Business

Business briefs

Soaring pay

Bank pay surged at the world’s biggest 35 firms last year, a combined 10 billion euros ($13.1 billion) more than they doled out to staff in 2011, according to a report released yesterday. The compensation ratio, which measures staff expenses against revenue, was up for 18 of the 35 banks.

Mex texts

Mexican lawmakers plan this week to present a wide-ranging telecom bill that ends a longstanding limit on foreign investment. The legislation, to be backed by Mexico’s president, would open competition in the $30 billion-a-year industry, which is dominated by the super-rich, including billionaire Carlos Slim, who controls America Movil, a giant wireless services provider.

Qatari gold

Qatar, the emirate with the third-largest global reserves of natural gas, found a deposit with 2.5 trillion cubic feet of the fuel, its first discovery since it uncovered the world’s biggest gas field 42 years ago.

Weak China

China’s industrial output had the weakest start to a year since 2009 and lending and retail sales growth slowed.