The magazine (which in the past has had a joint publishing deal with The Economist Group) has a circulation of 80, 000 and 40 journalists crowded into a dingy office in Beijing.

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Bloomsbury Qatar Foundation Publishing, a British joint venture in Doha, signed him from the shortlist.

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The joint venture will exclude Bertelsmann's trade publishing business in Germany and Pearson will retain rights to use the Penguin brand in education markets worldwide.

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He is expected to form joint ventures with Clear Channel that allow him to explore a record label, TV content, music publishing and a concert series.

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During the first half of the year its cost-cutting measures including creating a seven-day joint operation for the Daily and Sunday Mirror, plus integrating its two Scottish operations, which include the publishing of the Daily Record.

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