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BAE plans ?1bn share buyback as profit stalls

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CATHY ADAMS

DEFENCE and aerospace firm BAE Systems yesterday launched an ambitious ?1bn share buyback programme, as evidence of the “robust performance” of the FTSE firm.

Chief executive Ian King said he could see “green shoots” in the company, which gave it the confidence to unveil the buyback, although full implementation still hinges on discussions with Saudi Arabia over pricing of a key contract.

Despite its optimism, BAE yesterday posted a six per cent fall in profit,, and sales over the year fell seven per cent.

Full-year underlying earnings before interest, tax and amortisation fell to ?1.9bn, hurt by unresolved discussions over pricing of the Saudi Arabian contract to supply the Gulf state with Typhoon aircraft.

BAE warned that its key UK and US markets would be “constrained” this year.

It has come under pressure from shrinking military budgets in the US and the UK, as governments try to reel in large budget deficits.

The UK government pledged in 2010 to slash its defence spending by eight per cent by 2014 while the US – from which BAE derives around 40 per cent of its income – already has plans in place to cut $487bn (?320bn) from its defence budget for the next decade.

BAE – whose proposed merger with European peer EADS collapsed in October as Germany refused to give it the green light – is “absolutely not” in discussions to revive the tie-up, King said yesterday.

Meanwhile, BAE yesterday inked a longevity swap with L&G to safeguard it against the risk that its 31,000 pensioners live longer than current estimates.

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Nacro Housing

ING names new chief executive

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CATHY ADAMS

Dutch bank ING this morning confirmed that Ralph Hamers will succeed Jon Hommen as chief executive in October.

Hamers is currently chief executive of ING Belgium, and has been in the role since 2011.

Hommen, whose four-year term on the executive board will expire after the AGM in May, has headed up the Dutch bank since 2009.

     
     
  Nacro Housing  
 

ADDRESS: Forest House 8 Gainsborough Road

CITY: London

COUNTY: London

POST CODE: E11 1HT

TELEPHONE NUMBER: 020-8556-4009

CATEGORY: Charities and Voluntary Organisations

 

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Citigroup reveals pay shake-up as Corbat gets $11.5m for 2012

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MICHAEL BOW

GLOBAL banking giant Citigroup yesterday introduced a new pay policy for top executives at the firm to more closely align salaries and bonuses with the bank’s performance.

The move, revealed in a regulatory filing yesterday, follows shareholder concerns over payouts which led to the departure of former boss Vikram Pandit after shareholders rejected his pay deal last year. Executive pay used to include a controversial profit-sharing plan, which has now been shelved.

“When our shareholders spoke last year about Citi’s compensation structure, we listened. We have stepped up our efforts to solicit feedback from investors to better understand their concerns,” chairman Michael O’Neill said. Citi said the new executive pay programme would use a “scorecard-based structure” to remove the discretionary nature of pay awards in the past.

In light of the tougher measures, shareholders agreed to award chief executive Michael Corbat $11.5m (?7.5m) for 2012, which included a $4.18m cash bonus and $6.27m of shares.

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