In Wednesday's Americas papers

16 January 2008 11:28  [Source: ICIS news]

THE WALL STREET JOURNAL

Front Page

Romney wins Michigan primary
Native son Mitt Romney won Michigan's Republican presidential primary, keeping his candidacy alive but leaving his party's nomination race more chaotic.

World rides to Wall Street's rescue
In the latest sign of America's sinking financial fortunes, investors from as far afield as Japan, Korea, Singapore, Saudi Arabia and Kuwait have come to the rescue of Wall Street.

Stimulus deal may be possible
A top House Democrat said Congress and the White House can come to an agreement on an economic-stimulus package - provided Republicans don't insist the plan includes making President Bush's signature tax cuts permanent.

Money & Investing

For financial stocks, is it another false bottom?
Like little kids stuck in the backseat of a car, investors keep whining that the ride through the financial crisis never ends. Each new multibillion-dollar write-down holds out the promise that it could finally be over - until a new set of losses eclipses the last.

Lax lending could end up fuelling sudden acceleration in auto-loan delinquencies
In the waning days of the housing-market bubble, lenders lowered their standards, and that made the downturn worse. There is growing evidence that standards also came down for auto loans, and rapidly rising default rates could be the next dilemma for the staggering financial sector.

Holder vote at UK lender complicates sale efforts
Two hedge funds agitating for a greater say over the future of UK mortgage lender Northern Rock won a partial victory as shareholders voted to limit some of the board's power to negotiate a private-sector bailout.

THE NEW YORK TIMES

Front Page

Romney beats McCain in Michigan vote
Mitt Romney, the former Massachusetts governor who ran as a son of Michigan though he left the state nearly 40 years ago, won a commanding victory Tuesday in the Republican primary here with a message aimed at voters deeply anxious about the state’s ailing economy.

No GOP anchor in sight
Can anyone bring the Republicans together again? The convincing victory by Mitt Romney in the Michigan primary on Tuesday means three very different states - with dissimilar electorates driven by distinctive sets of priorities - have embraced three separate candidates in search of someone who can lead the party into a tough election and beyond President Bush.

Business Day

Citigroup loss raises anxiety over economy
Citigroup, the nation’s largest bank, reported a staggering fourth-quarter loss of $9.8bn on Tuesday and issued a sobering forecast that the housing market and the broader economy still had not bottomed out.

Buddy, can you spare a billion?
First hard-pressed Wall Street banks turned to rich foreign governments for help. Now, they are seeking aid from the likes of New Jersey and big mutual funds to bolster their weakened finances.

THE WASHINGTON POST

Front Page

Romney wins Michigan GOP primary
Former Massachusetts governor Mitt Romney resoundingly won the Michigan presidential primary Tuesday, seizing his first big victory in the Republican competition and blunting the momentum of his chief rival, Senator John McCain.

Clinton, Obama distance selves from talk of race
After a week of bitter intra-party disputes over the issue of race, Senator Hillary Rodham Clinton extended an olive branch to Senator Barack Obama on Tuesday night and declared that she and the other Democratic presidential candidates are "all family" in a nationally televised debate.

Business

A growing foreign stake in US banks
The nation's biggest financial firms, battered by huge losses in their mortgage businesses, are relying on an enigmatic source for cash: foreign governments in the Middle East and Asia.

Corporate fraud lawsuits restricted
The Supreme Court yesterday strictly limited the ability of investors who lost money through corporate fraud to sue other businesses that may have helped facilitate the crime, a decision that could doom stockholder efforts to recover billions of dollars lost in Enron and other high-profile cases.

GLOBE AND MAIL, Canada

Front Page

Head of nuclear watchdog fired
Linda Keen has been let go as the president of the Canadian Nuclear Safety Commission amid controversy involving the shutdown of AECL's isotope-producing nuclear reactor last year.

Big banks consider defying rate cut
Some of Canada's big banks are contemplating holding their prime rates steady in the face of a rate cut by the Bank of Canada, a move that could destabilise the country's monetary policy.

Business

Quebecor World misses deadline
Quebecor World has missed the deadline to come up with $125m in new financing. The troubled commercial printing giant said late Tuesday evening that it has failed to meet the deadline, which was imposed by its banks late last year as part of a refinancing agreement.

CIBC to get majority of cash from Canadian investors
Two Canadian institutional investors are contributing the bulk of the $1.5bn infusion that Canadian Imperial Bank of Commerce is receiving by way of a private placement.

BUENOS AIRES HERALD

Front Page

Taliban hit top five-star Kabul hotel
Militants stormed Kabul’s most popular luxury hotel yesterday, killing seven people as they hunted down Westerners who cowered in a gym - a co-ordinated assault that could signal a new era of brazen Taliban attacks.

After car crashes, a train collision
Several people received minor injuries when locomotive collided with a train of the former San Martín railroad in Santos Lugares in Greater Buenos Aires yesterday. Though the figure was in dispute, sources at the company reported there were more than 30 people with mild injuries.

UK defies Russia, latter curtails visas
Russia responded angrily yesterday to Britain’s defiance of its order to close two offices of a cultural organization, calling it a deliberate provocation and vowing punitive measures including restrictions on entry visas for consular officials.

By: Staff Reporter
+44 20 8652 3214

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly