Royal Bank of Scotland is poised to send the clearest signal yet that it is ready for the government to begin reprivatizing its majority stake,” writes the Financial Times. The paper says that the bank is expected to announce plans for a share sale that could start as soon as next year.
Former Barclays Chief Executive Officer (CEO) Bob Diamond has said he didn’t understand how LIBOR worked before the interest rate rigging scandal “blew up in his face, costing him his job”. The Times
Financial Times reports that three internal executives at Shell have emerged as frontrunners to replace CEO Peter Voser following his surprise resignation yesterday. These are: Marvin Odum, the boss of the upstream division in the Americas; Andy Brown, who heads all other upstream operations; and Chief Financial Officer Simon Henry.
The Independent says that bonuses and incentive payments for executives at Russian miner Petropavlovsk have been axed after the stock has dropped 60% this year owing to falling gold prices,, high costs and debts and operational challenges.
The Guardian says that Activist investor Knight Vinke has called for Swiss bank UBS to be broken off and should sell off its casino investment banking arm to its staff.
The Telegraph reports that HMRC allegedly let Goldman Sachs off paying £20m in tax in a ‘sweetheart’ deal to avoid embarrassment for George Osborne after the bank went “off the deep end” and threatened to abandon the Chancellor’s Bank Code.
The Association for the Conservation of Energy has called on the government to introduce an electricity efficiency “feed-in tariff” like that available for solar power, saying that it treats electricity saving as a low priority. The Guardian