05272016Fri
Last update: Fri, 27 May 2016 01pm

Business & Finance - Industries & Sectors

Telecom Italia investors defy critics and back CEO pay package ROZZANO: Telecom Italia's shareholders backed a special award plan for its new Chief Executive Flavio Cattaneo and other top managers on Wednesday, despite wider investor criticism of excessive boardroom pay. Cattaneo is set to be paid 1.4 million euros ($1.6 million) annually under the Italian firm's remuneration plan and get a bonus worth between 50-150 percent of his salary if Telecom Italia reaches its business plan goals.Investors also backed a special award plan that could see Cattaneo receive an additional bonus of up to 40 million euros if Telecom Italia exceeds its goals.Proxy advisers Glass Lewis and ISS had urged shareholders to reject this special award, criticising the fact that it was linked to short-term results and that a bonus would be granted even in the case of an early departure.The outcome was heavily influenced by top investor Vivendi , which controls Telecom Italia via a 24.7 percent stake. Arnaud ...


Business & Finance - Industries & Sectors

Netflix, Amazon face quotas for European movies BRUSSELS: US firms like Netflix, Amazon and Apple face quotas for European movies and television shows under EU proposals unveiled Wednesday that also aim to lift cross-border barriers for Internet shoppers.The proposals are the latest step towards what Brussels calls a digital single market, in which the European Union's 500 million people will no longer be blocked from buying goods and services more cheaply abroad online."We have a European film culture and we think European ...

Business & Finance - Banking & Finance

BoE policymaker says UK banks stuck on tundra until they change LONDON: Britain's banks are stuck on a cold "tundra" of flagging financial returns and failure to tackle structural problems like overpaid investment bankers and a lack of trust, a senior Bank of England policymaker said on Wednesday. Martin Taylor, a member of the BoE's Financial Policy Committee which sets the regulatory tone for supervising banks, said lenders may be pursuing "unsustainably" high returns on equity of 10-15 percent at a time of low interest rates. ...

Business & Finance - Industries & Sectors

Etihad Airways Partners raises $500mn in second bond ABU DHABI: Etihad Airways and several carriers in which it has equity stakes have raised $500 million through a five-year bond for capital spending, investment in planes and to refinance debts, the airline said on Wednesday. The fund raising by Etihad Airways Partners, which includes airlines such as Alitalia, airberlin, Air Serbia and Air Seychelles, follows an initial $700 million debt issue in September. "This transaction shows the strength of that grouping, as well as ...

Business & Finance - Industries & Sectors

Gazprom Neft to produce 6.3mn T oil at Novy Port in 2018: Gazprom MOSCOW: Russia's Gazprom Neft expects to produce 6.3 million tonnes of oil at its Novoportovskoye field in the Arctic in 2018, where the oil company has started loading the first tanker on Wednesday, Gazprom said in a statement. Copyright Reuters, 2016

Business & Finance - Industries & Sectors

Shell to cut 2,200 more jobs in face of weak oil prices LONDON: Royal Dutch Shell will cut a further 2,200 jobs, taking its target for layoffs to 12,500 by the end of the year, the Anglo-Dutch oil firm said on Wednesday, as it cuts deeper in the face of weak oil prices. Shell let go 7,500 staff and direct contractors last year and previously said 2,800 jobs would be cut with the integration of BG Group. Whilst the cuts are small in comparison to the overall ...

Business & Finance - Industries & Sectors

Mitsubishi Motors brings in new R&D chief, restates results after scandal TOKYO: Mitsubishi Motors appointed a Nissan Motor adviser as its head of research and development, part of a management overhaul in the wake of a mileage cheating scandal that also prompted it to mark down last year's earnings.Nissan is preparing to take a controlling one-third stake in Mitsubishi, which is reeling from its third scandal in two decades. Mitsubishi has seen over $3 billion wiped off its market value after admitting last month it overstated ...