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Chevron cuts CEO Watson’s pay 25% as output falters
update on Friday, April 11, 2014
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CHICAGO: Chevron slashed Chairman and Chief Executive Officer John Watson’s compensation by 25 per cent after oil and natural gas output by the second-largest US energy producer tumbled to a five-year low.

Watson earned US$24 million in 2013, compared with US$32.2 million a year earlier, the San Ramon, California-based company said in a regulatory filing today. The pay package included US$1.77 million in salary, US$5.8 million in stock awards and options awards valued at US$9.2 million.

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UK pay growth accelerates to fastest pace in seven years
Agencies
update on Tuesday, April 8, 2014
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LONDON: UK pay growth accelerated to the fastest pace in almost seven years at the end of the first quarter as companies reported stronger overseas demand.

An index of wage growth for full-time employees rose to 62.2 in March, the highest since July 2007, from 61.7 in February, KPMG LLP and the Recruitment and Employment Confederation said in London today. Separately, the British Chambers of Commerce said measures of export sales at manufacturers and services companies increased in the first quarter, as did their employment intentions.

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Samsung Electronics’ mobile head paycheck hits US$5.8M
Agencies
update on Monday, March 31, 2014
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SEOUL: Head of Samsung Electronics Co’s mobile business, J.K. Shin, received a US$5.8 million compensation package last year, beating the paycheck of his counterpart at US rival Apple Inc, the South Korean firm said on Monday in its first such disclosure under new regulations.

The world’s biggest technology company by revenue said Shin’s pack included a base salary of 1.17 billion won and 1.6 billion won in incentives and performance bonus.

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French jobless total surges to new record in February
Agencies
update on Thursday, March 27, 2014
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PARIS: The number of people out of work in France surged in February by 31,500 to a new record, dealing a blow to President Francois Hollande’s government during local elections.

Labour ministry data showed on Wednesday that the number of people registered out of work reached 3,347,700 in mainland France, up 0.9 per cent over one month and 4.7 per cent over one year.

The increase was the biggest since a computer glitch caused a huge jump in September. Excluding that month, it was the worst deterioration in the job market since April 2013.

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Fatal construction accident sparks safety concern
Agencies
update on Wednesday, March 26, 2014
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HONG KONG: Two construction workers in Hong Kong plunged 56 storeys to their deaths Tuesday, fire authorities said, after the scaffolding they stood upon snapped in two.

The accident took place as the pair renovated a residential building in the upscale Mid-Levels neighbourhood of the city, one of the world’s most vertical cities known for its strong safety record.

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Honda cuts British car production further
Agencies
update on Tuesday, March 25, 2014
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LONDON: Japanese automaker Honda unveiled further cuts to its manufacturing operations in Britain on Tuesday, citing disappointing sales growth in Europe which it did not see picking up in the next couple of years.

Honda Motor Europe said it planned to move from a three to two shift pattern at its manufacturing plant in Swindon, southwest England, resulting in an estimated 340 job losses, slightly more than 10 per cent of the workforce.

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Banker bonuses rise by nearly a third in 2013 - survey
Agencies
update on Wednesday, March 12, 2014
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LONDON: Almost half of Britain’s bankers and other financial services professionals to receive 2013 bonuses were awarded more than the previous year, with the average payout rising by nearly a third, a survey showed on Tuesday.

The increase comes against the backdrop of public and investor anger over excessive compensation and European Union efforts to cap payments.

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Boeing delays decision on 787-10 production site
Agencies
update on Monday, March 10, 2014
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NORTH CHARLESTON: Boeing Co has delayed a decision on where it will build the 787-10, the newest version of its 787 Dreamliner, a spokeswoman confirmed on Monday.

Jack Jones, vice president and general manager of Boeing South Carolina, said in December that an announcement on where the new high-tech plane would be assembled would come in the first quarter of this year.

That decision has been delayed, Jones said, according to The Post and Courier in Charleston, South Carolina. He did not give a reason for the delay.

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