In Tuesday's Europe papers

22 January 2008 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

Asian markets plunge again
Stocks plummeted across Asia for a second day on Tuesday on unrelenting fears that the US, Asia’s most important trading partner, is heading into recession. The losses followed on from Europe’s declines, and a fall in New York futures suggested no respite for US equities when markets reopen later after Monday’s holiday.

BoJ unanimous on holding rates steady
The Bank of Japan left interest rates unchanged as expected on Tuesday, as fear of a US recession sent stocks tumbling around the world, with the central bank poised to warn of slower growth in an economic review due out in a few hours.

Companies and markets

Brazil’s Vale confirms Xstrata talks
Vale, Brazil’s biggest mining group, was forced to admit on Monday it was in talks over a takeover of its Anglo-Swiss rival Xstrata.

Tesco plots assault on department stores
Tesco is plotting an assault on the high street with plans to build department store-style shops to take on the likes of Debenhams, BHS and Marks and Spencer.

INTERNATIONAL HERALD TRIBUNE

Front page

Asian stocks plunge
Stocks in Asia tumbled Tuesday, with indexes in Tokyo, Seoul, Hong Kong and Australia losing over 4% as growing fears of a US recession sent investors to haven government bonds.

Musharraf woos Europe while Pakistan seethes
Pervez Musharraf is touring European capitals and plans to attend Davos on Wednesday in a bid to show that he remains in charge of his roiling country, where his popular support has never been at such a low ebb.

Marketplace

Bank of Japan holds rates steady
The Bank of Japan left interest rates unchanged as expected Tuesday, with the central bank poised to warn of slower economic growth. The board's unanimous vote to hold rates at 0.5% came as Japanese stocks tumbled more than 4% to two-year lows with investors following others around the world in dumping stocks.

Tide of lawsuits approaches troubled US mortgage market
Everyone wants to know who is to blame for the losses paining Wall Street and homeowners. The answer, it seems, is someone else. A wave of lawsuits is beginning to wash over the troubled US mortgage market and the rest of the financial world. American homeowners are suing mortgage lenders. Mortgage lenders are suing Wall Street banks.

THE MOSCOW TIMES

Front page

'Massacre' pushes RTS under 2,000
The markets shed more than 7% in their worst day in 18 months, amid deepening fears of a US recession.

Globe-trotting Putin landed in 64 countries
President Vladimir Putin's visit to Bulgaria was notable in many ways--a multibillion-dollar pipeline deal, a chance to cement ties with an East European ally, and an opportunity to let Dmitry Medvedev shine in his first trip abroad since winning Putin's blessing as the next president.

Business

Singapore invests in Moscow region
The Singapore government's real estate investment fund on Monday announced it was taking the plunge into the Russian market, putting $233m (€160.7m) into a project with leading developer PIK Group to build a self-contained neighborhood in the Moscow region.

Yushchenko opposes calls for higher gas transit fee
Ukrainian President Viktor Yushchenko opposed calls to charge Russia more to pipe gas across the country to Europe, saying this would lead to a rise in the price Ukraine pays for imported gas for domestic use.

DER SPIEGEL

Front page

Experts warn of stock market hysteria
5%, 6 %, 7%: For the German DAX stock market index, Monday was a day of steep falls. A €1bn ($1.4bn) loss at the bank WestLB, combined with the fears of a global recession, helped push the DAX beneath the psychologically important 7,000-point mark.

Another anti-Koran film stirs up Holland
A Dutch politician's plan to release a film that charges the Koran with promoting violence and intolerance has sparked controversy in the Netherlands. Government officials are distancing themselves from the project and stepping up security at home and at embassies abroad, while Muslim leaders fear that it could strain relations between the Dutch and their large Muslim immigrant population.

TURKISH DAILY

Front page

Euro bosses to bet on Turkey
The world's leading car, truck and construction equipment manufacturing giant, the Volvo Group, has chosen Turkey as its regional hub for future investments.

Hrant Dink commemorated on murder anniversary
The murder of the editor-in-chief of Armenian-Turkish bilingual daily Agos was commemorated in solemn ceremonies and protest marches in several cities around the country Saturday.

Business and finance

Bears prowl Wall Street as banks lose
Banks are not meant to lose money, but some of Wall Street's biggest commercial and investment banks announced billions of dollars of losses in the past week, sending US stock markets into a sharp tailspin.

Hypo customers 'lost money on subprime'
Customers of Hypo Real Estate Holding's Collineo Asset Management unit lost money on US subprime-related investments, Der Spiegel reported, without saying where it got the information.

WARSAW BUSINESS JOURNAL

Front page

Russian-Polish tensions ease as Foreign Ministers meet
On Monday the Russian Foreign Minister Siergiej Lawrow admitted that Russia has no veto right in terms of decisions taken by Poland. Only two days earlier Russia threatened Poland with a nuclear strike if the country agreed to constructing an anti-missile shield.

State Treasury tries to reach deal on Swissair's LOT stake
The State Treasury is working with Swissair's receiver to relieve it of its stake in PLL LOT following the Swiss airline's bankruptcy.

By: Staff Reporter
+44 20 8652 3214

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