The context here is lacking. Of course, that's the inital press release - not The Escapists's fault.
It doesn't make sense to state that "shrink[ing] their nanowire lasers down to just 120 nanometres in diameter" constitutes a "world record speed". We can compare that to commercially available systems [http://www.thorlabs.com/navigation.cfm?guide_id=2024] which create pulses 800 nm wide, which is somewhat more helpful.
Or better yet, we can divide 120 nm by the speed of light turns up 0.4 femtoseconds. Femtosecond lasers usually only go down to 30 fs [http://www.rp-photonics.com/femtosecond_lasers.html]. (One femtosecond is to a second as ten minutes is to the age of the universe.)
Except... if we look at the cited paper [http://www.nature.com/nphys/journal/vaop/ncurrent/full/nphys3103.html], they only talk about 800 fs pulses; the abstract suggests that the wires used in the laser are 120 nm in diameter, not the pulses.