BP facing row with investors over pay plans April 7, 2010 PIRC and the ABI, two of Britain’s most influential shareholder groups, yesterday sounded the alarm over executive pay at oil major BP, raising the prospect of another embarrassing showdown with shareholders. Investors and industry groups have become increasingly vocal in their opposition to big pay deals for executives since the global financial crisis began. BP, [...]
British Airways sees dip in passenger numbers after March cabin crew strike April 7, 2010 BRITISH Airways saw a double-digit drop in passenger numbers in March after the airline faced disruption from seven days of strikes by cabin crew. Passenger traffic dipped by 11.4 per cent last month, while passenger capacity dropped 13.7 per cent. BA said the walkout affected traffic numbers, which are measured in revenue per passenger kilometre [...]
Quake in Chile takes toll on Beazley profit April 7, 2010 LLOYD’S of London insurer Beazley yesterday said it expects to pay out as much as $75m (£49m) in claims following February’s earthquake in Chile. Analysts said the losses would reduce the Dublin-based insurer’s pre-tax profit for the year by £10m to £142m, although the group’s exposure to the event was minimal compared to its peers. [...]
Overall impact will be minor April 7, 2010 LIKE other insurers, Beazley benefited from an unusually quiet year for catastrophes in 2009. With the global economy crumbling, perhaps the gods decided to spare the world from natural disasters. The tragic Chilean earthquake was proof that the benign period was over. Thanks to its diversification, however, Beazley is set to suffer less than rivals, [...]
MPs slam the BBC for being too secretive April 7, 2010 THE BBC has been slammed for being too secretive over its finances by the Commons Public Accounts Committee (PAC). A report by MPs said the BBC must be held to account over its spending after it was criticised for splashing out vast sums on building projects and staffing levels at events including the World Cup [...]
ANALYSTS TAKE THEIR GAMBLE ON WORLD CUP April 7, 2010 WORLD Cup fever is starting to grip the City in earnest ahead of the summer in South Africa, as evidenced by the latest analysts to have a pop at the business impact of the tournament. Sanford Bernstein’s Trevor Stirling, Joao Valli and Melissa Yates yesterday released a missive on the effects of the World Cup [...]
CITY EYE April 7, 2010 Birdspotters Anders Price and David Lindo, founders of the Bird Study Group, look out over a drab grey City yesterday through their binoculars, from the dizzying heights of the top of Tower 42. The Heron Tower, seen in the background, is nearing completion.
Vanish chief cleans up with £90m packet April 7, 2010 RECKITT Benckiser chief executive Bart Becht took home almost £90m after the company had a strong financial year. According to the company’s 2009 annual report, which was published yesterday, most of the sum came from share options that Becht cashed in. His base salary rose to £987,000 last year. After pocketing a £3.5m bonus, his [...]
Sly Bailey gets a healthy pay rise at Trinity Mirror April 7, 2010 TRINITY Mirror chief executive Sly Bailey took home £1.43m last year after profits at the newspaper group fell from £124.2m to £72.7m. Bailey’s package included a £671,000 bonus for reaching certain targets and is well up on last year’s £757,000. A spokesman for Trinity Mirror told City A.M. last night that the company’s operating profits were [...]
SEC bolsters rules on loan securitisations April 7, 2010 WALL Street regulators yesterday proposed issuers of mortgage-backed securities and similar instruments disclose more about the underlying loans and keep five per cent of the credit risk in some circumstances, in an effort to avoid a repeat of the financial crisis. The Securities and Exchange Commission (SEC) rule responds to the debacle involving securities packed [...]