Allez le Bleus! Lloyd’s of London tips France for world cup glory June 12, 2018 Insurance market Lloyd’s of London has predicted that France will win this year’s world cup, based on the insurable value of its team. The research by Lloyd’s and the Centre for Economics and Business Research shows the insurable value of the French team is £1.4bn, with England second on £1.17bn and Brazil third on £1.1bn. [...]
Elite US law firm boosts top City associate pay to $340,000 as pay war rages June 12, 2018 Blue-blooded US law firm Cravath Swaine & Moore has set the pace in the junior lawyer pay war presently raging among the City’s elite US law firms. Cravath, which has offices in New York and London, has unveiled a new pay scale for junior lawyers and promised to dole out thousands in bonuses in order [...]
British Airways-owner IAG in the spotlight over excessive exec pay June 12, 2018 British Airways-owner IAG has been criticised by a shareholder advisory group for excessive executive pay. Advisory group Pirc has recommended shareholders abstain on IAG’s remuneration report over concerns about excessive pay for its chief executive. Pirc said that the pay of chief executive officer (CEO) Willie Walsh was “unacceptable” when compared to an average employee, [...]
French beauty giant L’Oreal defeated in High Court scrap with US start-up June 11, 2018 Beauty behemoth L’Oreal lost a High Court case today to a Californian start-up that makes a hair product used by celebrities such as Kim Kardashian. Start-up Olaplex sued L’Oreal for infringing its patent for its Bond Multiplier hair lightening product. Olaplex’s product has been used on celebrities such as actor Drew Barrymore, singer Jennifer Lopez [...]
Takeda shareholder group aims to block $62bn Shire deal June 11, 2018 A group of Takeda shareholders is working to block the $62bn (£46.4bn) acquisition of Shire, news agency Reuters reported today. Japanese drug company Takeda is holding a shareholder meeting later this year to approve an issue of new stock to help fund the deal for London-listed Shire. A 130 member group of ex-Takeda employees holds [...]
Outsourcer Interserve could be hit by shareholder backlash after advisory group criticises exec pay June 10, 2018 Interserve could be hit with a shareholder revolt over the pay of its chief executive Debbie White at its annual general meeting (AGM) this week. Shareholder advisory group Glass Lewis has criticised White’s bonus which represents 125 per cent of her salary, the most she could have received under Interserve’s remuneration system. Read more: Outsourcer [...]
Stobart board battle hots up as pressure grows on chair June 10, 2018 The bitter battle for control of the Stobart Group has continued to rage after it emerged today that more than 20 of its executives have signed a letter calling on its chair to resign. The letter to the FTSE 250 company’s board, first reported by Sky News, called on its chair Iain Ferguson to resign [...]
Carillion collapse leaves taxpayer on the hook for nearly £150m June 7, 2018 The collapse of outsourcer Carillion will cost the taxpayer at least £148m, according to a report published today by the National Audit Office (NAO). The liquidation of Carillion is currently expected to cost £522m which includes a £50m payment for big four accountancy firm PwC which is acting as special manager. The net cost to [...]
Deloitte announces reduced UK partner promotions round June 5, 2018 Big four accountant Deloitte has announced a reduced 2018 partner promotions round with the number making the grade in the UK and north west Europe both dipping. Partner promotions in the UK fell five per cent from 57 last year to 54 in 2018. The number and percentage of new female partners in the UK [...]
Who are the City’s best paid lawyers and what are they taking home? June 4, 2018 When private equity partner David Higgins started his new role in the City office of US law firm Kirkland & Ellis in April, he came with the weight of expectation generated by a reported $10m (£7m) salary. Higgins’ salary, which works out at nearly $200,000 per week, is almost unprecedented in the London legal market. [...]
