Troubled Kesa criticised for bonus payout

first_img Tags: NULL Share Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBetterBe20 Stunning Female AthletesBetterBeUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoinvesting.comCanceled TV Shows Announced: Full Updated Listinvesting.comUndothedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comUndoWorld LifestyleCouple Has No Idea Why Photo Goes Viral, Then They Notice This In The CornerWorld LifestyleUndozenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comUndoDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily FunnyUndo Troubled Kesa criticised for bonus payout KCS-content Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proofcenter_img whatsapp KESA ELECTRICALS, the owner of TV and computer retailer Comet, has been criticised for handing its boss a £1m bonus for a period in which its share price and UK sales fell.Analysts described chief executive Thierry Falque-Pierrotin’s award as “sizeable” and said management was not doing enough to reassure investors that performance would pick up.Falque-Pierrotin took home total compensation of £2.1m for the year to 30 April, including a base salary of £891,000 and a reward of £971,900, according to Kesa’s annual accounts.His bonus was linked to pre-tax earnings, which bounced back from a loss of £81.8m to a profit of £69.6m. But questions were raised over the 6.2 per cent slide in Kesa’s share price, which fell to 125p over the year to April, and a 1.4 per cent drop in like-for-like sales at Comet.One analyst, who asked not to be named, said: “The jury is still out on the management. Kesa has a fantastic business with Darty in France but the problem is Comet in the UK. They need to come up with a plausible plan for that business.”Investors have particularly complained about scant details on Kesa’s preparations for combat between Comet and US technology retailer Best Buy, which opened its first UK store in Thurrock, Essex, in April.Matthew McEachran at Singer Capital Markets said: “Management needs to be more transparent. In this environment, investors want to see what performance is being targeted – when management doesn’t do that it’s very easy for investors to get frightened because you can’t see the route map to improved profitability.”In this context Falque-Pierrotin’s payout was “a sizeable amount”, McEachran added.A spokesperson for Kesa said Falque-Pierrotin had met the remuneration objectives set by the board. Show Comments ▼ whatsapp Wednesday 18 August 2010 8:30 pmlast_img read more

Austria finance minister calls for new gambling regulator

first_imgCasino & games Regions: Europe Western Europe Austria Austria’s finance minister Gernot Blümel has called for an independent gambling regulator to be established, taking responsibility for market regulation from the country’s Treasury. Austria’s finance minister Gernot Blümel has called for an independent gambling regulator to be established, taking responsibility for market regulation from the country’s Treasury.Speaking on Austrian television at the weekend, Blümel said he wanted to “untangle” multiple functions currently held within the Treasury.“Therefore, the areas of licensing and supervision should be outsourced to an independent gaming authority,” he said.Blümel was discussing the current state of affairs at Casinos Austria, the country’s gambling monopoly, which has been beset by scandal in recent months.Allegations have been made suggesting the operator’s appointment as chief financial officer of Peter Sidlo, a Freedom Party of Austria (FPÖ) district councillor in Vienna, was designed to ensure Novomatic secured political favours from the party.According to whistleblowers, Novomatic, which held a 17.19% stake in Casinos Austria, had hoped to secure a casino licence in Vienna. This would have effectively scrapped Casinos Austria’s monopoly. All parties have categorically denied the allegations.In the wake of the scandal, Novomatic agreed to sell its stake to Czech gaming conglomerate Sazka Group, which already holds a stake of around 38% in Casinos Austria. Both claimed that sharing joint control between the parties had not produced the anticipated results.This would give Sazka a significant majority, ahead of Austrian state public investment body Österreichische Beteiligungs (ÖBAG), which retains a share of around 33%. While Sazka has pledged to ensure ÖBAG will be represented on Casinos Austria’s executive and supervisory boards, the deal has led to concerns that jobs and tax revenue will be lost.Blümel told political discussion show Press Hour that he was aiming to negotiate an “Austria package” for the business, via ÖBAG, and secure commitments from Sazka to maintain its presence and staff numbers in Austria.“Casinos Austria is a traditional company in Austria that provides over 3,000 jobs,” he explained. “It is important to me that [things settle down] and that jobs, its location and tax revenue remain secure. “ÖBAG will therefore examine how best to ensure such an ‘Austria package’,” he added.Blümel’s intervention comes after the Austrian gambling trade association the Österreichische Vereinigung für Wetten und Glücksspiel (ÖVWG) called for an end to Casinos Austria’s monopoly, in the wake of the Sidlo allegations.At the time it said the claims showed an urgent need for a “rethink” of the current monopoly framework.Casinos Austria has retained its monopoly since 2016, when three other providers had their licences revoked. Email Address AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwittercenter_img Topics: Casino & games Legal & compliance 3rd March 2020 | By contenteditor Subscribe to the iGaming newsletter Austria finance minister calls for new gambling regulatorlast_img read more