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.
Diving in at the deep end is no excuse for shirking the style stakes
- 1 Fry ‘criticises Operation Yewtree in dinner party rant’ calling for tougher laws to deter false sex abuse allegations
- 2 Belgium fan Axelle Despiegelaere lands L'Oreal campaign after World Cup viral photo
- 3 Why I'm on the brink of burning my Israeli passport
- 5 Blackest is the new black: Scientists have developed a material so dark that you can't see it...
Pope Francis: ‘One in 50’ Catholic priests, bishops and cardinals is a paedophile
Fry ‘criticises Operation Yewtree in dinner party rant’ calling for tougher laws to deter false sex abuse allegations
Supermoon 2014 in pictures: The moon appeared bigger and brighter at the weekend
Saharan remains may be evidence of first race war, 13,000 years ago
Israel-Gaza conflict: ‘Sderot cinema’ image shows Israelis with popcorn and chairs 'cheering as missiles strike Palestinian targets'
Sustained immigration has not harmed Britons' employment, say government advisers
War is war: Why I stand with Israel
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’
Emergency data law: David Cameron plots to bring back snoopers’ charter
NUT strike: David Cameron announces crackdown on strike action ahead of mass industrial action
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