Friday newspaper round-up: Burberry, Airlines, North Sea oil...

11th Jul 2014 07:21

Burberry is braced for a substantial protest vote at Friday's annual general meeting after the British luxury brand angered investors with a more than £20m pay deal for new chief executive Christopher Bailey. Investor groups Pirc and the Investment Management Association (IMA) have flagged their concerns ahead of the event with proxy voting firm Manifest giving the company's pay policy and report a "D". In the past companies that have attracted that type of criticism have suffered protest votes of around 30%. - The GuardianFive jetliners are to be built every day for the next 20 years as aircraft manufacturers gear up to handle 7 billion passengers a year by 2033, by which time the annual number of internal flights in China will have overtaken the domestic US market. These are headlines from the forecasters at Boeing, who believe that whatever gets thrown at the aviation industry ? in the past 20 years it has been recessions, pandemics, Middle Eastern wars and 9/11 ? the amount of air travel will rise at 5 per cent a year, easily outstripping global GDP growth, which is predicted to rise at 3.2 a year. - The TimesNorth Sea oil revenues will make almost no contribution to UK growth by 2040 while total receipts will fall much faster than initially expected, according to the Office for Budget Responsibility. In a blow to the Scottish independence campaign, the Government's independent fiscal watchdog said expected revenues from North Sea oil and gas would total £39.3bn between 2019-20 and 2040-41, down by almost a quarter compared with its projection of £51.9bn last year. - The TelegraphA secretive £750m trust located in a Channel Islands tax haven sits at the top of an elaborate offshore web of companies belonging to the family behind the Nando's chicken chain. The restaurant group - ultimately owned by Dick Enthoven, a South African tycoon - also uses a battery of offshore techniques, including companies in Malta, Guernsey and the Netherlands, to legally reduce its UK corporation tax bill by up to a third. - The GuardianFive UK cities have shot up the rankings of the most expensive cities in the world for expats, thanks to soaring house prices and the strength of the pound. Expats in London will have to hope for a considerably more generous living allowance this year, as the city now ranks the 12th most expensive city, up from 25th place just last year. - The Daily MailSatya Nadella, Microsoft's new chief executive, has put an end to speculation about the future of the Xbox, recommitting the company to building its business and its fan base. "Microsoft will continue vigorously to innovate and delight gamers with Xbox," the head of the software company said in an email to all Microsoft staff and posted on its website. - The TimesBC