Tuesday newspaper round-up: Clearing clash, ports puzzle, CBI criticism

One of the eurozone’s top central bankers has stepped up the campaign to claim the City’s lucrative euro-clearing business by declaring that it is impossible for it to remain in London. François Villeroy de Galhau, a member of the European Central Bank’s governing board and head of France’s financial regulator, made the statement as the European Commission worked on proposals intended to force euro-denominated derivatives to be cleared in the eurozone. - The Times

Cruise operators could avoid UK ports if more stringent border controls are introduced when Britain leaves the European Union, the chairman of Carnival UK has warned. David Dingle, who oversees the P&O and Cunard lines, said that it would be “bad news for British jobs” if tourists faced “stricter and more protracted” checks. - The Times

The CBI is working on plans to reset relations with the government after the election amid concerns over an anti-business stance. Corporate leaders have become alarmed by the hostile rhetoric from Theresa May’s government, not least in the Conservatives’ manifesto, and their lack of access to ministers. - The Times

Swing voters do not think the Manchester terror attack will affect how they cast their ballot on 8 June but Theresa May’s response was seen generally as reassuring, according to focus groups in six seats. Undecided voters in Hartlepool, Birmingham, Cambridge, Glasgow, Wells and Harrow were asked for their views on how the parties responded to the attack as part of a project by Britain Thinks, a political consultancy. - Guardian

Britain will play a pivotal role in building China’s new silk road, cementing London’s position as the world’s financial centre after Brexit. Sam Xu, head of China transaction banking at Standard Chartered, said the UK would serve as a financial hub for the “One Belt, One Road” initiative, which spans 65 countries and covers 64pc of the global population. Mr Xu said no other city in the world could match London’s expertise and financial infrastructure. - Telegraph

The United States is considering using emergency tariffs to protect a domestic industry for the first time in 16 years in a move that will stir fears of rising protectionism under President Trump. The World Trade Organisation said yesterday that the US had notified its 163 other members that it had begun a “safeguard investigation” into imported solar cells. -The Times

Greece on Monday issued a panic warning that its recovery would be thrown into doubt if Brussels blocked a debt deal at the next meeting of euro area finance ministers. Fearing that Germany will insist on delays to an agreement until at least after elections in September, Athens’ finance minister hinted that the beleaguered nation could be plunged deeper into recession after seeing its economy contract by more than 25% since the start of its financial crisis. - Guardian

British Airways was accused of exploiting passengers’ misery yesterday amid claims that travellers affected by the global IT crash at the weekend were made to pay for expensive upgrades to reach their destinations. The airline faced criticism over its response to the chaos after it emerged that trapped passengers had to spend up to £800 to gain access to spare seats in premium economy cabins. - The Times

The European Union has moved towards cracking down on carmakers who cheat emissions tests by giving the EU executive more powers to monitor testing and impose fines. The European council overcame initial objections from Germany and agreed to try to reform the system for approving vehicles in Europe in the wake of the Volkswagen emissions scandal. - Guardian

The board of JKX Oil faces its second attempted coup in 18 months after its largest shareholder turned on the investor which purged the board last year. Shareholders of the London-listed Ukrainian oil explorer will be notified this week of the showdown between Eclairs Group and the Russian investment fund which staged the first coup, Proxima Capital. - Telegraph

A group of leading economists warned on Monday that the world risks catastrophic global warming in just 13 years unless countries ramp up taxes on carbon emissions to as much as $100 (£77) per metric tonne. Experts including Nobel laureate Joseph Stiglitz and former World Bank chief economist Nicholas Stern said governments needed to move quickly to tackle polluting industries with a tax on carbon dioxide at $40-$80 per tonne by 2020. - Guardian