UK parliamentary committee questions StanChart’s remuneration policy By Reuters

(Reuters) – The head of the British parliament’s Work and Pensions Committee has written to the chair of Standard Chartered Plc’s (L:) remuneration committee questioning the bank’s executive pension pay levels after more than a third of shareholders voted against its directors’ remuneration policy. In the letter written on Thursday and made public on Monday, Committee Chairman Frank Field asked why the remuneration committee put forward a proposal where the existing directors would receive 40% of base salary (20% of total salary) as the pension contribution whereas the contribution of new…

Ryanair Irish pilot union to decide on strike ballot next week By Reuters

DUBLIN (Reuters) – Members of Ryanair’s Irish pilot union are to decide next week whether to join British colleagues in holding a ballot on strike action, according to a memo distributed to members. Ryanair pilots in Britain, the Irish airline’s largest market, last week announced a ballot that could lead to strike action in late August, citing disagreements over pay and conditions. Ryanair pilots who are members of the Irish Airline Pilots Association (IALPA) will meet in Dublin on Tuesday to decide whether to hold a ballot for “industrial action…

British Airways suspends flights to Cairo for seven days: statement By Reuters

© Reuters. British Airways aircraft are seen at Heathrow Airport in west London CAIRO (Reuters) – British Airways and Lufthansa abruptly suspended flights to Cairo from Saturday over security concerns, but giving no details about what may have prompted the move. “We constantly review our security arrangements at all our airports around the world, and have suspended flights to Cairo for seven days as a precaution to allow for further assessment,” British Airways said in a statement. Lufthansa (DE:) later said it had canceled its flights to Cairo on Saturday…

Rating agencies knew of stress at India’s IL&FS, but gave good ratings: audit By Reuters

© Reuters. FILE PHOTO: A bird flies next to the logo of IL&FS installed on the facade of a building at its headquarters in Mumbai By Abhirup Roy and Aditya Kalra MUMBAI/NEW DELHI (Reuters) – Credit rating agencies for years assigned high ratings to India’s Infrastructure Leasing & Financial Services (IL&FS) and its group companies despite its deteriorating finances, according to a special audit. Audit firm Grant Thornton was appointed by IL&FS’ new board to conduct the review following the government’s decision to take charge of the group after its…

S&P affirms Russia’s rating with stable outlook By Reuters

© Reuters. S&P affirms Russia’s rating with stable outlook MOSCOW (Reuters) – S&P Global Ratings affirmed Russia’s “BBB-/A-3” credit rating on Friday, reiterating that the country’s solid public and external balance sheets are able to offset potential international sanctions and geopolitical tension. “In the event of fresh sanctions, we think the Russian authorities would focus on containing macroeconomic risks and limit retaliatory action,” it said. Russia is rated investment grade by all three big international rating agencies, including Moody’s and Fitch, which helped Moscow this year to borrow money in…