The chief executive of the Royal Bank of Scotland, Stephen Hester was in the House of Commons yesterday defending the pay structure of the banking group to MPs, a group who have also had their own pay and expenses examined this year.

Hester was questioned by the Treasury Committee on bonuses at the bank and his own package that the BBC says is worth £9.6m a year. RBS is now 84 per cent owned by the state following the bail out by the existing Labour government. Hester told the Treasury Committee the bank was remodelling its bonus structure to be based on shares, not cash.

RBS boss defends their pay
CIO UK's CIO 100 profile of RBS IT strategy

Newcastle based high street bakery chain Greggs is the latest retailer to report strong sales in the lead up to Christmas, following similar good news from Tesco and Sainsbury's. Greggs said it sold a million mince pies a week as like-for-like sales increased by 1.1 per cent in the four weeks to Boxing Day. The company is in expansion mode and plans to open over 50 stores this year.

Greggs baking up a profit
Greggs simplify financial IT systems

Struggling commercial broadcaster ITV has signed a deal with a Chinese state broadcaster that will see the two develop TV formats together. ITV Studios, a division of ITV, has done the production deal with Hunan Satellite Television to jointly develop programmes.

ITV looks to China in new deal
ITV CIO plots out strategy