Press Round-up – February 2

February 2, 2012

Jefferies confirms Hoare Govett acquisition
Jefferies, the U.S.-based investment bank, on Wednesday confirmed its acquisition of Hoare Govett, the UK broker, from Royal Bank of Scotland. (FT)

Balls critical of UK’s new financial bill
The bill to revamp the UK’s financial regulation includes a “gaping hole” that could prevent important warnings from reaching the British finance minister, Ed Balls, shadow finance minister of the UK’s opposition party Labour, has warned. (FT)

Fitness First gym chain axes entire board
Almost the entire board of Fitness First has been axed by its owner, BC Partners [BCPRT.UL], in an attempt to stem potential losses of hundreds of millions of pounds on its investment in the world’s biggest fitness club operator. (Times)

Ex-Lloyds Chairman may face knighthood backlash
The head of Britain’s civil service has been asked to strip former Lloyds chairman Sir Victor Blank of his knighthood, as concerns grow about a rising “anti-business hysteria”. (Telegraph)

Trinity Mirror under pressure to cut chief’s pay
Trinity Mirror is facing renewed pressure to rein in the pay of its chief executive Sly Bailey from some of the biggest shareholders in the media group. (FT)

American Airlines plans to cut about 10,000 jobs
As many as 10,000 workers could be laid off by American Airlines <AAMRQ.PK> if negotiations with the unions are resolved successfully. (Times)
Duke Street abandons effort to raise fund
Buy-out investor Duke Street has abandoned efforts to raise its next fund, in a strong indicator that the long-expected shake-out in the private equity sector has started in earnest. (FT)

EU blocks Deutsche-Boerse tie-up with NYSE
The European Commission on Wednesday vetoed the proposed $9 billion tie-up between Deutsche Boerse and NYSE Euronext, scuppering an attempt by the German and U.S. groups to create the world’s largest equity and derivatives exchange. (FT)

Cameron urges India to rethink jet decision
David Cameron has vowed to “encourage” India to reconsider its decision to buy France’s Dassault jet fighter instead of Eurofighter’s Typhoon, in which BAE Systems, the UK defence contractor, has a large stake. (FT)
UK faces two-year recession if Euro fails
A euro zone meltdown would plunge Britain back into a two-year recession and send unemployment soaring above 10 percent, the Institute for Fiscal Studies (IFS) has warned. (Telegraph)
Radicals admit London Stock Exchange bomb plot
Four Islamist extremists admitted on Wednesday that they had plotted a bomb attack on the London Stock Exchange and other targets in 2010 in a conspiracy inspired by al-Qaeda propaganda. (FT)

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