Biz People

Total boss looks to nuclear future

Total SA, Europe's third-largest oil company, wants to become a supplier of nuclear power, Chief Executive Officer Christophe de Margerie said in an interview in Les Echos.

Within 20 years' time Total is bound to be active in the atomic and "clean coal" power-generation businesses, de Margerie (left) was cited as saying in an interview with the newspaper.

The company needs to spend a long time on preparation, and there won't be any moves to create partnerships immediately, he was cited as saying.

De Margerie told Les Echos that Total isn't interested in acquiring a stake in Areva SA.

Concerning the company's holding in Sanofi-Aventis SA, de Margerie said Total plans to gradually sell its shares, without disclosing how much Total has already sold this year, according to the newspaper.

Lehman CEO gets $35m stock

Lehman Brothers Holdings Inc awarded Chief Executive Officer Richard Fuld $35 million in stock for 2007 after the largest US underwriter of mortgage bonds reported limited losses from the collapse of the subprime market.

Fuld, 61, received 551,442 units of restricted stock, valued at $35 million as of the December 7 grant date, according to a filing on Tuesday with the US Securities and Exchange Commission. The payout is 4 percent more than a year ago.

Lehman probably will report record earnings of $4.1 billion this year, according to analysts surveyed by Bloomberg. The profit increase of 3 percent compares with estimated declines for New York-based securities firms Morgan Stanley, Merrill Lynch & Co and Bear Stearns Cos.

"Those leaders who've managed to steer their companies clear of the problems during these really difficult times should be rewarded handsomely," said John Challenger, head of Chicago-based recruiting firm Challenger, Gray & Christmas Inc. "And organizations where earnings have fallen, the leaders should set the example and accept bonus cuts from previous years."

O'Leary: Ryanair may expand fleet

Ryanair Holdings Plc, Europe's biggest discount carrier, said it will react to any slump in demand for air travel by purchasing new planes.

"We're looking at aircraft numbers beyond 2012," Ryanair Chief Executive Officer Michael O'Leary (right) said in an interview at the company's headquarters in Dublin. A slowdown is likely "in the next year or two", he said.

O'Leary said he'll buy planes at the bottom of the cycle to take advantage of cheaper prices. Ryanair is already doubling its all-Boeing Co fleet to 260 aircraft by 2012 after placing an order four months after the September 11, 2001, attacks on the United States had caused a collapse in air travel and depressed jetliner prices.

(China Daily 12/13/2007 page16)