Banks turn to law on bonus caps
City of London’s big banks are considering suing the EU over rules to cap bonuses after receiving legal advice that the pay regulation could be struck down in court. The drastic options being weighed up by bankers underline industry anxiety over a fixed ratio pegging bonuses to salary, which will be debated by EU finance ministers in Brussels today.
UK set to tighten Brazil visa rules
Theresa May, the home secretary, faces a row with cabinet colleagues over proposals to impose visa restrictions on Brazilians, underlining the tensions between the search for growth and the need to recognise public immigration concerns.
Oil firm Hess plans shake-up
Hess has announced a restructuring plan, including disposals, an increased dividend and a shake-up of its board, as it seeks to deflect pressure from Elliott Management.
MP fires salvo in battle of Waterloo
Plans by Ian and Richard Livingstone, the property tycoons, to transform the area around Waterloo station have been thrown into doubt after English Heritage and Ed Vaizey called for a public inquiry.
Nissan Leaf stalls at start
Nissan has pulled the plug on plans to build 50,000 electric cars at its Sunderland plant in the next 12 months.
The Daily Telegraph
EDF nuclear talks could fail in weeks
Talks between EDF and the government over building Britain’s first new nuclear plant in a generation could fail within weeks because of deadlock over subsidies.
Secret court plans pushed through
As MPs passed laws allowing security cases to be heard in secret, Ken Clarke admits ministers have no idea how cases will be affected.
THE WALL STREET JOURNAL
Wegelin to pay US $74m
Switzerland’s oldest bank Wegelin was ordered to pay a total of $74m to the US government in the first-ever criminal sentence for a foreign bank accused of violating US tax laws.
Vornado slashes Penney stake
Vornado Realty Trust moved to dump much of its holdings in department store chain JC Penney, cutting its losses.