Key BP papers may come out June 6, 2012 A CONFIDENTIAL document at the heart of BP’s disputes with its partners in Russian oil company TNK-BP may become public under legal amendments agreed by Russia’s competition watchdog, its deputy director said yesterday. BP and the AAR consortium of four Soviet-born tycoons, who share control of the Russian oil producer, have traded accusations of breaching [...]
WPP takes on critics over Sir Martin’s pay June 6, 2012 ADVERTISING giant WPP yesterday closed ranks around its chief executive Sir Martin Sorrell, who is fending off a shareholder rebellion over his 30 per cent rise in basic pay and £12.9m overall payout for last year. Writing in today’s City A.M. Jeffrey Rosen, chairman of WPP’s compensation committee, said the firm “believes in rewarding performance” and [...]
Why does WPP want to hike Sorrell’s pay? June 6, 2012 Q How much does Martin Sorrell earn? A WPP’s chief exec was awarded a total of £12.9m for 2011. This is made up of: a basic salary of £1.3m (up 30 per cent compared to a year ago), a £2m cash bonus, just over £1m in pension contributions and other benefits, plus £8.6m from various [...]
PROFILE: HOW TO BUILD AN AD GIANT June 6, 2012 1975 Martin Sorrell joins advertising agency Saatchi & Saatchi, rising to become group finance director. 1985 Sorrell searches for a listed company through which he can build a marketing firm. He alights on Wire and Plastic Products – a British manufacturer of wire baskets – and buys 15 per cent of the firm. 1987 The renamed [...]
EU unveils too big to fail rules in power grab June 6, 2012 THE EUROPEAN Commission has finally unveiled a new set of regulations that are meant to ensure taxpayers will never again have to bail out a failed bank. But critics said that EU commissioner Michel Barnier is also using the new rules to establish a “banking union” and grab powers for the new EU regulator, the [...]
German banks hit by Moody’s downgrades June 6, 2012 MOODY’S downgraded seven German banks yesterday, including the country’s second-biggest lender Commerzbank, saying that they are holding risky assets equal to three times their capital base. The agency slashed credit ratings mostly for regional banks due to low earnings combined with large holdings of “vulnerable” assets. It highlighted exposure to global shipping, commercial real estate, [...]
Europe plans for Spain rescue as prosecutor investigates Bankia June 6, 2012 GERMANY and EU officials are urgently exploring ways to rescue Spain’s debt-stricken banks although Madrid has not yet requested assistance and is resisting being placed under international supervision, European sources said yesterday. Spain said on Tuesday it was effectively losing access to credit markets due to prohibitive borrowing costs and appealed to European partners to [...]
Eurozone GDP shows no signs of recovering June 6, 2012 THE EUROZONE economy has contracted over the past year, official figures revealed yesterday, with industry data showing even Germany has been hit by the dire state of its weaker neighbours’ economies. Eurozone GDP registered no growth in the first quarter of this year, after falling 0.3 per cent in the fourth quarter of 2011 – [...]
Private sector representative to step down June 6, 2012 CHARLES Dallara, managing director of the Institute of International Finance (IIF) and a key negotiator in the restructuring of Greece’s debt this year, is to step down from the banking lobby group, a person familiar with the matter said. Dallara has told the IIF’s board and plans to announce his plans at an IIF conference [...]
Diageo in £1bn plan to boost sales of Scotch June 6, 2012 DRINKS giant Diageo said yesterday it would pour £1bn into its Scotch whisky business to cater for rising demand from middle class drinkers in emerging markets. The company said that 100 jobs would be created in Scotland under the five-year plan. A new distillery will be built in Speyside or the Highlands while extra warehousing [...]
