health role for Savage
Bill Savage, the chairman of promotion agency Cardiff & Co, is the new chairman of Vale Healthcare, the joint venture between South Wales medical consultants and Nuffield Health. He will be joined on the board by Adrian Godfrey, senior partner at HW Corporate Finance, who becomes a non-executive director. Lis Neil, chief executive of Vale Healthcare, said: Bill Savages strong commercial acumen and invaluable experience in corporate governance make him the perfect candidate for the role of chairman, while Adrian Godfreys extensive management and consultancy experience will bring an enhanced financial focus to the board.
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