FT News Briefing Dems warn against loosening bank capital requirements, Rupert Murdoch at 90
Mar 2, 2021
Democratic lawmakers raise alarms about the potential dangers of loosening capital requirements for US banks. ExxonMobil makes strategic board changes under pressure from activist shareholders, balancing sustainability with oil production. In a striking legal development, former French president Nicolas Sarkozy is sentenced to prison for corruption. Meanwhile, as Rupert Murdoch turns 90, insights into his expansive media empire and the quest for succession highlight the complex interplay of politics and media.
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Capital Requirements Warning
- U.S. bank regulators should avoid extending looser capital requirements.
- These pandemic-era measures create risks for the economy, Senators Warren and Brown warn.
ExxonMobil and Activist Investors
- ExxonMobil appointed two new board directors to address activist shareholder pressure.
- One activist investor, D.E. Shaw, is satisfied, while Engine No. 1 still demands further changes.
ExxonMobil's Strategy
- ExxonMobil believes maintaining its oil production focus, combined with investments in carbon capture and alternative fuels, will ultimately reward shareholders.
- Many investors remain unconvinced, seeking a faster, more comprehensive energy transition strategy.