Boardroom pay at the UK's top companies soared 37% last year as full-time directors were rewarded with inflation-busting increases in basic salaries, big cash bonuses and substantial payouts from share schemes, reports The Guardian.
The surge in pay, which takes the average total pay for a chief executive to £2,875,000, is more than 11 times the increase in average earnings and nearly 20 times the rate of inflation as measured by the consumer price index.
The ratio between bosses' rewards and employees' pay has risen to 98:1, up from 93:1 a year ago - meaning that the work of a chief executive is valued almost 100 times more highly than that of their employees.
THE TURMOIL IN GLOBAL markets claimed another victim today as Whitbread said it was delaying a possible £600m bond for at least one month, reports The Times.
The Premier Inn-to-Costa Coffee group said that while it still intended to raise the new debt, secured against its hotels and restaurants, it would have to wait given “current conditions” in the City.
Whitbread had been expected to announce plans for a cash return of nearly £900m to shareholders today, with the bond allowing the group to hand back the proceeds from the recent sale of David Lloyd Leisure.
But investors will, for now, only benefit from a share buyback programme, of up to £300m, which will start today.
HSBC HAS BEEN CRITICISED FOR falsely claiming that current account customers could withdraw cash abroad without charge, reports The Independent.
The Advertising Standards Authority said the central claim of TV adverts for its Bank Account Plus was misleading because HSBC charged a 2.75%exchange rate fee.
The ASA dismissed the bank's argument that the fee only covered processing costs and ordered the bank not to repeat the claim.
The ruling comes as HSBC's decision to end interest-free overdrafts for graduates has encountered opposition.
More than 3,000 former students have joined “Stop the great HSBC graduate rip-off” on the social-networking website Facebook since the decision was announced in June.
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