Business week in review
Sunday 24 June 2012
The Sorrell clan hasn't had much cheer recently – poor old patriarch Sir Martin saw his £12.9m mega-pay package voted down by furious WPP shareholders this month.
Much better news for his high-flying son, Jonathan Sorrell, who was promoted to finance director at hedge-fund giant Man Group on Monday. The 34-year-old former Goldman Sachs banker becomes one of the youngest senior execs at a major company in the FTSE 250, where Man now resides having been dumped out of the index of 100 blue-chip stocks last week. Sorrell jnr's got a job on his hands, as investors fume over a 40 per cent loss in the value of their stock this year. Probably best not to ask dad for advice on how best to placate them.
Alliance Boots chairman Stefano Pessina defied the high street gloom on Tuesday, as he unveiled plans to sell the chemist to US peer Walgreens in a deal that values the group at an eye-watering $16bn (£10bn).
On Wednesday, former Scottish Widows boss Archie Kane was named governor of Bank of Ireland.
...at a loss
Allen Stanford's former chief investment officer Laura Pendergest-Holt reached a plea deal on Tuesday over her alleged involvement in Stanford's $7bn (£4.5bn) Ponzi-style fraud.
Later in the week, she pleaded guilty to one obstruction of justice charge, having been indicted in 2009 on several others, including conspiracy related to her allegedly false testimony to the US Securities and Exchange Commission. According to reports she'll get three years in jail: former billionaire Stanford received 110 years.
Kesa Electricals, which sold Comet to OpCapita in February for two quid, owned up to a dire last financial year on Wednesday. Chief executive Thierry Falque-Pierrotin said "markets throughout Europe were exceptionally difficult", but restructuring costs related to the sale of the Comet chain dragged the group £250m into the red.
On Wednesday, Bob McDonald, the boss of Procter & Gamble, the world's biggest consumer goods group, said sales growth next year should be 2-3 percentage points down on forecasts of 5 per cent.
- 1 Forget 'The Dress': Here are five of the biggest news stories you might have missed
- 2 The black and blue dress: Makers considering a white and gold version
- 3 Eddie Redmayne in The Danish Girl: First look at Oscar winner as transgender artist
- 4 PornHub turns masturbation into energy in bid to save the planet
- 5 The remarkable archaeological underwater discovery that could open up a new chapter in the study of European and British prehistory
Boris Nemtsov shot dead: Outspoken Putin critic who had expressed fears for his life is killed near the Kremlin
Leonard Nimoy dead: Star Trek Spock actor dies after suffering lung disease
PornHub turns masturbation into energy in bid to save the planet
Ukraine crisis: Top Chinese diplomat backs Putin, says West should 'abandon zero-sum mentality'
White and gold or blue and black – what colour is the dress? An eyewitness gives a definitive answer
New theory could prove how life began and disprove God
Half of Ukip voters say they are prejudiced against people of other races
'Cash for access' scandal: Sir Malcolm Rifkind says 'unrealistic' for MPs to live on £67,000 salary
This is what it's like to be dead, according to a guy who died for a bit
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Aqsa Mahmood branded a 'disgrace' by her parents after claims she recruited three UK girls flying to Middle East
iJobs Money & Business
£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...
£30000 - £37000 per annum: Recruitment Genius: Established in 1999, a highly r...
£250-£300 Day Rate: Jemma Gent: Are you a qualified accountant with strong exp...
£230 - £260 Day Rate: Jemma Gent: Do you want to stamp your footprint in histo...