PRESS DIGEST - Financial Times - May 22

Financial Times

BOE BOWS TO PRESSURE FOR PROBES

The Bank of England bowed to outside pressure on Monday, launching three independent reviews to learn lessons from the financial and economic crisis, but it immediately ran into criticism that their scope was too limited and technical. link.reuters.com/zuv38s

SFO LAWYER WARNED AGAINST PURSUING TCHENGUIZS

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. link.reuters.com/byv38s

DIPLOMATS BACK EU 'PROJECT BONDS' PLAN

Diplomats have approved a pilot programme to issue commonly backed bonds that will fund pan-European infrastructure projects, the first element of a new "growth compact" that EU leaders will begin to piece together at a summit meeting on Wednesday. link.reuters.com/cyv38s

FACEBOOK SHARES DROP BELOW ISSUE PRICE

Facebook shares fell below the price at which they floated, inflaming a debate about who was to blame for the stock's failure to "pop" after the social network's keenly watched initial public offering. link.reuters.com/dyv38s

WATERSTONES STRIKES DEAL WITH AMAZON

Waterstones' managing director, James Daunt, has set aside his earlier criticisms of Amazon.com as "a devil" to strike a deal to sell its Kindle e-reader in the book seller's stores. link.reuters.com/fyv38s

MAN GROUP TO ACQUIRE RIVAL FRM

Man Group,the world's second-largest hedge fund manager by assets under management, is to acquire rival FRM , almost exactly two years after its landmark buyout of GLG Partners. link.reuters.com/gyv38s

CABLE WANTS MIGRATION RULE DROPPED

British business minister Vince Cable's is lobbying the Home Office to reconsider a new immigration rule that companies say will stunt growth and disrupt the labour market. link.reuters.com/hyv38s

($1 = 0.6328 British pounds) (Reporting by Stephen Mangan)