WPP’s Sorrell tops FTSE pay April 30, 2014 SIR MARTIN Sorrell, chief executive of advertising giant WPP, saw his remuneration package total nearly £30m last year. The package awarded, the highest of any chief executive in the FTSE 100, soared 70 per cent from the £17.6m he received in 2012 to £29.8m in 2013. Sorrell’s basic pay actually fell 11 per cent to [...]
Bank to decide on transcripts April 30, 2014 THE BANK of England is now officially reviewing whether to publish a fuller record of its policy meetings. Yesterday, the Bank announced that Kevin Warsh, who was formerly on the Federal Reserve’s board, will conduct a review of the bank’s practices. Currently, the Bank releases minutes of the meetings, which are not verbatim records. It [...]
Fat face to confirm float April 30, 2014 RETAILER Fat Face will this morning announce its intention to float on the London stock market, the latest retailer to join the stampede to raise funds from an IPO. Private equity owner Bridgepoint is set to sell some of its stake.
Glaxo boss not tempted to bid for AstraZeneca April 30, 2014 SHARES in British pharmaceuticals giant Glaxosmithkline slid more than two per cent yesterday after the firm revealed a 10 per cent drop in first-quarter sales, and its chief executive played down the chance of a so-called white knight bid for AstraZeneca. Sir Andrew Witty said he still prefers targeted transactions rather than mega-mergers. UK rival [...]
New figures reveal 1.4m workers on zero-hour contracts in the UK April 30, 2014 THE NUMBER of people employed on so-called zero-hour contracts is far higher than previously thought, according to statistics released yesterday. The Office for National Statistics (ONS) now estimates there are 1.4m people at work in the UK who are not provided with a minimum number of hours. Earlier this year, the group said the number was [...]
Bottom Line: Look at the breathtaking impact of one blockbuster asthma drug April 30, 2014 THE CHANGING fortune of just one drug was responsible for most of Glaxosmithkline’s woes in the first quarter, an alarming reminder of how dependent the pharma business can be on a few blockbuster treatments. Glaxo’s best-selling asthma inhaler, Advair (marketed as Seretide in the UK), was dropped from an approved list by Express Scripts, the [...]
Shell hikes its dividend as gas helps earnings April 30, 2014 ENERGY giant Shell yesterday lifted its dividend after stronger earnings from gas kept profits from falling as much as expected. Shell, whose new chief executive Ben van Beurden started in the job with a profit warning in January, said yesterday that adjusted earnings fell three per cent to $7.33bn (£4.34bn), beating consensus estimates by 51 [...]
Analyst Views: How should investors take Shell’s latest results? April 30, 2014 RICHARD HUNTER | HARGREAVES LANSDOWNThe update has been well received… A busy divestment programme is in train, cash generation remains high, cost savings and further financial efficiencies have been identified, while the contributions from Shell's gas businesses in particular were robust. JONATHAN JACKSON | KILLIK & COThe latest results are very reassuring and highlight that the [...]
BBC parts ways with KPMG… and Paxman April 30, 2014 THE BBC has picked Ernst & Young as its new auditor, ending an 18-year relationship with KPMG. The corporation, which also announced yesterday that Jeremy Paxman was leaving its flagship Newsnight programme, chose EY following a competitive tender.
The Rocketman powers up and rocks Battersea April 30, 2014 BATTERSEA Power Station might be more synonymous with Pink Floyd than their contemporary Elton John, but it was the Rocket Man himself who shook the station’s four pillars last night as celebrities, London’s property heavies and potential residents of the site partied together. “Elton John said he never thought he’d play here. This is an [...]