PRESS DIGEST - Financial Times - March 19

March 19 Mon Mar 18, 2013 7:54pm EDT

March 19 (Reuters) - Headlines

Cyprus scrambles to renegotiate bailout ()

Osborne to tighten public sector squeeze ()

Citi to pay $730 mln over subprime mortgages ()

AstraZeneca to shift 1,000 jobs south ()

RBS to invest 700 mln stg in UK retail push ()

Vale doubles cost of Argentine project ()

Man to limit cash bonuses permanently ()

Moleskine IPO targets 560 mln euros valuation ()

Overview

Authorities in Cyprus scrambled to renegotiate the terms of a 10 billion euro bailout by looking to scrap a controversial levy on small account holders.

George Osborne is set to announce on Wednesday further public sector spending cuts and pay to shore up government finances.

Citigroup Inc has agreed to pay $730 million to settle a class action lawsuit on behalf of investors who said they were misled by the company's disclosures.

Pharmaceutical group AstraZeneca is to shift more than 1,000 jobs from George Osborne's Cheshire constituency to Cambridge as it overhauls research operations.

Royal Bank of Scotland is to invest 700 million pounds ($1.1 billion) between 2013 and 2016 in improving its branches as part of a continuing shift in focus towards its domestic lending business.

Brazilian miner Vale has doubled the estimated costs for its suspended potash project in Argentina becoming the latest miner to halt investments in the country.

The world's second-largest hedge fund Man Group is set to limit its cash bonus for its top executives to 250 percent of salary at a time when EU lawmakers are demand that fund managers' bonuses must be capped in a similar way to bankers' payouts.

Moleskine-the maker of black notebooks, launched its initial public offering roadshow on Monday seeking to value the company at up to 560 million euros ($725.65 million)

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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