Falling bond values over the past few weeks hit Man Group hard, according to The Times, which says that the hedge-fund manager “had been badly wrong-footed by the bond-market collapse”. Shares tanked by 17 per cent yesterday after the firm said that its flagship AHL Diversified fund had suffered an 11 per cent loss over the last month, amounting to losses of nearly 1.2bn pounds.
Justin King, the Chief Executive Officer of supermarket group Sainsbury earned £4.3m for the 12 months to March, up 23% from the year before following a 94% hike in his bonus, writes The Independent.
The International Monetary Fund has said that it failed to realised the damage that austerity would do to Greece, prompting Athens to claim that the price exacted for the €110bn bailout was too high, according to The Guardian.
The Financial Times reports that France has threatened to block EU-US trade talks at this month’s G8 Summit if its demands to exclude cultural industries such as music and film are not met. The paper says that Paris is defending ‘l’exception culturelle’ – ” an internationally-agreed system that allows subsidies, tax breaks and quotas to protect local film, television and music industries from being swamped by mainly American, English-language products”.
The Telegraph writes that EDF Energy and labour unions have agreed terms for the proposed construction of the UK’s first nuclear plant at Hinkley Point, in an effort to prevent labour stand-offs from getting in the way of the £14bn project.
The Scotsman says that Simon Nixon, the co-founder of Moneysupermarket.com is to pocket £200m after cashing in a 18.5% stake in the firm, his first major disposal since the price comparison website went public in 2007.