March 21, 2013 / 12:50 AM / 5 years ago

PRESS DIGEST - Financial Times - March 21

March 21 (Reuters) - Headlines

Growth downgrade takes shine off chancellor’s growth message ()

EU bank bonus rules approved ()

JPMorgan board set to back dual top role ()

HP chairman survives protest vote () FedEx cuts forecasts and Asia capacity ()

Barclays’ Ricci cashes in 18 mln stg in shares ()

Buoyant Foxtons in talks to go public ()

American Realty in $5.7 bln bid for Cole Credit ()

Suntech unit declared bankrupt ()


Dismal news about the state of the economic recovery took the shine out of George Osborne’s growth message with eye-catching tax cuts for business, help for home buyers and a new mandate to the Bank of England to boost the growth.

European Union lawmakers agreed to bar bankers in Europe from getting bonuses bigger than their salaries, approving the proposal with only minor tweaks to appease the UK.

JPMorgan Chase & Co’s board is expected reject calls from some shareholders to strip Jamie Dimon of his chairman title and back the current structure in the wake of the company’s “London Whale” trades.

PC maker Hewlett-Packard suffered a shareholder protest vote at its annual meeting on Wednesday, but its chairman and members of the board survived calls for their removal.

FedEx Corp said it would step up restructuring efforts, cut capacity in Asia and realign its global aircraft network to cut costs and boost earnings as it cut its full-year forecast.

Barclays Plc’s investment bank head Rich Ricci sold 5.7 million shares for about 18 million pounds after receiving them as part of previously awarded bonuses.

Private equity firm BC Partners has held talks with bankers about a possible initial public offering of its UK estate agency business Foxtons.

Real estate investment trust American Realty Capital made an unsolicited $5.7 billion offer for Cole Credit Property Trust III, a move that puts in doubt Cole Credit’s bid to go public.

A group of Suntech Power Holdings Co Ltd lenders want the Chinese solar panel maker’s main unit declared insolvent, a sign Beijing’s support for the struggling industry is waning.

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