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 Rarest Beanie Baby bought for just £10 at car boot sale could be sold for £62,500 on eBay
- 2 Katie Hopkins and The Sun editor David Dinsmore reported to police for incitement to racial hatred following migrant boat column
- 3 Parma, Missouri: 80 per cent of town's police quit after first black mayor is elected
- 4 Australian student Tommy Connolly, 23, adopts his pregnant, homeless 17-year-old cousin to give her a chance at 'a better life'
- 5 Google search history can now be downloaded in its entirety, mass embarrassment expected
Rarest Beanie Baby bought for just £10 at car boot sale could be sold for £62,500 on eBay
Katie Hopkins and The Sun editor David Dinsmore reported to police for incitement to racial hatred following migrant boat column
'Jihadi John': Isis executioner Mohammed Emwazi wanted to wage jihad in Somalia until his friends were betrayed and killed by al-Shabaab
Parma, Missouri: 80 per cent of town's police quit after first black mayor is elected
Australian student Tommy Connolly, 23, adopts his pregnant, homeless 17-year-old cousin to give her a chance at 'a better life'
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
The only black face in the Ukip manifesto is on the page about overseas aid
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
Katie Hopkins on LBC: Listen to caller taking The Sun columnist to task over migrant comments
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