Burberry shareholders vote against Christopher Bailey pay deal July 11, 2014 Shareholders have struck a blow to Britain's iconic luxury fashion brand Burberry by voting against the proposed multi-million pound pay package for new chief executive Christopher Bailey. More than 50 per cent of those who voted at the luxury giant's annual general meeting today went against the directors' remuneration report. The lucrative package includes a [...]
Christopher Bailey: The Yorkshireman filling Burberry’s boots July 10, 2014 There was a big elephant in the room – or rather on the line – when reporters dialled into the Burberry first quarter conference call yesterday. The luxury group’s new chief executive Christopher Bailey was conspicuously absent, as he was in May during the preliminary results call, leaving finance chief Carol Fairweather to lead the [...]
As Burberry faces a shareholder revolt over chief Christopher Bailey’s pay, is he worth it? July 10, 2014 Qing Wang, professor of marketing and innovation at Warwick Business School, says Yes. The success of Burberry is largely attributable to its seamless combination of creativity with tradition, which many think epitomises the essence of Britishness. Its chief executive Christopher Bailey is highly experienced (he worked as a designer at Gucci, then as creative director [...]
Burberry’s Christopher Bailey receives sales boost ahead of pay package showdown July 10, 2014 Burberry's new chief executive Christopher Bailey, who is facing questions over his lucrative pay package, received a boost today as the luxury goods brand beat estimates to report strong sales growth of 12 per cent for the three months to June. Retail revenue rose nine per cent to £370m for its fiscal quarter to June, [...]
Euro central bank boss Mario Draghi rejects Renzi reforms for deficit rules July 9, 2014 EUROPEAN Central Bank (ECB) chief Mario Draghi weighed in on the debate over Eurozone deficit reduction yesterday, slapping down Italian Prime Minister Matteo Renzi’s push for a more lenient approach. Speaking in London yesterday, Draghi stressed the importance of sticking to the currency bloc’s existing fiscal rules. Recently, Renzi and other European politicians had suggested [...]
UK vs ECB: Britain squares up to Eurozone in legal battle for City’s rights July 9, 2014 British lawyers accused the European Central Bank (ECB) of breaking the single market rules in a landmark case yesterday. By insisting euro-denominated payment transactions are cleared within the Eurozone, the ECB is breaking the law, the Treasury argued. The UK complained in 2011 but it has taken until now to reach the European Court of Justice [...]
Piketty’s populism is flawed: Capitalism doesn’t mean more inequality July 8, 2014 The financial crisis has undoubtedly created a demand in popular culture for works portraying capitalism in a bad light, such as the recent bestseller by Thomas Piketty – Capital in the 21st Century. Piketty’s writing has gathered increasing attention from economists, who show that his arguments do not bear scrutiny. The focus of Piketty’s work [...]
George Osborne tells India: The good days are coming July 7, 2014 Chancellor George Osborne has hailed Narendra Modi’s new administration in India for working to attract investment into the country, telling an audience in Mumbai that “good days are coming”. In a speech in which he announced a number of new trade deals between the UK and India, the chancellor praised the close ties between the [...]
Germany’s Angela Merkel sends strong warning to US over spy claims July 7, 2014 German Chancellor Angela Merkel has spoken for the first time about an alleged double agent in the German intelligence community, claiming if true it would be “a clear contradiction of what I consider to be trusting co-operation” with the US. Speaking during a trade visit to China, her seventh since taking office in 2005, Merkel [...]
Mark Carney cancels cricket but Bank of England isn’t short on cake July 7, 2014 Mark Carney may have caused a stir by banishing the traditional Bank of England summer cricket match this year, but by all accounts staff had a great day out, replete with face-painting, wheel-barrow races, the Wimbledon final on a big screen and a bake-off. The governor, described by one tweeter as a “very [...]