Thursday Papers: Persimmon boss quits amid bonus storm – Citywire Money
View the article online at http://citywire.co.uk/money/article/a1173399
Chief executives of seven leading companies have been paid more than £230 million since the launch of Help to Buy scheme.
- The Daily Telegraph: Persimmon boss Jeff Fairburn was ousted after he refused to hand back a bigger chunk of his controversial £75 million bonus.
- Daily Mail: The chief executives of seven leading companies including Persimmon, Barratt Developments and Taylor Wimpey have been paid more than £230 million since the Help to Buy scheme was launched.
- The Times: 21st Century Fox boosted quarterly advertising sales at its television division by about a fifth thanks to political campaigning before the US midterm elections and the football World Cup.
- Daily Mail: Barclays is to cut 134 UK jobs in its technology infrastructure team, which two-thirds of them at its Radbroke Hall location in Knutsford, Cheshire.
- The Independent: Theresa May has created five new advisory councils featuring executives from big business which will guide the prime minister on “post-Brexit opportunities”.
- Financial Times: Formula One is to unveil its first new Grand Prix fixture under owner Liberty Media.
Business and economics
- Daily Mail: Marks & Spencer faced its worst food sales in a decade after scrapping its popular £10 ‘Dine in for Two’ meal deal; it posted a 2.9% drop in food sales, with purchases of clothing and homeware products down 1.1%.
- Daily Mail: Mulberry posted an £8.2 million loss for the six months to 30 September, compared with £0.6 million a year earlier, as it was hit by the House of Fraser crisis.
- The Daily Telegraph: ITV warned that it expects its total advertising revenue to be down as much as 8% in December, compared with last year, after a torrid year on the High Street.
- Financial Times: Goldman Sachs named 69 new partners on Wednesday, handing one of the most sought-after symbols on Wall Street to more women, ethnic minorities and millennials.
- The Times: Shares in JD Wetherspoon fell by more than 11% after the FTSE 250 group’s boss Tim Martin disclosed that he is working part-time while recovering from a burst appendix.
- Financial Times: Tencent is building autonomous driving team in Silicon Valley.
- Daily Mail: Redrow chairman and founder Steve Morgan is to step down from the housebuilder at the end of March.
- The Guardian: The John Lewis Partnership, which owns Waitrose and the John Lewis chain of department stores, is searching for a new chair after it announced Sir Charlie Mayfield is stepping down in 2020.
- The Times: Gordon Ramsay’s restaurant group is in talks with Lion Capital, a London-based private equity firm, to receive a cash injection that could help it to open as many as 100 restaurants in the US.
- Financial Times: Konstantinos Pantazopoulos, a former Goldman Sachs global head of rates trading, has joined the hedge fund Moore Capital, six months after he left the Wall Street bank.
- The Times: Royal Mail yesterday announced that Sue Whalley, its UK letters and parcels chief, was stepping down only five months after her appointment to the board.
- The Daily Telegraph: The Ministry of Defence is trying to get more small suppliers involved in its £3 billion-a-year infrastructure projects to reduce its vulnerability to a Carillion-style collapse.
- Daily Mail: Netflix is producing more TV shows and films abroad, improving subtitles and dubbing foreign shows into English, in a bid to ramp up global expansion.
- Financial Times: Cosmetics and fragrance maker Coty lost roughly 20% of its value after its quarterly revenue and profit were hit due to serious supply-chain disruptions.
- Daily Mail: G4S’ shares plunged more than 17% after the company reported revenue growth of 2.5% for the third quarter, which was below analyst expectations.
- The Daily Telegraph: Toshiba is said to be preparing to liquidate its Manchester-based nuclear arm NuGen, after the Japanese conglomerate failed to sell the unit to Korea Electric Power Corporation.
- Financial Times: BMW suffered 24% decline in net profits due to spending on electric cars and costs from emission rules.
- The Daily Telegraph: Galliford Try has been forced to flag another £20 million hit on the hamstrung Aberdeen Bypass project due to delay in completion until December.
- The Daily Telegraph: Budget airline Wizz Air has cut its full-year profit guidance by more than 10% after a difficult first half.
- The Daily Telegraph: A group led by the Church of England’s pension fund has named and shamed five of world’s largest oil companies for failing to set climate change targets.
Share tips, comment and bids
- Daily Express: UK fashion brand Hope aims to raise £2 million for scaling development and distribution.
- Financial Times: Sempra Energy has signed heads of sale agreements with Total of France and Mitsui and Tokyo Gas of Japan for new Mexican LNG terminal.
- Financial Times: Hyundai Motor is spending $250 million in Grab, the South-east Asian car-booking company.
- Financial Times: Louis Dreyfus Company’s majority shareholder has locked down financing to complete the buyout of family members in a deal that would bring long-running dispute at the trading house close to settlement.
- Daily Mail (Comment): When M&S bosses describe the firm as a ‘failing enterprise’, they do everyone involved a huge disservice.
- The Guardian (Comment): Persimmon chief’s £75m bonus was ‘issue’ never likely to disappear easily.
- The Daily Telegraph (Comment): Trump’s reckless economic gamble has failed and the political noose is tightening.
- The Daily Telegraph (Comment): Fairburn has only himself to blame as axe falls at last.
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