Frontrunning: January 26, 2012

Frontrunning: January 26, 2012

- in Markets



  • BOJ Should Be Allowed $643 Billion Fund to Buy Foreign Bonds, Iwata Says (Bloomberg)
  • Banks Hoarding ECB Cash May Double Company Defaults (Bloomberg)
  • China Police Open Fire on Tibetans as Protests Spread (Bloomberg)
  • Sarkozy Presidential Rival Hollande Would Lower Retirement Age, Lift Taxes (Bloomberg)
  • IMF takes tougher stance over Greek debt (FT)
  • Iran threatens to act first on EU embargo (FT)
  • PM says ‘no complacency’ on economy (FT)
  • George Soros: How to pull Italy and Spain back from the edge (FT)
  • Japan's NEC to slash 10,000 jobs (Reuters)
  • Obama Planning Corporate Tax Overhaul (Bloomberg)
  • French police arrest PIP implant boss Mas (Reuters)

Press Digest

WSJ

* With its $6 billion hostile offer for Illumina Inc , Swiss drug-giant Roche Holding AG is making an expensive and risky bet that genetic mapping will soon be common practice in doctors offices and hospitals.

* U.K. regulators fined Greenlight Capital and owner David Einhorn a total of $11.2 million for alleged insider trading in shares of Punch Taverns.

* Bank of America Corp plans to give investment bankers more of their year-end bonuses in stock, in Wall Street's latest wallet-squeezing response to a wrenching year.

* Former HealthSouth Corp chairman Richard Scrushy could be released from prison and enter a halfway house within the next month after an Alabama judge on Wednesday reduced his sentence for a 2006 bribery conviction by one year, said Mr. Scrushy's lawyer.

* Federal Reserve officials said they expect to keep short-term interest rates near zero for almost three more years and signaled they could restart a controversial bond-buying program in yet another campaign to rev up the disappointing economic recovery.

* Hasso Plattner, who 20 years ago designed a computer program that supercharged SAP AG's growth, has been pursuing another breakthrough that could determine the software giant's fate.

Now SAP's chairman, the 68-year-old engineer is trying to take advantage of cheaper memory chips in servers to speed up complex business calculations and allow companies to do in seconds what currently can take hours or days. The aim is to allow executives to quickly access and analyze business data even on hand-held devices.

* Large public pension plans are pouring more money into private-equity funds, deepening ties between government workers and an industry currently under the harsh glare of U.S. presidential politics.

* The sharp drop in natural-gas prices has thrown a wrench into the plans of Chesapeake Energy Corp, the country's second-largest gas producer. But that might not be the biggest challenge it faces. Chesapeake must also complete a slew of asset sales to continue with its business plans

FT

EINHORN AND GREENLIGHT FINED BY UK FINANCIAL REGULATOR

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. http://link.reuters.com/pyd36s

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. http://link.reuters.com/faf36s

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. http://link.reuters.com/def36s

NORWEGIAN CARRIER PLACES HUGE ORDER IN RECOVERY BET

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