Financial Times - Nov. 12
Nov 11 (Reuters) -The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.
Headlines
- UK made legal error in granting oil and gas licences, companies will admit
- Citadel poaches Elliott Management veteran Nabeel Bhanji
- Fund manager Terry Smith's pay falls to £28 million
- Direct Line to cut 550 jobs in turnaround effort
Overview
- Oil major Shell SHEL.L, independent producer Ithaca ITH.L and Norway's EquinorEQNR.OL are set to concede that the UK government made a legal error in granting them licences for two major new offshore developments, at the start of a key case for future fossil fuel projects.
- Ken Griffin's hedge fund Citadel has hired Nabeel Bhanji, a long-standing London-based portfolio manager at Elliott Management who worked on some of the activist hedge fund's most high-profile international campaigns.
- Terry Smith, one of the UK's most renowned stockpickers, took a pay cut for the second consecutive year, receiving almost 28 million pounds (~$36 million) from his investment business Fundsmith.
- Direct Line DLGD.L is cutting about 550 jobs, roughly 6% of the UK insurer's workforce, as part of a turnaround plan designed to save 50 million pounds (~$64 million) next year.
($1 = 0.7780 pounds)
(Compiled by Bengaluru newsroom)
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