Industry News Financial Services company and industry news from the Financial Times The financial services company and industry news with expert analysis from the Financial Times on FT.com Lawson urges Brussels over auditing reforms Former chancellor says proposed European Commission legislation should require greater sharing of information between regulators and bank auditors Glencore and Xstrata face blocking threat Opponents of the deal, which would create a $90bn commodities giant, said the offer of 2.8 shares for every Xstrata share undervalues the miner Cotton trading costs Glencore $330m Extreme volatility in the cotton market blamed for weakness in trader?s agricultural division, with many physical suppliers and customers defaulting Ex-TCI star emerges at rival Oscar Hattink joins six other ex-TCI stars at Thélème, an exodus that is raising eyebrows among fellow Mayfair-based hedge fund managers Numbers count in Glencore-Xstrata deal The two companies will embark on roadshows to convince shareholders of the value of the merger, with votes expected to be cast in June Itaú to buy out Redecard Brazil?s biggest private sector lender to spend almost $7bn on the half of the credit card processing company it does not own A model that could reshape industry History suggests that a vertically integrated business ? where a commodities trader is combined with a miner under the same roof ? is no mean feat UBS fights to hang on to key staff Swiss bank lines up long-term bonus fund of SFr300m, but says the ?special plan? awards will have strict forfeiture conditions attached UBS issues gloomy outlook for 2012 Downbeat forecast for Swiss group which warns of more structural changes as fourth quarter net profits fall from SFr1.66bn to SFr393m a year earlier Spanish banks race to meet latest government rules Lenders must find billions in provisions for bad property loans, but will use existing capital to lighten some of the burden Two bidders remain for RBS Asian units CIMB of Malaysia and China?s CICC in the running after three potential buyers drop out of the race Qatar seeks to lure asset managers Doha recruits veteran leader of the UK financial services industry as looming regulatory changes in UAE raise alarm in the funds sector MF Global dipped into customer funds earlier than thought Struggling to deal with customer withdrawals and margin calls in the run-up to its bankruptcy filing, the futures broker drew on the money a day earlier than previously believed Firms flock to take up ?Tesco Law? status The solicitors? regulator says that almost 100 law firms and companies have applied to take advantage of a liberalised legal market in England and Wales UK bankers and the matter of the public good The government had better make sure it has in reserve another banker of Stephen Hester?s calibre Fund aims to link Hollywood films with China Entrepreneur Bruno Wu and Harvest Fund Management set up a private equity fund to exploit studios? hunger for Chinese movie market Carlyle to focus on Turkey and Saudi Arabia Leadership change reveals shift in focus towards Turkey and Saudi Arabia as investors shun north African economies, fearing political upheaval Apple under pressure over board elections Tech group ?needs a governance upgrade? says pension fund and activist shareholder Pensions seen as passive pots of gold The premise that pension assets are locked up and lying idle has a long pedigree within UK governments Crédit Agricole launches new financing model Chief executive Jean-Yves Hocher reveals changes to corporate and investment bank in response to Basel III regulatory overhaul