Rolls-Royce shares rose as much as 2.1% and were trading 1.2% higher at 777 pence as of 10:58 am in London. Photo: AFPLondon: Rolls-Royce Holdings Plc will freeze salaries for 8,000 managers as Europe’s biggest aircraft-engine maker deepens cost cuts after earnings fell by almost half in 2016. East is extending cost cuts after underlying pretax profit fell 49% to £813 million, with only a “modest” gain expected in 2017. Bonuses dueRolls-Royce shares rose as much as 2.1% and were trading 1.2% higher at 777 pence as of 10:58 am in London. The pay freeze comes after employees qualified for their first bonus in three years in 2016, with the earnings decline less than Rolls and analysts had forecast.

Source: Mint February 28, 2017 13:18 UTC