Bonus cut for Railway chief May 14, 2009 NETWORK RAIL chief executive Iain Coucher has given up his annual bonus, he announced yesterday, saying he didn’t want his pay to overshadow the company’s performance. But Coucher will still be paid his annual long-term bonus, which is based on how well the company has done over the past three years. The decision comes ahead [...]
No relief for Kesa Electricals as sales continue to decline May 14, 2009 Kesa Electricals, Europe’s third-biggest electrical goods retailer, yesterday reported sales declining faster in the first four months of 2009 than at the end of last year but said annual profit met expectations. Kesa, which owns Comet, said it held a strong cash position but forecast 2009-10 would be another “challenging year.” The group also said [...]
CITY VIEWS: DO YOU THINK THE FURY OVER BONUSES HAS GONE TOO FAR? May 14, 2009 WILL MCCANN HALLIWELLS SOLICITORS “It’s a bit unfair to expect bonuses to be returned. Where do you stop the catchment of blame? Is it just within the Square Mile or are we meant to shoot down in flames anyone in a position of responsibility?” NEIL SADLER CHARTWELL“I’d love to see all bonuses handed back [...]
Pru’s M&G in sales boom on bond bonanza May 14, 2009 A MASSIVE increase in demand for corporate bonds has allowed M&G, the asset management arm of insurance group Prudential, to notch up record levels of investment into its fund range. Prudential’s results for the first quarter showed M&G saw gross fund inflows of £4.4bn thanks mostly to a tide of investment away from current accounts, [...]
Eurofighter jets get green light from the government May 14, 2009 THE government gave the green light for a third order of Eurofighter Typhoon jets yesterday, after months of delays caused by rising costs. The consortium which builds the jets, made up of BAE, EADS and Finmeccanica of Italy, welcomed the move, and said the deal was worth around €8bn (£7.16bn). The planes are expected to [...]
Chrysler to cut quarter of dealers May 14, 2009 AILING carmaker Chrysler is culling around a quarter of its retail showrooms, it said yesterday, and has asked for approval to terminate franchise agreements with almost 800 of its 3,100 dealerships, after it filed for bankruptcy last month. Chrysler and rival General Motors (GM) are facing pressure to axe dealerships to bring their large sales networks [...]
Luminar sees clubbers return May 14, 2009 Britain’s biggest nightclub operator Luminar posted a 36 per cent fall in full year underlying pre-tax profit yesterday, but said there were signs of a pick up in demand from cash-strapped clubbers. Luminar, which runs Oceana, Liquid and Lava & Ignite nightclub chains, said it had seen an “encouraging” recent 3.2 per cent year-on-year hike [...]
Thomas Cook confidence boost May 14, 2009 Thomas Cook, Europe’s second-biggest travel firm, said yesterday it was confident of meeting full year expectations as summer holiday bookings for 2009 remained robust despite tough economic conditions. The group said it had five per cent fewer summer holidays left to offload than at this stage last year, while selling prices had increased and margins [...]
Paddy Power buys Sportsbet May 14, 2009 Paddy Power yesterday said it will buy a controlling stake in Australian firm Sportsbet, as it ventures for the first time outside of Europe. Paddy Power will take a 51 per cent stake in the company which provides betting on Australian horse racing and other sports for online and telephone customers. The group will pay [...]
St Modwen joins cash call trail May 14, 2009 Property developer St Modwen yesterday said it had raised £102m in a cash call to reduce debt, avert firesales and stockpile cash for new acquisitions. The firm, which specialises in regeneration projects in towns and cities across Britain said it would raise £25.9m through a placing and £81.5m through an open offer before advisers took [...]
