Saturday 21 April 2018

The Punt: UTV's McCann may net £1.3m

UTV boss John McCann
UTV boss John McCann

UTV boss John McCann could potentially walk away with a very nice pay packet – possibly even as high as £1.3m (€1.57m).

The Northern Ireland company has dispatched its annual report for last year to shareholders. It shows Mr McCann received pay and benefits to the tune of about £810,000 last year.

But in fairness to him, he took a bit of a hit on what he had received in 2012 – £853,000.

The year ahead promises to be a busy one for the company and Mr McCann will be to the forefront as UTV prepares to launch its new, Dublin-based television channel targeting viewers in the Republic.

The new Irish channel has secured the exclusive rights to broadcast ITV programming in the Republic from 2015, including popular shows such as 'Coronation Street' and 'Emmerdale'. The ITV programme rights are currently held by TV3.

However, TV3, which is based in Ballymount, Dublin, is fighting back. Yesterday, it tied up the exclusive rights to broadcast the next Rugby World Cup here, in a blow to both RTE and UTV.

UTV's annual report shows that John McCann's "basic" salary of just over £500,000 can be topped up with performance bonuses and long-term incentives to generate a whopping potential pay package of up to £1.3m.

Wisdom is a great asset

EVERYBODY likes winning a prize. We bet John Mulcahy, NAMA's recently departed head of asset management, is no different. Last night he took home a Gold Medal from the Society of Chartered Surveyors Ireland, given to people who the society thinks have contributed significantly to the Irish property and construction sector.

Mr Mulcahy's property career spans some 40 years. He retired from NAMA in February, having joined in 2009.

We have to hand it to him – he has some good ideas. Addressing 120 surveyors, he urged the creation of "an early warning system" for risk levels in the economy and property markets.

"One thing we lacked during the previous boom," he said, "was sufficient information and transparent data to provide an early warning system. We need to ensure that these systems are put in place to ensure that we can plan, provide for and predict demand and supply requirements in the property sector."

An early warning system sounds great. Still, we think that ship has sailed – one house price index released recently found that Dublin prices rose 25pc in the last 12 months. We don't need early warnings of a housing bubble – we need a big red beacon screaming in our ears.

HSBC hires Barclays man

HSBC has snapped up Barclays Ireland and UK's corporate managing director to be its new head of UK commercial banking.

Ian Stuart will be responsible for the management of the UK business of one of the world's major commercial banks.

He has also worked for National Westminster Bank, RBS and Bank of Scotland over a career in financial services spanning more than 30 years.

Simon Cooper, chief executive of Global Commercial Banking for HSBC, said Mr Stuart would bring a wealth of experience to HSBC at a time when the global bank is expanding and growing its business in the UK.

"Ian will be responsible for overseeing the support we provide to all commercial customers: large corporates, mid-market companies, and small and medium-sized enterprises.

"We are investing heavily in 2014 to help ambitious businesses take advantage of the recovery and invest in growth."

Irish Independent

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