Week in Review
Sunday 07 October 2012
Phew! South African billionaire Ivan Glasenberg finally has his hands back on Xstrata, the miner he spun-out of his Glencore commodities empire a decade ago. For years, as the Swiss-based coal-to-zinc empire grew, Glasenberg nursed ambitions to reunite the pair. Over the past eight months (it's only seemed like years), the two have tried to hammer out a megamerger in the public eye. Glasenberg recently upped his offer for Xstrata and on Monday the latter's board recommended it to shareholders. Now, the deal has just to get past pesky EU regulators.
Ian Meakins, the boss at heating and plumbing giant Wolseley, warmed the hearts, and wallets, of investors on Tuesday, announcing a £350m special dividend. This marked the latest stage of a recovery that saw the firm shed thousands of jobs to cut its debts.
Talking of dividends, it emerged on Thursday that Marie Claire publisher, IPC Media, paid a £51.5m dividend to parent company Time Warner. IPC chief Sylvia Auton must now be a favourite with bosses across the pond.
...at a loss
Beverley Williams, who must have had more fun selling naughty knickers at La Senza than trying – and usually failing – to flog tracksuits at JJB Sports. Only interim boss since July, last Monday she saw the chain cease trading as administrators closed 133 stores and shed 2,200 jobs.
KPMG managed to sell 20 shops to rival Sports Direct, but, sadly, the JJB name will no longer be found on the high street as Sports Direct pushes through a rebrand.
Also on Monday, one of the City's most high-profile bankers was one of four charged with insider trading by the Financial Services Authority.
Martyn Dodgson, a managing director at Deutsche, who advised the Treasury on its bank bailouts, is alleged to have been part of a three-year conspiracy to trade on inside information, netting £3m.
On Wednesday, Tesco boss Philip Clarke announced the grocer's first profit fall for nearly two decades. There were particularly bleak updates on its sales in South Korea, the United States and Europe.
- 1 'Nasa Confirms Six Days of Darkness in December': No, they don't - it's a hoax
- 2 Number of global billionaires has doubled since the financial crisis
- 3 Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
- 4 Of course, teenage girls need role models – but not like beauty vlogger Zoella
- 5 North Korean officials 'publicly executed for watching South Korean soap operas'
'Nasa Confirms Six Days of Darkness in December': No, they don't - it's a hoax
Canadian actor punched in face after 'Islamophobia' experiment goes wrong in wake of Ottawa shooting
Number of global billionaires has doubled since the financial crisis
Elizabeth Norment dead: House of Cards actress honoured by Kevin Spacey after she dies aged 61
Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
Pope Francis declares evolution and Big Bang theory are real and God is not 'a magician with a magic wand'
Huge surge in Ukip support after EU funding row, according to new poll
Ukip ‘exploiting grooming scandal’ to secure party’s first police chief
Nigel Farage: 'There’s nothing wrong with white people blacking up'
Muslims, immigration and teenage pregnancy: British people are ignorant about almost everything
Nigel Farage and Frankie Boyle clash over Andrew Lawrence's 'Mock the Week' criticism
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