Reuters: Financial Services and Real Estate: PRESS DIGEST - British business - May 31

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PRESS DIGEST - British business - May 31 May 31st 2012, 00:58 Wed May 30, 2012 8:58pm EDT The Independent SPAIN THROWN LIFELINE BY BRUSSELS The European Commission gave Spain an extra year to slash its deficit as the country battles a recession and record unemployment. The Daily Telegraph RBS INVESTORS MAY NEVER GET THEIR MONEY BACK, SAYS BANK Shareholders in the Royal Bank of Scotland, whose stock has lost nearly all its value since the financial crisis, may never recover their investment, said the bank's chairman, Philip Hampton. Hampton said the bank still had much "baggage to clear up" before its value recovered. CENTAMIN SUFFERS EXECUTIVE PAY REVOLT Sixty-three percent of investors voted against gold miner Centamin's bonus plan. Shareholders are yet to receive a dividend from Centamin, and the Telegraph reported the company has no plans to change its pay course, despite the vote. WEAVERING BOSS FOUND GUILTY OF FRAUD Directors of the hedge fund Weavering Capital, including Magnus Peterson, were ordered to pay $450 million, after having been found to have manipulated figures and misled investors. A U.S. judge in the civil case against Peterson found his arguments "not credible". BOOKER ACQUIRES MAKRO UK Cash and carry chain Booker will buy Makro UK, the British branch of German retailer Metro, for 140 million pounds. The deal will allow Booker to sell to small and medium sized businesses, the company said. The Guardian RED ALERT FOR INVESTORS OVER SORRELL'S PAY RISE The Association of British Insurers issued a "red top" alert over a 30 percent salary rise for WPP's chief executive Martin Sorrell. The Times FORMULA ONE TO DECIDE ON IPO THIS WEEKEND Formula One's board will decide this weekend whether or not to go ahead with a $10 billion initial public offering in Singapore, after the Facebook IPO's dismal performance. DEUTSCHE BANK FACES SHAREHOLDER REVOLT Twenty-five UK pension funds and investors in Deutsche Bank are set to revolt at the annual meeting in Frankfurt over the bank's handling of the succession of chief executive Josef Ackermann. They would also like to have the chance to vote on executive pay, which they were denied last year. Link this Share this Digg this Email Reprints

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