March 20 The following are the top stories in
the Financial Times. Reuters has not verified these stories and
does not vouch for their accuracy.
JPMORGAN SELLS PHYSICAL COMMODITIES UNIT TO MERCURIA FOR
JEROME KERVIEL'S 4.9 BLN EUR SOCGEN REPAYMENT STRUCK DOWN
BP SIGNALS U.S. RETURN WITH $42 MLN GULF OF MEXICO BIDS
HITACHI TO MAKE LONDON ITS GLOBAL RAIL HQ
STARBUCKS SEEKS TO DOUBLE MARKET CAP TO $100 BLN
JPMorgan Chase & Co, America's largest bank, said it
would sell its physical commodities business to Geneva-based
trading house Mercuria for $3.5 billion, becoming the latest
investment bank to scale back its activities in that sector.
A French court released rogue trader Jerome Kerviel from an
unpayable 4.9 billion euro ($6.82 billion) fine given to him for
making the risky bets that brought his former employer Societe
Generale to the brink of disaster.
BP Plc was one of the most active bidders for
exploration and production rights in the Gulf of Mexico, after
the U.S. government lifted a ban on it winning new federal
contracts last week.
Japan's largest electronics conglomerate Hitachi
plans to make London the headquarters of its global rail
business, in a bid to expand in the UK and to make Europe its
Starbucks Chief Executive Howard Schultz said the
U.S. coffee chain wanted to almost double its market
capitalisation to $100 billion, as the company looks to expand
its digital business and dominate the $90 billion global tea
($1 = 0.7189 Euros)
(Compiled by Richa Naidu in Bangalore; Editing by Prateek