Business week in review
Sunday 10 February 2013
A top Tuesday for Sir Richard Branson who provided some of the best evidence yet that money goes to money. The hot air balloon-flying tycoon stands to pocket more than £200m from the £10.3bn sale of Virgin Media to Liberty Global – the news that the pair were in talks was revealed earlier this week.
Branson already earns £10m a year for the use of his brand. He also used Virgin Media to polish his profile, starring in its ads with the likes of sprint king Usain Bolt.
Alanis Morissette would no doubt think it's ironic that the founder of Hargreaves Lansdown is called Peter Hargreaves. Fortunately, the man who was, we are reliably informed, Bristol's first billionaire businessman, has a rather better grasp of the English language, describing his company as the "largest investment supermarket". On Wednesday, he announced that the group's pre-tax profit jumped 30 per cent to £93.7m in the six months to December.
Paul Jardine, boss at insurer Catlin, unveiled a near-fivefold rise in annual profit to £216m, despite paying out more than expected on Superstorm Sandy and Costa Concordia claims.
... at a loss
On Monday, Centrica chief executive Sam Laidlaw finally confirmed the news the British nuclear industry had known for the best part of a year: the British Gas owner doesn't want to get involved in building the new power stations.
While this was good news for investors, who wanted greater clarity over Laidlaw's nuclear non-ambitions, it does mean the group will have to write-off the £200m it has invested in the programme, as revealed in these pages last year. French group EDF will have to find a new partner to develop its nuclear plant at Hinkley Point, with the Chinese understood to still be circling.
Ouch! HSBC boss Stuart Gulliver admitted to MPs that the bank had been too slow to establish money-laundering controls. This appearance came three months after HSBC paid £1.2bn to settle a criminal investigation into allegations that the bank had become a conduit for "drug kingpins and rogue nations".
On Thursday, Ocado finance director Duncan Tatton-Brown mounted a strong defence of the online grocer's numbers, having posted a loss for the 11th year running.
- 1 The man who filmed the Freddie Gray video has been arrested at gunpoint
- 3 Top Gear: Jodie Kidd, Philip Glenister and Guy Martin 'in advanced talks' to join show
- 4 Frankie Boyle on Scottish independence: 'In the Interests of Unity, F**k Off'
- 5 How to gain confidence and maximise your sexual potential
Boston Marathon runner's search for mystery man she kissed ends with letter from his wife
Frankie Boyle on Scottish independence: 'In the Interests of Unity, F**k Off'
Italian police 'reveal' what Jesus looked like as a young boy
Mysterious 'X-Files' sounds heard miles above the Earth
Met Gala 2015: Beyoncé manages to out-skimp Rihanna, Miley and Kim Kardashian combined with near-naked ensemble
In defence of liberal democracy
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
General election live: SNP suspends two members for disrupting Labour rally
Schools forced to act as 'miniature welfare states' with teachers buying underwear and even haircuts for poor pupils
Andy McSmith's Sketch: Feisty audience is the real star of an enlightening show
iJobs Money & Business
£20000 - £25000 per annum + Uncapped commission: SThree: Can you speak German,...
£25000 - £30000 per annum + benefits: Ashdown Group: An exciting opportunity f...
£215 per day: Ashdown Group: Junior Project Manager (website, web application ...
£40-50K: Guru Careers: We are seeking an experienced Software Engineer / Softw...