Business Diary: MBO hits the right note for hip-hop bookseller

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The Independent Online

Since The Independent broke the story about Hilco's private equity unit seeking to buy Borders UK last week, booksellers have been frantically posting messages on trade websites. One revealed that some of the retailer's staff refer "affectionately" to Philip Downer, the chief executive of Borders UK, as P Diddy, the US hip-hop star. It's fair to say that after Mr Diddy, sorry Downer, unveiled the Hilco-backed management buyout last Thursday, not all the web comments have been complimentary. However, we are sure many bosses of other struggling companies have been called a lot worse by disgruntled employees.

Unions plotting more troubles for Turner

Poor old Lord Turner. His pension review – initially praised – is getting trashed, his job as chairman of the FSA is set to be axed if the Tories win and now he has managed to nettle the main finance union by refusing to recognise it. Unite has demanded a meeting with the peer to discuss putting its relationship with the FSA on a formal footing. He might be wise to listen to the union's demands. As the general election approaches and the FSA's demise becomes ever more likely, Unite could easily gain enough members to force its way to the negotiating table. Better to take the hand of friendship now than a fist in the face later on?

Tweeting into the administrator's cap

If you live by the blog, it appears you die by the blog. The co-founder of Shiny Media, the self-styled "first blog network in the UK", revealed on Twitter this week that the company had collapsed. Katie Lee wrote: "Looks like everyone knows Shiny Media has gone into administration." However, speculation is mounting on other websites that Shiny might already be under new ownership.

Bolland backs the wrong footie team

Everything has gone swimmingly for Marc Bolland, the chief executive of Morrisons, since he took the helm in September 2006 – apart from his choice of football team. Ailing Leeds United have endured a miserable few years, including collapsing into administration, being relegated to League One and two successive play-off failures. Still, Mr Bolland was buoyed by the grocer's profit upgrade on Tuesday.

Number of the day: 195m

The number of doses of swine flu vaccine for which GlaxoSmithKline has secured contracts worldwide.

businessdiary@independent.co.uk

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