In Thursday's Americas papers

01 February 2007 14:31  [Source: ICIS news]

THE WALL STREET JOURNAL

Front Page

 

Wal-Mart cuts taxes by paying rent to itself

Wal-Mart has saved itself hundreds of millions of dollars in taxes through a complex structure that allows it to pay rent to itself and then deduct that amount from state taxes.

 

Dell's founder returns as CEO as Rollins quits

Dell said chief executive Kevin Rollins resigned and that Michael Dell would take over as head of the personal computer company he founded. Dell also said it expects to miss earnings and revenue estimates for this quarter.

 

Bush farm proposal may snag on Congressional roadblocks

The Bush administration proposed to make US farm programmes more market-oriented, unveiling a package of changes that could give new momentum to the stalled Doha Round of global trade talks, but may face big hurdles on Capitol Hill. The initiative would put total farm spending over the next five years at $87bn ($67bn), down $18bn from what the US spent in the past five years on basic programmes and disaster relief.

 

EU targets oil firms in a fresh attempt to reduce emissions

The European Commission opened a second front in its fight against climate change with a call for binding rules that will force oil refiners to cut carbon-dioxide emissions from vehicle fuel 10% by 2020. The commission is facing resistance from Europe's auto industry and national governments over a plan to cut emissions from new cars. Now it is picking a potential fight with oil companies.

 

Money and Investing

 

Can ethanol get a ticket to ride?

The rising popularity of ethanol is creating a host of problems for producers and railroad lines, as they strain to rush the biofuel to market.

 

Dow nears record as Fed leaves rates on hold

The Dow Jones Industrial Average came within a hair's breadth of a record, boosted by soothing words from the Federal Reserve and a report showing surprisingly strong economic growth. After a two-day meeting, the Fed's policy committee issued a statement hailing steady economic expansion but cautioning about lingering inflation, sounding exactly the note that Wall Street wanted to hear. As widely expected, it left its interest-rate target unchanged at 5.25%

 

Exxon, Sinopec win approval for plant in China

China's government approved part of a plan to build a giant oil-refining and petrochemical plant, an important step forward in a long-awaited venture involving Saudi Arabia, China and Exxon Mobil.

 

THE NEW YORK TIMES

Front Page

 

German court challenges CIA over abduction

A German court on Wednesday issued an arrest warrant for 13 people in the mistaken kidnapping and jailing of a German citizen of Lebanese descent, in the most serious legal challenge yet to the Central Intelligence Agency’s secret transfers of terrorism suspects.

 

Biden unwraps his bid for ’08 with an oops!

Senator Joseph Biden of Delaware announced his candidacy on Wednesday with the hope that he could ride his foreign policy expertise into contention for the Democratic nomination. Instead, he spent the day struggling to explain his description of Senator Barack Obama, the Illinois Democrat running for president, as “the first mainstream African-American who is articulate and bright and clean and a nice-looking guy.”

 

Business Day

 

Judge throws out a conviction in Enron case

A federal judge in Houston on Wednesday threw out the conviction of Kevin Howard, the former chief financial officer for Enron’s Broadband unit, citing a ruling in a similar case in which the jury’s verdict was vacated. The decision was based on a ruling in August by the US Court of Appeals for the Fifth Circuit, in New Orleans, that essentially exonerates employees who provide so-called honest services while keeping with corporate goals and do not rob their employers of any money.

 

Fed, leaving rate at 5.25%, is optimistic on inflation

The Federal Reserve left interest rates unchanged on Wednesday, as it has since June, but it was more optimistic than in the past that inflationary pressures were ebbing.

 

THE WASHINGTON POST

Front Page

 

Senators unite on challenge to Bush's troop plan

Democratic and Republican opponents of President George W. Bush's troop-buildup plan joined forces last night behind the nonbinding resolution with the broadest bipartisan backing: a Republican measure from Senator John Warner of Virginia.

 

Economy gained strength in 2006

The US economy turned in a surprisingly strong performance last year, new data show, growing 3.4% despite higher interest rates, high oil prices and the sharpest housing downturn in 15 years. The report from the Commerce Department, showing that economic growth picked up in 2006 from the 3.2% growth of 2005, dispelled any lingering doubts about the momentum of the economy going into this year.

 

Business

 

Delta creditors reject merger

US Airways lost its aggressive takeover bid for Delta Air Lines yesterday (Wednesday) when Delta's creditors rejected the $10.0bn (€7.7bn) offer that would have created the nation's largest carrier.

 

Senators vent on Chinese currency

Since becoming Treasury secretary last summer, Henry Paulson has pleaded for patience on the issue of China's currency. But on Capitol Hill yesterday (Wednesday), Paulson learned that patience in Washington may be wearing thin. Several senators at a Senate Banking Committee hearing sharply questioned the value of his talks, and threatened legislative action against China.

 

GLOBE AND MAIL, Canada

Front Page

 

Canadian drivers steer clear of climate concerns

The notion that fretful Canadians concerned about global warming are racing out to buy more environmentally friendly vehicles is overblown. Buying an environmentally friendly vehicle ranked just 23rd among 26 reasons for purchase, a survey by the Maritz Research showed.

 

Harper puts green machine in motion

Stephen Harper moved yesterday (Wednesday) to mend his government's frayed international reputation on climate change by dispatching his Environment Minister to Paris for a key conference and promising to join an emergency UN summit on the issue. The decisions came as the Prime Minister was battered for a second day in the House of Commons over a letter he wrote five years ago in which he called the Kyoto accord a "socialist scheme" aimed at sucking money from wealth-producing nations.

 

Business

 

NOVA Chemicals posts Q4 loss

NOVA Chemicals reported its biggest quarterly loss yesterday (Wednesday) after the raw plastics maker wrote down the value of assets in a major business unit, STYRENIX, which has been earmarked for spinoff.

 

Alcan returns to profit

Aluminium wire is making gains as a substitute for copper, according to Alcan, helping the company return to profit in the fourth quarter. Despite a recent pullback, copper prices have more than tripled in the past four years, and cheaper aluminum cable and wire is winning favour for use in industrial building applications.

 

BUENOS AIRES HERALD

Front Page

 

Mexicans protest food prices

Thousands of Mexican workers and farmers protested on Wednesday the spiraling cost of food, putting pressure on President Felipe Calderón to act.

 

Argentina health cost to rise by 2%

Argentina’s government has authorised a 2% rise in medical insurance plans, along with a system of additional payments (copagos) each time specific medical services are used.

 

Argentine union calls for relocation of Uruguay pulp mill

The only way to end the rift between Argentina and Uruguay over a Uruguayan paper pulp mill is for the plant to be relocated, Argentina’s pro-government CGT labour umbrella organisation declared on Wednesday.

 

Brazil’s Lula set record on land redistribution

Brazil’s President Luiz Inácio Lula da Silva, who says his priority is to improve the lives of poor Brazilians, delivered 31.6m hectares of land to 381,419 families as of the end of last year, according to Brazil’s Agrarian Reform Ministry and National Colonization and Land Reform Institute.

 

Ecuador protesters demand change to Constitution

Supporters of Ecuador’s leftist President Rafael Correa invaded the Congress building, forcing cancellation of a legislative session, in demand of a referendum on rewriting the country’s Constitution.

 

($1 = €0.77)

By: Staff Reporter
+44 20 8652 3214

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