Press Round-up – February 23

February 23, 2012

UK and Japan warn Volcker rule threatens recovery
Britain and Japan have urged the United States to rewrite its so-called “Volcker rule”, saying that trading restrictions on U.S. banks could hit the international sovereign debt market at a delicate moment in the global recovery. (FT)

Workers pay heavy price as Peacocks is rescued
Peacocks, the discount fashion and homewares chain, has been partially rescued by rival retailer Edinburgh Woollen Mill, saving 6,000 jobs. (Telegraph)
Germany fights euro zone firewall moves
The German government is set to resist or delay increasing the size of the euro zone’s financial “firewall” against contagion from the Greek debt crisis, in the face of mounting pressure from its partners, the International Monetary Fund and the U.S. administration. (FT)

SFO admits Tchenguiz case errors
The Serious Fraud Office has admitted to “very regrettable errors” and failures in the way it handled its case against property tycoon Vincent Tchenguiz. (FT)

Iceland’s banks establish covered bond plan
Arion, the bank created from the assets of failed Kaupthing, has established a 1 billion euro international covered bond programme, the first by an Icelandic lender since the country’s banking crisis.   (FT)

RBS bonus cuts offset with big salary increases
Increases to the fixed salaries paid to Royal Bank of Scotland’s investment bankers last year will largely offset cuts to their bonus pool.  (FT)

EasyJet founder plans West African venture
Sir Stelios Haji-Ioannou is planning to launch his new airline venture in West Africa in the coming months with up to 15 jets in what may eventually become an African version of EasyJet, the UK low-cost carrier he founded. (FT)
Stansted finds itself back where it started
The rise of Stansted has been built on boom-time demand for weekend city breaks and family holidays in Europe, but yesterday the airport’s success story turned full circle. (Times)
Profumo in frame at Monte dei Paschi
Alessandro Profumo, former chief executive of UniCredit and one of Italy’s most high-profile bankers, is the leading candidate to take over as chairman of Monte dei Paschi di Siena, the country’s third-largest bank by assets.  (FT)

Morgan Stanley veterans plan advisory boutique
A group of senior Morgan Stanley <MS.N> managing directors, each with an average 25 years at the bank, has broken away to form an advisory boutique in a move that underscores the difficulties large securities firms are facing in dealing with clients, staff and regulators. (FT)

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