In Wednesday's Europe papers

19 September 2007 06:00  [Source: ICIS news]

LONDON (ICIS news)--These were the top stories at 06:00 GMT in the following European newspapers’ online versions on Tuesday. ICIS has not verified these stories and does not vouch for their accuracy. To go to the individual websites, click the links below:

Financial Times
Front page

Stocks soar as Fed makes sharp cut in rates
Stocks surged after the Federal Reserve moved aggressively to head off the risk of a sharp slowdown in the US economy on Tuesday, cutting interest rates by 50 basis points to 4.75%.

Lehman results give fillip to Wall Street
Lehman Brothers helped ease concern about the effect of the credit squeeze on bank earnings on Tuesday when it reported better-than-expected third-quarter results and signalled its belief that the worst of the market turmoil was over.

Companies and markets

Fed’s rate cut powers up Asia
Asian stocks powered higher on Wednesday as the US Federal Reserve’s bold interest rate cut raised hopes for the US economy, but the dollar plumbed a 15-year low versus a basket of currencies.

Carlyle appoints new regulatory chief
Carlyle will break new ground in the US private equity industry on Wednesday when it announces the appointment of a top Washington lawyer to manage its dealings with regulators and politicians around the world.

International Herald Tribune
Front page

Typhoon bears down on China's east coast
Chinese officials closed schools in Shanghai and 1.8 million people were evacuated from coastal areas as Typhoon Wipha thrashed toward the mainland Wednesday.

Migration reshapes Iraq's sectarian landscape
A vast internal migration is radically reshaping Iraq's ethnic and sectarian landscape, according to new data collected by thousands of relief workers, but displacement in the most populous and mixed areas is surprisingly complex, suggesting that partitioning the country into semiautonomous Sunni, Shiite and Kurdish enclaves would not be easy.


Fed cuts key rate by a half point to buffer economy
The Federal Reserve lowered its benchmark interest rate by a half point Tuesday, a forceful policy shift intended to limit the damage to the economy from the recent disorder in the US housing and credit markets.

Bank of England doubles emergency loans available to British banks
The Bank of England on Tuesday doubled the amount of emergency loans made available to British banks caught short in the global credit squeeze--curbing a surge in overnight borrowing costs but fueling criticism that the bank governor was reversing his own policy against bailouts.

The Moscow Times
Front page

Defense Minister resigns over family ties
In the first casualty of a looming Cabinet shake-up, acting Defense Minister Anatoly Serdyukov resigned Tuesday due to his relationship to new Prime Minister Viktor Zubkov, who is his father-in-law.

Lavrov confronts French minister over Iran
Acting Foreign Minister Sergei Lavrov on Tuesday told visiting French Foreign Minister Bernard Kouchner that neither military force nor unilateral sanctions were acceptable in dealing with Iran's nuclear program.


Business elite may get to quiz Putin
Leading businessmen may get an opportunity to question President Vladimir Putin on the direction the country is heading when they meet him in Sochi on Friday.

Transtelecom opens in China
Transtelecom, the communications arm of state-run Russian Railways, on Tuesday opened an office in Beijing in an effort to promote its planned digital telecoms link with Asia.

Der Spiegel
Front page

Porsche and VW Battle it out
It was last Wednesday afternoon when two broad-shouldered men with shaved heads disappeared into a conference room. VW works council chairman Bernd Osterloh and Uwe Hück, Porsche's labor representative, were both stone-faced when they entered the Porsche booth at the International Automobile Exhibition (IAA) in Frankfurt.

German greens slide into turmoil
Germany's opposition Greens party, which has its roots in the peace movement, is in turmoil once again over whether to back a foreign military mission.

Turkish Daily
Front page

Turkey rides the wave in global crunch
In merely six years, Turkish and European banks seem to have shifted roles, as the crisis stemming from the US subprime mortgage sector creates a serious liquidity crunch in Europe.

Turkish lobbies in US stepping up efforts
As Washington has increasingly been turning a blind eye to the red lines of Turkish foreign policy, pro-Turkish lobbies are looking for ways to strengthen their position in the US.

Business and finance

Is Turkey the new Spain?
Turkey is becoming increasingly popular among British citizens that search for a "dream home in the sun" but cannot afford Spain, reported the British Sunday Mirror on 16 September The Internet site reported that there are currently 17,000 homes owned by UK citizens in Turkey and noted the sunny weather and the low property prices, as low as British pounds £20,000 ($40,816/€29,985) in some cases, as the main reasons.

Crisis expected unless interest rate cuts prevent stagnation says Is Investment

Global fluctuation triggered by the problems related to the US mortgage loans is reaching breaking point. The United States Central Bank (FED), which could not forestall risk appetite with interest rate hikes in the past few years, is expected to introduce interest rate cut in today's meeting.

Warsaw Business Journal
Front page

Business sector rallies to support Krauze against Ziobro
Justice Minister Zbigniew Ziobro yesterday revealed the charges which will be filed against billionaire Ryszard Krauze, who is a major shareholder in a number of listed companies, including Prokom Software, Bioton, Petrolinvest, Asseco Poland and ABG Spin.

Crisis expected unless interest rate cuts prevent stagnation, says Is Investment
Global fluctuation triggered by the problems related to the US mortgage loans is reaching breaking point. The United States Central Bank (FED), which could not forestall risk appetite with interest rate hikes in the past few years, is expected to introduce interest rate cut in today's meeting.

By: Staff Reporter
+44 20 8652 3214

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