|Investec plc: ITV plc shares are a Sell as the TV ad market slows down|
|Friday, 01 June 2012 08:53|
News round up: ITV, Morgan Stanley, Facebook Inc, Merkel, Xstrata, Glencore, UK growth forecast.
Morgan Stanley and Facebook
Morgan Stanley chief executive James Gorman has hit back at criticism of the bank’s leading role in Facebook’s $104bn (£67bn) flotation, dismissing speculation of "nefarious activity" as false and describing as "naive" investors who expected the shares to surge. At a weekly meeting with staff, Mr Gorman said that they should "be proud of the job your colleagues did and don’t judge us on what happened over a couple of days".
Angela Merkel insisted that there were "no taboos" in the battle to shore up the euro as Germany came under mounting pressure to defend the currency and the flight of investors from Spain accelerated. The German Chancellor said that the EU should be ready to consider all options to halt the crisis, amid demands for greater integration including in the region’s banking system.
Xstrata and Glencore
Xstrata chief Mick Davis is in line for a potential 75m pound payout as head of the company created from the miner’s proposed merger with commodity giant Glencore. The payout includes a 28.8m pounds in "retention awards", mostly in cash, simply for staying at the new company for three years, regardless of his performance.
UK growth forecast
The Government needs to take urgent action to boost Britain’s flagging economy or face years of sluggish growth. The British Chambers of Commerce has slashed its growth forecast from 0.6% to 0.1% for the year and warned that public sector net borrowing would be £6bn higher than the Office for Budget Responsibility expects as the weak economy takes its toll on tax receipts.
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