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The Business Matrix: Friday 24 May 2013


Samsung's new Galaxy sets record

Samsung's new Galaxy S4 smartphone has become its fastest-selling phone, at a rate of one every four seconds. Samsung said it has sold 10 million of the latest Galaxy S handsets in its first month. But the Galaxy S4's record launch sales still do not rival the iPhone, which sold 5 million of its iPhone 5 in its launch weekend alone.

Young's raises a glass to profits

Pub group Young's saw sales jump 8.2 per cent to £193.7m, with strong like-for-like managed house growth across both the Young's and Geronimo chains. Profit increased 10.6 per cent to £28.9m, allowing for a increase in the dividend for the 16th year running. The group is even planning "Mum and toddler" and yoga sessions.

Big pay deals as Tesco bosses quit

The chief executive of Tesco's failed US business walked off with nearly £3m last year, despite Fresh & Easy savaging the supermarket giant's bottom line. Alongside the payoff for Tim Mason, Tesco paid its former UK chief executive Richard Brasher £1.3m over the year, despite him leaving in July.

JP Morgan is hit with £3m fine

The Financial Conduct Authority has slapped a £3m fine on JPMorgan's wealth management arm. The punishment from the FCA – the replacement for the Financial Services Authority – was for "systems and controls failings" which "persisted for two years".

Big firms 'should come clean'

Big companies should disclose how much tax they pay in each country where they operate, Europe's top regulator said. Michel Barnier said rules already applied to banks and should be extended to other firms in the row over tax avoidance.

Profits up at Daily Telegraph owner

The owner of the Daily Telegraph saw pre-tax profits climb 5 per cent to £57.2m last year as falling newsprint costs offset a decline in turnover. Telegraph Media Group said sales dropped 1 per cent to £327.5m. Print advertising and circulation both fell but growth in digital and other consumer revenues "mitigated this decline".

MailOnline hits 10m visitors a day

MailOnline has clocked up 10 million daily unique visitors for the first time, helped by coverage of yesterday's Woolwich terror attack, as digital growth boosts profits at parent company Daily Mail and General Trust. Pre-tax profits almost tripled to £96.9m. Underlying profits before exceptionals were still up 30 per cent.

Pearson boss to go in board shake-up

Pearson's North America education boss Will Ethridge will step down as part of a board shake-up. John Fallon, the new chief executive, is reorganising the management, with six department heads overseeing three global lines of business – school, higher education and professional – and three regions.

Mothercare cuts losses at UK stores

Mothercare said its UK turnaround plan remains "on track" after it cut losses at its domestic business, despite falling sales at the baby equipment and clothing supplier. UK losses fell £3m to £21.7m over the year to 30 March. International profits rose 20 per cent to £42m.

Volvo eyes selling off American unit

Volvo, the world's second-largest truck maker, is exploring the sale of its North American construction-equipment rental business, according to Reuters. The division, known as Volvo Rents, may be worth up to $1.5bn or nearly £1bn.