The business week in review: Toolstation, Yahoo, Next and Michael Woodford
Sunday 08 January 2012
Mark Goddard-Watts found himself £24m richer when he sold his remaining stake in Toolstation to Travis Perkins, which runs the country's biggest network of builders' merchants.
The Somerset-based businessman had already pocketed a fortune when he sold 30 per cent of the business to Travis Perkins for £18m in 2008.
Yahoo might not be struggling to remain competitive against the all-powerful Google in the search-engine market, but it's still a huge company with 700m users. So Scott Thompson will gain considerable profile as Yahoo's new chief executive, having joined from online auction firm eBay. Moreover, it will come as a relief to Yahoo, having spent four months without a boss since Carol Bartz left.
ENRC finally settled a long-running dispute with First Quantum over ownership of a copper mine in the Congo. The Kazakh mining giant that is much criticised over its corporate governance handed its rival $1.25bn to end the argument.
At a loss...
Everyone expected the high street to be the new year's great disappointment, but few expected Lord Wolfson, the chief executive at fashion chain Next, to be the first to deliver bad news.
He admitted that the dip in his company's latest sales was "slightly disappointing" and warned that consumer spending will be similar in 2012 to last year. That means not good.
Michael Woodford was in tears as he ended his bid to be reinstated as Olympus chief executive. Having blown the whistle on a number of scandals that he claims to have discovered at the Japanese group, it was always unlikely that the British businessman would win his campaign to get back the top job.
Institutional investors wouldn't publicly back him, while Woodford also said that his efforts were traumatising his wife and had to stop.
Oil behemoth Shell became the last FTSE 100 company to close its final salary pension scheme to new workers, though this won't start for another year.
- 1 The political parties aren't all the same – which means 2015 will be a 'big-choice' election
- 2 President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
- 3 ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
- 4 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
- 5 Naomi Wolf reacts to Isis 'conspiracy theories' critism after she questions whether beheading videos are real
President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
Exclusive: Abusers using spyware apps to monitor partners reaches 'epidemic proportions'
ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
UK weather: Warning for more snow and ice as freezing temperatures and gales hit Britain
Three killed at South Korean nuclear reactor days after hackers target country's atomic agency
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
Immigrants make UK racist, says Ukip councillor Trevor Shonk
BBC director Danny Cohen: Rising UK antisemitism makes me feel more uncomfortable than ever
Nigel Farage: Ukip leader named 'Briton of the year' by The Times
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