John Mack steps down from Rosneft
John Mack, the former chief executive of Morgan Stanley, is to step down from the board of Russia’s state-controlled oil group Rosneft. His move comes after the US Treasury department last month sanctioned Igor Sechin, Rosneft’s president, in connection with Russia’s actions in Ukraine. Mack dismissed the notion that his departure had anything to do with sanctions and said he had struck an agreement with Sechin to sit on Rosneft’s board for just one year. Rosneft said he is stepping down for personal reasons.
Turkish court overrules YouTube ban
Turkey’s top court has ruled that the country’s ban on YouTube is unconstitutional, in the latest of a series of rebuffs the tribunal has delivered to Recep Tayyip Erdogan, Prime Minister. The constitutional court decided yesterday that the country’s block on access to the video-sharing site violated freedom of expression, a move that leaves the government with no legal alternative but to lift the ban.
Coco bond yields sent to record low
Yields for contingent convertible bonds have hit a record low this month, underlining investor willingness to shoulder more risk in their hunt for higher-yielding bank assets. Average yields for coco bonds fell to 5.54 per cent in mid-May from 6.36 per cent at the beginning of the year, according to Bank of America Merrill Lynch.
Boris floats idea for homes on the river
Floating villages on the Thames and cartridge homes which can be constructed in a day are all part of Boris Johnson’s plan to stimulate the rate of housebuilding in the capital. The Mayor of London wants to attract investors from Britain and abroad by presenting attractive schemes which can be built and sold quickly.
Amber Taverns in £80m sale
A pub firm that specialises in buying and reviving traditional boozers that are boarded up or close to failing has itself changed hands. Amber Taverns has been sold by Legal & General Capital to a team backed by BlueBay Asset Management.
The Daily Telegraph
British workers bought for £1,722
The loyalty of British workers can be bought for just a 5.3 per cent pay rise, making UK employees’ loyalty among the cheapest to buy for predatory companies. At the average UK wage of £26,500, this means British staff need be offered a pay rise of just £1,722 to swap jobs.
Google urged to act on media piracy
Google is under pressure from David Cameron’s adviser on intellectual property to take stronger action against online piracy to help Britain’s film and music industries. The company has been accused by film producers and record labels of dragging its feet on measures to stop piracy.
THE WALL STREET JOURNAL
Facebook seeks EU take on WhatsApp
Facebook has asked European Union antitrust regulators to examine its $19bn deal to buy WhatsApp, in an attempt to avoid antitrust reviews by multiple EU countries, people familiar with the matter said. In light of the potential for reviews by some of Europe’s national antitrust watchdogs, Facebook is seeking one hearing that will cover the entire 28-nation bloc.
Apple reports on conflict minerals
Apple yesterday said it believes most of its sources of four minerals connected with war-torn parts of Africa meet international standards.