In Friday's Americas papers

18 January 2008 11:00  [Source: ICIS news]

THE WALL STREET JOURNAL

Front Page

Default fears unnerve markets
The turmoil on Wall Street is beginning to rock a foundation of the financial system: The ability of institutions to make good on their many trades with one another.

Bush, Democrats rush to roll out stimulus plan
President Bush and Congress, driven by the worsening economic outlook, a tumbling stock market and Americans' growing sense of financial insecurity, are speeding toward agreement on a package of measures to stimulate the economy.

Hit hard, Merrill and others pull back from riskier businesses
With mortgage-related losses at big banks and brokerages now topping $100bn, Wall Street is going back to basics.

Money & Investing

UBS plans restructuring to improve risk management
UBS is taking a series of steps to improve its risk management in the wake of massive write-downs linked to the subprime mortgage meltdown, according to an internal memo obtained by Dow Jones Newswires.

Default fears unnerve markets
The turmoil on Wall Street is beginning to rock a foundation of the financial system: the ability of institutions to make good on their many trades with one another.

Lehman to cut 1,300 jobs
Lehman Brothers Holdings announced it will "substantially" reduce its US residential-mortgage lending, suspending its warehousing operations.

THE NEW YORK TIMES

Front Page

Frontier insurgency spills into a Pakistani city
For centuries, fighting and lawlessness have been part of the fabric of this frontier city. But in the past year, Pakistan’s war with Islamic militants has spilled right into its alleys and bazaars, its forts and armories, killing policemen and soldiers and scaring its famously tough citizens.

Hamas police force recruits women in Gaza
The policemen of Hamas now have company: since the Islamic group took over here last June it has been recruiting policewomen as well. Since mid-August, 60 women have been accepted into the force.

Business Day

Fed Chief’s reassurance fails to halt stock plunge
The stock market plunged again on Thursday on bad economic news, taking little comfort from reassuring words by the chairman of the Federal Reserve or an emerging consensus about a stimulus plan that many worry could be too late.

Merrill posts huge loss; chief says firm’s capital is adequate
The outlook darkened for Merrill Lynch on Thursday as news of a huge quarterly loss sent the company’s stock plummeting. Merrill, the nation’s largest brokerage firm, posted a $9.8bn fourth-quarter loss, almost matching the deficit reported for the period by Citigroup, a company three times Merrill’s size.

THE WASHINGTON POST

Front Page

Iraq may need military help for years, officials say
Senior US military officials projected yesterday that the Iraqi army and police will grow to an estimated 580,000 members by the end of the year but that shortages of key personnel, equipment, weaponry and logistical capabilities mean that Iraq's security forces will probably require US military support for as long as a decade.

CIA places blame for Bhutto assassination
The CIA has concluded that members of al-Qaeda and allies of Pakistani tribal leader Baitullah Mehsud were responsible for last month's assassination of former Pakistani prime minister Benazir Bhutto, and that they also stand behind a new wave of violence threatening that country's stability, the agency's director, Michael V Hayden, said in an interview.

Business

Fed chairman backs stimulus
Federal Reserve Chairman Ben S Bernanke endorsed government efforts to stimulate the economy yesterday, as congressional leaders and the Bush administration moved closer to agreement on a plan.

Coal industry plugs into the Campaign
A group backed by the coal industry and its utility allies is waging a $35m campaign in primary and caucus states to rally public support for coal-fired electricity and to fuel opposition to legislation that Congress is crafting to slow climate change.

GLOBE AND MAIL, Canada

Front Page

Bush, Bernanke back plan to stimulate weakening economy
In a bid to save the world's largest economy from recession, US President George W Bush and central bank chief Ben Bernanke yesterday endorsed a $100bn stimulus package as the spreading housing mess continued to hammer banks, consumers and investors.

Another innocent bystander killed in gun battle, police say
A man shot to death during a dinnertime "gun battle" in Toronto's east Chinatown Thursday is believed to have been an innocent bystander, the second to be killed in the city by gunfire in a week.

Business

Harper dampens hopes for relief measures
As the impetus grows for a stimulus package to rescue the faltering US economy, Prime Minister Stephen Harper further dampened expectations of a similar boost for Canada, warning in his bluntest language yet not to expect major tax or spending measures in the 2008 budget.

Expect to pay thousands more for cars
Vehicle prices will rise as Canadian auto makers spend billions on technology to meet new federal standards requiring them to improve fuel economy by an average of 22% by 2020.

BUENOS AIRES HERALD

Front Page

Judge orders the 2,300 rehired
The judiciary yesterday ordered that 2,300 municipal workers whose contracts had not been extended by the Buenos Aires City administration earlier this month be rehired, in a measure surrounded by controversy as it was the third ruling of Judge for Administrative Affairs Elena Liberatori against the City government in only 10 days.

Michigan Romney’s
Mitt Romney scored a breakthrough win over rival John McCain in Michigan in the Tuesday vote, reviving his struggling campaign and scrambling a chaotic Republican presidential race with no clear front-runner.

By: Staff Reporter
+44 20 8652 3214

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