|Facebook Inc valuation puts lead adviser Morgan Stanley in the firing line|
|Tuesday, 22 May 2012 08:21|
News round up: Facebook, Morgan Stanley, Thomas Cook Group, HSBC, Bank of England, EDF and UBS.
Thomas Cook Group
Beleagered travel agent Thomas Cook has sold its Indian business to Canadian investor Fairfax Financial Holdings for around £94m. In a statement on Monday night, chief executive Sam Weihagen said the deal was a "further step" towards improving the company’s financial position.
Stuart Gulliver, HSBC’s chief executive, has said the bank had decided to drop "indefinitely" plans to look at moving its headquarters from London to Hong Kong. HSBC, which paid 1.5bn dollars (950m pounds) tax in the UK last year, threatened to leave the UK in the face of punitive financial regulation.
Bank of England
The Bank of England’s top brass yesterday announced a clutch of reviews into the lessons of the credit crunch as it belatedly bowed to months of parliamentary pressure. A trio of outside experts will begin investigations into the Bank’s provision of liquidity to the banking sector and into its economic forecasts, which repeatedly have been proven to be wrong.
Electricity giant EDF is in talks with the nuclear regulator about extending the life of its power stations. The firm, which runs eight nuclear power stations in the UK, is working with the Office for Nuclear Regulation (ONR) regarding the "extension of the operational lifetime of their existing fleet of nuclear power reactors", the ONR said.
Two former UBS wealth advisers have been banned from the City for life and fined a combined £1.3m as the Financial Services Authority concluded a near-four-year pursuit of an unauthorised trading scam. Sachin Karpe, the former head of one of UBS’s Asia trading desks, was given a £1.25m fine for "failing to act with integrity".
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