February 4, 2013 / 1:10 AM / 5 years ago

PRESS DIGEST - Financial Times - Feb 4

Feb 4 (Reuters) - Headlines

European bank bonuses face 20 percent cut

Blackstone secures underwriting licence

Barclays finance chief to step down

AB InBev to fight DoJ move over Modelo

Citigroup starts senior hiring amid cut

Apple reverses stance on voting reform

Trafigura bets $800m on Australia energy

Buyout groups explore ProSieben exit

Sir Stuart to become Fat Face chairman Centrica set for ‘new nuclear’ exit


EUROPEAN BANK BONUSES FACE 20 PCT CUT - European investment banks are set to cut their bonus pools in the coming weeks by 20 percent in a move that will exacerbate the pay gap with their US rivals.

BLACKSTONE SECURES UNDERWRITING LICENCE - Blackstone, one of the world’s largest alternative asset managers, has quietly secured a securities underwriting licence as its expanding capital markets operation strays into investment banking territory.

BARCLAYS FINANCE CHIEF TO STEP DOWN - Chris Lucas, Barclays’ finance director since 2007, and Mark Harding, general counsel, are to step down, in the latest sign of the pressure piling on the British bank’s top management following a string of scandals and a probe into the lender’s capital raising efforts during the financial crisis. AB INBEV TO FIGHT DOJ MOVE OVER MODELO - Anheuser-Busch InBev has signalled it intends to fight a Department of Justice lawsuit seeking to block its $20 billion deal to take full control of Modelo, the Mexican brewer.

CITIGROUP STARTS SENIOR HIRING AMID CUTS - Citigroup has hired one of Europe’s best-known dealmakers as the US group seeks to add a string of top investment bankers even as it is sharply reducing junior staff. Luigi de Vecchi, a former Credit Suisse and Goldman Sachs banker, has been appointed as chairman for corporate and investment banking in continental Europe, the US bank will announce on Monday. APPLE REVERSES STANCE ON VOTING REFORM - Apple has sought the help of one of the sharpest critics of its corporate governance policies to push through reforms on shareholder voting rights at its annual meeting this month. The technology giant has enlisted the aid of Calpers, the largest US pension fund, to lobby other big shareholders on the vote.

TRAFIGURA BETS $800M ON AUSTRALIA ENERGY - Trafigura, one of the world’s largest commodities trading houses, has bet roughly $800 million on the transformation of the Australian energy market with the acquisition of two petrol station and oil import terminal companies. BUYOUT GROUPS EXPLORE PROSIEBEN EXIT - KKR and Primera, the private equity owners of ProsiebenSat.1, are exploring a sale of their controlling stake in Germany’s largest private broadcaster to a trade buyer, as they look to cash out from a multi-billion euro leveraged buyout done before the financial crisis.

SIR STUART TO BECOME FAT FACE CHAIRMAN - Sir Stuart Rose, the high profile former Marks and Spencer boss who last month took on the chairmanship of online grocery company Ocado , is adding UK clothing retailer Fat Face to his jobs portfolio.

CENTRICA SET FOR ‘NEW NUCLEAR’ EXIT - Centrica, owner of British Gas, is believed to be ready to pull out of plans to build nuclear power stations in Britain, clearing the way for Chinese investors to step in.

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