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...Bottom Line We may not as a nation have a character which enjoys the execution of a contract as much as we do winning the next one. ROBERT WALMSLEY, outgoing U.K. chief of defense procurement, on problems at BAE Systems...
...stocks are down, the fur is up, and as the annual general meetings kick off, the claws are out for corporate "fat cats." Last week 21% of shareholders voted against executive pay packages at British group HBOS, nearly 50% voted no at BAE Systems, and U.K. Trade and Industry Secretary Patricia Hewitt began investigating ways to limit executive compensation. This despite the fact that most European execs earn a pittance compared to their American cousins: Novartis' respected CEO Daniel Vasella took a top spot on Europe's pay charts by earning $14.9 million last year - less than the U.S. average...
...year - despite American boycott calls. GENERALI: European insurers were crushed by falling stock markets and will be the first to benefit from an upturn. This Italian insurer could have two added bounces: it's better capitalized than many rivals and its messy ownership structure has just been simplified. LOSERS BAE: You might think defense contractors would thrive during wartime. But Britain's BAE, maker of military jets and submarines and a part-owner of Airbus, is caught in a war of its own. It wants to partner with an American firm, possibly Boeing, but that could conflict with its joint...
...leads the world in sales of imported wine. INDICATORS What A Drag It Is Getting Old New research from CSFB shows that the 1113 billion pension fund deficit at Britain's top companies equaled 93% of last year's profits. One of the worst hit is defense contractor BAE, which holds talks this week to try to avert a strike by employees being asked to pay more toward their own retirement. This Just In ... You're Sacked Under fire from competitor Bloomberg, the 151-year-old business information group Reuters will cut 3,000 jobs, or 20% of its workforce...
Consider the British aerospace firm BAE Systems. Software developed by Autonomy, based in Cambridge, England, connected BAE's research databases and alerted civilian aircraft engineers to the fact that the wing-construction problem they were working on was also being addressed by the company's military division. Ending this duplication helped the company save millions of dollars...