Business week in review

In profit...

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.

Start your day with The Independent, sign up for daily news emails
ebooks
ebooksA special investigation by Andy McSmith
  • Get to the point
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Financial Adviser

£20000 - £60000 per annum: Recruitment Genius: Are you recently QCA Level 4 qu...

SThree: Graduate Recruitment Resourcer

£20000 - £22500 per annum + OTE £30K: SThree: SThree Group have been well esta...

Guru Careers: Application Support Analyst / 1st Line Support

£25 - 30k: Guru Careers: We are seeking an Application Support Analyst / 1st L...

Guru Careers: .NET Developer / Web Developer

£45K - £55K (DOE) + Benefits: Guru Careers: We are seeking a full stack .NET D...

Day In a Page

Not even the 'putrid throat' could stop the Ross Poldark swoon-fest'

Not even the 'putrid throat' could stop the Ross Poldark swoon-fest'

How a costume drama became a Sunday night staple
Miliband promises no stamp duty for first-time buyers as he pushes Tories on housing

Miliband promises no stamp duty for first-time buyers

Labour leader pushes Tories on housing
Aviation history is littered with grand failures - from the the Bristol Brabazon to Concorde - but what went wrong with the SuperJumbo?

Aviation history is littered with grand failures

But what went wrong with the SuperJumbo?
Fear of Putin, Islamists and immigration is giving rise to a new generation of Soviet-style 'iron curtains' right across Europe

Fortress Europe?

Fear of Putin, Islamists and immigration is giving rise to a new generation of 'iron curtains'
Never mind what you're wearing, it's what you're reclining on

Never mind what you're wearing

It's what you're reclining on that matters
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband

Chuka Umunna: A virus of racism runs through Ukip

The shadow business secretary on the benefits of immigration, humility – and his leader Ed Miliband
Yemen crisis: This exotic war will soon become Europe's problem

Yemen's exotic war will soon affect Europe

Terrorism and boatloads of desperate migrants will be the outcome of the Saudi air campaign, says Patrick Cockburn
Marginal Streets project aims to document voters in the run-up to the General Election

Marginal Streets project documents voters

Independent photographers Joseph Fox and Orlando Gili are uploading two portraits of constituents to their website for each day of the campaign
Game of Thrones: Visit the real-life kingdom of Westeros to see where violent history ends and telly tourism begins

The real-life kingdom of Westeros

Is there something a little uncomfortable about Game of Thrones shooting in Northern Ireland?
How to survive a social-media mauling, by the tough women of Twitter

How to survive a Twitter mauling

Mary Beard, Caroline Criado-Perez, Louise Mensch, Bunny La Roche and Courtney Barrasford reveal how to trounce the trolls
Gallipoli centenary: At dawn, the young remember the young who perished in one of the First World War's bloodiest battles

At dawn, the young remember the young

A century ago, soldiers of the Empire – many no more than boys – spilt on to Gallipoli’s beaches. On this 100th Anzac Day, there are personal, poetic tributes to their sacrifice
Dissent is slowly building against the billions spent on presidential campaigns – even among politicians themselves

Follow the money as never before

Dissent is slowly building against the billions spent on presidential campaigns – even among politicians themselves, reports Rupert Cornwell
Samuel West interview: The actor and director on austerity, unionisation, and not mentioning his famous parents

Samuel West interview

The actor and director on austerity, unionisation, and not mentioning his famous parents
General Election 2015: Imagine if the leading political parties were fashion labels

Imagine if the leading political parties were fashion labels

Fashion editor, Alexander Fury, on what the leaders' appearances tell us about them
Phumzile Mlambo-Ngcuka: Home can be the unsafest place for women

Phumzile Mlambo-Ngcuka: Home can be the unsafest place for women

The architect of the HeForShe movement and head of UN Women on the world's failure to combat domestic violence