Your daily dose of financial news

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In a move that will surprise no regular reader here, Starboard Value has announced plans to put up its own slate of directors for Yahoo in an attempt to oust its “entire incumbent board” – NYTimes and WSJ

The Deal Professor gives us his take on the bind Valeant finds itself in, having accused its former CFO and current board member of Howard Schiller of “improper conduct” yet unable to remove him from the Board without shareholders “either acting at the annual meeting or by special resolution.” Which means that Schiller’s likely around until the next annual meeting in May – NYTimes

Wall Street execs can expect tough new rules on their compensation as early as this April, as US regulators seek to finalize one of the largest outstanding mandates of the Dodd-Frank financial reform legislation: curbing executive pay. The new rules—a revised version of a March 2011 proposal—are expected to require a 3-year clawback window for bonuses and widen the enforcement scope by broadening the definition of “risk taker” – WSJ

Breakingviews weighs in on the trouble facing Credit Suisse, arguing that it’s “closer to making acceptable returns for shareholders” but is taking far too long to do so – NYTimes [and WSJ]

Drug maker Novartis AG will pay $25 million in penalties, disgorgement, and interest to resolve SEC allegations that its Chinese subsidiaries violated the FCPA “by bribing Chinese doctors to prescribe Novartis drugs” – Law360

A London judge has ordered convicted Libor manipulator Tom Hayes to forfeit roughly $1.2 million in bonuses and other compensation because of his 2015 conviction. Hayes is currently serving an 11-year prison sentence for his role in the Libor scandal – NYTimes and Bloomberg

Also, out of the British courts, news of the extradition of Navinder Singh Sarao to the United States to face criminal charges for his alleged role in the May 2010 “flash crash.”  No need for travel arrangements yet, though, as the decision now goes to Britain’s secretary of state who has 2 months to review the order – NYTimes and Law360

The SEC’s forcing Exxon Mobil’s hand on climate change, telling the energy giant that it must “include a resolution on its annual shareholder proxy that, if approved, would force the company to outline for investors how its profitability may be affected by climate change and the legislation that aims to combat it” – NYTimes

PwC’s put the millennial-in-the-workplace issue in terms of pretty simple finances: keep them happy, save over $800 million in overhead costs, and we’re good all around – Bloomberg

A stronger US dollar and the increasingly public Fed debate about the significance of its “dot plot” and the timing of rate hikes (to say nothing of the recent Brussels attacks) has put a wrench in markets this week – WSJ

You know it’s an interesting discovery—in this case, a real live example of the link between sea creatures and land animals—when a Royal Veterinary College biologist dubs it simply “really weird” – NYTimes

See—those Easter basket contents? Yeah, they’re purely for training purposes – NYTimes

Speaking of Easter, we’ll be off until next Tuesday morning.  See you then.

MDR

Follow me on Twitter: @reifmd

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