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.
Exclusive: World’s most pristine waters are polluted by US Navy human waste
Saint Patrick's Day: Google Doodle marks patron saint of Ireland - here are 10 things you didn't know about the man himself
Missing Malaysia Airlines Flight MH370: Did jetliner fly into area controlled by Taliban? Net widens after claims final satellite signal could have been sent from the ground
Britain’s five richest families worth as much as poorest 20 per cent, says Oxfam
Nasa-funded study warns of ‘collapse of civilisation’ in coming decades
Ukip and Nigel Farage on course for remarkable victory in European elections
Tony Benn was entirely ineffectual - and usually wrong
Katie Hopkins continues campaign to become Britain's most hated talking head with poorly timed Bob Crow tweet
No EU referendum under Labour: Ed Miliband to reveal that vote on membership is ‘unlikely’ in next Parliament if party wins power
The rise of Ukip: Study warns Labour that Eurosceptic party's electoral base now 'more working class than any of the main parties'
Europeans have ‘got whiter’ due to natural selection in past 5,000 years, scientists say
- 1 Is your name now 'banned' in Saudi Arabia?
- 2 Gender-specific books demean all our children. So the Independent on Sunday will no longer review anything marketed to exclude either sex
- 3 Missing Malaysia Airlines Flight MH370: Did jetliner fly into area controlled by Taliban? Net widens after claims final satellite signal could have been sent from the ground
- 4 Nasa-funded study warns of ‘collapse of civilisation’ in coming decades
- 5 'Missing Malaysia Airlines Flight MH370 plane found in Bermuda Triangle!' Viral Facebook links are profiting hackers
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