|Ex-chief of FTSE 100 firm BP plc criticises UK plc for being intolerant of homosexuality|
|Thursday, 31 May 2012 08:24|
News round up: BP, Morgan Stanley, Facebook, Ireland, Spain, Graff Diamonds.
Morgan Stanley and Facebook
The boss of Morgan Stanley has defended his bank’s leading role in the bungled flotation of Facebook, claiming that there was no “nefarious activity” involved. James Gorman told his staff that they should be proud of their work in arranging Facebook’s initial public offering and that the success of the listing should be judged over time.
Ireland’s government is confident of victory in Thursday's eurozone fiscal pact referendum as secret official polling forecasts that over 60 per cent of Irish voters will tick the Yes box. Polling stations will close at 10:00 on Thursday after the only popular vote to be held in the 25 European Union countries that have signed up to a treaty that enshrines eurozone austerity rules into national law, writes the Telegraph.
Beleaguered Spain was handed a lifeline by the European Commission yesterday as the nation was given an extra year to slash its deficit. […] Under the terms of the fiscal pact, Spain is obliged to cut its deficit to 3% in 2013, forcing a brutal €27bn (£21.5bn) in budget cuts from Prime Minister Mariano Rajoy's centre-right administration.
Falling stock markets have forced high-end jeweller Graff Diamonds to ditch its $1bn (£637m) flotation in Hong Kong. Reports suggested Graff pulled its planned Hong Kong listing after receiving orders for just half its $1bn initial public offering (IPO) less than two days before its deadline. A company spokesmen said: "Graff Diamonds Corporation confirms that owing to adverse market conditions it has decided to postpone its planned IPO and listing on the Hong Kong Stock Exchange," reports the Telegraph.
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