Press Round-up – February 1

February 1, 2012

Former RBS boss stripped of knighthood
Sir Fred Goodwin, the former boss of Royal Bank of Scotland, was stripped of his knighthood on Tuesday, in the latest political concession to public anger in Britain over the perceived arrogance of some senior bankers. (FT)

EU to rule on Deutsche Boerse and NYSE merger
The NYSE Euronext and Deutsche Borse tie-up on Wednesday faces its day of reckoning in Brussels, as EU commissioners are expected to sign-off a recommendation to block a merger that allegedly stifles competition. (FT)

UK Treasury hit by exodus of top staff
The British treasury is grappling with an exodus of personnel as officials fume at low pay levels and high staff turnover, creating real operational difficulties with the budget just seven seeks away. (FT)

Britain misses out on £10bn contract to sell jets to India
Britain suffered an embarrassing defeat last night after the Indian Government selected a French company as its first choice to build a £10 billion force of fighter jets. (Times)

London mayor opens arms to French banks fleeing tax
Britain should welcome with “open arms” French banks that want to move business from Paris to London to escape the country’s new financial transaction tax, according to the Mayor of London Boris Johnson and Britain’s top bank lobbyist. (Telegraph)

Argos pins revival hopes on internet pioneer
Argos, the British retailer owned by Home Retail, is set to announce John Walden as chief executive on Wednesday. (Times)

McGraw-Hill explores sale of education business
McGraw-Hill is exploring the possibility of selling its $2.5 billion-plus (1.6 billion pounds) education business, after its previously announced plan to split the division from its Standard & Poor’s financial arm prompted interest from private equity groups, three people familiar with the situation said. (FT)

BAA to end Stansted runway hopes
British airport operator BAA has signalled it has abandoned its hopes of building a second runway at Stansted airport after its chief executive committed the company to selling 280 homes it owns in the area. (FT)

OPEC warns of oil price volatility
Abdalla el-Badri, OPEC secretary-general, on Tuesday warned of volatile crude prices as the oil market adjusted to Europe’s embargo on Iranian oil imports. (FT)

Bruising year for commodities hedge funds
The commodities hedge fund industry has suffered its worst year in more than a decade as the sector’s top managers recorded heavy losses amid volatile markets. (FT)

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