PRESS DIGEST - Financial Times - April 4

Tue Apr 3, 2012 8:47pm EDT

Financial Times

KING OF MINING M&A QUITS TO FIGHT FINE

Ian Hannam, the London banker dubbed "the king of mining M&A", has resigned from JPMorgan Cazenoze, vowing to fight a 450,000 pounds ($718,700) fine from the UK Financial Services Authority for market abuse.

MURDOCH RESIGNS AS BSKYB CHAIRMAN

James Murdoch on Tuesday stepped down as chairman of British Sky Broadcasting to prevent phone hacking and other scandals at News Corp tainting the UK satellite broadcaster.

BTG PACTUAL IPO TO VALUE BANK AT $15 BILLION

BTG Pactual is set to float later this month in a deal that will value the rapidly growing Brazilian investment bank's equity at up to $15 billion and the shareholdings of a swathe of executives at more than $150 million each.

PENT-UP DEMAND DRIVES US CAR SALES

The U.S. motor industry recorded its best monthly sales for nearly five years in March on the strength of a brightening economy and pent-up demand.

CHINA TO LET IN MORE FOREIGN INVESTMENT

China has almost tripled the amount of money foreign institutions can invest in its capital markets, in the latest move aimed at loosening strict capital controls and internationalising the renminbi.

FED TO FINE MORGAN STANLEY OVER HOME LOANS

Morgan Stanley became the latest U.S. bank to be ensnared by the so-called robosigning scandal, drawing the wrath of the Federal Reserve for the alleged mistreatment of distressed borrowers by a since-sold home mortgage subsidiary, Saxon Mortgage Services.

CAIRN BUYS NORTH SEA EXPLORER FOR $450 MILLION

Cairn Energy has agreed a cash and shares deal with the Rothschild family to acquire Agora Oil, an oil and gas exploration company with assets in the North Sea, for $450 million.

GDF PRESSED TO INCREASE OFFER FOR UK GROUP

GDF Suez of France will have to increase its offer for 30 percent of International Power by at least 15 pence per share, several people involved in the talks have said, after a leading investor in the British-listed company sold almost a third of his holding at about 405 pence per share.

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