Walsh’s pay rises as BA struggles June 10, 2009 BRITISH AIRWAYS (BA) boss Willie Walsh pocketed a six per cent pay rise last year, it emerged yesterday, despite a dismal year for the UK’s flag carrier. Walsh’s basic salary was £735,000 – up five per cent from £701,000 the previous year. His pension fund was also topped up to £90,000 from £81,000. The news [...]
British trade deficit widens in April despite weaker sterling June 10, 2009 BRITAIN’S trade deficit widened to £7bn in April, up from £6.5bn in March, according to the Office of National Statistics, despite a recent raft of positive data. Economists had been expecting a trade deficit of £6.4bn. The gap in goods and services was £3bn compared with a gap of £2.7bn in March, the data showed. [...]
Workers can accrue holiday when on sick leave, says House of Lords June 10, 2009 EMPLOYEES on long-term sick leave are entitled to take all holiday they have accrued when they return to work, the House of Lords ruled yesterday. If workers were sacked or left a firm, they must receive holiday pay equivalent to the time they were unable to take while ill, the Law Lords added, in a [...]
ZARA SALES SLUMP June 10, 2009 THE parent of high street retailer Zara yesterday posted its sharpest fall in quarterly profits for five years as the recession took its toll. Spanish group Inditex, which owns Zara, reported a 16 per cent fall in net income to €184m (£157m). Inditex said it had experienced a four per cent increase in clothing sales [...]
Jayasuriya inspires Sri Lanka June 10, 2009 CRICKET: Sri Lanka kept up their 100 per cent record in the World Twenty20 with a 15-run victory over the West Indies at Trent Bridge. Sanath Jayasuriya smashed 81 off 47 balls as Sri Lanka made 192-5. West Indies, who had also already booked their place in the Super Eights, fell short on 177-5. In [...]
City chaos as RMT strikes over salaries June 10, 2009 PANDEMONIUM hit the streets of London yesterday, after the Royal Maritime and Transport (RMT) union continued its 48-hour tube strike, which began at 7pm on Tuesday. Roads heaved under long traffic jams as thousands of commuters struggled to get around the capital without using the underground. Nervous novice cyclists wove in and out of traffic, [...]
HOW HAVE THE STRIKES HIT LONDON? June 10, 2009 COLIN STANBRIDGE LONDON CHAMBER OF COMMERCE“This strike is the last thing the London economy needs during a recession. Two-thirds of companies in the capital have frozen staff pay this year, yet the RMT is demanding more money for less work. Their position is unrealistic and untenable. Ending the strike 24 hours early will halve the [...]
RECESSION OVER FOR BATTERED BRITAIN June 10, 2009 A TOP think-tank yesterday called an end to the bitter recession that has been crippling Britain, in a move that was welcomed across the City last night. The National Institute for Economic and Social Research (NIESR) said output grew 0.1 per cent in May and 0.2 per cent in April. Martin Weale, its director, said [...]
City braced for further disruption June 10, 2009 LONDON is set for another round of travel chaos today, as London Underground (LU) and the Rail, Maritime and Transport (RMT) union refused to budge on a dispute over pay. LU said last night they were “almost waiting at the table” for RMT to enter talks, while the union said it was the employer who [...]
US firms face votes on pay June 10, 2009 US TREASURY secretary Timothy Geithner has promised new laws to force listed firms to put the pay packages of top executives to shareholder votes, although the results will not be binding. Geithner said shareholder-owned firms will have to hold “say on pay” votes over pay packages, following the public fury over so-called “fat cat” bonuses [...]