Bumper pay for new HP boss October 3, 2010 New HP boss Leo Apotheker could earn as much as $50m (£32m) in his first year at the firm. Apotheker, who joined the computer manufacturer from SAP last week, will receive a basic pay package of $1.2m, a bonus of up to $6m and a lucrative share package. However, the market reacted badly to the [...]
HEDGIE IAN WACE TAKES CHAIRMAN JOB AT ARK October 3, 2010 THE GLAMOROUS world of hedge fund philanthropy had a shuffle at the top over the weekend, as Ian Wace – co-founder of Marshall Wace – took over from hedgie “godfather” Stanley Fink as chairman of Arki Busson’s charity, Absolute Return for Kids (ARK). Wace will now be tasked with the dual responsibilities of overseeing ARK’s [...]
BILL OF THE WEEK October 3, 2010 OFF to Primrose Hill this week for lunch at Odette’s, setting our diners back £1,344. They began with gin martinis, cocktails and Dom Perignon champagne, before moving onto the food – scallops, pigeon and terrine to start, followed by salt lamb, turbot, halibut and braised pork, then decadent cheeses, chocolate fondant, cheesecake and lemon curd [...]
Sinopec to buy into Repsol projects for £4.5bn October 1, 2010 Chinese oil giant Sinopec has agreed to pay $7.1bn (£4.5bn) for a 40 per cent stake in the Brazilian energy projects of Repsol. It means that the subsidiary – Repsol Brasil – now has enough money to develop its major offshore assets in the Guara and Carioca basins, near Rio de Janeiro and Sao Paulo. [...]
UK manufacturing growth at ten-month low October 1, 2010 Activity in the manufacturing sector weakened more than expected in September to grow at its slowest pace in ten months, as export orders fell for the first time in more than a year, a survey showed. The Markit/Chartered Institute of Purchasing and Supply manufacturing PMI index fell to 53.4 in September from a downwardly revised [...]
BP says oil spill costs have hit £7.1bn October 1, 2010 BP says oil spill costs have hit £7.1bn as the company undergoes a shake-up by incoming chief executive Bob Dudley.
China manufacturing expansion speeds up October 1, 2010 China’s manufacturing sector growth accelerated in September, according to official data. The purchasing managers’ index rose to 53.8, its highest level since May, up from 51.7 in August. Forecasts had suggested the figure would be 52. The survey of major companies is compiled for the national bureau of statistics, and a level above 50 indicates [...]
Yahoo to lose three executives October 1, 2010 Yahoo Inc confirmed the departure of three senior executives, including US head Hilary Schneider, the latest in a string of high-level departures at the Web portal. The departures raise concerns about Yahoo’s efforts to revive its revenue growth and its popularity among Web surfers, nearly two years after CEO Carol Bartz took the helm, said [...]
Greek PM says country is “credible” for creditors October 1, 2010 Greece remains a country which is credible to its creditors, Greek Prime Minister George Papandreou has claimed. “If we had wanted to default, we would have done that. That would have been a decision we had made initially. But we made another decision, a decision not to default,” he said. “And this decision shows that [...]
Brewin Dolphin in trading boost as assets climb October 1, 2010 Private client investment manager Brewin Dolphin said fourth quarter trading had seen a health rise in assets under management. Total funds under management for the year to 26 September were £23.2bn, up 13.2 per cent from £20.5m last year. The company said it is looking forward to 2011 with confidence. A statement said: “Trading in [...]