MILAN - ITALIAN fashion house Versace is cutting about a quarter of its global workforce and expects to post a loss this year as it takes a hit from slumping demand for luxury goods and designer items in the financial crisis.

The celebrity-favourite fashion brand, whose gowns are worn by Hollywood actresses such as Angelina Jolie, is taking measures aimed at returning the group to profitability in 2011, it said in an e-mailed statement on Wednesday.

LONDON - BRITISH drugs group GlaxoSmithKline, maker of swine flu vaccine Pandemrix, said on Wednesday that net profits rose 30 per cent in the third quarter, aided by the weak pound and a focus on emerging markets.

The group forecast 'further improvement' and 'significant sales' in the fourth quarter due to influenza products that include antiviral drug Relenza.

TOKYO - JAPANESE automakers are experiencing a production boom in China with Toyota, Honda and Nissan setting records for September - the latest signs of an emerging recovery for Japan's auto industry.

Honda Motor Co's production set a record for the company in both China and Asia overall for September, although total overseas production has been declining for a year.