Bonuses push exec earnings up 55 per cent October 28, 2010 FTSE 100 directors saw their total earnings rise 55 per cent year-on-year, fuelled by a massive increase in bonuses and performance related pay. Across the FTSE 350 total board pay rose an average of 45 per cent in the year to June 2010, according to the latest Directors Pay Report by Incomes Data Services (IDS). [...]
Report shows Halliburton and BP knew of well risks October 28, 2010 BP and Halliburton, the contractor which cemented the blown-out Macondo well, ignored cement design flaws weeks before the disaster that sparked the worst US offshore oil spill, a White House panel said yesterday. Both Halliburton and BP were aware of flaws in the cement slurry, similar to the one used to seal the well, as [...]
Extra £4m windfall for Betfair Pair October 28, 2010 BETFAIR founders Andrew Black and Ed Wray will pocket an extra £3.6m between them after shares in the firm rocketed following its IPO. Morgan Stanley, acting as stabilising manager, triggered an over-allocation clause after shares in the betting exchange jumped from the float price of £13 to over £15 in its first day of trading. [...]
Profits plunge as Santander confirms IPO October 28, 2010 SANTANDER Group shocked the City yesterday, warning that full-year profits would not meet its target due to Spanish regulatory changes. The warning came as the CEO of Santander UK, António Horta-Osório, confirmed that the UK business will go ahead with an IPO in 2011, probably in the first half of the year. The IPO is [...]
BP’s Hayward in line for Temasek role October 28, 2010 TONY Hayward, the former chief executive of BP who stepped down at the beginning of this month, is believed to have been approached to take a role at Temasek Holdings, the Singaporean state investment fund. Hayward has been holding talks with Temasek about a possible appointment to its international advisory panel. Last month Hayward spoke [...]
Axa warns of interest rate impact as sales show sluggish growth October 28, 2010 AXA, the French insurance giant, released a trading update showing sluggish growth yesterday, with total nine-month sales climbing just 3.5 per cent to €70.5bn (£62bn). Life and savings insurance, its biggest revenue source, saw nine-month sales grow three per cent to €43.9bn. The update was not a full earnings report and did not detail profits, [...]
Shell boosted by higher oil and gas prices October 28, 2010 Royal Dutch Shell beat all analyst forecasts by reporting an 18 per cent jump in third-quarter profits yesterdy thanks to higher oil and gas prices, setting a trend for the sector. Europe’s largest oil company by market value said current cost of supply (CCS) net income was $3.52bn (£2.2bn) in the period. Stripping out non-cash [...]
Exxon’s quarterly profit rise beats Wall Street forecasts October 28, 2010 Exxon Mobil, the world’s largest publicly traded oil company, yesterday said its quarterly profit rose 55 per cent, topping expectations, as higher crude prices and improved refining margins boosted results. Third-quarter earnings for oil companies have been helped by a rebound in oil and natural gas prices. Slow improvement in the global economy has also [...]
Shell October 28, 2010 WHAT a difference an oil spill makes. At the beginning of 2010, BP overtook Royal Dutch Shell in market capitalisation for the first time in three years. Ex-BP boss Tony Hayward had stolen a march on Peter Voser, who had just started at Shell, by cutting costs and scaling back investments in exploration and production (E&P). [...]
Child benefit proposals hit major hurdle October 28, 2010 THE government’s plans to scrap child benefit for higher rate tax payers could be almost impossible to enforce, it emerged yesterday, in the latest saga to hit the controversial reforms. Earlier this month, George Osborne announced plans to axe child benefit for all households that contain at least one higher-rate taxpayer from 2013, saving the [...]
