Good morning! Here’s what you need to know.
1. BNP Paribas may move up to 300 London investment bank staff due to Brexit, a source told Reuters. Britain’s vote to leave the EU has forced global banks to examine where to move, given they expect to lose the necessary “passporting” licence to operate on both sides of the Channel.
2. BP shareholders approved an $US11.6 million pay package for chief executive Bob Dudley, after the oil and gas company cut it in response to investor pressure. Shareholders at BP’s annual general meeting also approved a new remuneration policy that will lower performance incentives.
3. Nestle failed in a new bid protect the shape of its four-finger Kit Kat chocolate bar under British trademark when London’s Court of Appeal dismissed its attempt to overthrow an earlier ruling. The case pitted Nestle against rival confectionery maker Cadbury, owned by Mondelez , which argued that the four-finger shape “lacked distinctive character.”
4. Ford said it plans to cut 1,400 salaried jobs in North America and Asia through voluntary early retirement and other financial incentives. Ford said the cuts would amount to 10% of a group of 15,000 salaried workers.
5. Europe needs a strong capital market to maintain independence from the United States and the UK, the chairman of Deutsche Bank’s supervisory board said. Paul Achleitner said he was motivated to sit for a second five-year term as the board’s chair so that he could contribute to making Europe’s capital market more robust.
6. German prosecutors said they have launched a formal investigation of Porsche SE executives Matthias Mueller and Hans Dieter Poetsch on grounds of suspected market manipulation. The prosecutor’s office is investigating Mueller, the current CEO of Volkswagen and Hans Dieter Poetsch, who is currently Porsche CEO, on suspicion they may have informed investors too late about risks to the Porsche holding firm from Volkswagen’s diesel emissions scandal.
7. Swedish carmaker Volvo’s latest generation of diesel engines could be its last as the cost of reducing emissions of nitrogen oxide is becoming too much, Chief Executive Hakan Samuelsson said. “From today’s perspective, we will not develop any more new generation diesel engines,” Samuelsson told German’s Frankfurter Allgemeine Zeitung in an interview.
8. Chinese technology giant Tencent reported first quarter results which exceeded expectations, helped by robust revenues from its hit mobile games. Its overall revenue jumped 55% to 49.55 billion yuan year-on-year, while net profit was up 58%.
9. French President Emmanuel Macron named Socialist Jean-Yves Le Drian to foreign affairs and European lawmaker Sylvie Goulard as defence minister. Other key figures during his campaign were given senior roles in his cabinet, with the mayor of Lyon, Gerard Collomb, named as interior minister and centrist ally Francois Bayrou given the justice portfolio.
10. Facebook is set to be penalised by EU antitrust regulators for allegedly providing misleading data related to its WhatsApp acquisition three years ago. The move by the European Commission will come after a six-month investigation and is expected to be a stiff warning to other companies facing similar issues.