Morning Wrap: need to know business stories
Top business stories from around the web.
Shell chief executive Peter Voser to leave in surprise move (FT)
Peter Voser is to step down as chief executive of Royal Dutch Shell next year after four years in the post, in a surprise move that could herald a period of uncertainty at the Anglo-Dutch oil major.
The announcement was made as Shell unveiled first-quarter profit of $7.5bn, a 3 per cent increase on a year ago.
New ad tools boost Facebook revenues (FT)
New advertising products intended to help small businesses find customers on Facebook contributed to better than expected revenues for the first quarter, though the social network’s profit fell just short of estimates.
Revenues from tools released last year, including ads for mobile app developers to urge Facebook users to download their apps, and “paid posts” which allow small businesses to pay to send status updates to more users, are starting to appear in Facebook’s top line.
Shortfall fears for interest-only mortgage holders (BBC)
More than a million people with interest-only mortgages face a financial crunch when they have to pay them off, a watchdog is warning.
Some 2.6 million UK householders have the mortgages but the Financial Conduct Authority says "estimates... suggest" nearly half will not have savings or other funds to cover the final bill.
BSkyB to create 550 new jobs as demand boosts profits (BBC)
BSkyB has said it will create 550 new jobs due to strong demand for its products and services.
The group, which provides TV, broadband and fixed-line telephony services, reported pre-tax profits of £966m for the nine months to 31 March, up from £899m a year earlier.
UBS faces calls for break-up at investor meeting (Reuters)
UBS (UBSN.VX) faces a renewed call to break up its investment banking operations and wealth management division at an investor meeting on Thursday, after activist investor Knight Vinke Asset Management demanded a review of the bank's structure.