Sainsbury’s King pockets £8m June 8, 2010 BRITISH supermarket Sainsbury’s paid its chief executive Justin King £7.6m in cash, benefits and deferred shares last year. King received £1.1m in bonus payments, amounting to 120 per cent of his salary, as well £4.2m through exercising share options, £990k in new deferred shares, a £900k basic salary and a pension supplement of £270k, according [...]
Gucci cuts into London luxury as its bosses quit London for Switzerland June 8, 2010 GUCCI Group’s chief executive Robert Polet has struck a blow to the UK’s standing in the world luxury goods market by quitting London for Switzerland. Polet, whose group includes high end fashion labels like Stella McCartney and Alexander McQueen, is relocating from Grafton Street, off Berkeley Square, to Cadempino, Switzerland, along with chief operating officer [...]
WM Morrison poaches Waitrose second in command as seeks to move upmarket June 8, 2010 WM Morrison yesterday lured Richard Hodgson from Waitrose to be commercial director to replace trading director Martyn Jones, who has been give the new role of corporate services director. Jones will take up his new position from September 2010 when he will step down from the Morrison’s board. Hodgson has experience across all areas of [...]
Compass buys Southeast Service Corp for £45m June 8, 2010 COMPASS Group yesterday continued its acquisitive streak, snapping up Southeast Service Corporation (SSC) in the US. The global catering firm will hand over £45m for SSC, a “soft service” support firm for business and education with a turnover of £106m. Compass chief executive Richard Cousins said: “Building on the success of our significant education food-service [...]
McDonalds warns euro will hurt full-year profits June 8, 2010 MCDONALDS reported a stronger-than-expected 4.8 per cent rise in worldwide May sales at established restaurants yesterday, but warned it expects a weak euro to take a bite out of its full-year profits. Roughly a quarter of McDonald’s consolidated operating income originates in countries that use the euro currency, the world’s biggest hamburger chain said yesterday. [...]
HONDA STRIKES AGAIN June 8, 2010 A NEW strike has broken out at a factory making exhaust systems for one of Honda Motor’s China joint ventures, Honda said yesterday, just days after the settlement of a strike at another Honda supplier in China. Some workers at the factory, a joint venture between Yutaka Giken, which is 70 per cent owned by [...]
The car that delicately sips its fuel June 8, 2010 IF YOU’RE the kind of driver that gets their kicks out of economy and efficiency and can’t wait for the advancing wave of super economical electric vehicles to get here, then Volvo’s C30 1.6D DRIVe could be the car for you. The coolest thing about Volvo’s C30 DRIVe Start/Stop model is undoubtedly reading the LED [...]
OUT OF OFFICE June 8, 2010 LOTUS ART POP UP SHOP Bespoke luxury service Couturelab is to host a pop-up store for high-end Thai brand Lotus Arts de Vivre, a rare opportunity to purchase one-off pieces. Founded by a Bangkok-based family, Lotus Art de Vivre is known for its striking creations of rare and exquisite jewellery, accessories and home décor pieces [...]
Northern Rock to shed 650 jobs June 8, 2010 NORTHERN Rock has said it plans to axe 650 jobs by the end of the year in a massive cost-cutting shake-up at the lender. The process is part of taking the bank out of public ownership and making it a fully fledge private company again. Chief executive Gary Hoffman said the bank had to “align [...]
Pound falls after Fitch warns of UK’s “formidable” problems June 8, 2010 STERLING has fallen against the euro after Fitch ratings agency described the fiscal challenge facing the UK as “formidable”. Fitch said “the scale of the UK’s fiscal challenge is formidable and warrants a strong medium term consolidation strategy – including a faster pace of deficit reduction than set out in the April 2010 Budget”. Sterling [...]
