The Financial Services Authority (FSA) has fined David Einhorn and his hedge fund Greenlight Capital £7.2m for trading on inside information in UK stock Punch Taverns in June 2009.

ECB'S BAZOOKA HAS HIT THE TARGET

UK GDP for the fourth quarter of 2011 dropped by 0.2%, a worse than expected figure that will heighten fears of a double-dip recession.

Standard & Poor's has cut the counterparty credit ratings on three French banks, following its removal of France's AAA rating earlier this month.

Fidelity and Legal & General IM (LGIM) have given their support to Vince Cable's proposals to clamp down on boardroom pay and push for greater transparency.

Ariel Bezalel, manager of the £593m Jupiter Strategic Bond fund, has opened his first ever short position in US treasuries, citing the opportunity for an asymmetric trade as the US economy recovers.

Phil Cliff, former manager of the £1bn Threadneedle European fund, has joined M&G to manage its Pan European Dividend fund.

US treasuries have seen their worst start to a year since 2003 as investors grow more confident over the strength of the US and global economies.

Private creditors negotiating with Greece over its debt restructuring have made a "maximum" offer over the amount of losses they will accept, according to reports.

Warnings on profits issued by UK firms saw the biggest leap in a decade in Q4 2011, driven by difficulties in the retail sector, according to Ernst & Young.