Business week in review
Sunday 23 December 2012
Euan Sutherland, the chief operating officer at B&Q-owner Kingfisher, is downing his DIY tools to become the chief executive of The Co-operative Group. Mr Sutherland, who has 18 years' experience at companies, including Boots, Dixons, Coca-Cola and Superdrug, will join in May, taking over from Peter Marks. The Co-op delivered total revenues of £13.3bn last year across its banking, grocery, chemist and funeral divisions but its profits slipped in what Mr Marks described as the "toughest" economic conditions in more than 40 years.
In Russia, Norilsk Nickel, the world's biggest nickel and palladium producer, unveiled its co-owner, Vladimir Potanin, as its new chief executive in a Kremlin-inspired deal to end a boardroom war. Fellow Russian oligarch Roman Abramovich, who owns Chelsea Football Club, will take a 20 per cent voting stake and act as a buffer between Mr Potanin and rival Oleg Derispaska, who owns a share in Norilsk through Rusal, the world's top aluminium manufacturer.
Mark Zuckerberg, boss of Facebook, may have lost friends after the fall in the social network's shares floating at $38 in May, but this week gained others by donating nearly half a million dollars-worth of shares to a Silicon Valley charity.
...at a loss
Sergio Ermotti, the chief executive of UBS, suffered a day of shame this week after the banking giant agreed to pay $1.5bn to US, UK and Swiss regulators for trying to manipulate the Libor inter-bank lending rate. The Financial Services Authority fined the Swiss bank £160m – three-times the £59.5m fine imposed on Barclays in June for Libor-rigging. Mr Ermotti said on Wednesday: "We deeply regret this inappropriate and unethical behaviour."
Lloyd's of London was also in the doldrums when it said Superstorm Sandy could cost it up to $2.5bn. While the brutal storm on the US east coast in October was one of the costliest in the insurance market's history, Richard Ward, the boss of the 324-year institution, said its exposure to the storm is well within the worst-case scenarios its prepares for.
An uncertain economic outlook was blamed by Aggreko, the power supplier, for a forecast £100m shortfall in its revenues next year. Rupert Soames, the chief executive of the company which provided power for the London Olympics, partly blamed the expected fall on the likelihood that some Japanese contracts will not be renewed.
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
iJobs Money & Business
£35000 - £40000 per annum + Benefits: Ashdown Group: HR Advisor - 6 Months Fix...
£70000 per annum: Harrington Starr: Information Security Manager (ISO 27001, A...
£75000 - £85000 per annum + ex bens: Deerfoot IT Resources Limited: Biztalk Te...
£60000 per annum: Harrington Starr: Trade Desk Specialist (FIX, Linux, Windows...