In Friday's Americas papers

13 July 2007 13:00  [Source: ICIS news]

THE WALL STREET JOURNAL

 

Front Page

 

Drug industry fights switch to epilepsy generics

Drug makers face patent expiration in the next few years on four epilepsy drugs that generate $5bn (€3.6bn) in sales annually. The industry is fighting the switch to generics by increasingly paying attention to a group it hasn't lobbied much in the past: state legislators.

 

Dow soars to new record despite unease

The Dow industrials surged 283.86, or 2.1%, to a record 13,861.73, their biggest gain in nearly four years. The rally was sparked by Rio Tinto's planned deal for Alcan and the release of retail sales figures.

 

Senators feel heat over pay rise

A fight between a St Croix radio broadcaster and a group of Virgin Islands senators shows what can happen when mainland Americans bring a more abrasive brand of criticism to a place where politicians have cosier ties with their electorate.

 

Money & Investing

 

Loan slump may crimp buyout wave

In a snag that is complicating the deal wave, the market for risky bank loans, which has stood strong even as other markets went through bouts of turmoil the past few years, is hitting speed bumps.

 

Mr Volatility and the swan

Nassim Nicholas Taleb was last seen holstering his trading guns in 2004 after his hedge fund, Empirica Capital LLC, posted several years of lacklustre returns when the fund's bets on a market swoon failed to pay off as stocks rose steadily.

 

Indexes soar as investors shake

The stock market roared back to record territory as investors decided that, for now at least, their worst fears haven't come true.

 

THE NEW YORK TIMES

 

Front Page

 

Tax loopholes sweeten a deal for Blackstone

The Blackstone Group, the big buyout firm, has devised a way for its partners to effectively avoid paying taxes on $3.7bn (€2.6bn), the bulk of what it raised last month from selling shares to the public.

 

Bush distorts Al-Qaeda links, critics assert

In rebuffing calls to bring troops home from Iraq, President Bush on Thursday employed a stark and ominous defense. “The same folks that are bombing innocent people in Iraq,” he said, “were the ones who attacked us in America on 11 September, and that’s why what happens in Iraq matters to the security here at home.”

 

Business Day

 

Alcan gets $38bn takeover bid

The mining company Rio Tinto made a sizable and friendly $38.1bn (€27bn) offer for Alcan, the Canadian aluminum producer, on Thursday, easily pushing aside an earlier $27.5bn hostile bid from Alcoa.

 

A Chinese food and drug official betrays his cause and pays

Zheng Xiaoyu once ranked as one of the most powerful regulators in China. He rose from modest beginnings to help create and lead Beijing’s version of the Food and Drug Administration in the US.

 

THE WASHINGTON POST

 

Front Page

 

As the war debate heats up, stagnant air is in the forecast

He lamented, in his own way, that he is unloved these days and reflected on the "war fatigue" that has gripped his country. He looked forward to the day, not so long from now, when he will retire to his Texas ranch and tell himself that he did the right thing.

 

Commuting Libby's sentence 'fair,' Bush says

President Bush acknowledged for the first time yesterday that "somebody" in his administration leaked the name of an undercover intelligence officer but declined to say whether he was disappointed in such an action and contended that it is time to move on.

 

Business

 

Records on Wall Street

Stock markets roar upward led by the Dow Jones industrial average, which rode good retail news to record highs, showing its biggest one-day gain in nearly four years.

 

Western-style capitalism, but with a Russian accent

Russians are embracing capitalism of the sort in Western Europe or Asia, but at same time slipping back into new kind of state-guided capitalism.

 

GLOBE AND MAIL, Canada

 

Front Page

 

US House votes to pull troops out of Iraq

The Iraqi government is achieving only spotty military and political progress, the administration of US President George W Bush conceded Thursday in an assessment that war critics quickly seized on as confirmation of their dire warnings. Within hours, the House voted to withdraw US troops by spring.

 

Change tune on war, PM told

The Harper government has been told to stop referring to “fighting terrorism” and the 11 September attacks, and to banish the phrase “cut and run” from its vocabulary if it is to persuade a skeptical public that the military mission in Afghanistan is worth pursuing.

 

Business

 

Inside Canada's biggest deal

There was a brief moment Thursday, about halfway through a press conference to announce Rio Tinto PLC's record $38.1bn (€27bn) takeover of Alcan Inc, where Dick Evans looked as though he might blush.

 

Beijing quits pipeline, blasts Ottawa

Beijing issued a scathing rebuke Thursday of the Harper government's unwillingness to attract Chinese investment and help sell Canadian oil to the Far East, as the state oil company PetroChina said it was withdrawing support for a major pipeline between Alberta's oil sands and a West Coast port.

 

BUENOS AIRES HERALD

 

Front Page

 

Finalist with finesse

Copa America. Argentina beat Mexico 3-0 with goals by Gabriel Heinze, Lionel Messi and Juan Roman Riquelme (penalty kick) to set up another Argentina-Brazil final.

 

Government takes on Clarín

Cabinet Chief Alberto Fernandez yesterday dismissed a barrage of charges of malfeasance and fraud against Environmental Secretary Romina Picolotti, calling them “idiocies” published by a “pseudo-journalist” of the newspaper Clarin in a “clear political manoeuvre.”

 

Gas pains

Taxi drivers formed long lines at service stations yesterday amid shortages of compressed natural gas (GNC) for cars, a popular alternative to petrol.

 

($1 = €0.73)


By: Staff Reporter
+44 20 8652 3214



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