American International Group Inc. (AIG)’s Peter Hancock will get a compensation package of $11.8 million a year as the insurer’s new chief executive officer. The short-term incentive will be $3.2 million of cash and the long-term will be $7 million in performance share units for meeting targets, plus he will get an annual salary of $1.6 million, the New York-based company said today in a regulatory filing. That package compares with a total target of $9 million last year when Hancock was CEO of the property-casualty operation, the company’s largest business.
Updated 6 Years ago

Airbus Group NV (AIR) dominated the first day of the Farnborough Air Show with a $21 billion sales blitz to grab an early lead over Boeing Co. (BA) at the aviation industry’s biggest annual expo. Boeing’s tally came to about $7.7 billion, according to data compiled by Bloomberg Industries. The Chicago-based planemaker may punch back today: It’s close to announcing jet purchases valued at as much as $9.2 billion byAir Lease Corp. (AL) and BOC Aviation Ltd., people familiar with the talks said.
Updated 6 Years ago

Samsung Electronics has temporarily suspended business with a Chinese supplier after suspicions it illegally used child labor. The company says it’ll stop cooperation altogether if the allegation is proved. The world’s biggest technology company said it is conducting an investigation into the Dongguan Shinyang Electronics Company after watchdog China Labor Watch (CLW) reported employees under 16 were working at the factory.
Updated 6 Years ago

US based Whiting Petroleum is to buy Kodiak Oil for $3.8 billion. The deal brings together two of the biggest players in the Bakken shale formation. The deal creates a dominant player in North Dakota, the second biggest oil producing state in the US. The total deal will be around $6 billion when Kodiak’s $2.2 billion debt is included, Bloomberg reports.
Updated 6 Years ago

Banking giant Citigroup will pay $7bn (£4bn) to US authorities to settle an investigation into risky sub-prime mortgages. Citigroup will pay $4bn (£bn) to the Department of Justice and $2.5bn for "consumer relief".
Updated 6 Years ago

The World Trade Organisation (WTO) has found the United States violated global trade rules when it imposed tariffs on products from China and India. In response to a 2012 complaint, the WTO said the US improperly imposed tariffs on Chinese steel and solar panels.
Updated 6 Years ago

In the last few years, digital marketing has given traditional marketing platforms a run for its money. Marketing budgets once heavily skewed toward traditional media are moving online. Ecommerce is booming, brands are opening up stores on Facebook, social commerce is rising, mobile commerce is getting hotter. The digital juggernaut seems ready to flatten out the old guard and take over marketing as a whole.
Updated 6 Years ago

Franchise Players is Entrepreneur’s Q&A interview column that puts the spotlight on franchisees. If you're a franchisee with advice and tips to share, email ktaylor@entrepreneur.com. Mohammed brothers Michael, Dave, Dan, and Joey first became involved with Chronic Tacos when they helped finance the first Canadian location in 2010. After experiencing the franchise's culture firsthand, Calivan Enterprises, a corporation owned by the Mohammed family, bought the company in 2012. Today, each brings his unique skills to the company: Michael with strategic, marketing, and finance endeavors, Dave with marketing, Dan in business development, and Joey in design. Here's what they've learned since taking over the franchise.
Updated 6 Years ago

Nigeria’s N162 billion ($1 billion) mobile Value Added Service (VAS) market is set for significant growth in the next few years, riding on the back of rising smartphone acquisition, the opening of new markets as well as sustained efforts by government and telecommunication companies (telcos) to enhance broadband availability, industry insiders have said. The National Broadband Council is pushing for increased 3G coverage to 50 percent of the Nigerian population by 2015.
Updated 6 Years ago

The Association of Bureaux de Change Operators of Nigeria (ABCON) has kicked against amendments to the new requirements for BDC operations, saying it is an indirect attempt to empower few operators in the sub-sector and consequently force many of the BDC operators into liquidation. Last week, the Central Bank of Nigeria (CBN) amended the new requirements for BDC operations. The deadline for compliance was extended to July 31, while the mandatory caution deposit of N35 million would now attract interest at savings account rate.
Updated 6 Years ago