Press Round-up – March 12

March 12, 2012

Air industry calls for EU carbon tax delay
Airbus and six big European airlines have joined forces in an effort to delay plans by the European Union to force carriers to pay for carbon pollution, in a project that the aerospace groups say is jeopardising billions of dollars of orders and 2,000 jobs.  (FT)

Clegg forced to go soft on UK ‘tycoon tax’
Britain’s deputy prime minister, Nick Clegg, has been forced to soften his proposals for a so-called “tycoon tax” less than 48 hours after announcing it as the flagship policy for his party’s spring conference. (FT)

Osborne urged to scrap fuel duty rise
British motoring groups are preparing a last-ditch plea to finance minister George Osborne to spend a windfall from soaring oil prices and VAT at petrol stations on easing the misery for drivers. (Times)

Banks hit by new mis-selling scandal
The British finance ministry was under pressure on Sunday to conduct a full inquiry into a potential mis-selling scandal which has seen hundreds of small businesses, including a fish and chip shop, buying complex and costly financial derivatives. (Telegraph)

GKN frontrunner to buy Volvo Aero
Britain’s manufacturing industry could receive a shot in the arm if the British engineering group GKN succeeds in a planned swoop on Sweden’s largest aerospace company that could value it at up to 800 million pounds. (Guardian)

RBS, Goodwin sued by angry investors
Royal Bank of Scotland and former directors including ex-chief executive Fred Goodwin and ex-chairman Tom McKillop have been hit with a 2.4 billion pound legal claim from angry investors in the taxpayer bailed out bank. (Independent)
U.S. bank dividends set to double
The Federal Reserve is this week expected to pave the way for a doubling of bank dividends and share buy backs when it unveils the results of stress tests on the largest U.S. financial groups. (FT)

Italy’s Monte dei Paschi stake set to be sold
The banking foundation behind Banca Monte dei Paschi di Siena is considering a “mixed” sale of a 15 percent stake in Italy’s third-largest bank by assets in a move analysts say could lead to it becoming a takeover target. (FT)

SEC probes operators’ use of multiple markets
The U.S. market regulator has launched a broad investigation into whether exchanges favour large trading companies at the expense of smaller customers.  (FT)

Citigroup plans to double China branches
Citigroup expects to double the number of bank branches in China to 100 within two to three years as it accelerates its push into the country through its securities joint venture and an independent credit card business. (FT)

Germany softens resistance to euro zone ‘firewall’
The German government has softened its resistance to increasing the euro zone’s “firewall” against financial market contagion from the Greek crisis by signalling it would consider the combination of the region’s temporary rescue fund with its permanent successor.  (FT)

Hong Kong to bolster its clearing house
Hong Kong’s exchange on Sunday unveiled measures to strengthen its clearing house in the first sign that some of the world’s largest clearing houses believe they need to ensure they are financially robust enough to withstand new demands placed on them by a wave of post-2008 crisis regulations. (FT)

William Hill to open talks with Playtech
William Hill will begin talks with Playtech this month to salvage the companies’ online joint venture following a breakdown in relations last year. (FT)

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