British Airways shares continue upwards |
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| Economy | |
| Written by Gary Howes | |
| Friday, 13 November 2009 | |
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Morning Business News, Friday 13 November: British Airways, Iberia, EU banking rules, executive pay.
British Airways (LON:BAY) shares have continued to soar this morning on the Iberian merger news. Yesterday it was announced that British Airways and Iberia, the Spanish flag carrier, announced a deal to create Europe’s largest airline. The merger by the two loss-making companies is expected to set off another round of cost-cutting at both to save £360m a year. Jobs are likely to be lost at head offices in London and Madrid, in maintenance facilities and in the sales forces, the Times writes. EU banking rulesBrussels has delayed the introduction in the European Union of a radical overhaul of accounting rules for banks and insurers which on Thursday came into force across most of the rest of the world outside the US. Analysts say some French, German and Italian banks with large investment banking activities would be hit disproportionately by the changes, forcing them to book losses on large holdings of derivatives, the FT reports. Pension Fund body calls for halt to executive payThe National Association of Pension Funds (NAPF) has told Britain’s biggest companies to keep the lid on executive pay and bonuses or risk shareholder revolts, as it steps up its campaign to improve corporate governance in UK boardrooms. The NAPF, whose members own about 13 per cent of the stock market, has written to all FTSE 350 chairmen urging them to exercise “pay restraint” for their highest earners, the Times reports. BBC executive payStaying with the topic of executive pay it has emerged that at least 37 BBC executives earn more than the Prime Minister, it was revealed yesterday, as the corporation disclosed the scale of its senior salaries for the first time. The broadcaster said that its 107 “most senior decision makers” earn £22m a year and said that the disclosures made it the nation’s most transparent public body. This claim was undermined when it emerged that hundreds of its highest earners were hidden from the published figures, the Times reports.
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