Now I’ve nothing against Mr Martin – in fact at home we have all of Coldplay’s albums – but his

Now, I’ve nothing against Mr Martin – in fact, at home, we have all of Coldplay’s albums – but his comments are, nevertheless, a bit puzzling. You see, I’m a shareholder and, hence, am a little perplexed to discover that I’m part of this “great evil”. And other people, pensioners and would-be pensioners included, might also be surprised to discover that, in this strange moral universe, they are no better, and possibly a lot worse, than Robert Mugabe. “I think shareholders are the great evil of this modern world.” Chris Martin, the lead singer of Coldplay, made this remark just before the band’s new album, X&Y, hit the streets. He stressed that the charges are being brought against the individuals and not the company.The precise nature of the charges is unclear. They will be made public at a court hearing in Iceland on 17 August.

It could then take up to two years before the case is concluded.The charges come after an Icelandic police investigation begun three years ago, sparked by allegations made by a former US-based business partner of Mr Johannesson that both conspired to issue false invoices to get money out of Baugur. However, the allegations did not stand up when the case went to court.Baugur, which is 70 per cent owned by the Johannesson family, has appointed lawyers to claim damages against the Icelandic authorities for causing harm to its business and reputation during the three-year investigation.The London-based Mr Johannesson owns properties in Knightsbridge and Iceland, and a yacht called Viking.. A formal offer – if one emerges – is expected within weeks, after the syndicate completed its due diligence assessment of Somerfield last month.The Icelandic authorities have brought 40 charges of suspected fraud against Mr Johannesson, his father Johannes Jonsson, his sister Kristinn Johannesdottir, two accountants of the company, and a former chief executive, Tryggvi Jonsson. They all strenuously deny any wrongdoing, according to a Baugur spokesman. The Icelandic retailer is also one of the most powerful retail investors in the UK, with large stakes in some of the biggest names in the high street.The race for Somerfield narrowed last week when United Co-operatives, the owner of the Co-op Late Shop convenience stores, pulled out. Its exit left just two bidders in the battle: the Apax-led consortium and the Livingstone brothers, the founders of the property company London and Regional Properties.Shares in Somerfield closed at 195.5p on Friday, below the consortium’s indicative 205p offer price.

Another source close to the consortium echoed his comments, saying: “It’s full speed ahead.” A formal announcement from Baugur on its withdrawal is expected today.Baugur was considered to be one of the strongest players in the bid battle for Somerfield, Britain’s fifth-largest supermarket chain. It said: “Such a mis-step puts short-term manoeuvring ahead of the access to new and improved treatments.”It said compulsory licensing would have “significant negative consequences” for the development of future treatments for a range of diseases.. Baugur, the Icelandic retailer, is set to withdraw from the consortium preparing a £1.1bn bid for Somerfield in the wake of fraud charges brought against Jon Asgeir Johannesson, Baugur’s chief executive. On Friday, when Mr Johannesson, 37, was charged with fraud in Iceland, Baugur contacted its partners in the consortium – the private equity firm Apax Partners, the investment bank Barclays Capital and the property entrepreneur Robert Tchenguiz – and offered to pull out of the group.
A spokesman for the consortium said yesterday: “I’m sure [Baugur's] offer will be accepted.” He added that Baugur’s exit would not affect the syndicate’s bid, which he said was “proceeding perfectly”. so as to develop it at more accessible prices.”Oxfam said buying Aids drugs from Abbott and its fellow US giants Merck and Gilead Sciences used up 67 per cent of the country’s budget for tackling the disease.In its statement, Abbott said that as the world’s ninth-largest economy, Brazil’s demand for the same rights as the poorest countries was “against the spirit” of the agreement. Jim Kim, director of the department of HIV/Aids at the World Health Organisation in Geneva, said: “The Brazilian government is perfectly within its rights to suspend the patent of Kaletra … Underlying sales during that time rose 4.7 per cent, but have strengthened since then, the company said.SB Capital also owns Furnitureland, which includes 14 former Courts stores bought from the administrators and re-branded..

Abbott Laboratories, the US pharmaceutical giant, must decide this week whether to cut the prices of its key anti-Aids drug in the face of demands by Brazil. The Latin American emerging economy served notice last month it would use powers under global trade rules to break Abbott’s patent and make a generic copy of the Kaletra pill to cut the costs of its fight against the disease.
Abbott issued a vitriolic response last week, accusing Brazilian politicians of putting “short-term manoeuvring” over the interests of its own people.It has to decide within 10 days of the request whether to cut its prices or lose its business to a Brazilian manufacturer that will make them for half the $1.17 Abbott charges. The current difficulties give us an opportunity to demonstrate in real time what a good model we have and how our value-led position is resilient,” he said.The group reported pre-tax profits of £11.6m on sales of £157m in the 12 months to the beginning of April. The retailer will also issue new shares, giving a free float of around 50 per cent. It is aiming to raise £40m to £50m and will use the proceeds to repay £13m of shareholder loans, pay £2m of flotation bonuses to staff, and repurchase and cancel all its “B” shares.Clive Hatchard, the finance director, said the group had no qualms about attempting to float at a time when all retailers of so-called “big ticket” items such as furniture are struggling “We are performing very well. Its nine-strong board includes Richard Kirk, chief executive of Peacocks, as one of four other independent directors.Analysts believe Land of Leather, which was sold to the private equity group SB Capital last summer, will have an enterprise value of up to £110m.

A successful float will crystallise fortunes for its 14-strong management team, who own the company jointly with SB Capital.Paul Briant, the company’s founder and chief executive, will sell down a third of his 15 per cent shareholding as will the rest of the top management and SB. The group, which has 67 stores, is attempting to succeed where Lord Kirkham, the sofa grandee who owns DFS, failed by making a success of listed life despite one of the toughest retail downturns in recent years. The slide has already put Courts out of business.
Land of Leather has lined up Roger Matthews, the former finance director at J Sainsbury, as non-executive chairman. The management team at Land of Leather are hoping to share a multi-million pound windfall after the furniture retailer secures a stockmarket listing later this month. They also have to submit architect’s plans of their premises, which for hotels means every bedroom if they have room service..