Business week in review
Sunday 01 July 2012
Having managed to convince Britain's pubs and their thirsty customers that the perfectly ordinary lager that is Peroni is a premium drink, Graham Mackay is probably good value for his £5.9m pay package.
It was announced on Tuesday that the SABMiller chief executive was awarded that dough – a 5 per cent rise on the previous year – and rather superbly includes a "beer allowance" in his £110,000 of perks. The hike means that Mackay is now in the top 20 best remunerated bosses in the FTSE 100, although the company justified this by pointing increased earnings per share and a 12 per cent increase in the dividend pay-out.
Another boss who is surely in line for a pay rise in Jayne-Anne Gadhia, who heads up Virgin Money. She was paid £858,000 last year, quite a bit below most UK banking bosses, yet it emerged on Wednesday that Virgin Money has added 400,000 new customers since snapping up the "good" chunk of Northern Rock on 1 January this year.
Philipp Humm was confirmed as the new northern and central Europe head of Vodafone on Thursday, a day after quitting the top job at T-Mobile USA.
...at a loss
Out-of-town retail park fanciers shed a tear on Tuesday as floor covering market leader Carpetright (try saying that after a few bottles of SAB Miller's undistinguished brew) ditched its final dividend.
Profit slumped by 76 per cent to just £4m in the year to 28 April, showing how much of a squeeze there still is on consumer spending for more expensive household goods.
Chief executive Darren Shapland admitted the dividend could not be restored until "the underlying profitability of the business is in better shape". However, there was some good news in that leases on 88 of its UK stores come up for renewal in the next five years, so there is the opportunity to slash rents or move out of costly shops.
Not all mass-market alcoholic beverages are doing well. On Wednesday, C&C announced that sales of its Magners and Gaymers brands have fallen by 25 per cent since March, due to the lack of sunshine that encourages cider drinking. Chief executive Stephen Glancey vowed there would still be earnings growth for the full year.
Also on Wednesday, Standard Chartered's finance director Richard Meddings warned that first-half profit growth would dip below 10 per cent.
- 1 Britain First 'acting like Ukip henchmen' by invading meeting of activists in revenge for pub protest against Nigel Farage
- 2 Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
- 3 Tidal: Jay Z's Spotify rival streaming service criticised for making wealthy artists even richer
- 4 Brixton squat flats now costing up to £3k per month show how out of control rent is in London
- 5 A new (old) cure for MRSA? Revolting recipe from the Dark Ages may be key to defeat infection
Costa Concordia: Shipment of Mob drugs was hidden aboard cruise liner when it hit rocks off Italian coast, investigators say
Brixton squat flats now costing up to £3k per month show how out of control rent is in London
A new (old) cure for MRSA? Revolting recipe from the Dark Ages may be key to defeat infection
Jeremy Clarkson 'could be given minder' ahead of a potential Top Gear return
Germanwings plane crash: Transcript reveals passengers 'screamed for over five minutes' before plane crashed into mountain
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
The West has it totally wrong on Lee Kuan Yew
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
iJobs Money & Business
£45000 - £50000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50,000 - £55,000: Neil Pavier: Are you a professionally qualified commercial ...
£45,000 - £55,000: Loren Hughes: Are you looking for a new opportunity that wi...
Circa £45,000-£50,000 + benefits: Sheridan Maine: Are you a newly qualified ac...