Author: Vitaliy Dadalyan

Hertz Bonuses Rejected by Judge Who Calls Them ‘Offensive’

(Bloomberg) -- Hertz Global Holdings Inc. must change its plan to pay 14 top executives up to $5.4 million in bonuses if it wants win approval for the incentive program, says the judge overseeing the car renter’s bankruptcy.Judge Mary Walrath sided with opponents of the payouts, who argued that the bonus program comes too soon after $16.2 million in retention money Hertz agreed to hand out to about 340 employees just days before it filed for bankruptcy in May. Walrath’s order also nixed a new plan that would have split as much as $9.2 million among about 295 lower-ranking managers.“It seems offensive to give senior executives bonuses” when some of them got retention payments immediately before Hertz headed for court, Walrath said in a hearing held by telephone on Thursday.Under the pre-bankruptcy retention plan, Chief Executive Officer Paul Stone received $700,000. With the new plan, Stone could have collected as much...

Kinross Gold Pays First Dividend in 7 Years With Metal Rallying

(Bloomberg) -- Canadian miner Kinross Gold Corp. is boosting output and paying its first dividend in seven years after gold prices surged to a record.The Toronto-based company will give shareholders 3 cents a common share, the first payout since 2013, and resume quarterly dividends of the same amount, taking the total distribution to 12 cents a year, according to a statement Thursday. Production is expected to increase 20% by 2023.The move comes after investors flocked to the yellow metal as a safe haven, with the pandemic threatening to derail global economic growth. Spot gold climbed to a record $2,075.47 an ounce in August and while prices have declined since then, they are still up 28% this year, making it the second best performer in the Bloomberg Commodity Index of 22 raw materials.“Our growing production profile, combined with our declining cost structure, is expected to drive strong and growing free cash flow,”...