March 5 The following are the top stories on the
New York Times business pages. Reuters has not verified these
stories and does not vouch for their accuracy.
* While a trader known as the "London whale" has come to
represent a multibillion-dollar blowup at JP Morgan Chase & Co
, U.S. Congressional investigators have discovered that
the problems involved more senior levels of the nation's largest
* H.J. Heinz Co disclosed late on Monday that
William Johnson, its chief executive of 15 years, could stand to
make nearly $213 million if Heinz's new owners decide to show
him the door.
* British finance minister George Osborne is expected
Tuesday to urge his European Union counterparts to water down
proposed rules restricting the size of bankers' bonuses. Many in
the UK government and the financial industry worry that mandated
limit to bonuses could make it harder for London to compete in
international banking circles.
* Fannie Mae and Freddie Mac will form a
new joint company for securitizing home loans as a steppingstone
toward reducing government involvement in the mortgage market,
the regulator of the U.S. government-controlled companies said
* Bond insurer MBIA Inc on Monday won the dismissal
of a lawsuit by the Bank of America Corp and Societe
Generale that challenged its 2009 restructuring.
* The Italian energy giant Eni SpA began Monday to
restart operations of the trans-Mediterranean natural gas
pipeline it closed Saturday after fighting between two Libyan
militias threatened its gas complex west of Tripoli.
* Hess Corp announced on Monday a plan to sell off
its retail and refining operations and focus primarily on oil
production. The streamlining comes as it seeks to fight off an
activist investor, hedge fund Elliott Management, which said
that the oil company's plans did not go far enough to address
* Haruhiko Kuroda, the nominee to become the next Bank of
Japan governor, said Monday that he would do "whatever is
needed" to finally end deflation in the world's third-largest
* Gyorgy Matolcsy, the new governor of Hungary's central
bank, tightened his grip on power during his first day in office
Monday, issuing new rules that curb the powers of the bank's
* Mexican glass maker Vitro SAB de CV said
Monday that it had reached an agreement with bondholders, ending
a dispute among powerful financiers that had ricocheted between
Mexican and American courts.
* Monster Beverage Corp defended its energy drinks
on Monday against a lawsuit accusing them of being responsible
for the death of a 14-year-old girl, arguing that no blood test
had been performed to confirm that she died of caffeine