RBS bankers will receive their bonuses entirely in shares - but can convert a large portion into cash within 12 weeks.
In a letter to investors yesterday, RBS admits the pay deal is "unlikely to please everyone" but pleads for understanding from shareholders, the Telegraph reports.
The share conversion clearly breaks the spirit of the agreement announced by Chancellor Alistair Darling in November, politicians argue.
As announced in November, executive directors will receive no bonuses until 2012. "Senior management" will have their bonuses deferred over three years, starting this year. Full story..
MINISTERS have been warned by Treasury officials they must cut spending rather than increase taxes to ensure a stronger economic recovery, the Telegraph reports.
An internal Treasury paper concluded there was "broad agreement" "spending restraint is more likely to generate better economic performance than tax increases".
Lord Myners, the City minister, admitted many rich Britons would dodge the 50p higher rate of tax, while some people would simply leave the country. Full story...
BP REPORTS a 45% drop in annual profit due to lower oil and gas prices and depressed refining margins, the BBC reports.
Its replacement cost profit for 2009 was $13.96bn (£8.75bn), compared with $25.59bn in 2008. Profits during the final three months of 2009 were $3.45bn, up 33% from the $2.59bn reported a year ago. Full story..
THE BRITISH ARM of Reader's Digest was on the brink of financial collapse last night after a deal to prop up its sagging pension fund fell apart.
At risk are 135 jobs and the full pensions of 1,600 past and present UK employees, after negotiations between the US Reader's Digest Association (RDA), and Britain's Pensions Regulator deadlocked. Full story..
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