In Short

A round-up of other business stories in brief...

Key Kingspan managers take pay hit

Executive pay at insulation and building materials specialist Kingspan took a hit last year as most key managers failed to hit the targets required to earn bonuses.

Chief executive Gene Murtagh received €756,000 in basic pay, benefits and pension in 2008, compared with more than €1.2 million the previous year, according to Kingspan’s annual report, which was published yesterday.

Mr Murtagh was not paid a bonus in 2008, neither were his colleagues Dermot Mulvihill, Peter Wilson, Noel Crowe and Louis Eperjes.

The group’s remuneration committee notes that the only director who met the performance targets required to earn a bonus in 2008 was Russell Sheils, whose performance-related payment was €158,000.

Mr Sheils earned a total of €504,000 last year. Mr Mulvihill was paid €851,000, Mr Wilson €344,000, Mr Crowe €338,000 and Mr Eperjesi €350,000.

Apache Pizza firm to create 85 jobs

Irish-owned company Apache Pizza will create 85 jobs as part of a nationwide expansion over the next year.

The company opened a new store in Galway last week and plans to launch a further three outlets in Ennis, Greystones and a 50-seater restaurant in Balbriggan.

Apache Pizza currently employs 750 people at 40 locations.

Fortis confirms 20.6bn net loss

Fortis bank, the former Belgian banking unit of Fortis now in state hands, confirmed yesterday it made a net loss of €20.6 billion in 2008.

The company, of which France’s BNP Paribas intends to buy 75 per cent, said last month that it expected to post a net loss of about €6 billion in the fourth quarter on top of a loss of €14.1 billion in the first nine months.

The slight difference is mainly due to a change in the accounting treatment for part of its structured credit portfolio to be sold to Royal Park Investments. – (Reuters)

Qantas warns over full-year results

Qantas yesterday warned it was likely to deliver its worst full-year results since listing on the stock market 14 years ago and said it would cut 1,750 jobs in the next few months as the Australian flag carrier tries to cope with the impact of the global aviation downturn. – (Copyright The Financial Times Service 2009)

Philips to speed up restructuring

Philips Electronics plans to speed up restructuring after swinging to a surprise first-quarter loss as the global recession hit sales.

The company, which makes products ranging from light bulbs to complex medical equipment, said it did not see its markets improving in the second quarter. – (Reuters)

Goldman Sachs has plans for war chest

Goldman Sachs has amassed a war chest of $164 billion (€124 billion) in cash and liquid assets that could be used to buy distressed securities and loans as its rivals clear their balance sheets, Goldman’s chief financial officer said yesterday. – (Copyright The Financial Times Service 2009)