Business and Finance news

Europe

Confidence among U.S. consumers declined more than forecast in February as growing optimism about job prospects failed to ease concern wages will stagnate.
The Thomson Reuters/University of Michigan preliminary index of consumer sentiment dropped to 72.5 from 75 in January, a one-year high. The median estimate in a Bloomberg News survey called for 74.8. Another […]

American Airlines’ parent is meeting with its unions this week to lay out cost cuts it wants to implement as part of its bankruptcy reorganization — moves that could cost many of the company’s 81,000 workers their jobs and a portion of their pension benefits.
AMR Corp. said at the time of its Nov. 29 […]

Restrained spending by consumers held growth in the U.S. economy to a 2.8% annual pace in the fourth quarter, slower than economists forecast while still the fastest pace in more than a year.
Gross domestic product, the value of all goods and services produced, climbed at a 2.8 percent annual pace following a 1.8 percent […]

Greece is confident a debt relief deal with private creditors that is crucial to avoid default can be reached “very soon,” a government spokesman said Friday.
Prime Minister Lucas Papademos met for a third day with negotiators from the Institute of International Finance, which represents the private creditors who are being asked to take a loss […]

Belgian Prime Minister Elio Di Rupo reiterated a pledge to make extra budget cuts amid slower economic growth while calling on the European Union to step up efforts to bolster the region

U.K. Chancellor of the Exchequer George Osborne said he sees some reason for optimism in Europe, while acknowledging that 2012 is set to be a challenging year.

Home sales and construction will improve this year, contributing

South Korea and Indonesia will probably keep interest rates unchanged this week as a drop in their currencies risks heightening inflationary pressures even as the faltering global economy undermines growth prospects.
All 14 economists surveyed by Bloomberg News expect the Bank of Korea to keep the benchmark seven-day repurchase rate unchanged at 3.25 percent on […]

+%3Cp%3E+Who+says+American+salaries+are+stagnating.%3C%2Fp%3E%3Cp%3EAfter+two+years+of+lower+pay+packages%2C+chief+executives+at+the+nation%27s+major+companies+enjoyed+a+36.5%25+jump+in+pay+last+year%2C+according+to+a+leading+survey+of+CEO+compensation.%3C%2Fp%3E%3Cp%3E%3Cp%3E%3C%2Fp%3E%3Cp%3E%3Cp%3E%3C%2Fp%3E%3C%2Fp%3E%3C%2Fp%3E%3Cp%3EThe+average+pay+hike+is+for+the+top+executive+at+each+of+the+Standard+%26amp%3B+Poor+500+companies%2C+according+to+GMI%2C+the+research+group+formerly+known+as+the+Corporate+Library.+A+broader+survey+of+CEO+pay+at+3%2C000+companies+posted+an+average+27%25+increase.%3C%2Fp%3E%3Cp%3EPaul+Hodgson%2C+senior+research+associate+at+GMI%2C+said+the+sharp+rise+in+pay+was+out+of+line+with+the+relatively+modest+improvement+that+companies+typically+achieved+in+profits+or+share+price+during+2010.%3C%2Fp%3E%3Cp%3EThe+most+lucrative+sector+for+CEO+pay+was+health+care%2C+which+included+three+of+the+nine+top-paid+executives%2C+including+the+two+most+lucrative+packages%3A+%3C%2Fp%3E%24145+million+for+John+Hammergen+of+McKesson+Corp.+%28%2C+Fortune+500%29%2C+which+distributes+drugs+and+health+and+beauty+care+products+to+pharmacies%3B+and%2498+million+for+Joel+Gemunder%2C+who+retired+in+July+2010+as+CEO+of+Omnicare+%28%2C+Fortune+500%29%2C+which+provides+drugs+to+nursing+homes+and+other+long-term+care+facilities.Top+paid+CEOs%3Cp%3EBoth+companies%2C+in+public+filings%2C+actually+reported+lower+pay+packages+for+the+two+executives.+McKesson+listed+Hammergen%27s+total+compensation+package+as+%2446.1+million+for+the+most+recent+fiscal+year%2C+while+Omnicare+listed+Gemunder%27s+pay+package+at+%2432.8+million.+Neither+company+returned+calls+seeking+comment.%3C%2Fp%3E%3Cp%3EBut+GMI%27s+analysis+adds+up+total+%26quot%3Brealized+pay%26quot%3B+–+which+includes+not+just+salary%2C+bonus+and+the+estimated+value+of+stock+options+granted%2C+but+also+the+value+of+profits+from+exercising+those+options+and+pension+payments.+Those+items+are+not+typically+included+in+the+reports+companies+file+with+the+Securities+and+Exchange+Commission.+%3C%2Fp%3E%3Cp%3E%3C%2Fp%3E%3Cp%3E+%3C%2Fp%3E%3Cp%3EGMI+also+said+Hammergen+exercised+more+than+3.3+million+stock+options+during+the+year%2C+netting+him+%24112+million.+His+retirement+benefits+also+grew+in+value+by+%2413.5+million.+And%2C+GMI+added%2C+his+severance+package+would+be+worth+%24469+million+if+he+were+fired.%3C%2Fp%3E%3Cp%3EGemunder+also+benefited+from+a+large+exit+package+that+wasn%27t+included+in+the+company%27s+listing%2C+as+did+two+of+the+other+executives+who+made+GMI%27s+top+10+list.%26nbsp%3B+%3C%2Fp%3E++%3Cp%3E%3Ca+href%3D%27http%3A%2F%2Fmoney.cnn.com%2F2011%2F12%2F15%2Fnews%2Fcompanies%2Fceo_pay%2Findex.htm%27+rel%3D%27nofollow%27%3ESource%3C%2Fa%3E%3C%2Fp%3E+