March 7, 2013 / 12:50 AM / 5 years ago

PRESS DIGEST - Financial Times - March 7

March 7 (Reuters) - Headlines

Osborne to hand Carney more powers

Cable questions chancellor’s Plan A

KPMG at risk of losing vital HSBC audit

Google tip-off leads to Microsoft EU fine

Time Warner to spin off magazines

King calls for RBS to be broken up

BP chief’s payout declines 21.5 percent

IAG freezes Willie Walsh’s remuneration

Hayward to chair gas-to-oil company


George Osborne will use his budget to clarify how the government intends to use monetary policy to kick-start the economy.

Business secretary Vince Cable has said the time may have come to increase borrowing to fund housing and other infrastructure projects.

KPMG could lose its audit contract with HSBC after the bank said it would put its audit contract out to tender.

Google tipped Brussels off to Microsoft’s violation of a voluntary antitrust deal that prompted the European Commission to slap the maker of the Windows operating system with a 561 million euro ($729.3 million) fine.

Time Warner said it would spin off its Time Inc and IPC magazine businesses as a new publicly listed company by the end of 2013.

Outgoing Bank of England governor Mervyn King called on the government to break up the Royal Bank of Scotland saying it would be the best way to claw back the majority of the 45 billion pounds used to bail out the bank.

BP Chief Executive Bob Dudley’s pay fell nearly 22 percent last year to $2.67 million.

International Airlines Group Chief Executive Willie Walsh’s remuneration has fallen to below that paid to the head of the company’s British Airways unit.

Former BP Chief Executive Tony Hayward has been named chairman of CompactGTL, a company that turns natural gas into synthetic crude oil.

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