The Sundays Telegraph
DEBENHAMS DIRECTORS GET BUMPER PAYOUTS
Directors of Debenhams have received bumper payouts, despite the retailer cutting its dividend payment to shareholders last year. Rob Templeman, chief executive, saw his package increase by a third to £1.24m after he was granted a bonus of £428,073. Michael Sharp, deputy chief executive, saw his total package increase by 53pc to £968,644 after he was granted a bonus of £331,290.
BRITISH AIRWAYS SUBSIDIARY THE MILEAGE COMPANY SEES PRE-TAX PROFITS FALL 19.4 PER CENT
Pre-tax profits at The Mileage Company, the British Airways subsidiary which runs its Airmiles rewards scheme, fell 19.4pc to £16.3m in the year to 31 March 2009, according to its latest accounts.
THE SUNDAY TIMES
GRANT BOVEY PARTNER SPENDS MILLIONS TO SELL MANSION
A former business associate of Grant Bovey, the failed buy-to-let entrepreneur, is selling London’s largest riverside private house for £25m — twice as much as the 300-year-old mansion was expected to fetch before the property crash. James Taylor, who was a director of Bovey’s Imagine Homes until summer 2008, is selling Gordon House, which he bought as a development opportunity in early 2007.
BRITISH AIRWAYS SET FOR KEY STRIKE BALLOT
British Airways is braced for the result of a strike ballot tomorrow that could lead to widespread disruption of Christmas flights. The airline’s 13,000 cabin crew are voting whether to take action in their longrunning dispute over pay, redundancies and working conditions.
GREECE WARNED TO ACT OVER DEFAULT RISK
Greece must announce bold initiatives in the next few days to rescue its collapsing bond market and avert the possibility of defaulting on a rising public debt, leading economists and bankers warned on Sunday. George Papandreou, prime minister, will outline structural reforms on Monday aimed at cutting the budget deficit from 12.7 per cent to 3 per cent of gross domestic product in four years.
WHITE HOUSE PREDICTS JOBS GROWTH
The US economy will start to add new jobs by next spring, Lawrence Summers, Barack Obama’s senior economic adviser, said – the first time the White House has predicted the return of jobs growth by April.
The Daily Telegraph
WIND FARMS FOR SECURITY NOT THE CLIMATE, SAYS E.ON RENEWABLES CHIEF EXECUTIVE FRANK MASTIAUX
Building wind farms is even more important for keeping the lights on than tackling global warming, according to the chief executive of E.ON Renewables. At the Copenhagen climate change conference, Frank Mastiaux claimed that increasing emphasis on renewables made sense from a commercial point of view.
HOBBYCRAFT SET TO BE SOLD FOR £70M
It is understood that Grant Thornton has been appointed to advise the 39-store chain, which has benefited from the “make-do-and-mend” ethos of the credit crisis. The chain’s management, led by chief executive Chris Crombie, is believed to be exploring a buy-out from the company’s family owners.
MPS PREPARE TO QUESTION DARLING ON BANKERS’ BONUSES AND STATE BORROWING
Bankers’ bonuses and spiralling government debt remain under the glare of the spotlight this week as Alistair Darling faces fierce questioning by MPs over his Pre-Budget Report (PBR).
The Chancellor’s appearance before the Commons Treasury Select Committee comes amid reports that company directors are fleeing Britain to avoid the 50 per cent tax rate, bankers are seeking legal advice on privacy and Barclays is to defer bonuses for a year to try to beat the new windfall tax.
WHITEHALL PLANS TO PRIVATISE QUARTER OF PUBLIC SECTOR
A plan to create at least two public-sector “outsourcing giants” — that could eventually be worth £4bn each — is being studied by government.