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 Home Office says Nigerian asylum-seeker can’t be a lesbian as she’s got children
- 2 What happens to your body when you give up sugar?
- 3 Drugs Live cannabis trial: Hash is less harmful than any other drug, expert claims
- 4 Turkish Airlines flight TK 726 crash-lands on Nepal runway amid dense fog
- 5 Apple and Google users being spied on for a decade because of 'Freak' security flaw
The City of the Monkey God: Archaeologists claim to have found city lost for 1,000 years in remote Honduran jungle
Turkish Airlines flight TK 726 crash-lands on Nepal runway amid dense fog
Japanese island overrun with cats after population explodes
London property boom built on dirty money
Becky Watts: Stepbrother and his girlfriend named locally as two arrested on suspicion of murder
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Durham Free School: 'Creationism taught at' free school facing closure
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
Ukip would cut billions from Scottish budget to fund English tax cuts
End of the licence fee: BBC to back radical overhaul of how it is funded
Ukraine crisis: Top Chinese diplomat backs Putin and says West should 'abandon zero-sum mentality'
iJobs Money & Business
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
Voluntary post, reasonable expenses reimbursed: Reach Volunteering: Would you ...
£36,000 - £40,000: Christine McCleave: Are you looking for a new opportunity a...
£15000 - £18000 per annum: Recruitment Genius: This is a great opportunity for...