U.K. Pressures BofA Unit on Risk Management
British regulators are pressuring Bank of America's European
investment-banking arm to improve the way it manages risks, saying
its current practices are "simplistic" and need to be retooled,
according to people familiar with the matter and communications
reviewed by The Wall Street Journal.
Santander Finance Chief Named New CEO
Santander replaced its chief executive with its long-standing
finance chief and made several changes to its board of directors,
in the first major shake-up at the eurozone's largest lender since
Ana Botín took the reins following her father's death.
India to Sell Stake in Coal India or ONGC
India's new government hopes to raise billions of dollars
through selling government stakes in one of the two massive
state-run companies by December 10.
Clarkson to Buy RS Platou for $440 Million
Clarkson, the world's largest shipbroker, said it plans to
acquire Oslo-based rival RS Platou for a record $440 million, in a
move likely to kick off further consolidation in an industry
struggling to cope with falling brokerage fees and asset
prices.
New Hertz CEO to Receive $1.45 Million Salary
Hertz Global Holdings' new chief executive, John P. Tague, will
receive a base salary of $1.45 million, along with the opportunity
to make another $3.63 million in an annual bonus.
Tencent to Distribute HBO Dramas, Movies Online in China
Time Warner's HBO has signed a deal with Tencent Holdings to
distribute its TV dramas and movies through the Chinese Internet
giant's online video site as the U.S. cable network tries to expand
its audience.
Volvo Makes Provision For Anti-Trust Probe
Swedish truck maker Volvo says it has made a provision of €400
million related to an ongoing anti-trust investigation by the
European Commission.
ING to Cut 1,700 Jobs
ING says that it will shed 1,700 jobs over the next three years
as it expands and strengthens its digital network.
Home Depot Facing at Least 44 Civil Suits in Data Breach
Home Depot said that it faces at least 44 civil lawsuits in the
U.S. and Canada related to a widespread data breach at the
home-improvement retailer earlier this year.
Sony Pulls FIFA World Cup Sponsorship
Sony Corp. has decided to end its sponsorship of World Cup
soccer amid growing concerns about the transparency of the bidding
process for the next two tournaments, a person familiar with the
matter says.
Hormel Foods Sales Rise 9.5%
Hormel said sales in its key refrigerated foods and Jennie-O
Turkey Store segments helped offset a slowdown in its specialty
foods and grocery products segment. Overall, 4Q earnings rose to
$171 million, or 63c a share, as revenue climbed 9.5% to $2.54
billion.