Combes faces scrutiny over €13.7M AlcaLu payout

first_img Previous ArticlePrivate equity firm Helios looks to end Orange’s Kenya sagaNext ArticleGoogle Play carrier billing comes to South Africa Kavit joined Mobile World Live in May 2015 as Content Editor. He started his journalism career at the Press Association before joining Euromoney’s graduate scheme in April 2010. Read More >> Read more Related Nokia scores Philippines 5G deal with Dito Author Home Combes faces scrutiny over €13.7M AlcaLu payout UPDATED 2.20PM: Michel Combes is facing scrutiny over a bumper compensation package he is due following his departure as Alcatel-Lucent CEO, with France’s financial regulator AMF stating it will look into the matter.Combes, who was this week appointed COO of cable-to-mobile group Altice and chairman of its mobile subsidiary Numericable SFR, has come under fire in France following reports that he will receive almost €14 million in stock by 2018 for his services to Alcatel-Lucent.The exiting chief is widely renowned for turning around the fortunes of the struggling French vendor when taking on the job in 2013, as well as masterminding the company’s €15.6 billion sale to Nokia, which led to his departure.Questions have however been raised over the size of Combes’ package, given that he was in the job for just over two years.Executive compensation and golden parachutes are also controversial topics in France. The Financial Times reports the issue became increasingly contentious since the election of the Socialist Party in 2012, with President Francois Hollande using a crackdown on big payouts as a central theme to his campaign.According to Reuters, AMF first raised concerns over Combes’ compensation package at the end of last month, which Alcatel rejected earlier this week, stating that it had acted transparently and in line with guidelines.AMF head Gerard Rameix hit back yesterday, claiming Alcatel’s response “seems unconvincing in terms of good governance, or even in legal terms”.AMF staff have reportedly been ordered to look into whether industry standard governance codes had been respected, which includes compliance of rules allowing investors to have a “say on pay”, as part of amended rules in 2013.“Shocking” and “bad corporate behaviour”France’s economy minister Emmanuel Macron said today he is waiting for a verdict on the circumstances of Combes’ departure from AMF and a corporate governance committee by the end of the week.Speaking to reporters, Macron said Combes’ departure before the finalisation of the Nokia takeover was “shocking” and showed “bad corporate behaviour”.“It’s not normal that a big company boss is the first to jump ship. Combes led a merger of Alcatel-Lucent and Nokia that we supported,” said Macron.“So it is neither comprehensible nor acceptable that Combes has decided today to leave the company, when the transaction hasn’t even been completed, both morally and in terms of the proper functioning of the company.”Speaking to local radio, France’s finance minister Michel Sapin also weighed into the issue, stating that executive pay, “at any given moment, is necessary to have some common sense, a little measure, some restraint. In this case, Michel Combes has not had any”.Combes defended the payment in an interview with French Daily Les Echos earlier this week, saying the sum he is due to receive was down to reducing a fixed portion of his own salary to €1.2 million, while “maximising the variable portion”, which was dependent on long term group performance.Despite the outcry over the package, Combes’ pay-out is smaller than some of his counterparts in the industry known for leading their companies to big mergers.Former Nokia CEO Stephen Elop reportedly took home $25 million after the company’s handset business was taken over by Microsoft, while Virgin Media CEO Neil Berkett walked away with a whopping $86.8 million after orchestrating the Liberty Global deal. Alianza sobre IA entre Nokia y Microsoftcenter_img Español Tags Nokia makes AI move with Microsoft AddThis Sharing ButtonsShare to LinkedInLinkedInLinkedInShare to TwitterTwitterTwitterShare to FacebookFacebookFacebookShare to MoreAddThisMore 02 SEP 2015 AlcaLuAlticeCombesNokia Kavit Majithia last_img read more

Homestead Now Home to ‘Best’ Fishing Pond in Montana

first_imgClick the image or use the arrows to see more photos from stocking Pine Grove Pond.A lot happens in 128 years, but surprisingly little has changed on the Street family’s 160 acres north of Kalispell. The property, first homesteaded in 1883, has remained undeveloped and the family continues to till the land, keeping alive generations of farming tradition. But one pasture, tucked away next to the Whitefish River, has caught Robin Street’s attention for years. It always seemed like a nice place for a fishing pond. A perfect place, in fact. Apparently, Street has an eye for these things, because now that a pond has been placed in that pasture, it looks like it should have been there all along. The way Montana Fish, Wildlife and Parks biologist Jim Vashro sees it, it’s the nicest family fishing pond in Montana. “I would venture to say this is the best one in the state,” Vashro said. “We have some other nice ponds, but this one beats them all.”It’s just as Street envisioned it.“It’s a pretty area down here,” Street said last week as crews stocked the pond with trout. “It’s kind of a shame to keep it all to yourself. All the stars aligned to make this happen.”Street donated 13 acres of his family’s original 160 homesteaded acres to the FWP for the Pine Grove Pond, which will officially open on April 30. The pond measures 5 acres and holds both rainbow and westslope cutthroat trout. Altogether, Vashro says there are about 4,000 fish cruising the water.There will be a kids’ fishing derby with prizes from 9 a.m. to noon on April 30, followed by a ceremony to honor the Street family. To reach Pine Grove Pond, driving from Kalispell, head north on Whitefish Stage Road, turn right on Rose Crossing and follow the signs down to the water. The pond is open to all ages. Kids ages 14 and under are allowed to keep one fish each. Some trout are as large as 18 pounds, but the majority are more manageable sizes. It is the fourth FWP-operated public fishing pond in the area. There is also a popular fishing pond located at Snappy Sport Senter.While FWP’s other three ponds – Buffalo Head, Dry Bridge and Shady Lane – are all quality, Vashro said Pine Grove, the biggest of them, is special. Located just off of the Whitefish River, free-flowing underground water gives the pond characteristics of a natural fishery, with high nutrients and the potential for diverse bug life. It’s 17 feet deep in areas. The surrounding area is pretty. The fish will be able to live healthily for years, Vashro said, which will make for good fishing and good eating. “The only thing they’ll have to worry about are ospreys and kids,” Vashro said. Building the fishing access area was a widespread team effort involving numerous volunteers, in addition to FWP and the Street family. Street’s wife is Joyce and three kids are Debbie, Steve and Valerie. Steve was instrumental in the permitting process.The Flathead Valley Community College heavy machinery program built the road and gravel parking area. Flathead Electric Cooperative’s Roundup for Safety provided the fence. Boy Scouts were slated to do landscaping and Flathead Wildlife Inc. donated 12 bluebird boxes.Gene Fincher, who runs local fishing tournaments, gathered crews to perform a number of tasks, including building a picnic shelter. Fincher said Walleye Unlimited is paying for the construction of a gazebo. Other groups, including Schellinger Construction, also contributed to building the fishing access area, Fincher said.Murray Springs State Fish Hatchery from Eureka, Creston National Fish Hatchery and Jocko River Trout Hatchery all stocked fish in the pond on April 20 with the help of volunteers.To help pay for some improvements and for the purchase of the property, FWP used a $20,000 grant, though the land would be valued much higher than that if Street were to sell it on the market.Street’s grandparents, Richard and Susan Street, homesteaded the property in 1883. After growing wary of sending their kids to school all the way down in Demersville on horseback, the Streets decided to start their own school, and Pine Grove School was born. Richard was on the original school board.Mannington Street, Robin’s father, went to school at Pine Grove, which is located right next to the family’s property. Robin also went to the school. Both of them served on the school board. Two of Robin’s three kids attended the school before it shut down in 1973.Robin Street has long wanted to put a pond on his property. One big step was finding someone who wanted all the gravel. After Bucky Wolford’s Glacier Town Center fell through, Street said he was fortunate to work out a deal with Ames Construction to provide gravel for the U.S. 93 Alternate Route.Ames Construction also helped with building structure at the fishing access area. The manager for Ames was excited about the pond, Street said.“He told me, ‘When I leave a gravel pit, I never want to see it again, but this one I want to bring my grandkids to,’” Street said.Street was relieved to see the project finished, but there was still one thing he wanted to see.“When the kids are fishing – that’s when it’s going to feel good.”For rules, regulations and other information on FWP’s Pine Grove Pond, call the agency at (406) 752-5501. Stay Connected with the Daily Roundup. 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News / Battle for truck capacity looms as China’s factories and warehouses reopen

first_imgBy Sam Whelan 07/02/2020 Freight forwarders in China are expecting a battle for truck capacity next week as factories and warehouses slowly reopen following the coronavirus outbreak.According to Shanghai-based Marco Reichel, APAC business development manager at Crane Worldwide Logistics, some manufacturers will restart on Monday, while others will stay shuttered until 14 February.“The biggest issue next week will be the trucking,” he told The Loadstar.“There are some trucking companies in tier-1 cities able to receive bookings for next week. Otherwise definitely there will be a fight for trucks – all forwarders are trying to get as many as they can.” The biggest challenge, according to Mr Reichel, is travel restrictions that may prevent drivers from returning to work, since many were stranded in their home towns over the extended holiday period.“We don’t expect much coming out of factories next week, but there’s cargo sitting in warehouses and this is the difficult part to get the drivers for,” he said.“In Shanghai, we’re expecting rates will definitely increase based on the demand. Truck drivers are rejecting inland provinces because they want to make as many trips a day as possible, so they’re focusing on tier-1 and port cities.”Reports of quarantined cargo are also causing delays. For example, Mr Reichel said, some warehouses in Shanghai, especially those near the airport, were rejecting cargo from Hubei province, the epicentre of the outbreak, unless it waits five days in quarantine.“This is not official policy…we believe the virus can’t spread on these materials, but apparently some warehouses are doing it anyway.”Cargo inspections and screening of drivers have ground cross-border trucking to a halt in some instances, too. According to consultant A2 Global Risk, Hong Kong, Kyrgyzstan, Laos, Mongolia, Nepal, North Korea, Pakistan, Russia, and Vietnam have completely or partially closed borders with mainland China.“Almost no trucks are moving across China-Vietnam border,” said Gursimran Singh, senior manager with China-ASEAN cross-border trucking specialist KART Asia. “This has definitely affected the supply chain, as most of the supply to Vietnamese factories comes from China.“This border was supposed to be closed until 10 February, but no one knows if the date will be extended. Even if the borders reopen, movement will still not be in full flow, due to obvious medical concerns.”Crane’s Mr Reichel reckoned cross-border trucking could be affected until the end of the month.“Everyone is asking for rail space at the moment,” he said, adding that customers are waiting to see whether there will be more blanked sailings by ocean carriers.“We’re also looking into some solutions where we move cargo by rail to Rotterdam, and then by ocean to North and South America.“First departures will go on 14 February, but the week after that there could be a lack of space, as more and more clients move towards rail.”Crane plans to reopen its Shanghai office on Monday, but Mr Reichel said there may still be travel difficulties for staff trying to return to the city.“Everything is very uncertain, and at the moment we’re still guessing how the situation might unfold.”last_img read more

DLA Piper’s Unicef pledge

first_imgInternational law firm DLA Piper has announced a £980,000 partnership over three years with the United Nations Childrens Fund (Unicef) to help it expand its global child justice work, and ensure that children coming into contact with the law are better served and protected. DLA Piper is to pledge the funds through corporate donations and fundraising, with employees encouraged to raise funds. It will also provide over £3m worth of pro bono support to the UK committee for Unicef, preparing tools and training resources such as a ‘Justice for Children’ handbook and a training package for child protection staff. The first task for the partnership will be to support Unicef’s child justice work in Bangladesh, where the law firm’s support will help to improve the standards of care and treatment for children who come into contact with the law as victims, witnesses and offenders. DLA Piper global co-chairman Tony Angel said: ‘As lawyers, the right to justice is something we feel very strongly about. We are proud to be able to use our skills to help address a significant global issue with the aim of making a positive impact for future generations.’last_img read more

Ray dropped, McOnnor in as Tumbe new coach

first_imgRugby League: By MAL TAIME Current Waghi Tumbe head coach Francis Ray has been dropped from the side for this year’s Digicel Cup season. Waghi Tumbe chairman Paul Tumun said Ray two-year contract with the team had lapsed last year. He said Jiwaka Governor Dr William Tongamp had made a decision to replace him with team manager Joe McÓnnor. The other officials for Waghi Tumbe 2020 Digicel Cup campaign are former Goroka Lahanis and Kuma Cowboys head coach Alphonse Kapil (head trainer), conditioner (vacant), Maa Wus (assistant coach), Samson Philip (assistant trainer), Physiotherapist (Dr Sieland Banda), Terry Bang (team manager) and Teine Korokoi (brand manager, advertising and marketing). Tumun said the team officials had been selected on their own merits and, most importantly, experience and long association with the Waghi Tumbe over the years. “The bench line target for these officials is from the six games, Waghi Tumbe has to win four to six games and not less than four games, if Tumbe win four games changes will happen effectively,” Tumun warned. He said the training squad had been selected from both the Jiwaka Governor’s Cup and the Coca-Cola Ipatas Cup competitions. He said it took a lot of time and effort to organise and run the affairs of the team. He added that other Digicel Cup teams selected their teams at their own way and prepared early while for Waghi Tumbe, the Governor’s Cup competition was used as the avenue to select its 40-man training squad. The competition ended last weekend. However, Ray said yesterday he was upset over the decision because he thought he would return to the team this year. “The Tumbe board damaged my career as head coach because I was not informed earlier. I was still waiting and hoping for the board to call me to return to the team. Unfortunately, I was shocked and upset when the Post-Courier called to get my comments that I was replaced as head coach,” Ray said. At the presentation in Minj last weekend he was never aware of the changes that were made and was awaiting confirmation but did not receive any. “My career has been damaged and jeopardized because if I was informed earlier I would have put myself on the market with other Digicel Cup teams,” Ray said. He claimed that Waghi Tumbe was not in a good shape when he went in as the head coach and he mould the team and placed some disciplinary measures that produced the result in the past two years. Ray added that the board should have informed him earlier so that he could look for other opportunities with other franchise clubs competing in the Digicel Cup competition. However, for now he had little choice and would be left out for the whole year. “I started my career just now and it took only two years and I did it. I hope to continue but unfortunately it has upset me and a downfall for me,” he said. The team represents the people and I want the board to come out clear and explain why I was dropped from the team in the 11th hour because I did not cause any wrongdoing.”last_img read more

Jumping in the City Update for Amateur Athletes

first_imgHome  »  General  »  Jumping in the City Update for Amateur Athletes Tags: 22 May 2015, 17:34 Jumping in the City Update: Attention Amateur AthletesEntries for the The West Wood/Ifor Williams Trailers Amateur Open classes are oversubscribed. Accordingly, two draws will need to take place to allocate the 16 places at each show. It had been intended to hold this draw during the amateur qualifier at Tubberbride Equestrian Centre this weekend. However, it has now been decided that the draw should be overseen by the Horse Sport Ireland auditors.Accordingly the draw will take place in the Horse Sport Ireland offices on Tuesday 26th May at 7.30pm. Athletes are welcome to attend the ballot, or nominate an observer. Jumping in the City Update for Amateur Athletes last_img read more