Business news in brief: Microsoft | Lothian Recycling JS | Gocompare | ABI

Published on 28/06/2012 00:00

MICROSOFT has lost its appeal against an EU decision penalising it for defying a competition ruling, bringing nearer to an end a decade-long battle with the European Commission.

Judges at the General Court reduced the firm’s fine by 4.3 per cent to €860 million (£690m). The European Commission had imposed the penalty four years ago after the software giant defied a ruling obliging it to provide information to make business easier for its rivals.

Microsoft has lodged its own complaints to the commission about the activities of Google.

Lothian Recycling JS expands storage

A TEXTILES recycling group has taken over a redundant storage warehouse in Livingston from IT services firm Computacenter.

Lothian Recycling JS, which trades as Cash 4 Clothes, has taken a sub-lease on the 10,900sq ft unit as a sorting depot for its East of Scotland and North of England network. Knight Frank said the deal had been “concluded very quickly”.

Meanwhile, architectural planning firm TPS Consult has taken out a new five-year lease at the A-listed Commercial Quay development in Leith. DTZ acted on behalf of landlord GE Capital Real Estate UK.

Gocompare figures are sweet music

RISING car insurance premiums helped grow profits at price comparison website Gocompare.com last year.

The Newport-based company said it provided a quote every second in 2011 after a 15 per cent rise in the average cost of comprehensive car insurance to £971.

Profits rose 15 per cent to £34.7 million, on turnover 7 per cent higher at £108.9m, but it said the comparison site market remained “very competitive” as rivals such as MoneySupermarket increased their advertising spending to win new customers.

Thiam to take over as chair of ABI

TIDJANE Thiam, chief executive of insurer Prudential, is to take over as chairman of the Association of British Insurers (ABI) next week.

Thiam, who in February warned that the Pru might quit its London base to avoid tough new European capital rules, will become ABI chairman on 3 July, the lobby group said yesterday.

Thiam, who has been the Pru boss since 2009 and led its failed attempt to buy Asian rival AIA the following year, replaces outgoing ABI chairman Tim Breedon. “Insurance is one of Britain’s business success stories,” said Thiam.