Business week in review
Sunday 14 October 2012
Paul Tucker, the Bank of England's deputy governor, was confirmed as firm favourite for the top job at Threadneedle Street on Monday. As the deadline for applications passed, it emerged that a series of potential heavyweight rivals had declined to put their names forward for the UK's most powerful unelected post.
Former civil service head Lord O'Donnell and Goldman Sachs star Jim O'Neill are no longer in the running, though Steve Hawkes, business editor of The Sun, is continuing his campaign. Suspicions that Tucker and Hawkes have made a "Granita" pact could not be verified at time of going to press.
Not content with being Russia's richest man with a near-30 per cent stake in Arsenal Football Club, Alisher Usmanov on Wednesday confirmed plans for a London float of his mobile phone company. MegaFon, which is poised to capitalise on a Russian smartphone boom, will list about 15 per cent of its shares. That should raise a healthy $2bn (£1.3bn).
On Wednesday, Kate Bostock, once Marks & Spencer's head of clothing, was named as executive director for product and trading at online fashion retailer Asos.
...at a loss
A nasty start to the week for the boss of everyone's favourite condoms-to-limescale-remover giant, Reckitt Benckiser. On Monday, the company admitted that two years ago Rakesh Kapoor pledged the bulk of his Reckitt shareholding against a personal loan.
This could be in contravention of stock market rules, which state that listed companies must reveal their directors' dealings. For a company that makes Vanish stain remover, Reckitt failed to wipe awaythe speculation over why it failed to make an earlier declaration. A spokesman simply blamed an "administrative error" on the part of the company rather than any fault of Kapoor himself.
The Japanese car-maker, Toyota, suffered a huge dent to its reputation on Wednesday with the recall of 7.43 million vehicles – 140,000 in Britain – because of a risk that window switches could catch fire. Executive vice-president Takeshi Uchiyamada blamed Toyota's success. "The fast growth of the past decade has been too much in some areas for the company to keep up with," he said.
Also on Wednesday, JP Morgan Chase's Jamie Dimon admitted the 2008 emergency Bear Stearns buyout lost the bank $10bn (£6.3bn).
- 1 President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
- 2 ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
- 3 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
- 4 AirAsia flight QZ8501 missing: Search for plane carrying 162 passengers from Indonesia to Singapore suspended overnight
- 5 Naomi Wolf reacts to Isis 'conspiracy theories' critism after she questions whether beheading videos are real
President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
Exclusive: Abusers using spyware apps to monitor partners reaches 'epidemic proportions'
ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
UK weather: Warning for more snow and ice as freezing temperatures and gales hit Britain
Stoke-on-Trent becomes first British city to be classified as 'disaster resilient' by the United Nations
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Millions of Britons struggling to feed themselves and facing malnourishment
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Nigel Farage: Ukip leader named 'Briton of the year' by The Times
Immigrants make UK racist, says Ukip councillor Trevor Shonk
iJobs Money & Business
Not specified: Selby Jennings: VP/SVP Credit Quant Top tier investment bank i...
Not specified: Selby Jennings: Quantitative Research | Global Equity | New Yor...
Not specified: Selby Jennings: SVP Model Validation This top tiered investment...
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...