Financial Times general
Falling loan charges help Lloyds advance
Bank’s first-quarter profit rises to £2bn after a sharp decline in bad loan charges and one-off gains on the sale of UK government bond holdings
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US expects first cut in debt since 2007
The Treasury said it expects to repay a net $35bn in the second quarter, compared with a February estimate that it would have to borrow $103bn
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Kodak to shift film arm to UK pensioners
US courts’ approval of groundbreaking deal to erase about $2.8bn of claims would prevent the scheme falling into Britain’s Pension Protection Fund
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UAE set to boost green energy
Gulf state’s renewable energy company will be able to invest up to £1bn alongside the Green Investment Bank in future projects under planned agreement
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Sainsbury prepares for CEO’s succession
Chief executive has run UK’s third biggest supermarket group by market share for 10 years and commercial director Mike Coupe is frontrunner to succeed
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Drive for NHS to share pain of savings
The ministerial uprising reflects growing frustration that the 2015-16 round of cuts will fall disproportionately on “unprotected” areas of spending
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Santander chief quits ahead of ruling
Alfredo Sáenz steps down as Santander chief executive, allowing Bank of Spain to escape a decision on whether to ban him over a criminal conviction
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Letta tears up €6bn in tax rises
Laying out his programme to parliament, Mr Letta said Europe faced a “crisis of legitimacy” and had to change its focus on austerity
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Russia and Japan revive islands talks
As the two countries are drawn closer by the growing power of China in the region, Abe and Putin pledge to discuss islands occupied by USSR in 1945
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Call for higher pay at Bank of England
Higher salaries are needed to reflect an increased workload and to boost their prestige, according to BoE officials involved in a governance reorganisation
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Deutsche Bank to issue €2.8bn in shares
Deutsche Bank is issuing shares to assuage concerns over capital strength after months of resisting calls to tap shareholders for fresh capital
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Luxembourg set to end bank secrecy
Finance minister says Grand Duchy is willing to expand accounts covered by new information-sharing deals with US and EU to include global companies
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Greece passes law to fire civil servants
Greece has implemented an agreement with EU-IMF inspectors by passing a law that should see €2.8bn in overdue rescue funds flow to Athens
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Eurozone business sentiment falls further
Depressed business morale could force ECB president to cut rates further in an attempt to boost lending to companies and reignite economic growth
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Sina sells Weibo stake for $586m
Ecommerce group takes 18% of microblogging site in a deal that values Chinese social network at more than $3bn
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Violent times for oil industry in Libya
The weakness of Libya’s government and the proliferation of armed groups have transformed the environment for international oil companies
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Lloyds takes £250m hit on Spanish exit
The part-government owned UK lender continues retrenchment with the sale of its lossmaking Spanish retail business to Banco Sabadell at a loss of £250m
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IMF warns on capital inflows into Asia
International Monetary Fund warns of increased risks for the region but maintains that it will lead a ‘global three-speed recovery’
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Chat apps undermine text revenues
More instant messages were being sent daily by the end of last year than there were text messages, according to data collected for the Financial Times
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JPMorgan promotes Zames in shake-up
Zames, who has been named COO, has risen quickly at the bank and is now seen as a solid contender to succeed Jamie Dimon as chief executive
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The Bottom Line:If Mr Cable has his way...
"If Mr Cable had his way, all the big banks would be broken up and bonuses would be virtually eliminated - a sure-fire way in my view of guaranteeing an end to the UK’s ability to compete as an international financial centre. Let’s not forget that this is a man who is on record as saying that everyone who works in a bank has an ‘aristocratic lifestyle’ clearly demonstrating his lack of understanding of the sector." A tough line on bankers’ bonuses could make a brain drain of financial talent a distinct possibility, warns Paul Marsden. Read more