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 Saudi Arabia mosque bombing: Two volunteer security guards hailed as heroes for stopping Isis suicide bomber reaching worshippers
- 2 Maisie Williams has an excellent message for one confused fan
- 3 Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
- 4 Tampon tax scrapped in Canada after petition convinces conservative government
- 5 Kate Moss on the naked Calvin Klein shoot and the obsession that ended her relationship
Saudi Arabia mosque bombing: Two volunteer security guards hailed as heroes for stopping Isis suicide bomber reaching worshippers
Maisie Williams has an excellent message for one confused fan
Archaeologists discover 2,400-year-old gold bongs in Russia
Tampon tax scrapped in Canada after petition convinces conservative government
Migrants in Kos: Photos show real tragedy after British tourists complain of 'awkward' holidays
EU referendum: David Cameron's rules are a 'democratic disgrace', says French-born Scottish politician set to be denied a vote
British tourists complain that impoverished boat migrants are making holidays 'awkward' in Kos
A nation of inequality: How the UK is failing to feed its most vulnerable people
Australian man punched in the face for defending Muslim women from abuse on train
David Starkey 'tells Amal Clooney to shut up and stop over-promoting human rights'
EU referendum: David Cameron to deny EU migrants and under-18s the chance to vote
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