Reuters: Regulatory News: PRESS DIGEST - Wall Street Journal - April 18

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PRESS DIGEST - Wall Street Journal - April 18 Apr 18th 2012, 06:07 April 18 | Wed Apr 18, 2012 2:07am EDT April 18 (Reuters) - The following were the top stories in The Wall Street Journal on Wednesday. Reuters has not verified these stories and does not vouch for their accuracy. * The City of London Corp is forming a working group with five leading banks as well as the U.K. Treasury, the Bank of England and the Financial Services Authority to support growth of yuan business in the city. * Shareholders of Citigroup handed the bank a scathing rebuke, rejecting a board-approved compensation package for its senior executives. * Warren Buffett disclosed he has prostate cancer and will receive treatment in the coming months but gave no indication of plans to step back from Berkshire Hathaway. * The State Department is prodding several large banks to resume doing business with foreign embassies in the U.S. after several accounts were closed amid a crackdown on money laundering. * Pfizer is close to selling its infant-nutrition business to Nestlé for at least $9 billion in what would be one of the largest deals so far this year. * In a bid to capitalize on the growing market for fast Internet access on planes, Honeywell has signed a deal with satellite-operator Inmarsat to provide gear for airborne broadband connections. * First Solar Inc once the dominant U.S. solar-equipment maker, is slashing its work force by nearly a third and shutting a factory as it contends with a solar-panel glut that the company called "the new market reality." * Best Buy founder and chairman Richard Schulze has long run the company like a family business. Now, his long shadow could complicate the hunt for a new chief executive at a crucial juncture.

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