Rolling live coverage of business, economics and financial markets as sterling hits a near-three-year high
- UK stocks drop as investors eye inflation risks
- German business confidence rises faster than expected
- Boeing grounds some 777 planes after engine failure
- Rio Tinto ex-boss received pay rise despite scandal
Rio Tinto’s ousted boss received a pay rise in 2020 despite overseeing the destruction of the Juukan Gorge, a sacred site in Australia.
Jean-Sébastien Jacques, the company’s former chief executive, received £7.2m during 2020, according to the mining company’s annual report on Monday. That was 24% higher than the £5.8m he was paid in 2019 as the value of shares awarded to him increased.
Our strong performance during 2020 was overshadowed by the destruction of the ancient rock shelters in the Juukan Gorge and I reiterate our unreserved apology to the Puutu Kunti Kurrama and Pinikura (PKKP) people.
We fell far short of our values as a company and breached the trust placed in us. It is our responsibility to ensure that the destruction of a site of such exceptional cultural significance never happens again.
Germany’s business confidence has risen much more sharply than expected during February, according to a closely followed index run by the Ifo Institute.
The index hit 92.4* in February, signficantly above the 90.5 consensus from economists.
German IFO business climate has risen unexpectedly sharply to 92.4 in Feb vs 90.5 expected as both current situation component and expectations component beat forecasts. Current assessment at 90.6 vs 89.1 expected. Expectations index at 94.2 vs 91.7 expected. pic.twitter.com/8K26UDzxgZ