Business week in review
Sunday 04 August 2013
Mark Zuckerberg, the co-founder and chief executive of Facebook, had more friends this week after the social network's shares powered past last year's flotation price of $38 (£25) for the first time. Its stock price tanked after its troubled float on Nasdaq in May 2012, but a boom in mobile advertising drove its quarterly revenue up by 53 per cent to $1.8bn.
Shares in Next, the UK fashion chain, hit a record high on Tuesday, following a robust first quarter of trading. Its chief executive Lord Wolfson said shoppers were becoming "more spontaneous" in their spending habits, but downplayed the prospects of a full-scale economic recovery for the foreseeable future.
...at a loss
Barclays' chief executive Antony Jenkins had a week to forget, as the bank unveiled a £5.8bn rights issue to shore up its balance sheet. It was forced into the bigger-than-expected cash call to satisfy the Prudential Regulation Authority, which has identified £12.8bn a capital shortfall at the banking giant. Barclays is also steeling itself for further developments into its 2008 fundraising from Qatar before Mr Jenkins' time.
Another company facing fresh controversy is Apple, whose chief executive is Tim Cook, over working conditions at its Chinese suppliers' factories. US-based China Labor Watch alleges Apple's suppliers have used child labour, forced overtime and illegal 66-hour working weeks.
- 2 Edward Heath 'child sex abuse' allegation: Investigation to be held into Wiltshire police handling of alleged claim in the 1990s
- 3 Dutch King Willem-Alexander declares the end of the welfare state
- 4 A-level results 2015: UK exam board OCR admits it 'estimates' hundreds of pupils' grades after papers 'go missing'
- 5 Giant Minion terrorises drivers in Ireland as 40ft inflatable blocks busy Dublin road
Sabrina Corgatelli: US hunting tourist posts picture of herself with dead giraffe after Cecil the lion outrage
'Gene drive': Scientists sound alarm over supercharged GM organisms which could spread in the wild and cause environmental disasters
Labour leadership race: Jeremy Corbyn could be the next Prime Minister, says Ken Clarke
Dutch King Willem-Alexander declares the end of the welfare state
Tom Cruise: Reporters banned from asking actor about Scientology
Is Britain really full up? Are migrants taking our jobs? Leading academic answers the most common anti-immigration claims
Calais Migrant Crisis: Deputy Mayor of Calais labels Cameron's use of 'swarm' as 'racist' and 'ignorant'
Chris Leslie: Jeremy Corbyn's anti-austerity agenda will harm the poor, says Labour shadow Chancellor
Landlords renting properties to illegal immigrants to face up to five years in prison
While we fixate on Calais, the Home Office is quietly deporting dozens of migrants on 'ghost flights'
Calais crisis: The seven claims made about the migrants - and the reality
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