HSBC PROPOSES PAY SHAKE-UP
HSBC is sounding out its shareholders on a proposed shake-up of its executive pay plans, which could see its top bankers unable to sell their stock until retirement. Driven by John Thornton, chairman of the bank’s remuneration committee and a former Goldman Sachs executive, the plans would see top management assessed on a wider range of performance metrics, with an emphasis on the longer term. The changes, which also include a cut in the maximum amounts awarded, would see potential remuneration for Stuart Gulliver, the bank’s new chief executive, capped at £12.5m, compared with £15m currently.
ITALY OUT TO CURB FOREIGN TAKEOVERS
Italy’s cabinet will today hold talks about adopting a French-style approach to thwarting unwanted foreign takeovers in sectors deemed strategically important such as energy, telecoms, technology, defence and food. The move comes amid a populist backlash against French buy-outs of Italian companies after jeweller Bulgari, energy group Edison and food group Parmalat were wholly or partially taken over by French companies.
JCB TO EXPAND CAPACITY IN BRAZIL AND INDIA
Booming demand for earthmovers and excavators in emerging markets helped JCB raise revenues nearly 50 per cent last year and has prompted plans for an expansion of manufacturing capacity in Brazil and India.
BAIDU LOOKS AT MOBILE SOFTWARE
Baidu plans to develop a light operating system for mobile devices, its chief executive has indicated, a strategy with which the Chinese internet search company would follow Google.
BBC COULD CLOSE TV CHANNEL AT NIGHT IN EFFORT TO MAKE 20PC CUTS
The BBC is considering swingeing cuts to late-night programming on BBC One or BBC Two, which could lead to one of the channels going off air overnight, the corporation’s Director-General warned yesterday.
Mark Thompson said that television programmes aired between 10.35pm and 6am, when many potential viewers are asleep, cost the broadcaster more than £150m a year to produce.
£17,800 PAYOUTS FOR KEYDATA SCANDAL VICTIMS
Norwich & Peterborough Building Society crashed into the red yesterday after promising to pay £57m to victims of the Keydata scandal. The society said that it would compensate 3,200 of its customers persuaded to invest in bonds in Keydata Investment Services, which collapsed.
The Daily Telegraph
WIKILEAKS: QATAR ASKED SHELL AND EXXONMOBIL FOR DONATIONS
Qatar wrote to major international oil companies, including Royal Dutch Shell and ExxonMobil, to demand up to $1.7bn (£1bn) in donations for a medical centre, according to leaked diplomatic cables. According to the Wikileaks documents, letters signed by Abdullah al-Attiyah, the deputy prime minister, told Shell and ExxonMobil how much they were expected to donate.
CROWN CURRENCY INVESTIGATORS RAID FRENCH PROPERTIES AND MAKE NEW ARREST
Police investigating the collapse of currency exchange group Crown Currency have raided properties in France connected to its founder Peter Benstead. Crown Currency went into administration last year owing £16m to thousands of customers.
THE WALL STREET JOURNAL
GOODYEAR TO GENERATE $1.6 BILLION OPERATING INCOME
Goodyear Tire & Rubber Co. expects its world-wide business units to generate a record operating profit in 2013 even as the Akron, Ohio, tire maker invests billions in its production plants and adds to pension reserves. Goodyear’s business units will achieve an operating income of $1.6bn in 2013 with about $450m coming from its core North America operations, the company said yesterday.
DOLCE & GABBANA EXPANDING IN CHINA
Italian fashion brand Dolce & Gabbana unveiled plans for 15 new stores across China in an effort to boost business in the world’s fastest-growing luxury-goods market. The company currently operates 26 stores in China, including Hong Kong.