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Top story
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Newport scheme gets £25m boost
Modus, the developer of the delayed Friars Walk regeneration scheme in central Newport, has sold part of the project for £25m to London-based Delph Properties. Delph has acquired two blocks of the residential sector of the £220m mixed-use development from Modus. Earlier this month Modus admitted it had postponed work on the 30-storey City Spires building pending a review, while the company was reported to have approached two banks for funds for Friars Walk.
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NMC builds in Yorkshire
NMC, the Tredegar building products company, has acquired Copley Decor, a polyurethane materials maker based in North Yorkshire. The combined company will trade as NMC Copley and will be the only UK manufacturer of polyurethane decorative mouldings. Trevor Stone, NMCs managing director, said he planned further acquisitions over the next 12 months. 
Buyout at Thompson
Thompson Plastics, the group that owns truck parts maker Thompson Technik of Bridgend, has been acquired in a management buyout led by managing director Richard Clynes. Thompson Technik, formerly ARM Plastics, employs 100 staff at Bridgend and was bought by Hull-based Thompson Plastics in 2000. Clynes said: Investment will be geared towards increased manufacturing efficiency to retain our competitive edge and will be coupled with a strong commitment to product and process development.
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Call for action as tourist numbers fall
The Welsh Assembly has demanded an action plan for tourism after figures showed an 8 per cent drop in the number of visitors last year. Tourism minister Rhodri Glyn Thomas has asked the Wales Tourism Alliance to help commission an analysis of the industry, which would help to inform an action plan. The drop in visitors to 8.85 million in 2007 from 9.61 million in 2006 was blamed on rainy weather, the strong pound and good figures the year before.
Sony improves picture for Pencoed
Sony has chosen its site in Pencoed near Bridgend to manufacture high-definition camcorders. The plant will also be the companys European service and repair centre for digital cameras and camcorders. The investment is expected to create more than 40 new high skilled jobs, adding to the 560 already on the site, and was supported by the Welsh Assembly. Steve Dalton, managing director of Sony UK Technology Centre, said: The diversification and additional income helps make Sony Pencoed more competitive so we can bid on a cost-effective basis for new business.
New wings for Airbus
Aircraft maker Airbus is to invest £100m developing lightweight aircraft wings at its Broughton plant in Flintshire. The research project is expected to protect jobs at Broughton, where 7,000 staff are employed. It is expected to lead to the lightweight composite wings being made at the site.
Freshwater still in the game
Freshwater UK, the public relations group, plans to stay on the acquisition trail after its first-half profits jumped 50 per cent. The group posted a pre-tax profit of £456,000 for the six months to the end of February 2008, from £304,000 in 2007. Turnover rose to £4.1m, up from £2.7m. Chief executive Steve Howell said: We look forward to further developing combined and cross-selling opportunities and continue to expand the group through targeted acquisitions.
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Property and construction
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Anglesey floats marina appeal
Anglesey council has launched an appeal to save a £14m marina project planned for Beaumaris on the Menai Strait. The councils executive committee voted to appeal against a High Court ruling against the marina project, which was expected to create 140 jobs. Dafydd Jones, owner of developer Anglesey Boat Company, said he backed the councils decision and would keep fighting to build the marina.
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Podmore to LDC
Private equity house Lloyds Development Capital has taken on former Ernst & Young adviser Ian Podmore as investment director, covering Wales and the South West. Podmore led the development of Ernst & Youngs UK Medical Products Industry Monitor report and also spent six months working as the UK finance manager for US orthopaedic company Zimmer. He joins Paul Oldham, who moved from Grant Thornton to LDCs new Bristol office earlier this year.
PKF takes Roberts
Accountancy firm PKF has recruited tax specialist Denise Roberts from PricewaterhouseCoopers to head the tax department in PKF's Cardiff office. Roberts has been asked to grow the business in line with PKFs wider expansion plans, building on existing client relationships and forging new business partnerships. PKF has also rebuilt its corporate finance team, is recruiting to support the tax team and expects growth in the small business market and specialist areas such as medical and VAT consultancy and corporate recovery.
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