<br /> <br /> Thursday Papers: Persimmon boss quits amid bonus storm – Citywire Money <br /> <br />

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Chief executives of seven leading companies have been paid more than £230 million since the launch of Help to Buy scheme.

Thursday Papers: Persimmon boss quits amid bonus storm

Top stories

  • 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.
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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.
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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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