World

Wednesday 20 August 2014

Top bosses net $11.7m

Published 19/04/2014 | 02:30

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Chief executives of S&P 500 companies made an average $11.7m (€8.5m) last year.

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The average production and non-supervisory worker gets $35,239. That means CEOs are paid 331 times the average worker, according to a report released this week by the AFL-CIO, a federation of trade unions in the US.

TURKEY SEEKS DISCOUNT

Turkey will call for a discount in the price of gas it is buying from Russia during talks next week, when the deputy head of state-controlled Gazprom will visit Ankara, Turkey's energy minister has said.

"The contract we have with Russia gives us the right for a price revision. We will convey our demands about this to the Russian and Gazprom officials," Taner Yildiz told reporters. Turkey is dependent on imports for almost all of its energy needs and Russia is its biggest natural gas supplier.

VAT RULES APPROVED

The governments of 86 countries have endorsed the first internationally agreed framework for applying national VAT rules to cross-border transactions.

More than 250 high-level representatives of around 100 countries, jurisdictions and international organisations attending the OECD Global Forum on VAT endorsed the new guidelines during a meeting in Tokyo this week.

TITANIC CENTRE AWARD

Titanic Belfast has won a Visitor Centre Outstanding Achievement Award.

The Themed Entertainment Association (TEA) has awarded Titanic Belfast the recognition along with other global attractions, including Disneyland Hong Kong, the Mind Museum in the Philippines, and the Michael Jackson ONE showcase. Describing the world's largest Titanic visitor experience, which opened in March 2012 at the site where the ill-fated liner was built more than 100 years ago, TEA said: "The building inside and out is spectacular . . . a reason to visit for people from all over the world".

BANK WIDENS SALE

The board of Italian bank Monte dei Paschi di Siena has approved a proposal to boost the size of a share sale it is planning to €5bn to help cover any gaps a Europe-wide bank check might find in its finances.

Italy's third-largest bank held an extraordinary board meeting after saying this week that it was evaluating how much capital it needed ahead of an asset review by the European Central Bank and after discussions with the Bank of Italy.

Irish Independent

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