The Business Week In Review: Bob Dudley, Ian Burke, Carsten Kengeter and Tom Albanese

 

Suggested Topics

In profit...

It's not quite like the glory, pre-Gulf of Mexico disaster days, but pension funds were cheered when BP raised its dividend 14 per cent to 8 cents on Tuesday.

Until the spill, BP accounted for a quid out of every six paid to UK pension funds, but, even with the increase, it is at barely half that level now. However, boss Bob Dudley could claim that "foundations" had been laid to rebuild the business to its former might.

Another smiling chief is Reckitt Benckiser's Rakesh Kapoor, who took over the Durex-to-Nurofen maker last September. On Wednesday, he announced an expansion into emerging markets and a fourth-quarter profit rise, creating a mini-surge in the share price.

Times are tough, but it seems that doesn't stop us making the odd punt. Rank Group boss Ian Burke revealed a rise in turnover and profit at the bingo and casino operator.

...at a loss

Bankers and chief executives seem to have forgotten their raison d’être: to become extraordinarily rich while the rest of us moan about their good fortune. Yet, so hammered have they been by the media pressure on executive pay that they are now scrabbling to be known as the person who has turned down the mostdough.

Carsten Kengeter, head of investment banking at UBS, was the first in penitent mode, foregoing his bonus in the wake of the alleged fraud by London trader Kweku Adoboli.

Tom Albanese, chief executive of mining titan Rio Tinto, soon followed into the confessional, refusing a bonus after falling aluminium assets badly hit profits. Rio paid $39bn for aluminium group Alcan in 2007 – right at the top of the market. Beyond the bonus brouhaha, SuperGroup chief executive Julian Dunkerton issued a shock profit warning.

Independent Comment
blog comments powered by Disqus
Career Services

Day In a Page

Feeding a hungry world – or meddling with laws of nature?

Feeding a hungry world – or meddling with laws of nature?

As scientists at Rothamsted's GM trials plead with activists not to sabotage their work, Michael McCarthy visits the battle field
Monkey meat that could be behind the next HIV

Monkey meat that could be behind the next HIV

Deep in Cameroon's rainforests, poachers are killing primates for food. Evan Williams reports from Yokadouma on a practice that could create a pandemic
Catcalls, whistles, groping: just another day for a young woman

Catcalls, whistles, groping: just another day for a young woman

Government urged to take abuse more seriously as London study shows 41 per cent are harassed
Jailing of Maori separatists stirs colonial-era resentment

Jailing of Maori separatists stirs colonial-era resentment

Militant Tuhoe tribe members defiant amid claims race relations had been set back 100 years
Fatal crashes are cyclists' fault, says Boris

Fatal crashes are cyclists' fault, says Boris

Mayor condemned for saying that two-thirds of riders killed on the road were at fault in accidents
Move over Brangelina, this night belongs to Kingston Bagpuize

Move over Brangelina, this night belongs to Kingston Bagpuize

Unlikely community movie beats the stars to get prized Leicester Square premiere
Solved after 33 years? Case of first missing boy shown on milk carton

Solved after 33 years?

Case of first missing boy shown on milk carton
Like mamma used to make: Pizza Pilgrims is proving a word-of mouth sensation

Pizza Pilgrims: Like mamma used to make

A van dispensing purist pizzas is proving a word-of mouth sensation
The supper on its uppers: Why we need to learn to entertain lavishly for less

Supper on its uppers: Entertain lavishly for less

Dinner parties are buckling under the pressures of food snobbery and belt-tightening...
The 10 best summer cookbooks

The 10 best summer cookbooks

From Claudia Roden's The Food of Spain to The Art of Cooking with Vegetables by Alain Passard...
Gorgeous Georgian: Now we can enjoy the cuisine of Russia's fiery neighbour nearer home

Gorgeous Georgian cuisine

The food of Russia's fiery neighbour is among the world's most inventive and original
Fury at Obama over filmmakers' access to Bin Laden kill team

Fury at Obama over filmmakers' access to Bin Laden kill team

White House denies putting politics before national security
Novak Djokovic: Patriot's game

Novak Djokovic: Patriot's game

The world No 1 is fiercely proud to be from Serbia and to be improving his country's profile. And he knows that winning the French Open – and therefore holding all four Slams – will do his cause no harm at all
Rugby league's great drugs cover-up

Rugby league's great drugs cover-up

After Hull's Martin Gleeson failed a drug test last year it sparked an avalanche of lies, complacency and confusion which Robin Scott-Elliot reveals for the first time
Ian Bell: Forget good-looking shots, I want to be known as a tough operator

Ian Bell: View From the Middle

It was nice to play a pressure innings at Lord's on Monday and be recognised for it