PRESS DIGEST- Financial Times - May 12

Headlines

Court finds Nomura and RBS misled investors (http://on.ft.com/1EuE9T4)

Shell secures conditional approval for Arctic drilling plan (http://on.ft.com/1EuEzIZ)

Morgan Stanley oil business sold for $1 bln (http://on.ft.com/1EuEUvs)

Overview

A U.S. judge on Monday ruled that Nomura Holdings Inc and Royal Bank of Scotland made false statements in selling mortgage-backed securities to investors ahead of the 2008 financial crisis.

Royal Dutch Shell's return to oil drilling in the U.S. Arctic for the first time since 2012 took a big step forward on Monday when the Obama administration conditionally approved the company's exploration plan.

Castleton Commodities International will buy Morgan Stanley's physical oil business, the largest and oldest on Wall Street, for an estimated value of more than $1 billion, vaulting the Connecticut-based merchant into the big leagues of global crude and fuel traders. (Compiled by Ismail Shakil in Bengaluru)