Business Briefs: Astec raises Brock's pay 11%

Business Briefs: Astec raises Brock's pay 11%

April 7th, 2011 by Staff Reports in Business Around the Region

Astec raises Brock's pay 11%

Astec Industries boosted the compensation for its chief executive officer, J. Don Brock, by more than 11 percent last year to $986,615, according to the company's notice this week of its April 28 annual shareholders meeting.

Brock, who founded the asphalt equipment maker nearly four decades ago, took home more in stock awards, but his base salary of $545,000 did not change.

Despite the income gain in 2010 over the previous year, Brock still earned nearly a third less last year than he did in 2008 when his compensation package totaled more than $1.3 million.

Portugal presses for EU bailout

LISBON, Portugal - Portugal's prime minister said Wednesday his country will ask for a bailout due to its high debts and difficulty raising money on international markets.

Prime Minister Jose Socrates said "the government decided today to ask the European Commission for financial help."

Portugal becomes the third financially troubled eurozone country after Greece and Ireland to request aid from Europe's bailout fund and the International Monetary Fund.

Analysts expect Portugal will need up to 80 billion euros ($114.4 billion).