Hargreaves Lansdown chief executive Peter Hargreaves told The Daily Telegraph he intends to work until he is 70 as shares in his firm jumped 30% on the first day of trading.
Shares in the firm rose to 209.5p valuing the company at just under £1bn. The company floated 25% of its shares at 160p a share, with founders Peter Hargreaves and Stephen Lansdown receiving windfalls of £81.6m and £70.4m and 20 employees becoming millionaires.
Hargreaves has already bought an Audi R8 with his shares, The Telegraph reports, and does not plan to give up the business for at least another ten years. He said: "If I continue in good health, I will work until I'm 70. I haven't really got much beyond work. I hate golf because I'm useless at it and although I enjoy pottering in the garden, I can't do that all day."
Sainsbury's defies break-up pressure according to The Times after it vowed to retain ownership of its £8.6bn property portfolio.
Property investment will play a big part in Sainsbury’s three year plans for "Making Sainsbury's Great Again".
The announcement came as Sainsbury’s reported like-for-like sales, not including revenue from new stores opened during the year, increased by 5.9% in the 12 months to March 24 2007 compared to the previous year. Total turnover rose from £1.7bn to £1.8bn over the period while pre-tax profits quadrupled from £104m to £477m.
Inflation fell back below 3% last month due to tumbling household energy bills, official figures showed yesterday. The Office for National Statistics said inflation on the key consumer prices index fell to 2.8% in April from 3.1% in March.
The Independent says the news will come as a relief to the Bank of England whose Governor, Mervyn King, was forced to write an open letter to Gordon Brown last month explaining why inflation had risen more than a percentage point above the 2% target.
However, analysts warned the Bank was not out of trouble yet, as inflation had now been above target for 12 consecutive months.IFAonline
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