KPMG chief’s pay jumps to £2.4m
Mike Rake, the chairman of KPMG International, saw his pay jump 30 per cent to £2.4 million last year. Mr Rake wrestled with the fallout from a US investigation into the firm’s sale of tax-avoidance schemes. Partners at the accounting firm, one of the big four, earned £552,500 each in profit. The firm’s UK arm reported a 21 per cent rise in operating profit to £305 million, driven mainly by growth in its tax, audit and advisory practices.
Trader dismissed
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A London-based Deutsche Bank derivatives trader accused of overstating his trading profits by £30 million has been dismissed for gross misconduct. Anshul Rustagi’s case was heard at an internal disciplinary hearing last week. He has a right of appeal. Deutsche is reviewing its risk systems after the alleged abuse.
Iceland store sale
Iceland, the frozen food chain, has sold 28 stores to Marks & Spencer for £38 million as Stuart Ross, a former Tesco director brought in to lead Iceland, departs. The deal will increase the size of M&S’s Simply Food chain by 20 per cent. M&S is believed to be considering a tie-up to put its stores in BP service stations.
Pace sales slip
Pace Micro Technology, the satellite set-top box maker, reported a fall in units shipped in the first half of its year and swung to a loss in the period. Shares in Pace, which twice gave warning of setbacks last year, fell 4p to 57p despite its assurances of a significant improvement in second-half revenues as it fulfills big orders.