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Thursday newspaper round-up: Royal Bank of Scotland, BAE Systems, BT

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Date: Thursday 24 Apr 2008

LONDON (ShareCast) - Shareholders in Royal Bank of Scotland on Wednesday won better terms for sub-underwriting its £12bn rights issue after complaining that investment banks underwriting the cash call were making too much money after passing on much of the risk, says the FT.

Britain's banks will discover today whether they will escape more than a million claims for compensation related to unauthorised charges. The High Court is set to rule on a test case brought by the Office of Fair Trading, which follows a lengthy investigation into the fees charged by banks when customers breach overdraft limits or bounce cheques, reports the Independent.

BAE Systems, Britain’s largest defence contractor, is looking to break into the civil nuclear market, according to the FT.

BT has been accused of "sneakily" switching millions of customers to a new tariff where they will have to pay up to 2,000 per cent more for their calls, writes the Independent.

Marcel Rohner, UBS chief executive, reaffirmed plans to shrink the Swiss group's investment bank at an angry annual meeting that saw its top lawyer Peter Kurer elected chairman despite vocal opposition from rebel shareholder Olivant, says the Telegraph.

Northern Rock’s small shareholders will take High Court action against the Treasury within weeks after the Government’s lawyers rejected their plea for compensation, reports the Times.

Two of the City's top hedge fund managers have sold a stake in their hedge fund to Goldman Sachs, banking a multi-million pound payout. Goldman Sachs' Petershill fund has bought 54,113 shares in Trafalgar Asset Managers, documents filed at Companies House show, according to the Telegraph.

The Children’s Investment Fund has appealed to the UK government to impose trade and investment sanctions on Japan, after the Japanese government blocked the activist fund’s bid to raise its stake in J-Power on national security grounds, writes the FT.

The price of rice has touched a new high, setting off fresh alarm around the world where export cuts by rice-producing nations have already led to food riots in countries that depend on imports to keep their populations fed, says the Independent.

Shareholders in Reed Elsevier took part in a modest revolt on Wednesday against the publishing, information and events group’s 2007 pay package, says the FT.

eBay is suing the directors of Craigslist for allegedly unfairly diluting its stake in the classified listings website, reports the Telegraph.

Gazprom raised the pressure on TNK-BP, the Russian oil venture 50 per cent owned by BP, saying Russia could again consider revoking its licence to the Kovykta gas field if talks did not progress on selling control of the project to the state controlled gas group, writes the FT.

Nippon Sheet Glass has appointed former Pilkington executive Stuart Chambers as its new president and chief executive, in a rare move that places a foreigner at the top of a Japanese company, according to the Telegraph.