PRESS DIGEST- Financial Times - Nov 12
Nov 12 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.
Regulators add ICBC to financial stability risk league table
News Corp points to Australian newspaper headwinds
Shadow banks reap Fed rate reward
Transocean reaches deal with activist investor Carl Icahn
Marks and Spencer to focus on India as it targets global growth
Shire buys U.S. drugs group ViroPharma for $4.2 billion
Industrial and Commercial Bank of China (ICBC), the world's biggest bank by market capitalisation, has been added to the list of banks that must hold extra capital to counter the risk they pose to the financial system, the Financial Stability Board (FSB) said on Monday.
Rupert Murdoch's News Corp reported a 3 percent decline in revenue in its first results since its separation from 21st Century Fox, blaming weakness in its Australian newspaper division.
Non-bank lenders, known as "shadow banks", which often fall outside the remit of regulation, have emerged as among the biggest beneficiaries of the Federal Reserve's ultra-low interest rates with three specialist categories increasing their assets by almost 60 percent since the height of the financial crisis.
Transocean Ltd said it reached an agreement with activist investor Carl Icahn that would see the offshore driller raise its dividend, step up its cost cuts and spin off some of its assets in a new partnership.
British retailer Marks & Spencer said on Monday it planned to make India its biggest foreign market, with "at least" 44 new outlets in the country by 2015, up from 36, as it seeks to stem a sales decline in parts of its UK business.
London-listed drugmaker Shire Plc said on Monday it had agreed to buy ViroPharma for $4.2 billion to strengthen its rare disease treatment business.