In Tuesday's Americas papers

15 May 2007 13:01  [Source: ICIS news]

THE WALL STREET JOURNAL

Front Page

 

Chrysler deal Heralds new direction for Detroit

DaimlerChrysler has set the table for a far-reaching restructuring of Detroit's Big Three by agreeing to sell 80.1% of Chrysler to Cerberus. The deal spurred investor excitement about the potential for private-equity investors to reshape the US auto sector.

 

Bush orders stricter rules for auto fuel mileage

The White House laid out tougher regulations aimed at requiring auto makers to build cars with better mileage and increase the use of renewable fuels.

 

TV Networks Try A Little 'Blogola'

TV studios and networks are trying to tap into the burgeoning power of blogs as promotional tools by flooding bloggers with free stuff in hopes the flattered recipients will reward them with positive coverage

 

Money & Investing

 

Cerberus finds luster in Detroit

With its acquisition of Chrysler, Cerberus is becoming a force on Wall Street, with a stable of financial institutions that make it by far the biggest auto lender in the nation and a broader financial power around the globe.

 

Investors differ on big three's prospects

Investors bid up shares of Ford and GM following news of Cerberus's deal to buy Chrysler, but some industry analysts remain sceptical of a turnaround for US auto makers.

 

Blue chips gain 20.56 points

Stocks put in a mixed performance as investors digested acquisition news and awaited a key inflation reading due today.

 

THE NEW YORK TIMES

Front Page

 

Inspectors cite big gain by Iran on nuclear fuel

Iran appears to be enriching uranium on a far larger scale than before, a finding that may affect the efforts by diplomats to stem Tehran’s program.

 

In deal, a test for the UAW

Any efforts by Cerberus to reduce Chrysler’s $18bn (€13.3bn) health care and pension obligation will put it at odds with the United Automobile Workers union.

 

Business Day

 

A corporate divorce on the cheap

Nine years after they exchanged vows at a huge, lavishly choreographed news conference in London, Daimler and Chrysler signed their divorce papers Monday at a sparsely attended briefing in an auditorium at an aging Mercedes-Benz factory here.

 

One misstep and they’re out the door

Last Wednesday, Chris Albrecht, the chief executive of Home Box Office and a star at Time Warner, was asked to resign three days after he was accused of assaulting his girlfriend in the parking lot of the MGM Grand Hotel in Las Vegas. Two days later, he pleaded no contest and agreed to pay a fine.

 

THE WASHINGTON POST

Front Page

 

Deputy attorney general announces resignation

Paul J. McNulty is the fourth senior Justice Dept. official to quit amid controversy surrounding the dismissal of nine US attorneys last year.

 

Cerberus's sharp-toothed ways

In more than a decade of buying into down-and-out companies across three continents, Cerberus Capital Management has applied a similar strategy to most of its targets: cut, cut and cut some more.

 

Business

 

Daimler to split with Chrysler, at a cost

Deal with Cerberus Capital Management ends partnership hailed nearly 10 years ago as a model of global cooperation.

 

Bank rebukes Wolfowitz on ethics

World Bank committee concludes bank president broke ethics rules and undermined the integrity of the institution.

 

GLOBE AND MAIL, Canada

Front Page

 

Thomson and Reuters seal the deal

Thomson Corp. and Reuters Group PLC formed the world's biggest financial information company Tuesday morning after gaining merger approval from the independent directors who guarantee Reuters' independence.

 

Prepare for summer of protests, chief warns

A renegade native leader in Manitoba is threatening widespread economic disruption, with a warning to CN Rail that he will attempt to blockade the rail line connecting Eastern and Western Canada next month.

 

Business

 

Home Depot profit drops almost one-third

the world's largest home improvement store chain, cited erratic weather and continued weakness in the housing market as it reported Tuesday a 29.5% drop in first-quarter profit on a slight increase in sales.

 

LionOre recommends sweetened Xstrata bid

LionOre Mining International Ltd. is recommending its shareholders accept a sweetened takeover offer of $6.2bn (€4.5bn) from Anglo-Swiss miner Xstrata PLC, both companies said in a statement Tuesday.

 

BUENOS AIRES HERALD

Front Page

 

Mullah Dadullah

The Taliban’s top operational commander in southern Afghanistan, was killed during a clash with Western and Afghan forces in Helmand province, officials said yesterday. NATO confirmed the news. The death of Dadullah represents the biggest setback to the Taliban command since the insurgency began, after its Islamic government was toppled by US-backed forces in 2001.

 

US, Iran announce talks

The United States and Iran announced yesterday they will hold upcoming talks in Baghdad about improving Iraq’s security — a historic political turnabout that comes amid a last-ditch US military and diplomatic push to stabilise the insurgency-wracked country.

 

Early-morning attackers wearing hoods

Three armed and hooded attackers forced their way into the office of the mayor of the city of Bahía Blanca in Buenos Aires province and set it on fire yesterday, causing severe damage to the building’s interior.

 

($1 = €0.73/$1 = C$1.10)

By: Staff Reporter
+44 20 8652 3214

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