Business week in review
Sunday 20 May 2012
In profit ...
Stefano Pessina, the chairman of Boots, the high-street chemist, tried to brush off questions over the Switzerland-based retailer's tax last week. But he was more effusive about a multi-billion pound merger that is his preferred exit from the £11.5bn private equity-backed deal that pulled Alliance Boots off the stock market in 2007. Speaking as he unveiled a 12.4 per cent rise in annual profit to £1.2bn, the Italian said that mergers "create synergies and value".
The superheroes of the Avengers Assemble film have come to the rescue of Cineworld, helping to drive a 6.3 per cent rise in revenue since December. The chain's boss Steve Wiener said Robert Downey Jr et al, plus a rise in mid-week cinema trips had fuelled the rise.
G4S, the world's largest security firm, led by Nick Buckles, is hoping for an action-free summer, after announcing that the contract to provide Olympic security will boost revenues by £150m this year. The group toasted a 7.5 per cent rise in first quarter revenues.
...at a loss
Jamie Dimon, the chief executive of JP Morgan Chase, had another week to forget after the FBI opened an investigation into the $2.3bn losses suffered by the investment bank on complex derivatives. His week took a further turn for the worse on Tuesday when 40 per cent of shareholders voted to split the chairman and chief executive roles.
For altogether different reasons, another titan of corporate America was licking his wounds this week. Richard Schulze, the founder and chairman of Best Buy, the electricals giant, quit after failing to bring to the board's attention the alleged "extremely close personal relationship" his former chief executive, Brian Dunn, had with a female employee. Dunn quit a month ago for violating the retailer's ethics policy.
Life doesn't get easier for Stephen Marks, head of fashion retailer French Connection. The chain, which he founded in 1972, posted its third profit warning in seven months on Thursday.
- 1 Home Office says Nigerian asylum-seeker can’t be a lesbian as she’s got children
- 2 What happens to your body when you give up sugar?
- 3 Drugs Live cannabis trial: Hash is less harmful than any other drug, expert claims
- 4 Turkish Airlines flight TK 726 crash-lands on Nepal runway amid dense fog
- 5 Apple and Google users being spied on for a decade because of 'Freak' security flaw
The City of the Monkey God: Archaeologists claim to have found city lost for 1,000 years in remote Honduran jungle
Turkish Airlines flight TK 726 crash-lands on Nepal runway amid dense fog
Japanese island overrun with cats after population explodes
London property boom built on dirty money
Becky Watts: Stepbrother and his girlfriend named locally as two arrested on suspicion of murder
Durham Free School: 'Creationism taught at' free school facing closure
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
Ukip would cut billions from Scottish budget to fund English tax cuts
End of the licence fee: BBC to back radical overhaul of how it is funded
Ukraine crisis: Top Chinese diplomat backs Putin and says West should 'abandon zero-sum mentality'
Boris Nemtsov shot dead: Outspoken Putin critic who had expressed fears for his life is killed near the Kremlin
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