Business Digest: Bonanza for Carlyle’s co-founders; Shell gets Arctic drilling go-ahead

EQUITY

Carlyle’s co-founders

experience bonanza

The three co-founders of the Carlyle Group received $57.3 million each last year in dividends, the first publicly disclosed details about the wealth being created at the 25-year-old private equity firm since it went public.

Founders David M. Rubenstein, Daniel A. D’Aniello and William E. Conway Jr. also had $275,000 salaries, according to regulatory filings. The trio declined bonuses last year. They each received more than $3 million in bonuses in 2011.

Rubenstein, D’Aniello and Conway each own approximately 15.4 percent of the company, which is worth about $1.5 billion apiece based on Carlyle’s current share price.

— Thomas Heath

energy

Interior gives nod

to Shell drilling plans

The Interior Department issued a report sharply critical of Shell’s exploration drilling efforts in the Chukchi Sea off Alaska last year, but Secretary Ken Salazar gave the company the go-ahead to try again in 2014.

Environmental groups harshly criticized the report and said it raised questions about the department’s ability to conduct independent regulatory oversight.

“Exploration in the Arctic is a key component of the president’s all-of-the-above energy strategy and is important to our understanding of the oil and gas potential in this frontier region,” Salazar said after the completion of a 60-day department review that recommended companies follow “Arctic specific” standards.

Shell has already announced a “pause” in its drilling plans after a series of delays and mishaps culminating in its rig, the Kulluk, running aground on its way to port.

— Steven Mufson

Also in Business

l  JPMorgan Chase and Goldman Sachs need better plans for coping with a severe recession, the Federal Reserve said Thursday, giving the banks until September to revise them. The announcement came as part of the Fed’s “stress tests,” its annual checkup of 18 big banks.

l  Reps. Bob Goodlatte (R-Va.) and John Conyers Jr. (D-Mich.) introduced a bill Thursday to legalize the practice of cellphone unlocking, which allows consumers to take their phones to different carriers. The bill directs the U.S. Copyright Office to determine whether to also grant consumers the right to unlock other wireless devices that run on cellular networks.

l  Nintendo was ordered to pay $30.2 million to former Sony employee Seijiro Tomita after a Manhattan jury found the hand-held 3DS infringed his patent.

— From staff reports, news services

Coming Today

l  8:30 a.m.: Consumer price index for February released.

l  9:15 a.m.: Industrial production for February released.

l  Earnings: Carnival.

 
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