Press Round-up – January 27

January 27, 2012

Osborne to unveil powers to control banks
The British treasury will on Friday publish plans for a radical overhaul of financial regulation that will hand the UK’s finance minister George Osborne new powers. (Telegraph)


NYSE chief sees little chance of Deutsche Boerse deal
Duncan Niederauer, chief executive of NYSE Euronext, has admitted he “misjudged” European antitrust authorities’ approach to his exchange’s attempted tie-up with Deutsche Boerse, saying there was only a “glimmer of hope” the deal would succeed. (FT)

Bailout number two for Portugal?
Portugal is fighting a losing battle to contain its public debt and may be forced to impose haircuts of up to 50 percent on private creditors, according to a top German institute. (Telegraph)


BNP aims to sell energy loan portfolio
BNP Paribas, France’s largest bank by assets, has put on the block up to $11 billion of loans to oil and gas companies. (FT)

Tchenguiz to sell 250,000 freeholds for 3 billion pounds
Veteran property tycoon Vincent Tchenguiz is selling a portfolio of UK ground rents for 3 billion pounds in a deal that will give the buyer control over the freeholds of 250,000 UK homes. (FT)

French poll puts City in firing line
David Cameron and Boris Johnson were caught up in a new round of cross-Channel tensions yesterday after the favourite to replace Nicolas Sarkozy as President of France threatened to scupper the EU’s economic rescue plan and undermine the City. (Times)

UK Retailers criticise “archaic” rents
UK high street retailers Clinton Cards, Monsoon, Accessorize and Sports Direct have taken a stand against the landlords of their shops, demanding the right to pay rents on a monthly rather than quarterly basis to ease cash flow pressures. (FT)

UK to launch green energy fund
International organisations and the UK government will launch a new public-private investment fund on Friday to provide seed finance for at least 3 billion pounds of green energy projects in emerging and developing countries. (FT)

PwC discloses rival’s attempt to poach client
In the sober world of auditing, discretion is key. But that has not stopped the UK arm of PwC from revealing an alleged attempt to poach Lloyds Banking Group, one of its most lucrative clients. (FT)

Phoenix can rise again after pre-pack reform U-turn
Landlords have reacted with fury to a government U-turn on tightening rules around controversial pre-pack administrations, which allow directors of struggling companies to ditch their obligations to creditors. (Times)

Ex-Bank of America broker faces fine in Einhorn case
UK regulators are seeking to fine a former Bank of America Merrill Lynch broker about 350,000 pounds for his role in hedge fund manager David Einhorn’s improper trading ahead of the 2009 equity raising by Punch Taverns. (FT)

Carrefour close to replacing chief executive
Carrefour is in the final stages of negotiations to replace Lars Olofsson, chief executive, with veteran French retailer Georges Plassat after months of turmoil at the world’s second-largest retailer by sales. (FT)

Greek rescue deal poised for review
Euro zone policymakers are preparing to review the size and terms of the 130 billion euro rescue package for Greece agreed last year, depending on the outcome of the negotiations with private creditors over Greek debt relief which reopened in Athens on Thursday. (FT)


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