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RBS boss Stephen Hester to waive '1.6m bonus'

Royal Bank of Scotland chief executive Stephen Hester will not take his bonus this year the has learned. He was reportedly to get shares worth 1.6m though the RBS board was not making a final decision until its results were announced later this week. The news came after Business Secretary Lord Mandelson told the that Mr Hester should forgo the payment this year until he had proved his worth. RBS is 84% taxpayer owned and is set to post losses of about £5bn for 2009. This would be down from losses of £24bn for 2008. business editor Robert Peston said it would have been controversial if Mr Hester had taken any bonus.According to a banking source Hester believes that public hostility to the bank would increase if he were to take a bonus and would be counter productive to his goal of steering Royal Bank away from politics our editor said. He believes that RBS must stop being a political football if it is to recover sufficiently to allow it to be privatised at a profit for taxpayers.
Not tested'
Mr Hester was brought in to run the bank after its government bailout.
Lord Mandelson said he was a rather strong and rather able man but whose performance and delivery has not yet been tested. If further down the line in years to come he has done well and he has turned round RBS he deserves something back for it and I would be the first to say so but not now Mr Mandelson said. He added:What we have said to them is that their priority is repairing their balance sheets and getting their capital back in place and lending again fully. The bank is set to announce it will pay a bonus pool of about £1.3bn to its investment bankers a figure which it is negotiating with UK Financial Investors the government body which overseas the taxpayers controlling stake in the bank This was very much at the lower end of the banks Mr Mandelson said.
PressureLast week Barclays which did not take any direct state help during the financial crisis said its total bonus payouts for staff had been reined in to £2.7bn. However it had reported an £11.6bn profit - and chief executive John Varley and president Bob Diamond turned down bonuses for the second consecutive year given intense public interest and concern about bankers pay. Earlier this year Mr Hester told MPs that he would not pay his bankers a penny more in bonuses han we need to.
He also defended his bank's policy on bonuses saying that he earned the going rate for his job, but added that even his parents thought he earned too much. The singer and activist Billy Bragg has threatened not to pay his taxes in protest against the bonuses being paid out by Royal Bank of Scotland RBS. Lloyds Banking Group also part-owned by taxpayers is also set to release its results this week. Our business editor said that Mr Hester's decision would put pressure on Eric Daniels the chief executive of Lloyds to turn down whatever bonus he may be offered.

Australia threat over Japan whale hunting 'unfortunate'

Australia's threat to take Japan to the International Court of Justice if it does not stop whale hunting is unfortunate FM Katsuya Okada says. Mr Okada said Japan would defend its legal activities but his Australian counterpart said Canberra wanted a halt within a reasonable period of time. Both men however insisted the issue would not harm strong bilateral ties. On Friday Australian Prime Minister Kevin Rudd gave Japan until November to stop whale hunting in the Antarctic. His Foreign Minister Stephen Smith, said his country could present its position before the International Whaling Commission as early as Monday.
The Japanese fleet kills hundreds of the animals during annual hunts in Antarctic waters. Its ships have been involved in repeated clashes with campaigners in recent weeks. Japan abandoned commercial whaling in 1986 after agreeing to a global moratorium. But international rules allow it to continue hunting under the auspices of a research programme.Conservationists say the whaling is a cover for the sale and consumption of whale meat. Current Japanese programmes aim for a total catch of more than 1000 whales per year.
Controversial splits
Japans foreign minister made the comments after two days of talks in Australia.It's very unfortunate the Australian side has indicated it will take action in an international court Mr Okada said in the city of Perth after meeting Mr Smith.Should action become a reality Japan will seek to represent its case with the that its activities are legal he said. Mr Okada met Prime Minister Rudd on Saturday. Mr Rudd has said his country will seek arbitration if it fails to resolve the issue with Japan.
Australia enjoys support from its traditional allies New Zealand the EU and the US. Iceland and Norway also practise whale hunting. In January anti-whaling activists accused a Japanese vessel of ramming their high-tech speed boat during a confrontation in the Southern Ocean. Video of the incident appeared to show the Japanese ship severely damaging the Ady Gil but all six crew were rescued.

Valentine Day Mirror

Kelly Price: "My most memorable Valentine's Day was Valentine's 2000. I'd just finished recording Mirror, Mirror and was plane-hopping between Los Angeles, New York and Atlanta. I got home February 13th late at night and decided that my husband and I should exchange gifts at midnight only to find out Jeff [with Kelly below] had forgotten Valentine's Day. I was devastated! He'd never missed one Valentine's Day since I was 18 years old. Rather than rush to make up for things, Jeff planned our own Valentine's Day, exclusive for Kelly and Jeff. On March 14th I was ambushed with roses everywhere and cards that read "Happy Valentine's Day! I love you and I'll never forget again." I was then whisked away to a private villa overlooking the water in Puerto Rico for six days and five nights of sheer heaven. It was the most time we've ever spent alone."
Kirk Franklin: "It was Valentine's Day 1998. I was traveling quite a lot as well as getting pulled in all sort of directions and could not wait to get home. When I walked through the door, my wife [Tammy, shown above with him] and kids had transformed our home into a place of peace. Candles were everywhere and jazz was playing throughout the house. They had also prepared a candlelit dinner for which my kids hand-made the menus and were dressed up like little servers. Being home with my family helped me to completely relax because all they want me to be is husband and daddy. Needless to say, I resumed the rest of the evening alone with my wife."
Chante Moore: "A bath with bubbles and floating gardenias. Candles all around. Marvin Gaye on the stereo. A plate of fresh melon. Pellegrino water with gas. A soft pillow behind me. And the man of my dreams awaiting me."
Shaggy: "My girl surprised me and took me into the city [New York]. We took a horse and carriage ride around Central Park and ended up at The Waldorf Astoria in a suite overlooking the park. We had a candlelit dinner with champagne. She laid rose petals down and we fogged up the mirrors!"
Charlie Wilson: "My wife Mahin, who was my girlfriend at the time, and I went to Rosarito Beach in Mexico on Valentine's Day. It is a very romantic place. We had a candlelit dinner and a mariachi trio serenaded us. We later went down to the beach for a walk. With the moonlight spotlighting us, I asked her to marry me. She cried and said `yes.' We kissed and made love at that very spot! It was a special moment. The next year we returned and got married on that very same spot on the beach. We had marked it with rocks and buried them in the sand on the beach."
Vesta: "I had been working pretty hard in the recording studio. I got home about 7:30 or 8 p.m. My sweetie, who was very sexy and handsome, had a candlelit dinner ready. He had prepared wonderful grilled lamb chops with mashed potatoes, sauteed spinach, salad--the whole works. He served champagne with dinner--Dom Perignon. He told me he had drawn up a bath, and after we ate dinner, he helped me into the bath and bathed me himself. I was sipping mimosa from a champagne flute while in the bath. At some point he left the room and came back with nothing on but a big red bow tied around his neck. Then he gave me the rest of my Valentine's gift. Holidays are special to me. I've had some really nice things to happen on Valentine's Day. I'm a very romantic person. I'm a severe romantic."

My Best Valentine's Day'

IT is the day for love and for lovers. Valentine's Day is when a man romances his woman with flowers, champagne, limousine rides, diamonds and candlelit dinners. It is when women put on their fanciest (or skimpiest) lingerie and plan something very special for the special man in her life. On the following pages celebrities share with EBONY readers the Valentine's Day that stands out in their minds and hearts as the best and most special. Most involved a romantic meal and quality time with the love of their life. Steve Harvey remembers it as the day he proposed to this wife. Charlie Wilson of the Gap Band returned to the romantic beach in Mexico where he had proposed and married his wife the following year. Kelly Price recalls the surprise exotic vacation her husband planned. These anecdotes touch the heart and inspire others to remember their special love on this special day.Patti LaBelle: One Valentine's Day I did a show and my Valentine decorated my dressing room while I was performing. After the show was over, I came back to the room to find candles and rose petals everywhere and a catered dinner for two. I love gifts that are thoughtful.Steve Harvey My best Valentine's was the second Valentine's Day my wife Mary [above lounging at home with Steve] and I spent together. That was when I gave Mary her first engagement ring. She was working for Fashion Fair in a mall outside Dallas, and I stopped by her job and took her to lunch. She was totally surprised when I gave her the ring and asked her to marry me. We'd been seeing each other for about two years then and I wanted to get a commitment that she'd be my lady. I gave her another ring diamond solitaire before we got married. On her last birthday, I upgraded that to a diamond ring.