The Business Matrix: Monday 6 May 2013

Sainsbury’s buys out its bank

Supermarket giant Sainsbury’s is tipped to take full control of its banking business as City sources suggest it will buy up Lloyds Banking Group’s 50 per cent stake in the joint venture. Sainsbury’s boss Justin King is set to make the announcement alongside an eighth consecutive year of rising sales.

Buffett offers no clues on successor

Warren Buffett has insisted that the board of Berkshire Hathaway, the mega-conglomerate he has led since the 1960s, is “solidly in agreement” over his successor. But he gave thousands of shareholders who assembled for the company’s annual meeting at the weekend no clues as to who the next boss would be.

Donald Trump golf course for Dubai

American billionaire mogul Donald Trump has teamed up with DAMAC Properties, which bills itself as the largest private developer of luxury real estate in the Middle East, to develop an 18-hole PGA Championship Golf Course in Dubai. The Trump Organization already has 14 courses under its management across the world.