Business week in review
Sunday 09 December 2012
Chelsea fans might be angry at their billionaire owner, Roman Abramovich for hiring Rafa Benitez as the club's manager, but in the City the Russian is reinventing himself as a "white knight".
On Tuesday, the luxury yacht-loving tycoon agreed to take a £1.2bn stake in the world's biggest nickel producer, Norilsk, in a deal brokered to end all legal disputes between two other oligarchs, Vladimir Potanin and Oleg Deripaska, who each own around a quarter of the mining company's stock.
The chief executive of TUI Travel, which is behind the brands Thomson and First Choice, declared on Tuesday that package holidays are back in vogue as the UK's wet weather ended the staycation fad. Peter Long announced an 8 per cent profit rise to £390m for the year to September.
Stagecoach boss Sir Brian Souter announced a 39 per cent increase in first-half profit on Wednesday.
...at a loss
Quitting with a pay-off that exceeds the worth of many Lotto jackpot-winning tickets would be enough to see most people into the top bit of this column, but not poor(ish) Trevor Reid. On Tuesday, miner Xstrata announced finance boss Reid was off, with £5.45m in his bin.
However, he was expecting up to £11m in retention bonuses as part of a £140m pot proposed for senior management after the £56bn deal to merge Xstrata with former parent Glencore, the cobalt-to-sugar trader.
Xstrata shareholders voted down the bonuses recently, a clear sign that the shareholder spring was not a one-season-only event.
On Wednesday, Tesco boss Philip Clarke confirmed reports that the supermarket empire was conducting a "strategic review" – almost certainly a sale – of Fresh & Easy. Tesco admitted its US arm "will not deliver acceptable shareholder returns" in its current form.
Ireland's Taoiseach Enda Kenny announced another austerity-driven budget on Wednesday.
- 1 Lucy Hawking: Stephen Hawking's daughter writes impassioned open letter to Katie Hopkins about rights of disabled people
- 2 #NotGuilty: Second Oxford student writes of brutal rape by two men who then threw her in a bin as part of campaign against victim blaming
- 3 How the language you speak changes your view of the world
- 4 Russell Brand backs Ed Miliband: 'You gotta vote Labour'
- 5 Uploading pictures to find out how old you are gives Microsoft the right to post them wherever they want
Lucy Hawking: Stephen Hawking's daughter writes impassioned open letter to Katie Hopkins about rights of disabled people
Indonesia executions: Death row British grandmother Lindsay Sandiford will refuse to wear a blindfold when she faces firing squad
Oxygen-starved 'dead zones' with no marine life up to 100-miles long discovered in the Atlantic Ocean
Russian warships accused of 'chasing away' Swedish vessel to prevent Baltic States from achieving energy independence
How the language you speak changes your view of the world
Over 50,000 families shipped out of London boroughs in the past three years due to welfare cuts and soaring rents
EU asylum policy is 'a direct threat to our civilisation', says Nigel Farage
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: SNP and its activists 'openly racist' towards the English, Farage says
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
Schools forced to act as 'miniature welfare states' with teachers buying underwear and even haircuts for poor pupils
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