THE DAILY BRIEFING

SHARES BOOST The chief executive of Rolls-Royce Warren East has been awarded £2.3m worth of shares for his troubles following the company’s AGM earlier this week. Bonus day also saw chief financial officer Stephen Daintith given £1.5m worth of shares. The company’s remuneration policy was approved by 96pc of shareholders at its AGM.

INCOME BLOW Russian oil producer Rosneft posted a worse-than-expected rise in first-quarter net income on Friday, hit by a stronger rouble despite higher output and crude prices. Net income rose 8.3pc year on year to £170m, against a consensus forecast of £291m among analysts polled by Reuters. Shares fell 0.7pc, or 0.04p, to 5.31p.

CASH CALL Troubled defence giant Cobham has raised roughly £500m in its second rights issue in less than a year. The firm will use the cash to help pay off debt after issuing repeated profit warnings over the past year. Shares were up 1.2pc, or 1.6p, to 139.6p.

SALES UP Aviation services company BBA Aviation says trading is in line with expectations. Revenues from its Signature Flight Support division grew 26pc from January 1 to April 30. All resolutions were passed at yesterday’s AGM.

WEAK INDUSTRY Oil and gas industry surveyor Seabird Exploration said it is continuing to consider refinancing or restructuring given the weakness in the oil market. Revenues were down 67pc compared to the same period last year.

PACKAGER PROFIT Packaging giant Smurfit Kappa has reported a drop in profit over the latest quarter, from £271m to £235m. Shares climbed 2.5pc, or 53p, to 2192p.

POLITICIAN’S ROLE Luxury hotelier Millennium & Copthorne has appointed former Pakistan prime minister Shaukat Aziz, 68, as a senior independent director.