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Wednesday newspaper round-up: CEO pay, Virgin Atlantic, Disney

By Michele Maatouk

Date: Wednesday 05 Aug 2020

Wednesday newspaper round-up: CEO pay, Virgin Atlantic, Disney

(Sharecast News) - Just 36 out of the UK's 100 biggest companies reduced their chief executive's pay in order to help their firm navigate the coronavirus pandemic and economic crisis, according to an analysis of executive pay that found FTSE-100 CEOs are now handed, on average, the same as nearly 120 full-time workers. Research by the Chartered Institute of Personnel and Development (CIPD) and the High Pay Centre published on Wednesday shows that the majority of FTSE 100 companies did not cut top executive pay, despite many of the firms turning to the taxpayer to pay the wages of furloughed workers. - Guardian
Virgin Atlantic has declared itself bankrupt and is seeking protection from creditors in the US, according to a court filing in New York on Tuesday. The airline is seeking the protection under chapter 15 of the US bankruptcy code, which allows a foreign debtor to shield assets in the country. The announcement comes little more than a month after Virgin Atlantic announced it had secured funding to survive for another 18 months. - Guardian

Disney has posted its first loss in almost two decades after the coronavirus crisis created a perfect storm for the entertainment giant, in which most of its key businesses ground to a near-halt. - Telegraph

Frasers Group has agreed to open its first regional store since the Covid-19 outbreak at a retail park in Leicester. Mike Ashley's retail group, formerly known as Sports Direct, is leasing 90,000 sq ft to create a "sports and lifestyle destination" at Fosse Park, which is owned by the Crown Estate, the Queen's property company. - The Times

Travel restrictions are hampering efforts to get test flights arranged for Boeing's revamped 737 Max aircraft, European regulators have warned. The European Union Aviation Safety Agency gave the update in the wake of the ruling by the Federal Aviation Administration, its American counterpart, on Monday that there was still more work to be done before the ban on flights could be lifted. - The Times

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