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.
Animals found with 'puncture holes the size of a human finger'
Video: The official full-length trailer for the Jurassic Park sequel has dropped – two days early
- 1 Tamir Rice: 12-year-old boy playing with fake gun dies after being shot by Ohio police
- 2 To help fuel their propaganda machine against the poor, our government has now decided to redefine the word 'welfare'
- 3 Black Friday 2014: Opening hours for John Lewis, Asda, PC World, GAME and Argos
- 4 Bill Cosby: Isn’t it obvious why his accusers have stayed silent up until now?
- 5 Jeremy Hunt: 'I took my children to A&E because I didn't want to wait for GP appointment'
Tamir Rice: 12-year-old boy playing with fake gun dies after being shot by Ohio police
Sarah Vine on Jack Monroe being a lesbian mother: 'If she was unsure about her sexuality, she should have taken greater precautions'
Black Friday 2014: Opening hours for John Lewis, Asda, PC World, GAME and Argos
Michael Brown shooting: Ten things we know – or know better – now the Ferguson grand jury's work is over
Ferguson riots: The most powerful images to emerge from protests over Michael Brown killing
Rochester by-election: Ukip gains second MP as Tory defector Mark Reckless holds seat
'Beast of Bolsover' Dennis Skinner takes Ukip MP Mark Reckless to task moments after he is sworn in
Rochester by-election: Labour MP Emily Thornberry resigns after posting white van and England flags tweet
The young are the new poor: Sharp increase in number of under-25s living in poverty, while over-65s are better off than ever
Revealed: How the world gets rich – from privatising British public services
Exclusive: UK approved £7m Israeli arms sales in six months before Gaza conflict
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