Business briefly: Financiers cut money for startups
Published 9:21 pm Friday, April 17, 2009
U.S. venture capital investments sank 61 percent in the first quarter, dropping to the lowest level in 12 years as financiers became even more wary about sinking funds into startups during a deepening recession. Venture capital investments totaled $3 billion during the first three months of 2009, according to a report released Saturday by PriceWaterhouseCoopers, the National Venture Capital Association and Thomson Reuters. In the year-ago quarter, investments totaled $7.74 billion.
No raise or bonus for Amazon’s CEO
Amazon.com Inc.’s chief executive and founder, Jeff Bezos, received compensation of $1.3 million in 2008, the same as the previous year, according to an Associated Press analysis of a regulatory filing Friday. Bezos, 45, received a salary of $81,840. He also was given other compensation valued at $1.2 million, which Amazon said is for personal security besides that which is provided at business facilities and for business travel. Bezos, who owns 23 percent Amazon, did not receive a bonus or stock options.
Hollywood actors set contract vote
The Screen Actors Guild and the Hollywood studios said Friday they have reached a tentative deal on movie and prime-time TV show productions, capping a yearlong battle that ended with the guild giving up its fight for better Internet compensation. The guild said its leaders would recommend approval by the board and ratification by its members, which could be completed as soon as next month. The contract would replace one that had expired last June. The new deal follows the Internet provisions earlier agreed to by writers, directors and another actors union and will expire on June 30, 2011, according to two people who were briefed on the contract. The guild’s board still must review the offer.
Southwest Airlines cuts its CEO’s pay
Southwest Airlines Co., which suffered its first money-losing quarters in 17 years in 2008, paid its chief executive 17 percent less in total compensation than it did the year before, according to analysis of a regulatory filing made Friday. Gary Kelly received $441,121 in salary after a midyear raise, a bonus of $462,000 that matched one he got in 2007, and stock options that the company valued at $605,535 when they were issued. The compensation totaled $1.6 million. Southwest’s stock has fallen 41 percent since those options were granted in February 2008, and they were less valuable than the $938,775 in options Kelly got the year before. Also last year, Kelly got $4,394 in above-market earnings on deferred compensation and $77,526 in other compensation, mostly company contributions to deferred-compensation and a 401(k) plan, according to the company’s proxy filed with the Securities and Exchange Commission.
From Herald news services
