Blackstone boss’ boom year as he earns $213m February 29, 2012 THE CO-FOUNDER of Blackstone has become the latest US private equity titan to win a bumper payout with a $213.5m (£133.88m) award in 2011. Most of Stephen Schwarzman’s package, which rose by a third, came from dividends on his 21 per cent stake in the world’s largest private equity firm and realised investments from funds [...]
Regulators slam EU credit rating reform plan February 29, 2012 REGULATORS have warned that plans for European reforms of credit rating agencies (CRAs) could have unintended consequences, as proposals emerged yesterday to give the EU new powers over the controversial bodies. Giving evidence at the opening of the Treasury Select Committee’s enquiry into CRAs, the Financial Services Authority’s David Lawton said that forcing companies to [...]
Diageo lines up successor for chief exec February 29, 2012 DIAGEO, the drinks company behind Guinness and Johnnie Walker, has promoted Ivan Menezes to a new role of chief operating officer, in a move that could see him eventually take over from chief executive Paul Walsh. Menezes, who is president of Diageo’s North American business and chairman of its operations in Asia Pacific and Latin [...]
Restaurant Group plots more site openings as profits jump February 29, 2012 THE RESTAURANT Group, the owner of the Garfunkel’s and Frankie & Benny’s chains, said another 600 jobs were in the pipeline for this year after boasting of another “corking” set of full-year results for 2011. Revenue increased to £487m in the year to January, while like-for-like sales were up 3.25 per cent. Pre-tax profit was [...]
Ivan Menezes following Walsh’s path to the top February 29, 2012 IVAN MENEZES’ journey to top of the world’s largest drinks company mirrors that of the firm’s chief executive Paul Walsh. Walsh became chief operating officer at the start of 2000 with the stated aim of taking over as chief executive from John McGrath. By September that year he had moved into the top role. That [...]
Work scheme drops sanctions for the quitters February 29, 2012 THE GOVERNMENT has bowed to enormous pressure and removed the threat of benefit sanctions from jobseekers who do not wish to complete their placement in an opinion-splitting work experience scheme. Previously, participants – who work unpaid for eight weeks while continuing to receive jobseeker’s allowance – lost their benefits for two weeks if they dropped out [...]
RESPONSES TO THE KAY REVIEW INTO SHORT-TERMISM February 29, 2012 STEPHEN HADDRILL FINANCIAL REPORTING COUNCIL Quarterly reporting adds little by way of new information and can be easily manipulated, but it does provide a regular short-term trading opportunity, and, given the continuing requirement on companies for timely disclosure of market sensitive information, we support its abolition. SIR TERRY LEAHY FORMER TESCO CHIEF EXECUTIVE Sir Terry [...]
CapCo enjoys value hike and sells properties in West End February 29, 2012 CAPITAL & COUNTIES (CapCo), the owner of Covent Garden Market and Earl’s Court, has unveiled an 11.7 per cent hike in net asset value and the disposal of its West End properties. The listed developer reported a jump in NAV to 166p per share in 2011 thanks in part to a rise in its total [...]
Taylor Wimpey pays dividend February 29, 2012 TAYLOR WIMPEY resumed paying a dividend yesterday as its tactic of focusing on margin rather than volume saw it swing back to a full-year profit. The sale of its North American business in 2011 had also improved its financial position, the housebuilder said, allowing it to reduce debt to £117m from £655m, and propose a [...]
Peugeot and GM confirm tie-up and capital raising February 29, 2012 PSA PEUGEOT and General Motors yesterday confirmed their long-trailed plans for a strategic alliance that the firms say will create $2bn in synergies within five years. GM will take a seven per cent stake in struggling Peugeot, making it the French firm’s second-biggest shareholder, and the companies will pool research, development and supplier relationships, they [...]
