Thomas Cook, the struggling package tour operator, has sold its 77% stake in Thomas Cook India to a subsidiary of the financial services firm Fairfax Financial Holdings. The sales will net Thomas Cook around £94m and is equivalent to 50 rupees per share, which the firm said was a premium of 11% to the market price immediately prior to the announcement of the auction process. The disposal is part of the group's ongoing plans to reduce debt and strengthen its ailing financial p [22 May '12]
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. News that is has squashed the review into changing its domicile will be a major boost to HMRC and the UK, where HSBC employs 50,000 people. "Although we talked at one point abo [22 May '12]
German Chancellor Angela Merkel suffered an electoral setback yesterday as opposition to European austerity measures spread across the continent. The German chancellor may be tempted to rethink her approach after her allies in the country's largest state, North Rhine-Westphalia, lost 9 per cent of the vote in their worst showing since the Second World War. The result left her in a weaker position for her first meeting tomorrow with François Hollande, the socialist president-e [14 May '12]
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