Lloyds CEO Charlie Nunn latest banking boss in line for huge bonus hike

Lloyds Banking Group boss, Charlie Nunn, could be in line for a maximum annual pay packet worth more than £13m, as he becomes the latest boss to benefit from the UK’s controversial decision to lift a cap on banker bonuses.The bank’s remuneration committee has begun drafting a new three-year executive pay policy that, for the first time, will take advantage of looser pay rules that have sent potential payouts soaring at rival banks.That includes Barclays, where chief executive, CS Venkatakrishnan, was handed a 45% rise in maximum pay last year, giving him the chance to be paid up to £14.3m if he hits important business targets. HSBC similarly offered a 43% increase to boss Georges Elhedery, for a maximum payout of about £15m

Cream of the crop: small brewers take on Guinness with rival ‘nitro’ stouts

Famously, according to the advertising slogan anyway, Guinness is good for you. But for the past couple of years, Guinness has been practically inescapable.Backed by its owner Diageo’s £2.7bn marketing war chest, the brand has shaken off its “old man” reputation, becoming a staple of gen Z pub culture, exploiting its Instagrammable colour scheme and social media trends such as the “splitting the G” drinking game.The resulting increase in younger drinkers and women catapulted its market share in pubs to a new high of 17

Why Russia’s economy is unlikely to collapse even if oil prices fall | Phillip Inman

Pacing inside the Kremlin last weekend, as news feeds churned out minute-by-minute reports of Donald’s Trump’s Venezuelan coup, Vladimir Putin may have been wondering what it would mean for the price of oil.Crude oil has lubricated the Russian economy for decades – far more than gas exports to Europe – and so the threat of falling oil prices, prompted by US plans for control of Venezuela’s rigs, will have been a source of concern.Opinion is divided on how quickly the South American country’s creaking oil industry can be revived. But some analysts believe that Venezuela, home to the world’s largest proven reserves, could be pumping millions of additional barrels as early as this year, hitting the global price and squeezing Russia’s income.US sanctions on Rosneft and Lukoil last year and a rise in the rouble, depressing income from oil sales in dollars, have already reduced receipts for Moscow

Wessex Water bosses handed £50,000 in extra pay despite Labour government’s bonus ban

The bosses of Wessex Water received £50,000 in previously undisclosed extra pay from a parent company, in the same year that the utility was banned from paying bonuses, the Guardian can reveal.Chief executive Ruth Jefferson and chief financial officer Andy Pymer were paid £24,000 and £27,000 respectively in the year to June 2025, according to a spokesperson for Wessex Water’s owner, the Malaysian YTL group.The payments came from Wessex Water Ltd, which is the parent company of Wessex Water Services Ltd, the regulated water supplier for 2.9 million customers in south-west England. YTL said the payments were not bonuses

US hiring held firm in December capping weakest year of growth since pandemic

Hiring held firm in the US last month, official data showed, amid uncertainty over the strength and direction of the world’s largest economy.Employers added 50,000 jobs to the US labor force last month, capping the weakest year of growth since the pandemic, according to data released from the US Bureau of Labor Statistics on Friday.The closely watched reading was slightly shy of the approximately 73,000 jobs economists expected to be added in the US economy in December.Previous readings for October and November were also revised lower, with the BLS now estimating that the US added 76,000 fewer jobs during those two months. In October, during the longest US government shutdown in history, the US economy shed 173,000 jobs

Glencore and Rio Tinto are at it again – and it seems the markets smell action

Here we go again. A combination of Rio Tinto and Glencore has been talked about for years and the duo held aborted negotiations at the end of 2024. With the global mining industry in deal-making mode – frenzies come along every 15 years or so – the idea of RioGlen or GlenTinto was due another whirl. On Friday, the two FTSE 100 companies said they were in “preliminary discussions” about a “possible combination of some or all of their businesses”. A full-blown tie-up would be worth about $260bn (£120bn), including debt