After two years of compensation declines, U.S. chief executive officers had a median annual pay increase of 18 percent in 2010, according to a national survey released Tuesday. GovernanceMetrics International Inc. analyzed 747 proxy statements filed between June 30, 2010, and March 24, 2011, to find that total realized compensation, which includes stock awards, jumped a median 28 percent. For 2010, the CEOs in the S&P 500 had a median compensation of nearly $8.49 million and an average compensation of more than $11.95 million.
Safeway offering fuel discount to customers
Safeway is offering a discount of up to 30 cents per gallon of gas through June 18 at its local fuel stations. There are a few qualifications: customers need to have Safeway loyalty card and have to spend $75 in a single transaction on groceries before qualifying for the savings of 30 cents per gallon. Spend $50 in groceries in a single transaction and qualify for a discount of 10 cents per gallon.
Bernanke predicts growth to strengthen
Federal Reserve Chairman Ben Bernanke noted Tuesday that the job market and the economy have weakened in recent weeks. But he said that’s mainly because of higher gas prices and the Japan crises — factors that should ease in coming months — and predicted growth would strengthen later this year. The Fed chairman said the economy still needs the benefit of low interest rates.
Overall consumer debt rises in April
Americans borrowed more money in April for the seventh straight month, but they cut back on using their credit cards. Consumer borrowing rose by nearly $7.2 billion, fueled by greater demand for school and auto loans, the Federal Reserve said Tuesday. A category that measures credit card use fell for the second time in three months. It has risen only twice since August 2008, the height of the financial crisis. The 3.1 percent overall increase pushed consumer borrowing to a seasonally adjusted annual level of $2.43 trillion, just above the $2.39 trillion hit in September.
Threatened fines curb airline delays
The government’s threat to levy huge fines against airlines that hold passengers on the ground for hours has worked: Long tarmac delays are down dramatically since the rule went into effect a year ago. But delays haven’t disappeared. There have been 20 of three hours or more in the past year, Yet, no airlines have been fined. As the summer travel season picks up, analysts wonder if the lack of enforcement will let result in a return to long stays on the runway. The DOT threatened fines as high as $27,500 per passenger against airlines that kept passengers stranded on runways for three hours or more. For a full Boeing 737, that would be a $3.5 million fine. The rule went into effect on April 29, 2010.
From Herald news services
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