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.
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Shock poll shows voters believe Ukip is to the left of the Tories
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Ukip candidate jokes about 'shooting peasants' in racist and homophobic rant
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
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