France cuts retirement age to 60 June 6, 2012 French President Francois Hollande fulfilled a key election promise to cut the state retirement age for some workers from 62 to 60 yesterday, despite warnings that the indebted government cannot afford extra spending on benefits. The change affects those who have spent at least 41 years in labour-intensive jobs. The government believes it will cost [...]
Clegg keen to cut pension perks June 6, 2012 The coalition is set for further division after reports Liberal Democrat leader Nick Clegg is backing calls for cuts in pension benefits such as winter fuel payments and free bus passes. David Cameron is said to be adamant that the Tories should keep to a pledge made before the general election that the payments remain. [...]
Babcock rises to FTSE 100 as Man demoted June 6, 2012 HEDGE fund manager Man Group discovered last night that it will lose its coveted spot in the FTSE 100, following the index’s quarterly review. It will be replaced by services firm Babcock, which owns a variety of defence interests, including Plymouth’s Devonport Shipyard and a contract from the Ministry of Defence to support the development of [...]
Nasdaq offers a $40m apology after Facebook’s botched float June 6, 2012 NASDAQ yesterday apologised for botching Facebook’s first day of trading as its $40m (£25.8m) compensation offering was approved by regulators. Chief executive Robert Greifeld said the stock exchange “owes the industry an apology” for the technical problems that plagued Facebook’s Nasdaq debut on 18 May. The tech-favourite bourse said it will offer $13.7m in cash [...]
Aeroflot set to list in London June 6, 2012 AEROFLOT, the state-controlled Russian airline, is planning a secondary listing on the London Stock Exchange followed by a placement of around 13 per cent of its stock in 2012-2013, reports claimed yesterday. The company, in which the Independent newspaper owner Alexander Lebedev has a 15 per cent stake, is on the list of companies the [...]
Key BP papers may come out June 6, 2012 A CONFIDENTIAL document at the heart of BP’s disputes with its partners in Russian oil company TNK-BP may become public under legal amendments agreed by Russia’s competition watchdog, its deputy director said yesterday. BP and the AAR consortium of four Soviet-born tycoons, who share control of the Russian oil producer, have traded accusations of breaching [...]
WPP takes on critics over Sir Martin’s pay June 6, 2012 ADVERTISING giant WPP yesterday closed ranks around its chief executive Sir Martin Sorrell, who is fending off a shareholder rebellion over his 30 per cent rise in basic pay and £12.9m overall payout for last year. Writing in today’s City A.M. Jeffrey Rosen, chairman of WPP’s compensation committee, said the firm “believes in rewarding performance” and [...]
Why does WPP want to hike Sorrell’s pay? June 6, 2012 Q How much does Martin Sorrell earn? A WPP’s chief exec was awarded a total of £12.9m for 2011. This is made up of: a basic salary of £1.3m (up 30 per cent compared to a year ago), a £2m cash bonus, just over £1m in pension contributions and other benefits, plus £8.6m from various [...]
PROFILE: HOW TO BUILD AN AD GIANT June 6, 2012 1975 Martin Sorrell joins advertising agency Saatchi & Saatchi, rising to become group finance director. 1985 Sorrell searches for a listed company through which he can build a marketing firm. He alights on Wire and Plastic Products – a British manufacturer of wire baskets – and buys 15 per cent of the firm. 1987 The renamed [...]
EU unveils too big to fail rules in power grab June 6, 2012 THE EUROPEAN Commission has finally unveiled a new set of regulations that are meant to ensure taxpayers will never again have to bail out a failed bank. But critics said that EU commissioner Michel Barnier is also using the new rules to establish a “banking union” and grab powers for the new EU regulator, the [...]