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Saturday Papers: Kentz investors refuse to back pay plan

Saturday Papers: Kentz investors refuse to back pay plan

Top stories

  • Financial Times: The wave of shareholder protests against high corporate salaries escalated on Friday after Kentz, the FTSE 250 UK engineering group, suffered the largest single rebellion on pay of the year so far.
  • Daily Mail: AstraZeneca boss Pascal Soriot has played down the potential £31.5 million payout he would receive if the drug-maker falls prey to US suitor Pfizer, insisting the money ‘is really not what is driving him’.
  • The Guardian: Michael Steinberg, a portfolio manager at Steven A Cohen's SAC Capital Advisors hedge fund, was sentenced on Friday to three and half years in prison for insider trading.
  • Financial Times: Narendra Modi and his Hindu nationalist Bharatiya Janata Party swept to power in India on Friday as voters put their faith in his promises of an economic revival.
  • The Daily Telegraph: Proportion of borrowers who took out mortgages for terms of 30 years or more hit an all time high in the first quarter, figures show.
  • Financial Times: Lloyd Blankfein, chief executive of Goldman Sachs, has warned that guilty pleas from Credit Suisse and BNP Paribas would have an unpredictable effect on markets, but that he would try to keep trading with both banks.

Business and economics

  • Daily Express: Microsoft founder Bill Gates is putting £12 million into Cambridge-based Kymab through his charity the Bill & Melinda Gates Foundation.
  • The Daily Telegraph: Autodata sold to Bowmark for £150 million; car data provider understood to have agreed deal with private equity owner of Las Iguanas restaurant chain after intensely competitive process.
  • Daily Express: Britons splashing out on luxury vehicles helped Inchcape post a surge in sales as demand for new cars continued to grow.
  • Financial Times: The head of Nestlé has acknowledged “tougher” competition in the $80 billion global coffee market, but brushed off the challenge to the Swiss group’s dominance from the merger of the second and third-largest coffee groups.
  • Daily Mail: Burberry's new chief executive Christopher Bailey is in line to get an annual pay package of £10.3 million - much more than previously estimated.
  • Daily Express: Alliance Boots, financier Guy Hands and Holland & Barrett owner Carlyle Group are among bidders who have joined the auction for Co-op chemists.
  • Financial Times: The performance of Marks and Spencer is poised to take its toll on the annual bonus paid to Marc Bolland, as the high street bellwether prepares to announce its third consecutive year of falling profits.
  • The Independent: Energy giant E.on has been forced to hand back a record £12 million to vulnerable people after it was found guilty of breaking energy sales rules.
  • Financial times: The US’s top road safety regulator on Friday criticised General Motors for its “deeply disturbing” delay in acting on a fault implicated in at least 12 deaths, as the company agreed to a $35 million fine and a programme of safety monitoring.
  • Daily Express: Bovis Homes has built nearly twice as many homes as last year to meet soaring demand as Britain’s housing recovery gathers pace.
  • Financial Times: Lamprell is to raise $120 million in a rights issue aimed at improving manufacturing facilities following the oil rig maker’s return to profitability.
  • Financial Times: Calpers, the California state pension fund, has sold its holdings in two companies part-owned by Russia’s richest man, Alisher Usmanov, in a stand against neo-Nazi attacks on gays in the country.

Share tips, comment and bids

  • Daily Express: Sir Richard Branson is on course for a windfall of more than £100 million after entering talks to sell Virgin Media France.
  • Financial Times: Gazprom is planning a secondary stock market listing in Singapore this year.
  • The Independent: The insurance tycoon Peter Wood, who is worth £550 million after founding the insurers Esure andDirect Line, is taking a 50% stake in Royalton, which has carved out a niche building multimillion-pound homes in Surrey and Berkshire.
  • Financial Times: Shares in Banco Espírito Santo fell more than 10% on Friday after Portugal’s second largest listed lender by assets unveiled a €1 billion rights issue at a sharp discount to the share price.
  • Financial Times: The private equity backer of Phones 4U has written down the value of its residual investment in the mobile phone retailer by 83%, in response to the merger of rival Carphone Warehouse with electricals chain Dixons.
  • Financial Times: A joint bid for Australian food group Goodman Fielder by two of Asia’s largest family-controlled businesses - Wilmar and an affiliate of Indonesia’s Salim Group - has moved a step closer to succeeding after Goodman’s board recommended a sweetened A$1.37 billion offer.
  • Daily Mail (Comment): Astra investors need to remember that America is unlikely to let predator Pfizer shift its tax base overseas permanently.
  • The Daily Telegraph (Comment): Why Europe threatens Britain's recovery.
  • The Daily Telegraph (Comment): Why doesn't HMRC ask for exact buy-to-let details?
  • The Daily Telegraph (Comment): Pfizer move shows Brits fear Americans as much as they envy them.
  • Financial Times (Lex): Chipotle: interplay of pay packages and share prices forces shareholders to reconcile big gains with the right amount to pay managers who help generate the gains.
  • Financial Times (Lex): Saga: UK company specialises in everything the older citizen might need. But from an investor’s point of view, it’s an insurer.
  • Financial Times (Lex): French telecoms: as Orange considers a bid for Bouygues, the process of market repair could most benefit a smaller player.

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