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 Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
- 2 Prince held a Facebook Q&A and this is the only question he answered
- 4 Now we know whose fault it is if you end up being murdered in Thailand
- 5 35,000 walrus gather ashore on north-west Alaska beach 'for a rest'
Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
Car tax disc changes: Five facts you never knew about your (almost obsolete) tax disc
The Aral Sea: Nasa pictures show how what was once the fourth largest lake in the world has become almost completely dry
Brad Pitt, on the moment he completely lost his temper with Clint Eastwood's son
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
The Osborne Ultimatum: Chancellor’s benefits freeze bombshell will affect ten million households
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Should gay sex be illegal? 16% of Britons think so
Mark Reckless becomes second Tory MP to defect to Ukip in a month
Benefits 'smart cards' plan revealed by Iain Duncan Smith to stop claimants spending welfare money on alcohol
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