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The Independent Online
BAT MAN'S SALARY SOARS TO 980,679 POUNDS

Sir Patrick Sheehy, chairman of BAT, was paid pounds 980,679 last year, a 54 per cent increase on 1992, putting him among the ranks of the UK's highest-paid businessmen.

Sir Patrick's basic salary rose 7.6 per cent to pounds 624,429, but the performance-related element jumped more than sixfold from pounds 57,970 to pounds 356,250. The accounts for 1992, sent to shareholders yesterday, also reveal that Michael Butt, who left the group in October 1991, was paid pounds 323,661 last year and will get pounds 80,908 in 1993.

340,000 POUNDS WALKER PAYOUT

Jean Walker, wife of the former Brent Walker chairman George Walker, is to be paid pounds 340,000 in settlement of her two compensation actions for loss of office against Brent Walker, as revealed in the Independent on Sunday.

US SAVINGS FALL

The US savings rate fell to 4.1 per cent in February, the lowest rate since October 1990, after 4.4 per cent in January. The decline followed a rise of 0.2 per cent in personal incomes last month, exceeded by a 0.6 per cent advance in personal consumption. Home sales rose 4.6 per cent, reversing a 12.7 per cent decline in January.

ITV BID GO-AHEAD

The Department of Trade and Industry said it would not refer a bid from a consortium led by Carlton Communications for Independent Television News to the Monopolies and Mergers Commisssion.

GERMAN PRICES UP

Consumer prices in western Germany rose a provisional 0.4 per cent in March from February, and 4.3 per cent year-on-year. In February, the consumer price index rose 0.4 per cent from January and climbed 4.2 per cent year-on-year.

DELTA TO SHED 600

Delta Airlines is to lay off 600 pilots from June and reduce its fleet. It expects the cuts to save more than dollars 100m per year.

UK OIL REVENUE LEAPS

Britain's North Sea oil revenue rose to pounds 25.6m a day in February, from pounds 21.3m in January and the highest since October 1991, Royal Bank of Scotland said. Output rose to an average 2 million barrels per day, from 1.89 million bpd in January.

GIROBANK BID ATTACKED

MPs on the Public Accounts Committee attacked DTI officials for being 'economical with the truth' and 'having the wool pulled over their eyes' over rival bids for Girobank in 1988. Alliance & Leicester bought the bank and Norwich Union its leasing subsidiary.

CARR FOR AMBER DAY

Amber Day, the discount stores group, appointed Peter Carr, the first of two non-executive directors. He was formerly chief executive of the Spanish department stores Galerias Preciados.

LEHMAN NAMES CHIEF

Lehman Brothers has named Richard Fuld as its sole president. Lehman, a unit of American Express Co was not included in the Shearson Lehman Brothers merger with Primerica Corp's Smith Barney. Mr Fuld had initially been named as co-chief executive and co-president along with Tomilson Hill.

SOCIETIES TAKE STOCK

(First Edition)

Building societies are facing new pressure to convert themselves into companies, according to a report by the stockbroker Hoare Govett. Several are likely to follow the Abbey National to the stock market in two to three years.

WORLD MARKETS

NEW YORK: In strong trading, encouraged by an easing of international tension, shares moved ahead, with the Dow Jones Average up 15.12 points to 3,455.10 by the close.

HONG KONG: Heavy selling of Jardine Matheson shares lowered the Hang Seng index 16.35 to 6,322.90.

TOKYO: The Nikkei Average surged 259.69 to 19,048.38, a six- month high.

SYDNEY: Late buying reversed earlier falls, enabling the All Ordinaries index to end 1.1 better at 1,677.

JOHANNESBURG: Lack of overseas interest depressed the overall index 49 to 3,507.

MILAN: The MIB index edged 0.09 per cent higher to 1,077.

FRANKFURT: Hopes of further cuts in interest rates lifted the DAX index 13.63 to 1,674.92 in quiet trading.

PARIS: The CAC-40 index firmed 8.08 to 2,033.86 on optimism over the new government's policies.

ZURICH: Gains elsewhere in Europe encouraged the SMI index 16.3 higher to 2,176.3

LONDON: Report, page 24.

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