Santander chief quits (FT)
The chief executive of Banco Santander has resigned ahead of a decision by Spain’s financial regulator over whether a criminal conviction should see him banned from banking.
Alfredo Sáenz, 70, who alongside Santander executive chairman Emilio Botín is credited as the architect of the bank’s transformation from domestic lender to the eurozone’s biggest lender by value, will step down immediately to be replaced by Javier Marin, a 46-year-old director of its private bank and insurance arm.
S&P sees deepening house slump in Spain, France and Holland (Telegraph)
Spanish house prices are to fall a further 13pc by the end of next year as the authorities flood the market with a backlog of repossessed properties, Standard and Poor’s has warned
Leak at BP platform could have caused “major accident” (Reuters)
Oil major BP must review the way it handles risk and maintenance at its offshore oil platforms in Norway following a leak at a North Sea platform that could have caused a major accident, Norway’s oil safety watchdog said on Monday.
Sina sells Weibo stake to Alibaba for $586m (FT)
China’s most popular social network has been valued at more than $3bn after Sina Corp sold an 18 per cent stake in its microblogging service Weibo to ecommerce group Alibaba for $586m.
Nasdaq-listed Sina said it had also given Alibaba the option to raise its ownership in Weibo to 30 per cent “at a mutually agreed valuation within a certain period of time”.
O2 and BT make new links with 4G deal (Telegraph)
O2 will pay BT hundreds of millions of pounds to bolster its network to meet a sharp rise in demand for mobile internet access that is expected to result from the introduction of 4G.