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...when you see these kinds of articles DBS CEO pay for 2010 just over S$8m By Chris Howells | Posted: 31 March 2011 2202 hrs Photos1 of 1 Piyush Gupta SINGAPORE: The CEO of DBS Group Holdings, Piyush Gupta is taking home a pay packet of just over S$8 million for 2010. The company's CEO earned S$1.2 million in salary, S$2.7 million in cash bonuses and S$4.1 million in deferred shares. DBS also made changes for deferred shares, now to be vested over a four year period, up from three years, and no shares will be paid out in the first year. This policy will also apply to other some other members of the board such as Chairman Peter Seah, who is set to take home a S$678,500 pay packet, a third of which was in deferred shares. DBS also introduced a "claw back" for remuneration, which can be triggered if the bank sees losses from negligent risk taking or inappropriate individual behaviour or fraud. Part of Gupta's deferred shares (S$685,000) are also allocated as "kicker" shares, which can only be vested if he is still with the bank in the fourth year. DBS also said it does not pay dividends on deferred shares. In 2010, DBS has recorded core earnings of S$2.65 billion, up 28 per cent from the previous year. The bank said this was driven by strong growth in loans across the region, higher income from cross-selling activities and an improvement in the quality of assets. This was despite headwinds caused by a low interest rate environment, where SIBOR rates had hit a 23-year low. In a letter to shareholders as part of its annual report, Gupta and Seah said: "The bank was able to put surplus deposits to good use and mitigate the effects of net interest margin compression. In all, net interest income declined just 3 per cent to S$4.32 billion. On the other hand, non-interest income rose 28 per cent to S$2.75 billion." Going forward, the bank reiterated its focus on strengthening its regional wealth management, SME, Treasury & Markets and Global Transaction Services Business. This comes after the CEO of OCBC Group, David Conner, racked up S$7.5 million in pay for last year. Half of which was in deferred shares and share awards of S$3.71 million, while S$1.24 million came from base salary and fees, and S$2.5 million in bonuses. -CNA/ac

Source: http://sg.news.yahoo.com/afp/20080422/tts-...ce-c1b2fc3.html Oil prices climb past 118 dollars for first time AFP - 1 hour 52 minutes ago LONDON (AFP) - - The price of New York crude rocketed to a record high point of 118.05 dollars per barrel on Tuesday, lifted by unrest in Nigeria, weakness of the dollar and OPEC's reluctance to raise short-term output. Later on Tuesday, New York's main oil futures contract, light sweet crude for delivery in May, stood at 117.77 dollars, up 29 cents from the price on Monday. The contract expires at the close. London's Brent North Sea crude for June hit a historic pinnacle at 115.03 dollars a barrel. It later stood at 114.67 dollars, up 24 cents. "For the moment, there does not seem to be anything stopping the price juggernaut we are seeing in energy," said MF Global analyst Ed Meir. The Organization of Petroleum Exporting Countries (OPEC) plans to lift production capacity by five million barrels per day (bpd) by 2012, the cartel's secretary general Abdalla Salem El-Badri said on Tuesday. Speaking to reporters on the sidelines of the International Energy Forum in Rome, El-Badri also said that the cartel aimed to boost production capacity by nine million bpd by 2020. However, the 13-nation OPEC cartel, which produces 40 percent of the world's oil, has insisted that there was no shortage of supplies in the market. "The market is still fairly tight, with OPEC reluctant to hike output, blaming speculators and the broad weakness in the dollar for driving prices higher," said Sucden analyst Andrey Kryuchenkov. Analysts said reports of pipeline sabotage in Nigeria has helped push prices to record heights. Nigerian Energy Minister Odein Ajumogobia said Tuesday that there would be "no significant" interruptions of oil supply following an attack on pipelines of Africa's top oil producer. "There is no significant disruption, between 25,000-30,000 barrels per day. But it's being fixed and it could be back online quickly," Ajumogobia told reporters in Rome. The Movement for the Emancipation of the Niger Delta (MEND) militant group, active in the west African country's oil-rich south, claimed responsibility for an attack on Shell's key Bonny terminal in an e-mail on Monday. Anglo-Dutch oil firm Shell said on Monday that it may not be able to honour contracts for April and May after MEND attacked two key pipelines. "Concerns remain regarding Nigerian supplies, where force majeure has been called on several delivery contracts following an escalation in militant activity," said analysts at energy consultancy John Hall Associates. Overall, violence in the southern Delta region has reduced Nigeria's total production by a quarter since January, 2006. Global supply concerns have also been rattled by the forthcoming closure of the 200,000 barrels-per-day Grangemouth refinery in Scotland, which faces a two-day strike this Sunday. In Rome, the International Energy Agency's executive director Nobuo Tanaka warned that high oil prices could tip the world economy into recession. However, he has agreed with OPEC's stance that markets are currently well supplied, while attending the joint producers and consumers forum.