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 Eurovision 2015: Graham Norton returns with another cutting commentary - his best lines
- 2 Purity balls: Girls in the US making virginity pledges as fathers vow to 'protect purity'
- 3 Eurovision 2015 winner: Sweden beats Russia and Italy to take the title from Conchita Wurst
- 4 Mother 'will allow son's circumcision in return for release from prison'
- 5 Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
Greek hospitals cannot afford painkillers, scissors or sheets as budget cuts bite
Purity balls: Girls in the US making virginity pledges as fathers vow to 'protect purity'
Bulgarian seaside resort Sunny Beach is cheapest for beer
Female Muay Thai champion hustles coaches to give them a beating
Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
Report finds that Britain's wages are the most unequal in Europe
The day that Britain resigned as a global power
Almost a third of school pupils believe 'Muslims are taking over our country', study claims
Gay marriage 'Bert and Ernie' cake bakery found guilty of discrimination in Northern Ireland
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