FED SEEKS ANNUAL US BANK STRESS TESTS
The Federal Reserve wants to subject US banks to annual capital tests, reserving the right to veto dividend pay-outs if they do not pass. A draft of the new rule is set to be approved by the Federal Reserve Board and put out for public comment within weeks. Bank executives told the Financial Times that they have begun discussing the proposal with Fed officials, who remain wary of a return to the over-generous shareholder pay-outs that left financial institutions under-capitalised during the crisis.
OAKTREE CAPITAL SOWS SEEDS OF NYSE LISTING
Oaktree Capital Management plans to list its shares on the New York Stock Exchange in a deal that would value the asset manager at between $8bn and $9bn, a source said.
POLICE REPEL AFRICAN BARRICK MINE INVASION
Seven people have been shot dead by police at a mine run by African Barrick Gold in Tanzania, which the company said was the target of an attempted invasion. The beleaguered FTSE 250 miner said about 800 people “illegally” entered its North Mara mine site, in the northern reaches of Tanzania, on Monday in an attempt to steal gold ore.
SONY COUNTS COST OF HACKING
Sony will lose money and customer as a result of the hacker attack on its PlayStation Network, Sir Howard Stringer, its chief executive, has warned. In his first interview since taking the gaming network offline in later April, Sir Howard said Sony had not determined whether it will take a one-time charge related to the breach. Sony may see PSN users abandon the service in the wake of the prolonged outage, Sir Howard admitted.
TOP LAWYER SACKED OVER £1M EXPENSES CLAIMS
A lawyer hired to recover funds for Bernard Madoff’s creditors has been fired by one of the world’s biggest law firms for falsely claiming more than £1 million in expenses. Staff at the London office of Hogan Lovells were in shock after the dismissal of Christopher Grierson, a senior partner earning more than £800,000 a year.
LLOYDS CHIEF PREPARES TO FACE CRITICS OVER PAY
Lloyds Banking Group is braced for a chorus of criticism over a chief executive welcome package that could be worth up to £13.4m. At the centre of the storm will be António Horta-Osório, attending his first annual meeting since taking charge of the taxpayer-backed bank at the beginning of the year.
The Daily Telegraph
GENDER GAP OF £6,500 FOR WOMEN'S PENSIONS
Women may be striving for equality in the workplace, but are still second-class citizens when it comes to pension provision, according to new figures. These show that women retiring this year will get a pension that is £6,500 less than that paid to men. According to Prudential women retiring this year can expect an annual income of £12,900. In contrast a man retiring can expect an income of £19,400.
WILDCAT STRIKES SPREAD IN IRAQ AS BP LIFTS FIRST OIL CARGO
The threat of wildcat strikes engulfing Iraq's oil industry spread to BP's Rumaila field yesterday – on the day the British energy major got its first payment for boosting production at the site. Iraqi state oil workers tried to stop foreign workers entering the site.
THE WALL STREET JOURNAL
RONALD MCDONALD CALLED OUT BY HEALTH GROUPS
More than 550 health professionals and organisations have signed a letter to McDonald’s asking the maker of Happy Meals to stop marketing junk food to kids and retire Ronald McDonald.
SLOW TURNOVER RATE FOR CEOS
About 11.6 per cent of CEOs left their job last year, the slowest rate of turnover since 2003, according to an analysis of 2,500 public companies released yesterday by consulting firm Booz & Co. The rate dropped from 14.3 per cent in 2009. The drop in turnover came on the tail end of the worst recession in decades and might have been due, in part, to companies and CEOs hunkering down and avoiding change as they weathered the storm, said Booz & Co. senior partner Gary Neilson.