Financial Times - Nov. 12

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Headlines

Companies will admit that the UK made a legal mistake in issuing oil and gas licenses.

- Citadel poaches Elliott Management veteran Nabeel Bhanji

Terry Smith's salary drops to PS28 million

Direct Line will cut 550 positions in its turnaround effort

Shell, Ithaca, and Equinor, a Norwegian oil company, are all set to admit that the UK government committed a mistake by granting them licenses for two new major offshore developments. This is the beginning of an important case for future fossil-fuel projects. Ken Griffin's Citadel hedge fund has hired Nabeel Bhanji, an experienced portfolio manager from Elliott Management based in London who was involved with some of the hedge fund's high-profile international campaigns. Terry Smith, a UK stockpicker who is well-known in the industry, has taken a paycut for the second year running. His investment company Fundsmith paid him almost 28 million pounds ($36 million). Direct Line will cut 550 jobs in the UK, or roughly 6%, of its workforce as part of an effort to save 50 million pound ($64million) by next year.

(source: Reuters)