Press Round-up – March 2

By Reuters Staff
March 2, 2012

A380 wing cracks related to UK design fault
Wing cracks that have grounded the Airbus 380 superjumbo have been identified as the fault of design engineers at the manufacturer’s state-of-the-art facility in England. (Times)

Osborne to defy calls to remove tax rate
British finance minister George Osborne is to defy calls for the removal of the 50 pence upper rate on income tax and will instead instigate a clampdown on wealthy homeowners in an attempt to demonstrate that the rich cannot avoid Britain’s austerity programme.   (FT)

FSA widens high-profile insider trading investigation
One of the UK financial regulator’s most high-profile investigations into insider trading is expanding, with the Financial Services Authority asking several institutions, including brokerages, for information on trading and other data. (FT)
Lord Sassoon mooted as next BoE governor
Lord Sassoon has emerged as a potential successor to Sir Mervyn King when he steps down as Governor of the Bank of England in June next year. (Telegraph)

BAE brushes off plea to save 2,000 jobs
BAE Systems, Britain’s biggest defence contractor, has brushed aside a plea by UK prime minister David Cameron to save high-level manufacturing jobs and is proceeding to axe around 2,000 posts. (Guardian)
Staff at John Lewis braced for bonus cut
The John Lewis Partnership  is next week expected to announce the first cut in its staff bonus for three years as high street turmoil takes its toll on the employee-owned retailer.  (FT)

UK judge orders fugitive oligarch to turn himself in
A Kazakh oligarch accused of siphoning off $5 billion from Kazakhstan bank BTA has until March 9 to turn himself in and disclose his assets or be prevented from defending fraud claims, the High Court in London has ordered. (FT)

Moody’s cuts Peugeot’s rating to ‘junk’
Peugeot Citroen’s debt rating has been downgraded to “junk” status by Moody’s Investor Service, a day after it unveiled a global manufacturing and purchasing alliance with General Motors. (FT)

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