City Diary: SFO versus the Tchenguizes suit in the spirit of non-disclosure Good to see that exiting Ofwat chief Regina Finn has grasped the basics over her time running the nation's water regulator. After six years as CEO, Ms Finn has concluded that "water is not a dry issue." She has dropped the bombshell in an Ofwat job ad for a senior comms director, whose brief is to "continuously refresh" the parts of the regulator's corporate strategy that other water officials can't reach. Ofwat is splashing out to ensure there are no Whitehall leaks. The incoming executive will be paid up to £107k per annum. Carr coy about etchings To the Royal Academy for the preview of this year's Summer Exhibition, where a notable number of guests from the world of business were keen to take advantage of the first opportunity to buy the works. Helena Morrissey, chief executive of Newton Investment Management, was touring the galleries with husband Richard, while property entrepreneur Nick Candy was spied discussing the art. Centrica chairman Sir Roger Carr, there with his wife and daughter, had a number of works marked off in the exhibition guide, but declined to tell Diary which ones. It's that sort of ability to keep a secret that will impress the board of defence giant BAE Systems, where the City grandee is in pole position to take the chairmanship. Paint points to Pathfinder profits The stakes in the battle between Pathfinder Minerals and its ex-director, the former Mozambique security minister General Veloso, are even higher than first thought. It turns out that the mine being fought over, the Moebase mine on the coast of Mozambique, is one of the world's largest sources of Ilmenite, used in the manufacture of white paint. According to conservative estimates, "in excess of" $500m (£323m) worth of the mineral is sitting in the ground. So if Veloso thinks he can drag on the licence dispute until Aim-listed Pathfinder runs out of cash, he can think again, says the resources company's CEO, Nick Trew. Now that the legal battle has transferred from London to Mozambique, the cost of the litigation is "significantly reduced," says Trew, who insists he is "confident" he can see the Mozambique proceedings "through to a successful conclusion." From the Big Society to Big Society Capital. David Cameron yesterday appeared at a conference that the PM "actually asked to speak at" - the launch of the Social Stock Exchange (SSE), "the first platform on the planet to showcase publicly listed social impact information business." The benevolent bourse is backed by the London Stock Exchange. But, perhaps mindful of the cracks in the LSE's listing system that have been exposed by the likes of the controversial miner ENRC, the SSE's admissions process is "rigorous." "Investors can rely on a sound vetting procedure," says healthcare provider Primary Health Properties, one of the first 12 ethical companies to make the cut. EE lukewarm on coffee connection Guardian Media Group has a silent partner in its jazzy new #GuardianCoffee pop-up emporium in East London. The company powering the café"s 4G "superfast connectivity" is the mobile operator EE. Diary says "silent" because EE is rather embarrassed about its ties to the venture that provoked a torrent of mockery on Twitter on its launch day last week. "When we saw the lukewarm reception, we decided to hold back on trumpeting our partnership," says EE, which also powers the Guardian's Eyewitness app. Still on the Guardian, Diary hears there is further acrimony at the beleaguered newspaper, where staff remain furious at deputy editor Ian Katz's defection to BBC2"s Newsnight after editor Alan Rusbridger failed to annoint him as his successor in the top job. Rusbridger made a speech in the newspaper's King's Cross offices to mark his deputy's departure this week, but claimed that he couldn't stay on for the drinks party that followed at the groovy All Visual Arts gallery just round the corner, because "something called journalism had intervened." Apparently, Rusbridger was required on urgent business in the United States.