PRESS DIGEST - Financial Times - June 6

Tue Jun 5, 2012 7:36pm EDT

Financial Times

SAWIRIS BACKS OUT IN BID FOR EFG-HERMES

Naguib Sawiris, the Egyptian telecommunications mogul, has decided against joining a consortium of investors attempting to take over EFG-Hermes, the Middle East investment bank.

TAX 'FRAUD' TRIAL FOR EX-UNICREDIT CHIEF

Alessandro Profumo, former chief executive of UniCredit , and 19 others must stand trial for alleged tax fraud involving a scheme set up by Barclays, a Milan judge said on Tuesday.

WPP'S SORRELL DEFENDS PAY PACKAGE

Sir Martin Sorrell, chief executive of WPP, has issued a robust defence of his pay ahead of a showdown with some big shareholders in the world's largest advertising group that is shaping up as a test case for executive remuneration in the UK.

BANK STAFF COSTS TAKE BIGGER SHARE OF POT

The world's big international banks are paying out much more on staff costs relative to profits since the financial crisis while slashing the portion of income paid out in dividends, according to data compiled by the Financial Times.

SPAIN MAKES EXPLICIT PLEA FOR BANK AID

Spain has made its most explicit call to date for European institutions to recapitalise the country's banks amid concerns about its own ability to raise the billions of euros needed on sovereign bond markets.

FSA RELAXES SCRUTINY OF SOME FINANCIAL ROLES

The top City of London regulator is relaxing its scrutiny of non-executive recruits to banks and other financial services groups amid company complaints that the tests hinder them in making appointments.

EX-FACEBOOK EXECUTIVE UNVEILS VIDEO CHAT SITE

Sean Parker, an early executive at Facebook, is starting a video chat site because he thinks social media is making people lonelier.

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