He also said that the row over pay in the former nationalised utilities is “largely overdone”.Mr Henry succeeds John Baker, whose pay last year was £304,500 Mr Baker is now part-time chairman on a salary of £180,000. Mr Henry defended the upfront payment, of which £40,000 went in tax. National Power awarded a £100,000 golden welcome to its new chief executive, Keith Henry, in addition to his pay package of up to £392,000. The extra payment is to help compensate Mr Henry for the loss of benefits from the executive share scheme operated by his previous employer, Halliburton.
The revelation comes amid growing concern over boardroom pay and perks. This is one of the key issues Mr Kinnock has put in his own proposed negotiating mandate, demanding that the US should agree to the looser restrictions in Europe, which permit 49 per cent stakes by non-EU companies in European airlines.

He is understood to have reasserted Britain’s right to hold bilateral talks, which puts the onus on Mr Kinnock to decide whether to carry out a threat he made last month to add the UK to the list of possible court actions.The negotiations today at the Department of Transport resume talks that broke down in Washington a month ago after failure to resolve the question of extra access to Heathrow for US airlines.The Government is also pressing the US to allow larger British stakes in US airlines. They were floated in August last year at 35pThere was some excitement among port owners following Clydeport’s move to win control of Dundee port. US and British officials are to begin three days of talks in London today in a new attempt to reach a transatlantic aviation agreement, as Neil Kinnock, the European transport commissioner, considers court action against the UK to block bilateral negotiations. Mr Kinnock has been campaigning for a mandate for the Commission to negotiate “open-skies” agreements for the EU as a whole.

He has already threatened court action against six of the smaller member states – Belgium, Denmark, Luxembourg, Sweden, Austria and Finland – if they refuse to pull out of bilateral talks with the US.
Last month he wrote to Brian Mawhinney, the transport secretary, asking him to drop bilateral talks with the US on a number of issues including code-sharing by airlines and air cargo. He asked Mr Mawhinney not to prejudice the EU negotiating position and requested a reply by last Friday.The Department of Transport yesterday confirmed that Mr Mawhinney had replied. But he added that the first half outlook should not be seen as indicative of prospects for the full year.The group expects a “significant” year-on-year improvement in the second half, as the benefits of the higher levels of investment in marketing and new product development begins showing through in stronger market share performance.The full benefit of the price increases implemented or in the pipeline would also be seen.. Valued at about £1.7bn, UB would be easily digestible by Hanson, which is about to be relieved of $1.4bn of debts through the impending demerger of US Industries.UB warned at the time of its 1994 annual results in March this year that trading conditions were likely to remain tough in all markets and that results would be affected by high input cost inflation, particularly in packaging, and rising worldwide interest rates.It also said then that a substantially higher level of new product introductions, increased marketing investments and an aggressive attack on costs in all divisions was planned.The group has also been hit by pricing pressure on brands such as KP crisps from supermarket own-label products.The outgoing chairman, Sir Robert Clarke, told the annual meeting yesterday the group was gradually achieving price increases to reflect higher input costs in most markets, but this was taking time.”Additionally, our increased borrowings, resulting from the most recent acquisitions and a number of restructuring programmes, coupled with higher worldwide interest rates, will produce a significantly higher interest charge than in 1994.” Sir Robert said said. The consensus forecast is for UB to make full-year profits of just over £180m in the year to December, but one analyst said yesterday he was considering shaving his figure by £10m.Despite the fall in the share price, the latest news will heighten speculation about a bid for the group by Hanson, which has barely disguised its interest in buying a non-cyclical, UK-based business.

He blamed rising raw material costs for much of the damage.
UB was steadily raising prices to compensate, but the delay in passing on costs was expected to lead to some under-recovery of costs in the first half, he warned, while profits would also be hit by a higher interest charge and increased marketing investment.Sir Robert said there should be a significant year-on-year improvement in the second half, but that did not prevent analysts’ worries that full- year profit predictions may be too high. The chairman of the McVities biscuits to KP snacks group, Sir Robert Clarke, told shareholders at the annual meeting that first-half pre-tax profits would be “significantly” below the 1994 level. While the bull market looks set to continue, you can bet that it also now contains the seeds of its own eventual demise.There will be a sizeable downturn in due course That is how markets work But for the moment the party goes on.. While Americans are partying, the Europeans are playing the role of party-poopers. The turnround in the US long bond, now yielding 6.7 per cent, is inviting the stock market to follow, and the flow of cash into the market is creating its own momentum. Only the prospect of rising oil prices seems to cast any gloom over the outlook.What is striking this time round is that overseas investors are proving themselves so reluctant to join the party. Everyone can invent their own post hoc rationalisations, but what is driving the market now is as much sentiment as fundamental economic change.

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