WHAT THE OTHER PAPERS SAY THIS MORNING
FINANCIAL TIMES
SFO lawyer warned against pursuing Tchenguiz case
The lead lawyer in the Serious Fraud Office’s investigation of the Tchenguiz brothers warned the agency two months before the property tycoons’ arrest that it should not pursue the case. In January 2011, Wayil Eisa, the lawyer tasked with drafting the case for the prosecution, submitted a 25-page report arguing that it was inappropriate for a UK agency to spearhead a prosecution rooted in the failure of an Icelandic bank.The SFO will explain in court how crucial documents were misinterpreted.
The Daily Telegraph
HSBC postpones plans to leave UK “indefinitely”
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 (£950m) 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. Gulliver became one of the most vocal critics of the Government’s banking levy and changes proposed by the Independent Commission on Banking .
THE TIMES
Dover’s privatisation sails through final legal barrier
Full-steam ahead to privatisation was called by the Port of Dover last night after the final obstacle to its sell-off by the Government was passed. The Dover Harbour Board has said it will make its submission to the Department for Transport to find a new owner for the port and raise capital within the week.
THE WALL STREET JOURNAL
Kodak Patent Tossed by Judge
Eastman Kodak suffered a setback in a patent suit against Apple and Research In Motion, dealing a blow to the film giant’s efforts to raise billions of dollars by selling off its intellectual property. Kodak had sued the iPhone and BlackBerry makers at the US International Trade Commission, saying their devices infringed on its patent for previewing images with a digital camera. In a ruling Monday, a judge with the commission said the patent was invalid.