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Friday newspaper round-up: Thomas Cook, Shell, Reuters

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Date: Friday 07 Mar 2008

LONDON (ShareCast) - Travel operator Thomas Cook Group is expected to announce Friday it is buying back the Indian business it sold to the Dubai Financial group two years ago, the first stage in its strategy to expand the brand in emerging markets, writes the FT.

Britain’s biggest commercial property developers are threatening to take the roofs off buildings in an attempt to circumvent changes to business rates, The Times has learnt.

Lehman Brothers has suspended two traders from its equity derivatives desk in London after the US investment bank initiated a review of the valuations of some of their positions, says the FT.

Tom Glocer, chief executive of Reuters, is due a £22.5m windfall when the financial information provider merges with Canada's Thomson Corporation next month, says the Telegraph.

Royal Dutch Shell has agreed to pay $80 million (£39.8 million) to settle an American class action lawsuit related to a 2004 downgrade of the oil giant's reserves, writes the Times.

One of America's star fund managers, the former Fidelity portfolio manager Peter Lynch, has settled a civil case with the Securities and Exchange Commission which accused him and a dozen others of improperly accepting travel, entertainment and other gifts paid for by Wall Street brokers seeking to do business with Fidelity, says the Telegraph.

Britain’s standing as a leading financial centre is in danger of being undermined by ill-thought-out changes to tax and regulation, the Treasury was warned yesterday by Britain’s main business group and the Association of British Insurers (ABI), writes the Times.

The Treasury has been accused of "failing to lead by example" on public spending after it handed HM Revenue and Customs senior staff bumper bonus increases of some 60pc last year, says to the Telegraph.

Rupert Murdoch's elder son, Lachlan Murdoch, is trying to secure new funds for a A$3.3 billion (£1.65 billion) buyout of Australia's second-biggest media group after his financial backer pulled out, writes the Times.