What's In The News: May 18, 2011

Financial News Network
May 18, 2011 AT 7:15 PM
This is what's in the news for Wednesday, May 18th. The Financial Times reports that the Federal Reserve wants U.S. banks to undergo annual stress tests, reserving the right to veto dividend pay-outs if they do not pass. Bloomberg reports that the collapse of BP's (NYSE:BP) alliance with Russia's state-run oil company brings one of the world's largest untapped drilling opportunities back onto the market. Royal Dutch Shell (NYSE:RDS.A), Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) are potential candidates should OAO Rosneft look for a new partner to explore the Kara Sea in Russia's Arctic. The Financial Times reports that Sony (NYSE:SNE) CEO Sir Howard Stringer says the company is expecting to lose both customers and money as a result of the hacker attack on its PlayStation Network. Finally, The Wall Street Journal reports that more than 550 health professionals and organizations signed a letter to McDonald's Corp. (NYSE:MCD) asking the maker of Happy Meals to stop marketing junk food to kids and retire Ronald McDonald.