Connect with us

Economy

Bankrupt Hertz seeks $5.4M in government bonuses

Published

on

Bankrupt Hertz seeks $5.4M in executive bonuses

Just months after Hertz Worldwide Holdings Inc. shelled out $16.2 million in added shell out intended to maintain executives from leaving as the coronavirus pandemic decimated the vacation industry, the auto rental enterprise would like to go out $14.6 million more in bonuses.

Prior to submitting for Chapter 11 individual bankruptcy in May perhaps, the company laid off countless numbers of staff members while handing out retention bonuses or “stay fork out” to leaders.

HERTZ Offered $29 MILLION IN Stock Ahead of SEC STEPPED IN

At the starting of the month, the corporation elevated $29 million, marketing its probable worthless inventory before regulators at the Securities and Trade Fee lifted questions.

Vehicle exiting the vacant vehicle rental spot at Hertz«s Auto Rental Parking region at Miami Global Airport (Photograph by: Kike Calvo/Universal Photographs Team through Getty Photos)

According to a Saturday report in The Wall Road Journal, retention payments are just about difficult for executives after a company documents for personal bankruptcy.

Although Hertz is concealing a great deal of the information about which staff will get the most current round of dollars, Chief Monetary Officer Jamere Jackson resigned this month and forfeited his stipend.

Styled as “incentive” bonuses in courtroom paperwork submitted Thursday, the new spherical of payouts would have to be approved by the choose overseeing Hertz’s individual bankruptcy.

In the proposal, the chief government officer and 13 other top rated professionals of Hertz Corp. would share as significantly as $5.4 million, Bloomberg described Saturday.

See also  Italy. High competition forces Domino's to close its doors

If the choose permits a next reward spherical, the Journal notes that Chief Government Paul Stone — who took the title and a $700,000 “retention bonus” in May possibly — could be entitled to an added $1.6 million.

Hundreds of personnel under Stone could also be specified revenue under the incentive options, with executives and senior management obtaining payments in the selection of $10,000 to $15,000.

Whilst “retention” bonuses had been banned by Congress 15 several years in the past, individual bankruptcy lawyers began crafting incentive applications to maneuver all-around the ban.

Functionality benefits have considering that been routinely authorized — in quite a few cases, in excess of the protests of federal individual bankruptcy watchdogs.

Simply click In this article TO Go through Additional ON FOX Business

In 2020, the CEOs of GNC Holdings Inc., Ascena Retail Group Inc., Tailor-made Models Inc., J.C. Penney Co., Neiman Marcus Group Ltd., and other companies have obtained this sort of payment under very similar conditions.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Economy

European Stock Markets Fall, Interest Rates Rise, Oil Rebounds – Markets in a Minute

Published

on

Europe is turning green.  Oil and gold down.  Percentage Increases - Markets Per Minute

Euribor climbs three and six months to new highs in almost 14 years

Euribor rates rose today to new highs since early 2009 at three and six months and fell at 12 months.

The six-month Euribor rate, most used in Portugal for home loans and entering positive territory on June 6, rose today to 2.374%, plus 0.006 points, the highest since January 2009.

The six-month average Euribor rose from 1.596% in September to 1.997% in October.

The six-month Euribor has been negative for six years and seven months (from November 6, 2015 to June 3, 2022).

The three-month Euribor, which entered positive territory for the first time since April 2015 on July 14, also rose today, setting a new high since February 2009 at 1.922% plus 0.014 points.

The three-month Euribor was negative between 21 April 2015 and 13 July last year (seven years and two months).

The three-month average Euribor rose from 1.011% in September to 1.428% in October.

On the other hand, over a 12-month period, Euribor fell today, settling at 2.860%, down 0.019 points from Thursday, after rising to a new high since January 2009 of 2.879% on Thursday.

After rising to 0.005% on April 12, positive for the first time since February 5, 2016, the 12-month Euribor has been in positive territory since April 21.

The average Euribor rate for 12 months increased from 2.233% in September to 2.629% in October.

Euribor began to rise more significantly from February 4, after the European Central Bank (ECB) admitted that it could raise key interest rates this year due to rising inflation in the eurozone, and the trend accelerated with the start of the Invasion of Ukraine on February 24.

See also  The 2020 comeback to history highs resembles storied market place revivals of the earlier

On October 27, to curb inflation, the ECB raised three key interest rates by 75 basis points, the third consecutive increase this year, after raising three interest rates by 50 basis points on July 21. growth after 11 years, and on September 8 by 75 basis points.

Changes in Euribor interest rates are closely linked to increases or decreases in ECB key interest rates.

Three-, six- and 12-month Euribor rates hit record lows respectively: -0.605% on December 14, 2021, -0.554% and -0.518% on December 20, 2021.

Euribor is set on the basis of the average rate at which a group of 57 Eurozone banks are willing to lend money to each other in the interbank market.

Portuguese

Continue Reading

Economy

Will there be a Black Friday discount? Diesel and petrol prices fall again in a week

Published

on

Será desconto de Black Friday? Preços dos combustíveis voltam a baixar para a semana

After successive increases, fuel prices begin to fall, which ultimately reduces consumer spending significantly, especially for those who travel by car every day. Indirectly, this fall in prices will also affect the prices of the products we find in supermarkets (among many other sectors), which in a period of high consumption will be a welcome relief.

For the third week in a row, diesel and gasoline prices have fallen again.

Fuel prices continue to fall

Today's news shows that diesel and gasoline prices are expected to fall next Monday by 0.05 and 0.045 euros respectively.

According to the General Directorate of Energy and Geology (DGEG), next week's average prices should be 1.641 euros per liter of regular diesel fuel and 1.644 euros per liter of 95 petrol, not forgetting that prices can vary from gas station to post office.

Until the end of the year, consumers will continue to benefit from lower ISPs and the suspension of the carbon tax. Despite this decline, prices remain above pre-war levels.

See also  Portugal has a surplus of 3.5% of GDP in the third quarter - Economy
Continue Reading

Economy

discover the 10 foods that have grown the most in the past week

Published

on

discover the 10 foods that have grown the most in the past week

A basket of essential products now costs 212.76 euros, which is 29.13 euros (15.87%) more than it cost on February 23, on the eve of the outbreak of the armed conflict in Ukraine. Over the past nine months, dairy and meat products are the categories with the largest increases of 20.79% and 19.41% respectively.

According to the organization, “however, growth is being felt across all food categories. In the analyzed period, frozen food, fruits and vegetables, fish and grocery stores also rose in price by 17.96%, 14.45%, 14.38% and 13.34% respectively” compared to February.

Between October 16 and 23, the top ten products with the highest price increase were horse mackerel (24%), quick-frozen peas (18%), ground roasted coffee (13%), sea bass (11%), cereal flakes. (9%), sea bream and extra virgin olive oil (8%), port wine and hake medallions (6%) and finally dried garlic (4%).

From February 23 to November 2: fresh hake (50%), white sugar (49%), tomato pulp (48%), oranges (41%), UHT semi-skimmed milk (37%), turkey steak (33%). , cookies “Maria” and eggs (32%), carrots and a whole chicken (31%).

The Consumer Advocacy Association monitors weekly prices for a basket of 63 staples that includes turkey, chicken, hake, horse mackerel, onions, potatoes, carrots, bananas, apples, oranges, rice, spaghetti, sugar, ham, milk, cheese and butter.

The association explains that this increase is due to the fact that Portugal is “heavily dependent on external markets to guarantee the supply of cereals needed for domestic consumption”, which “currently represent only 3.5% of national agricultural production: mainly corn (56 %). , wheat (19%) and rice (16%).

See also  Canadians Invest Billions and Create 2000 Jobs in Portugal - Tourism & Leisure

“And if in the early 1990s self-sufficiency in grain was about 50%, now the value does not exceed 19.4%, which is one of the lowest rates in the world and obliges the country to import about 80% of grain. ” adds Deku.

The organization explains that “the Russian invasion of Ukraine, where most of the grains consumed in the European Union and Portugal come from, has put even more pressure on the sector, which is struggling with the consequences of the pandemic and drought. with a strong influence on production and stockpiling.”

“Limiting the supply of raw materials and increasing the cost of production, namely the energy needed for agri-food production, can thus be reflected in higher prices in international markets and, consequently, in prices at the consumer,” he emphasizes.

Continue Reading

Trending