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Third of investors rebel on Sorrell pay

Third of investors rebel on Sorrell pay

Image copyright Reuters One third of WPP investors have failed to back Sir Martin Sorrell’s £70m pay deal at the advertising firm’s annual general meeting. Excluding abstentions, 33.5% of investors failed to back the pay deal, but the vote was non-binding. The chief executive’s 2015 pay package is one of the biggest in UK corporate […]

Royal Mint sells gold bars for pensions

Royal Mint sells gold bars for pensions

Image copyright Royal Mint The Royal Mint is to offer savers the chance to own gold bars within their pension funds for the first time. Investors will be able to buy 100g or 1kg bars – or even a fractional amount of a larger 400oz bar – and have it stored at the Royal Mint. […]

Suzuki CEO to step down amid probe

Suzuki CEO to step down amid probe

Image copyright Getty Images Suzuki said its chief executive will step down this month as the Japanese carmaker faces a probe into its use of improper fuel emissions tests. Osamu Suzuki, who has led the company for nearly forty years, will stay on as chairman. Japan’s fourth biggest car company will also cut executive pay […]

BHS managers blame Chappell for collapse

BHS managers blame Chappell for collapse

Image copyright Getty Images BHS management has blamed former owners Retail Acquisitions for the collapse of the department store chain. Managers said that the owners had not raised sufficient funds to keep the business going. In addition, Retail Acquisitions “did not give confidence” to credit insurers and suppliers, nine managers said in a strongly worded […]

Sports Direct admits staff pay errors

Sports Direct admits staff pay errors

Image copyright Getty Images Sports Direct’s founder Mike Ashley has admitted workers at its Derbyshire warehouse were paid below the minimum wage and its policy of fining staff for being late was unacceptable. HMRC is investigating the firm over the minimum wage issue, Mr Ashley told MPs. An internal investigation had discovered “some issues” with […]

Ralph Lauren to cut another 1,200 jobs

Ralph Lauren to cut another 1,200 jobs

Image copyright Getty Images Ralph Lauren will cut 1,200 jobs, or 8% of its workforce, as part of a cost-cutting drive. The US fashion brand also planned to close more than 50 stores and simplify its management structure. Ralph Lauren said the measures should save between $180m (£1235m) and $220m a year. Last year Ralph […]

Ex-trader Kerviel wins unfair dismissal

Ex-trader Kerviel wins unfair dismissal

Image copyright AFP Image caption The labour court ordered Societe Generale to pay Jerome Kerviel €450,000 (£350,000) in damages The French ex-trader Jerome Kerviel, whose unauthorised transactions lost his bank €4.9bn (£3.82bn), has won a claim for unfair dismissal. A labour court said the bank, Societe Generale, had dismissed him not because of his actions, […]

Insurer considers demerging Gocompare

Insurer considers demerging Gocompare

Image copyright Esure Image caption Will Gocompare go it alone? Insurance group Esure has said it is considering options for its Gocompare price comparison website, including a possible demerger. Esure said it had “reinvigorated” the marketing strategy of Gocompare – best known for the Gio Compario opera singer character in its adverts – during its […]

WTO chief warns UK of Brexit risks

WTO chief warns UK of Brexit risks

Image copyright Getty Images Image caption WTO chief Roberto Azevedo said he did not know how trade talks would take if the UK left the EU The UK outside the European Union would face uncertain trade relations, according to the World Trade Organization (WTO). In a BBC interview, the WTO’s director general, Roberto Azevedo, said […]

Yellen drops summer rate rise hints

Yellen drops summer rate rise hints

Image copyright AP Federal Reserve chair Janet Yellen has given her strongest indication yet that an interest rate rise will be coming this summer. In a speech in Philadelphia on Monday she said that “positive economic forces have outweighed the negative”. Ms Yellen also warned that a UK vote to leave the European Union could […]