PRESS DIGEST – Financial Times – Jan 19

Financial Times
FEARS RISE OVER LOOMING COMMERZBANK AND MPS FISCAL PLANS
European regulators are convinced that two of the continent’s banks, Commerzbank (Other OTC: CRZBF.PK – news) and Monte dei Paschi (Milan: BMPS.MI – news) , will fail to produce credible plans to plug capital deficits by Friday’s deadline, exposing both to the risk of full or partial nationalisation. http://www.ft.com/cms/s/0/7e956578-4202-11e1-9506-00144feab49a.html#axzz1jYRS14J4
RBS PAY PLANS TEST RESOLVE ON REWARDS
David Cameron’s pledge to curb executive pay and stop “rewards for failure” is set to face its biggest test, as Royal Bank of Scotland prepares to offer a bonus of more than 1 million pound to its chief executive, even though the state-controlled bank’s share price has almost halved in a year. http://www.ft.com/cms/s/0/eb2aa428-41c1-11e1-a586-00144feab49a.html#axzz1jYRS14J4
CAIRN INVESTORS CRITICISE CHIEF’S BONUS
Some of the biggest shareholders in Cairn Energy (LSE: CNE.L – news) , the oil group, are marshalling support to vote down a pay award worth nearly 2.5 million pounds for the Edinburgh-based oil group’s chief executive-turned-chairman Bill Gammell. http://www.ft.com/cms/s/0/e499aca4-41e8-11e1-a586-00144feab49a.html#axzz1jYRS14J4
LSE IN U-TURN ON ITALIAN STOCKS
The London Stock Exchange plans to shift the trading system used for trading Italian stocks back to Milan after complaints from Italian banks and brokers that their trades had been slowed down by taking place in the UK capital. http://www.ft.com/cms/s/0/c0a28298-41f3-11e1-a1bf-00144feab49a.html#axzz1jYRS14J4
WPP HOPING FOR US ELECTION BOOST
WPP (LSE: WPP.L – news) saw a stronger than expected finish to 2011, according to Martin Sorrell, chief executive, as the marketing services group looks forward to improving conditions in the U.S. ahead of a lucrative period of election campaign spending. http://www.ft.com/cms/s/0/eaeb582e-41fb-11e1-a1bf-00144feab49a.html#axzz1jYRS14J4
SEVEN CHARGED OVER WALL STREET INSIDER TRADING
Seven hedge fund portfolio managers and analysts have been charged in a $61.8 million insider trading scheme as U.S. authorities escalate their crackdown on Wall Street corruption. http://www.ft.com/cms/s/0/f8ef1b2c-41d3-11e1-a1bf-00144feab49a.html#axzz1jYRS14J4
IMF REQUESTS $500 BILLION FOR BAIL OUT LOANS
The International Monetary Fund has asked its member countries for an extra $500bn in firepower to combat the world’s spreading fiscal emergencies, which it estimates will generate demand for bail out loans totalling $1 trillion over the next two years. http://www.ft.com/cms/s/0/b0d1a476-41e3-11e1-a586-00144feab49a.html#axzz1jYRS14J4
GERMANY’S CENTRAL BANK TO SELL LEHMAN LOANS
Germany’s central bank is set to sell almost 2 billion euros ($2.6 billion) of property loans left over from the collapse of Lehman Brothers, in a deal that marks the latest sign of the growing appetite for distressed real estate debt. http://www.ft.com/cms/s/0/55c10ddc-41e4-11e1-a586-00144feab49a.html#axzz1jYRS14J4
PAYPAL DRIVES EBAY’S GROWTH
Ebay (NasdaqGS: EBAY – news) reported strong revenue growth in the fourth quarter of 2011, driven mainly by its payment arm, PayPal, which the company expects to be at the centre of its innovation in the coming year. http://www.ft.com/cms/s/0/cbf677f0-422d-11e1-9506-00144feab49a.html#axzz1jYRS14J4
($1 = 0.6490 British pounds) (Reporting by Stephen Mangan)
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