Press Round-up – January 26

January 26, 2012

Einhorn and Greenlight fined by UK financial regulators
David Einhorn, one of the world’s highest profile hedge fund managers, and his firm, Greenlight Capital, have been fined 7.2 million pounds ($11.22 million) by UK regulators for trading before a 2009 equity fundraising by Punch Taverns. (FT)

Ex-Lloyds chief joins UK advisory firm
Eric Daniels, former chief executive of Lloyds Banking Group and one of the most high-profile figures in the financial crisis, is joining a little-known advisory firm. (FT)

Clegg urges quicker UK tax cuts to combat crisis
The British government’s plans to raise the income tax allowance to 10,000 pounds ($15,600) should be accelerated to tackle the growing economic crisis, UK deputy prime minister Nick Clegg will say on Thursday. (Telegraph)

Iran threatens to act first on EU embargo
Iran has threatened to pre-empt a European embargo on its oil by halting its exports to the region immediately, a move that could hit economically weak southern European countries.  (FT)

IMF warns sanctions could push oil prices up 30 percent
Sanctions on Iran could push oil prices up 30 percent, taking the price of Brent crude to above $140 a barrel, the IMF has warned. (Telegraph)

Merkel casts doubt on saving Greece
Germany’s Chancellor Angela Merkel has cast doubt for the first time on Europe’s chances of saving Greece from financial meltdown and sovereign default, conceding that Europe’s first ever multi-billion euro bailout coupled with savage austerity was not working. (Guardian)

Double-dip recession looms for Britain
Flagging manufacturers wreaked havoc with the economy during the final quarter of 2011 as the worst slump for nearly three years put Britain on course for a double-dip recession, official estimates showed. (Independent)

UK insurance chief urges flexible use of pensions
The director general of the Association of British Insurers has suggested that some of the assets built up in a personal or company pension scheme could be tapped to help to repay debts.  (Times)

Norwegian carrier places huge order in recovery bet
Norwegian Air Shuttle plans to buy 222 new aircraft worth $21.1 billion from Boeing and Airbus in a move that heralds its ambition to become one of Europe’s leading low-cost airlines. (FT)

Peacocks stores interest discounters and supermarkets
Discount retailers and supermarkets are eyeing Peacocks’ 563-store portfolio in case administrators fail to find a buyer for all or part of the distressed value fashion chain. (FT)

SAP bullish as it brushes off slowdown
SAP has shrugged off Europe’s economic slowdown as the world’s biggest business software maker by sales indicated it may raise its 2015 sales goal after achieving record annual profits and setting double-digit growth targets for this year. (FT)

Cameron backed on UK overhaul
David Cameron’s calls for an overhaul of the European Court of Human Rights to reduce its judges’ interference with the decisions of national governments have received firm backing from the head of the Council of Europe. (FT)

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