Tuesday newspaper round-up: UK aviation industry, Alphabet, Wizz Air
The UK aviation industry has pledged to cut its net carbon emissions to zero by 2050 – despite still planning for 70% more flights over the next three decades. Members of the Sustainable Aviation coalition, which includes most major airlines and airports, as well as aerospace manufacturers, will sign a commitment to reach net zero by mid-century. More than a third of the proposed net reduction will be achieved through offsetting. – Guardian
Only two women applied to become the next governor of the Bank of England, despite the fact the Treasury hired a specialist headhunting firm aimed at diversifying its list of candidates. Men accounted for 21 of the 23 applicants hoping to take over from Mark Carney in the central bank’s top job, with Andrew Bailey, the outgoing boss of the City watchdog, the Financial Conduct Authority, ultimately successful. Bailey is due to start as governor on 16 March. – Guardian
The country's top white collar crime investigator has attacked "antiquated" fraud laws which stop her bringing culprits to justice. Lisa Osofsky, director of the Serious Fraud Office (SFO), called for a legal shake-up after she helped secure a record-breaking €3.6bn (£3bn) global settlement with Airbus over long-running corruption allegations. Known as a deferred prosecution agreement, the deal means the pan-European plane-maker escaped prosecution and avoided a conviction that could have seen it banned from doing business in many countries. – Telegraph
The owner of Google fell short of Wall Street’s ambitions for its fourth-quarter earnings last night, sending its shares down moments after it revealed its results after the closing bell in New York. Alphabet’s overall revenue rose by 17 per cent to $46.08 billion in the last three months of the year, its slowest fourth-quarter growth in four years and shy of the $46.94 billion forecast by analysts. Net profits rose 19 per cent from a year ago to nearly $10.7 billion. – The Times
An American no-frills airline tycoon is selling his shares in Wizz Air for up to £500 million. Indigo Partners, Bill Franke’s private equity firm, said that it was immediately selling most of its 20.6 per cent stake in the Hungarian carrier, which is worth about £624 million based on yesterday’s closing share price. The shares will be offered to institutional investors, with Barclays, Citigroup, JP Morgan and Morgan Stanley working on the sale. – The Times