Northern and Shell News

Richard Desmond's Northern & Shell media empire is set to report 2011 post-tax profits of A 40.2m, after revenues increased to A 688.8m. Financial results to be published by Companies House later this week are expected to show the acquisition of Channel 5 television from RTL in July 2010 for 99.1m has helped transform Northern & Shell's fortunes.

Express owners Northern & Shell announced that around 70 jobs are to go across its national titles as part of a A 5m cost-cutting programme.

According to the FT, Desmond is weighing up a bid through his Northern & Shell group to have a former printworks in Westferry redeveloped into a large residential complex.

The company, whose portfolio includes the Express Newspapers group and Channel 5, has brought in Mimi Turner for the role.

Major UK-based firms cut secret tax deals with authorities in Luxembourg to avoid millions in corporation tax in Britain, the BBC's Panorama has found.