Business week in review
Sunday 15 April 2012
No revenue. Founded by a pair of twentysomethings 18 months ago. Does that sound like a $1bn company?
Facebook coughed up that in cash and shares on Monday for the photo-sharing site Instagram. A week earlier it was valued at only $500m after a fundraising. The big winner was chief executive, Kevin Systrom, 28, the largest shareholder with about 45 per cent.
Also feeling generous was RSA. On Tuesday, the insurance giant gave ex-boss Andy Haste a £500,000 bonus for being a "good leaver". His total pay came to £2.77m, up 27 per cent on the previous year.
Tullett Prebon boss Terry Smith. was also in the money. The broker's annual report revealed he took home £7.5m in pay, dividends and bonuses.
... at a loss
Barclays chief Bob Diamond endured a miserable Easter as shareholders voiced anger over his £17.7m pay packet. On Tuesday, the Association of British Insurers joined in, issuing an "amber top" warning over the American's pay, adding weight to calls to vote against Diamond's 2011 cash at the bank's annual meeting later this month.
Chief executive Steve Ingham was down on Wednesday, when Michael Page, his recruitment firm was the biggest faller in the FTSE 250, after warning of a tough labour market.
The next day, JD Sports Fashion's Peter Cowgill reported a 14.2 per cent fall in full-year pre-tax profit despite a revenues rise past £1bn.
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