Business week in review
Sunday 21 October 2012
Robert Tchenguiz, one half of the ostentatious property tycoon brothers, saw the Serious Fraud Office (SFO) embarrassingly scrap its investigation into failed Icelandic bank Kaupthing on Monday.
The SFO said it had "insufficient evidence to justify" any further investigation into Robert, just four months after abandoning its case against elder sibling Vincent.
Robert, a major bank shareholder through Exista, an investment vehicle, said he realised "the SFO has an important role to play in investigations of this nature".
However, such a consideration doesn't look like stopping him from joining Vincent in a £100m compensation claim. That should buy a few bottles of champers.
One man who can afford a round is Henrique de Castro. No, he isn't a Seventies singer-cum-lothario, but the new chief operating officer of Yahoo. He was lured to join from Google on Monday by $58m (£36m) in pay and shares over four years.
Royal Bank of Scotland boss Stephen Hester was all smiles on Thursday, as his bank left the Asset Protection Scheme, the Government-backed insurance scheme to cover toxic assets.
...at a loss
Party animal, financier, and mining entrepreneur Nat Rothschild bared his teeth on Monday, abruptly quitting the board of Bumi, the mining venture he established to such great fanfare.
He accused Bumi's chairman, Samin Tan, of being "complicit" in the "oppression" of some shareholders. This is the result of a long-running feud with Indonesia's Bakrie family, who put some of their coal assets into a London shell, Vallar, last year, to create Bumi. All very complicated and nasty, particularly as the deal was the brainchild of Rosthschid.
One of India's corporate success stories, the high-flying career of Vikram Pandit, crashed down to earth on Tuesday.
Investors were shocked to hear that a boardroom row ended in Pandit's resignation from Citi, the US bank he led for more than five years. Michael O'Neill, who became chairman in April, is said to have clashed with Pandit over management styles.
We take little joy in the plight of bankers, but Wednesday saw Bank of America boss Brian Moynihan announce a net income of $340m (£212m) for July to September – 95 per cent down on last year.
- 1 Howard Jacobson: Let's see the 'criticism' of Israel for what it really is
- 3 Belgium fan Axelle Despiegelaere lands L'Oreal campaign after World Cup viral photo
- 4 Britney Spears sings 'Alien' without Auto-Tune in embarrassing leaked audio clip
- 5 PornHub begs users to stop uploading video clips of Brazil getting beaten 7-1
Instagram of US airport security chiefs: Lipstick knives and IED training kits among items seized
Game of Thrones author George RR Martin says 'f*** you' to fans who fear he will die before finishing Westeros saga
Mick Jagger denies being World Cup curse and reason for Brazil’s embarrassing defeat
Israel-Gaza crisis: ‘We just want it to end… We don’t deserve to live like this’
Israel-Gaza crisis: Eight killed in Gaza Strip cafe while watching World Cup semi-final
Sustained immigration has not harmed Britons' employment, say government advisers
Australia facing international condemnation after turning around Sri Lankans at sea
7/7 memorial defaced on anniversary of 2005 attacks with ‘Blair lied thousands died’ graffiti
Even when it brutalises one of its own teenage citizens, America is helpless against Israel
Socialist Worker called to apologise over ‘vile’ article saying Eton schoolboy Horatio Chapple's death is ‘reason to save the polar bears’
There’s a nasty smell in the political air – and it’s coming from the Tories
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