Business week in review
Sunday 06 January 2013
Always dangerous driving after a heavy New Year's Eve, but, unlike many, Avis boss Ronald Nelson started 2013 with a smile. On Wednesday, Avis announced it had snapped up car club Zipcar for $500m (£300m), adding a fleet of 10,000 vehicles and 760,000 members to the motor rental giant.
However, this might be a sign of how gloomy the next 12 months could be: car clubs have boomed at least in part thanks to the soaring cost of petrol.
Also on Wednesday, Queens Park Rangers co-owner Lakshmi Mittal celebrated a $1.1bn windfall. A consortium, led by South Korean steelmaker Posco and China Steel Corporation, agreed to take a 15 per cent stake in ArcelorMittal's Labrador Trough mine in Canada.
Lord Sassoon, once tipped as a Bank of England governor, was confirmed as executive director of Asia-focused conglomerate Jardine Matheson on Thursday.
...at a loss
Sir Martin Sorrell had a turbulent 2012, vehemently defending his huge pay packet during the shareholder spring. Fortunately for headline writers, WPP's advertising guru has not resolved to keep his views to himself in 2013 and got off to a marvellous start by defending Starbucks' and Google's UK tax arrangements.
On Wednesday, he said multinationals' tax contributions were a "matter of judgement" after the outcry over the amount they have paid in recent years.
Compost-maker William Sinclair was deep in its own product on Thursday, as boss Bernard Burns admitted last year's weather had kept gardeners inside. In the 12 months to September, the group lost £403,000.
The same day, Nat Rothschild escalated his long-running row with miner Bumi by claiming a key subsidiary lacked credibility.
Bosses of collapsed banks should be sent to jail, George Osborne told
Feat of engineering: Incredible photographs show construction beneath New York's Second Avenue
Brazil kicks off: World Cup excess draws hundreds of thousands to street protests
World news in pictures
Google challenges US surveillance gagging order
- 1 Diary of Second World War German teenager reveals young lives untroubled by Nazi Holocaust in wartime Berlin
- 2 Breaking the Silence: In the reality of occupation, there are no Palestinian civilians – only potential terrorists
- 3 Uri Geller psychic spy? The spoon-bender's secret life as a Mossad and CIA agent revealed
- 4 Viral video straps colt .45 handgun to a home-use drone
- 5 Vice pulls 'breathtakingly tasteless' fashion shoot glorifying the suicides of famous female authors from Sylvia Plath to Virginia Woolf
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