Business leaders slam ‘shameful’ Thomas Cook as pressure builds on former boss Harriet Green over £10.5m share award May 25, 2015 Thomas Cook is under pressure to review a £10.5m payout to former boss Harriet Green amid mounting criticism over its response to the deaths of two British children in Corfu. Green is set to collect seven million Thomas Cook shares – worth £1.47 each – under a pay deal struck in 2012. The timing [...]
What does it take to get a business to IPO? – Investec Comment May 25, 2015 What is it that drives a company founder to float their business on the stock market and do an initial public offering (IPO)? The obvious point is that they want to raise capital to fund their growth and/or provide an exit for current shareholders. By entering the public markets, a company can tap into a [...]
Severn Trent share price falls as investments squeeze profits May 22, 2015 The figures Severn Trent's revenue increased 2.4 per cent to £1.8bn in the year to the end of March, up from £1.76bn a year earlier. Nevertheless, investments squeezed profits: pre-tax profit fell 53.5 per cent to £148.2m, down from £318.8m in 2013. It said that investment "in business development in US concessions impacted profit year on [...]
Number of women FTSE 100 chief execs rises to six as Whitbread appoints Alison Brittain as chief executive May 22, 2015 Whitbread has appointed Alison Brittain as its new chief executive, taking the total number of women chiefs on the FTSE 100 to six. The owner of Premier Inn hotels and Costa Coffee has picked the Lloyds Banking Group director to replace Andy Harrison who will retire on 16th February. Chairman Richard Baker described Brittain as [...]
China stimulus plan boosts energy firms as FTSE nears peak – London Report May 21, 2015 PLANS out of Beijing to boost further stimulus to boost its economy also propelled the FTSE higher, to just below last month’s record highs yesterday, with expectations China will launch further stimulus, helping miners and energy stocks tracking gains in oil prices. The UK Oil and Gas index rose 0.9 per cent as crude rose [...]
Thomas Cook Corfu deaths tragedy: The government must reform paltry damages May 21, 2015 Much has been said about the PR disaster surrounding Thomas Cook’s handling of the Corfu carbon monoxide poisoning, which killed Robert and Christianne Shepherd in 2006. But the case also throws into the spotlight one of the fundamental injustices in English law: the level of damages awarded following a fatal accident. The current level [...]
Corfu deaths: Thomas Cook says hotel manager and electrician employed in Crete as chief meets with parents of Christianne and Bobby Shepard May 21, 2015 Thomas Cook has revealed Georgios Chrysikopoulos, the general manager of the hotel in Corfu where children Christianne and Bobby Shepard died, has been running another hotel used by the company. The Mitsis Laguna Hotel in Crete employed Chrysikopoulos from 1 April this year. Thomas Cook said it immediately started an investigation and discovered Christos Louvros, [...]
BT Group chief executive Gavin Patterson took home £4.4m last year May 21, 2015 BT chief executive Gavin Patterson received a £1.3m bonus on top of his £950,000 basic for the last financial year, it has been revealed. Patterson took home a total package worth more than £4.4m, up 5.7 per cent on last year. Chief financial officer Tony Chanmugam received a bonus of £714,000 – half [...]
National Grid profit pulled down as price controls helps energy consumers save May 21, 2015 The figures National Grid suffered a four per cent drop in pre-tax profits to £2.6bn, during a year in which it benefited from a new operating model and new business activities. The firm's share price remained relatively flat this morning, after energy regulator Ofgem announced it was launching an investigation to see if generators provided it [...]
Former Tesco chief executive Philip Clarke was paid £764,000 by the supermarket last year May 21, 2015 Ousted Tesco chief executive Philip Clarke, who had presided over a fall of nearly 30 per cent in Tesco's share price during his three years at the helm of the supermarket, was paid £764,000 by the supermarket last year. Tesco's annual report, published this morning, showed that although he stepped down in September last year, [...]