News in brief: BAT chief Durante cuts down on pay, Drug deal boosts Astra’s revenues, Britons go on a credit card spree

Nicandro Durante, chief executive of British American Tobacco, saw his pay drop from £3.6 million to £3.4 million last year despite the maker of Lucky Strike and Pall Mall’s profits rising by 14%.

Durante, who became chief executive in March 2011, collected a lower annual bonus last year, down from 200% of his salary to 170%. Finance director Ben Stevens and chief operating officer John Daly were paid £2.4 million and £2 million respectively.

Drug deal boosts Astra’s revenues

AstraZeneca today settled a US court case that boosts revenues off its patent for cholesterol drug Crestor. Two generic drugmakers had been trying to develop an alternative version of Crestor, Astra’s $6.25 billion (£4.1 billion) a year medicine, but the firms have now come to a deal that will see them sell a rival form of Crestor from May 2016. Shares in Astra rose 21.5p to 3257.5p.

Britons go on a credit card spree

Shoppers were in more buoyant mood in February as they spent £7.6 billion on credit cards, the highest since January 2006. The spree was higher than repayments, leaving Britons increasing their net credit card debt by £367 million over the month, according to the British Bankers’ Association. The latest figures come after official data showing a surprise 2.1% jump in retail sales during the month.