Press Round-up – March 21

March 21, 2012

Europe’s fiscal pact in disarray as Dutch break rules
The Netherlands, one of the euro zone’s “hardliners” on financial discipline, has the “same problems as Italy and Spain” and is on track to break Europe’s three-week-old fiscal pact, its own officials have warned. (Telegraph)

EU defies carbon trade war threats
The threat of a trade war will not make the European Union back down on climate legislation, Connie Hedegaard, the bloc’s climate chief, said on Tuesday following pressure from foreign governments who want the EU to drop plans to charge airlines for carbon emissions.   (FT)

Banks bid to unlock commodities liquidity crunch
European banks are preparing a new type of securitised vehicle bundling together loans to commodity trading houses to try to resolve the credit crunch in the commodities industry.  (FT)

RBS shares seen as ‘dud investment’
More than two thirds of London’s fund managers say they would not buy the state’s shares in Royal Bank of Scotland if they were sold at the UK government’s break-even price of 50 pence, according to a survey of 200 leading fund managers. (Telegraph)

Crude drops after Saudi intervention
Oil prices fell more than $2 a barrel on the back of attempts by Saudi Arabia to cool energy markets, amid growing worries about the damage rising costs could have on the global economic recovery. (FT)

Battle looms over mobile SIM cards
A battle has broken out between Apple and its rival smartphone makers over the standard industry template for miniature SIM cards for the next generation of slimmer handsets. (FT)

Europe faces a long road to recovery, says U.S. Treasury
Europe is only at the beginning of a “very tough, very long, hard road” to recovery and its future is still a threat to the U.S. economy, Timothy Geithner, the treasury secretary, warned on Tuesday. (Guardian)

Apax raises billions of euros in 10 months
Apax Partners has raised 4.3 billion euros from investors within 10 months in the largest first close of a private equity fund since the height of the financial crisis more than three years ago. But the final size is expected to be a fifth smaller than the last fund raised by Apax. (FT)

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