THE NEWS WRAP: REDgroup administrators launch legal proceedings against breakaway A&R franchisees

The administrators of collapsed retail company REDgroup have launched legal proceedings against a group of breakaway Angus & Robertson franchisees.

Last week, a group of 25 Angus & Robertson franchisees said that they would terminate their agreement with their parent company. However, administrator Ferrier Hodgson said that the termination was “invalid and unlawful” and would block the move.

Page in Google overhaul

Days after returning as CEO of the company, Google CEO Larry Page has instigated a major shake-up of its senior management.

Page has promoted seven executives to run Google’s most important divisions and tied 25% of employee annual bonuses to the success of Google’s social media initiatives. The moves are seen to be a response to the growing competition faced by Google for online ad dollars.

CEO pay rockets

Chief executive pay appears to have well and truly bounced back from the global financial downturn, returning to pre-2009 levels.

According to the New York Times, executive pay in the US has soared, with the Philippe Dauman of Viacom, whose pay stands at $US84.5 million, and Ray Irani, of Occidental Petroleum, whose pay rose 142% to $US76.1 million last year, topping the list of well-renumerated CEOs. https://www.theage.com.au/business/ceo-pay-packets-hit-precrisis-amounts-20110410-1d9dq.html

Overnight

The Australian dollar hit a fresh peak, moving to 105.78 US cents this morning as analysts predicted that the currency could jump as high as 110 US cents in coming months.