News in brief: EU chief’s warning on Libor fixing, Slowdown hits M&C hotel room revenue, Morgan Stanley’s Carroll dies at 50
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The European Commission suspects the existence of cartels involved in manipulating lending benchmarks such as Libor and Euribor, the EU’s competition chief said today.
Joaquin Almunia, vice-president of the Commission, said EU regulators would seek to deal with all suspected cartel participants together. US and UK regulators have fined banks like Barclays and RBS one at a time.
Slowdown hits M&C hotel room revenue
International hotel group Millennium & Copthorne today said that it had got off to a slow start this year with revenues per room down in all three of its main cities — Singapore down 10.2%, London 9.6% and New York 1.6% Profits for M&C, which blamed “uncertain global economic conditions,” fell 15% to £158 million in 2012.
Morgan Stanley’s Carroll dies at 50
Morgan Stanley executive Susan Carroll has died, aged 50. Carroll ran the retail banking division, overseeing a period when its assets rose to $80.5 billion (£52.8 billion) from $5.4 billion. Her division held most of the group’s customer deposits and made corporate loans. “She brought exceptional judgment and a strong sense of humour to her work. She will be greatly missed,” the bank said.