A day after the latest UK Budget, it has been revealed that former Chancellor of the Exchequer George Osborne is to be paid £650,000 annually for working just 48 days a year at US asset manager BlackRock (NYSE:BLK), according to parliament's register of members interests.
BlackRock announced in January that Osborne would work as a part-time senior adviser to the BlackRock Investment Institute, an arm of the asset manager that serves as a think tank on investment strategy.
Osborne, who was Chancellor for six years before he lost his job following Britain's vote to leave the European Union last June, will advise BlackRock on European politics, Chinese economic reform, and the impact of low investment yields and other trends on retirement planning.
Bonus low …
Employee-owned retailer, John Lewis Partnership has cut its annual staff bonus for a fifth consecutive year as 2016-17 trading profit at both its eponymous department stores and Waitrose supermarket chain fell.
The group said its staff, known as partners, would share a total of £89.4mln, receiving a bonus of 6%, equivalent to over three weeks pay, down from 10% last year.
The percentage payout was the lowest since 1954 when 4% was paid.
Pay error …
Britain's biggest retailer, Tesco PLC (LON:TSCO) is to reimburse 140,000 current and former staff members up to £40 each after discovering an error in its payroll systems.
The supermarket group said it found the error during an internal review conducted as part of the implementation of a new payroll system. The total reimbursement costs are expected to be £9.7mln.
The firm said it has apologised to its staff and informed HM Revenue and Customs.
Capital slows …
UK house price growth remained stable in February but prices fell again in London, taking the capital's losing streak to a full year, according to a monthly survey of property valuers.
The Royal Institution of Chartered Surveyors said its house price balance held at +24, matching a revised balance for February, slightly higher than a forecast of +23 in a Reuters poll of economists.
But London - where the high-end market in particular has been under pressure from concerns about Brexit and higher purchase taxes - reported a 12th consecutive monthly price fall.
Trump trade …
China has granted preliminary approval for 38 trademarks linked to Donald Trump, Reuters said, according to documents on China's state trademark office show, giving the US President and his family protection were they to develop the "Trump" brand in the market.
The trademarks - which in theory cover a wide sweep of businesses from hotels to mobile libraries and escorts - underline the complexities and potential concerns over conflicts of interest facing President Trump, who has a sprawling business empire using the Trump name around the world.
Trump, a wealthy real estate developer, has previously said he has handed over his business interests to a trust overseen by one of his sons and a Trump Organization executive. He can, however, revoke the trust at will and, as its sole beneficiary, remains linked to it financially.