Sarkozy investigated in party-funding affair
Ex-French president Nicolas Sarkozy was placed under formal investigation on Thursday for “abuse of weakness” in a 2007 party funding case involving elderly L'Oreal heiress Liliane Bettencourt, the public prosecutor said. The risk for Sarkozy, unseated May last year but considered a potential conservative candidate in the 2017 presidential race, is that he may end up plagued by suspicion for months or years, even if his lawyer says there is no case against him. Under French law, a formal investigation is the final step before a suspect is accused of a crime. Sarkozy, who only this month hinted he could make a political comeback, repeatedly has denied taking campaign funds from Bettencourt. The 90-year-old Bettencourt is France's richest woman. If found guilty, the 57-year-old Sarkozy faces a maximum three-year jail sentence and a hefty fine. But the damage to his political career could be irreversible.
Credit Suisse raised CEO’s 2012 pay 34% as net fell
Credit Suisse Group, the second- biggest Swiss bank, raised CEO Brady Dougan’s total compensation by 34% for 2012, a year when net income declined. Dougan’s pay of 7.77 million Swiss francs ($8.2 million) included fixed salary of 2.5 million francs, 3 million francs in short-term and 2 million francs in long-term variable compensation, the Zurich-based bank said in its annual report on Friday. Dougan was paid 5.82 million francs for 2011. The highest-paid member on Credit Suisse’s executive board was Robert Shafir, who currently co-heads the private banking and wealth management division. He earned 10.59 million francs for 2012 compared with total pay of 8.5 million francs for 2011. The bank’s net income fell to 1.35 billion francs in 2012 from 1.95 billion francs the previous year.
Gucci-owner PPR to be renamed Kering
PPR, the French owner of Gucci and Puma, will change its name to Kering to cap a transformation into a specialist in luxury products and sporting goods. The re-branding will take place on June 18, PPR CEO Francois-Henri Pinault said at a presentation in Paris on Friday. The name, the company’s fifth since listing on the Paris stock exchange in 1988, is supposed to evoke the idea of caring and signal a new chapter in the company’s development, a person familiar with the plan said earlier this month. PPR, known formerly as Pinault-Printemps-Redoute and before that as Pinault-Printemps and Pinault SA, is disposing of retail assets it amassed