THE DAILY BRIEFING
BOSS’S PAY The chief executive of Co-operative Group, Steve Murrells, 52, landed just over £2m in pay after only ten months in the job.
he started on March 1 last year, and £1.2m of his earnings came in bonuses. Predecessor Richard Pennycook left the business at the end of March 2017 and was paid £870,000 for his final months.
NEW ROLE Former Tesco boss Matt Davies, 46, has been appointed chairman of arts and crafts chain
Hobbycraft, replacing Archie Norman. he had quit Tesco earlier this year following its £3.7bn merger with wholesaler Booker.
CASH HELP engineering giants Rolls-Royce and BAe are among backers ploughing a further £26.5m into UK company Reaction Engines, which is developing an engine to revolutionise air and space travel.
OIL PARTNERS Oil titan BP is teaming up with Brazilian stateowned firm Petrobras for joint ventures, which could include drilling, exploration, trading and research.
PROFIT BLOW UK power group National Grid issued a warning over profits after a £140m hit from ferocious US storms.
Annual headline group earnings will be lower than expected, but will be ‘largely offset’ by £60m from changes to finance costs and a lower US tax charge of 24pc.
BANK SUED Wall Street bank JP Morgan is being sued for allegedly charging surprise fees to customers who bought bitcoin by credit card. Angry traders are taking it to court in New York.
REGULATION BILL Large investment banks are spending £26bn a year to comply with global regulation introduced since the financial crisis, says lobby group Association for Financial Markets in Europe. CARE BUYOUT Private healthcare provider Advinia has bought 22 Bupa care homes, increasing its beds more than 500pc to 3,250. GAS FIND AIM- listed SDX Energy has found gas at a well in egypt, after drilling to 9,068ft. PLANE SALE Scandinavian airline SAS has bought an A330-300 from Airbus for its long-haul fleet. The plane, which has a Rolls-Royce Trent engine, will join the network in the second quarter of 2019. SAVINGS LAUNCH Internet bank Tandem is launching its first savings product this summer – an instant-access account paying 2.3pc.