In Short

A round-up of today's other stories in brief...

Revenues fall by 3% at Media Square

Media Square, the UK-quoted creative agency in which former Eircom finance director Peter Lynch's Prime Active Capital holds a 21.5 stake, saw its revenues fall by 3 per cent in the six months to August 31st.

Revenues fell back at the UK's fifth largest media company, to £33.1 million (€40.7 million), due to the resignation of a number of loss-making client accounts and the reduction in spending by ongoing clients. But initial benefits of the Aim-listed firm's ongoing restructuring were evidenced by an increase in its profits before tax to £0.9 million, compared to a loss of £13.2 million in the same period in 2007.

APN chief quits Independent board

Brendan Hopkins, chief of APN News Media in Sydney, has resigned from the board of Independent News Media (INM) following the company's decision to review its ownership of a 39 per cent stake in APN.

Swiss Re reports loss of €201m

Swiss Re surprised shareholders yesterday as financial market turmoil, lower investment income and hurricane damage claims triggered a SFr304 million (€201 million) net loss for the third quarter compared with expectations of profits.

Confidence was also hit by the suspension of the group's ambitious SFr7.75 billion share buyback scheme, still barely half completed.

Swiss Re attributed the move to husbanding resources at a time of unprecedented market uncertainty and providing the flexibility to meet clients' additional reinsurance needs. - ( Financial Times service)

iPod chief resigns from Apple

The Apple executive in charge of the best-selling iPod and iPhone product lines has resigned from his position, citing a wish to spend more time with his family. Tony Fadell, a senior vice-president who was seen as a possible successor to chief executive Steve Jobs, will remain as a part-time adviser to Mr Jobs. Apple has hired Mark Papermaster to lead iPod and iPhone hardware engineering, but his former employer, IBM, has mounted a legal challenge to his move.

Allco Finance in receivership

Allco Finance, the Australian asset manager that joined forces with Texas Pacific Group and Macquarie in the failed A$11 billion (US$7.7 billion) buy-out bid for Qantas Airways, has collapsed into receivership owing close to A$1 billion. - ( Financial Times service)