Business bites: EU's carbon tax plans hit turbulence

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An alliance of more than 20 countries has been formed to persuade the European Union to abandon its carbon tax on airlines.

The countries, led by the United States and China, are meeting in Moscow to discuss the best ways to retaliate against the tax.

But the EU says it will push ahead with its plans to charge airlines for all the carbon they emit on flights in European airspace later this year.

Meanwhile, India's aviation watchdog is demanding the boss of Kingfisher Airlines explain why his company failed to pay airport taxes and cancelled dozens of flights, causing chaos for hundreds of passengers over the last few days.

The BBC's Juliette Foster discusses the key financial stories of the day.

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