|Do not go near Facebook Inc issue, buy Apple Inc instead, advises Questor|
|Friday, 25 May 2012 08:28|
News round up: Facebook Inc, Apple Inc, Nasdaq, Thomas Cook, GlaxoSmithKline, AstraZeneca, "Free" banking, Inflation and Codelco.
Holiday firm Thomas Cook has appointed a new chief executive from outside the travel industry to lead its turnaround. Harriet Green, who is currently boss of Leeds-based electronic components distributor Premier Farnell, will join at the end of July. She replaces Sam Weihagen, who in August succeeded former chief executive Manny Fontenla-Novoa. Weihagen, who had been the deputy chief, will step down from the board but stay with the group until the end of September "to ensure a seamless transition".
GlaxoSmithKline and AstraZeneca
Britain's two biggest drugmakers have joined forces in a £180m research collaboration in the battle against the growing threat from bugs' resistance to antibiotics. As new drug resistant superbugs such as the "New Delhi" bug have emerged, GlaxoSmithKline and AstraZeneca have teamed up with academics and other Big Pharma companies to tackle antibiotic resistance, which is becoming a major health threat around the world. For example, drug-resistant forms of tuberculosis are spreading at a frightening rate.
A debate over the merits of "free" banking was raging on Thursday after top banking regulator Andrew Bailey faced criticism after appearing to call for an end to non-fee paying current accounts to prevent mis-selling of financial products. Richard Lloyd, executive director of consumer body Which?, said it was a "myth" that banking was free. "Consumers pay over £9bn a year in fees and lost interest on their current accounts.
Spanish lender Bankia will reportedly ask the state for more than €15bn to bail it out when its new management team presents a restructuring plan on Friday. Bankia, partially nationalised by the government earlier this month, is the weak spot in Spain's fragile banking system where loan losses stemming from a 2008 property crash threaten to push the country into seeking international assistance.
The chief executive of the world's biggest copper company Codelco, which is embroiled in a court case with British miner Anglo American, is stepping down. Diego Hernandez has abruptly resigned and will be replaced by chief financial officer Thomas Keller, just as the Chilean state copper giant is striving to end a bitter contract dispute with Anglo. Codelco told Chile's market regulator Hernandez tendered his resignation, effective June 1, for "personal reasons".
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