QUOTE OF THE WEEK I: "The huge Greek government deficit for 2009 came as a surprise to us all"– And European Commission president José Manuel Barroso doesn't like surprises.
QUOTE OF THE WEEK II: "Any sign that help might come would undermine efforts which are needed to reform the Greek economy"– There should be no bailout talk for Greece, according to Otmar Issing, founding member of the European Central Bank.
GOOD WEEK: Time Warner
Going solo suits the media conglomerate, which has returned to profit in its first results since it split with AOL – the internet service provider with which it disastrously merged in 2001. The “deal of the century” was unwound last year, with the chief executive at the time, Jerry Levin, admitting that what he had actually presided over was “the worst deal of the century”.
The company, which now concentrates on movies, television and old-media publishing rather than that confusing online stuff, saw its performance boosted by higher-than- expected revenues from hit films The Hangoverand Sherlock Holmes.
GOOD WEEK: Marc Bolland
Not to be confused with late glam- rocker Marc Bolan, incoming Marks & Spencer chief executive Marc Bolland made headlines this week for securing a £15 million (€17 million) remuneration package – including a £7.5 million “golden hello” – from M&S, enraging just about everyone.
This was partly in “compensation” for the inconvenience of giving up his job as chief executive of supermarket chain Morrisons, which meant he would not collect on the share package that was supposed to guarantee his loyalty. Bolland’s annual salary of £975,000 at M&S will be 77 times the retailer’s average pay level.
BAD WEEK: World Cup profiteers
The bright side of Ireland not being in this year’s football World Cup is that no one has to waste time getting outraged by the inevitable opportunism that drains fans’ pockets. Six South African airlines are being investigated for allegedly colluding to hike fares for local flights during the tournament, which is due to be held in South Africa in June.
Even without such price-fixing malarkey, though, Fifa has already admitted that it expects fewer foreign fans to fly to the World Cup this year, partly due to the generally high cost of flights to South Africa. Some 450,000 fans are expected to travel, down from initial estimates of one million.
BAD WEEK: Macquarie Bank
Official interest rates in Australia remained unchanged this week at 3.75 per cent, although one analyst at Macquarie Bank reckons rates will hit 4.75 per cent late this year . . . all very pertinent to Aussie mortgage holders and savers, of course, but not quite the reason why said analyst has racked up YouTube plays like he's the new Susan Boyle. As Macquarie's private wealth adviser, Martin Lakos, ruminated on the ins and outs of Australian interest rates live on Australia's 7 News, a trader in the background of the shot began using his terminal to ogle a near-nude model, seemingly unaware that he was on camera. Macquarie, which declined to name the ogling banker, said the matter was being "dealt with internally". However, external interest was high, with the story topping "most read" lists on several news websites, including irishtimes.com.
THE NUMBERS
£30 million– estimated sum spent by Premier League clubs in the January transfer window, the lowest since the mid-season window was introduced in 2003.
£170 million– sum spent by the clubs in January 2009, before the effects of a tight credit market and more austere budgets at indebted clubs kicked in, according to Deloitte.
