In Monday's Americas papers

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

THE WALL STREET JOURNAL

Front Page

Sell-off extends into second day
Asian stocks came under relentless selling pressure for the second straight session Tuesday, a day after fears that the US economy will slip into recession triggered a sell-off that spread to Europe and Latin America. Several regional markets hit multi-year lows.

EBay chief Whitman, Web pioneer, plans to retire
In the past few months, Ms Whitman, who has led the San Jose, California, Internet auctioneer since March 1998, has been delegating more daily responsibilities to her lieutenants and is completing her succession planning, say people familiar with the matter.

Credit scare spreads in US, abroad
The credit crunch that was sparked by problems with residential mortgages is spreading to the broader economy - with banks making it harder and more expensive for some small and midsize businesses to borrow.

Money & Investing

Loan morsels
Six months ago, Carmine Oliva embarked on what he expected to be a straightforward effort to raise $18m to $20m.

Now, UK banks are facing housing storm on home turf
Banks in the UK, after spending the past six months coping with the repercussions of the US housing bust, are facing a new challenge: Navigating a looming housing crunch at home.

Bank of China's subprime hit: Up to $2bn
Bank of China appears increasingly likely to report a large write-down on its investments in US mortgage securities, illustrating the broadening reach of the global financial downturn - and how one of China's biggest lenders was less astute at avoiding the problem than it initially thought.

THE NEW YORK TIMES

Front Page

Awaiting Wall Street’s open, Asia markets plunge
Stock markets across Asia plunged even farther and faster on Tuesday than on Monday - while stock markets in Europe also opened with further losses on Tuesday - as anxious sellers dumped huge numbers of shares on worries that an economic slowdown in the US could drag down growth around the world.

Feeling misled on home price, buyers are suing their agent
Marty Ummel feels she paid too much for her house. So do millions of other people who bought at the peak of the housing boom.

Business Day

If everyone’s finger-pointing, who’s to blame?
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 mortgage market and the rest of the financial world.

Editor fires parting shot at his chain
The ousted editor of The Los Angeles Times on Monday offered a scathing critique of the newspaper industry and specifically his longtime employer, the Tribune Company, arguing that cost cuts, a lack of investment and an aversion to serious news was damaging the business.

THE WASHINGTON POST

Front Page

Global stocks plunge as US crisis spreads
Stock markets around the world plummeted yesterday as a financial crisis that began in the market for US home mortgages spread to almost all corners of the globe.

Voices are raised in Democratic debate
The Democratic presidential front-runners clashed angrily in a debate Monday night, with Senator Barack Obama accusing Senator Hillary Rodham Clinton and her husband of repeatedly distorting his positions and Clinton asserting that Obama is trying to run away from his record.

Business

Will mergers fly?
Even before any of the nation's major airlines make formal overtures that could lead to mergers, lawmakers from both parties are voicing concerns about the potential pitfalls of consolidation.

IP addresses are personal data, EU regulator says
IP addresses, strings of numbers that identify computers on the Internet, should generally be regarded as personal information, the head of the European Union's group of data privacy regulators said Monday.

GLOBE AND MAIL, Canada

Front Page

Market rout continues overseas
Global stock markets extended their shakeout into a second day Tuesday, plunging amid fears that a possible US recession will cause a worldwide economic slowdown.

Canadian stocks ravaged
The looming threat of a US recession that could infect the rest of the world dealt Canadian stocks their biggest one-day blow since 9/11 Monday as share prices plunged from London to Frankfurt to Tokyo.

Business

For Bernanke, big stakes and great expectations
Years from now, when economists and academics debate the legacy of Ben Bernanke, they may very well measure him against what he does - or doesn't do - today.

Vale and Xstrata talk $90bn merger
Brazil's Companhia Vale do Rio Doce (Vale) and Swiss-based Xstrata - the global mining giants that snapped up Canada's major nickel producers Inco and Falconbridge - are in talks to combine, aiming to bulk up enough to contend with a new generation of resource sector behemoth.

BUENOS AIRES HERALD

Front Page

Lights go out in the Gaza Strip
Large parts of the Gaza Strip plunged into darkness yesterday when its main power plant shut down after Israel blocked fuel supplies and closed the border to the Hamas-run territory.

‘I killed 20,000’
AP Joshua Blahyi, a former Liberian factional fighter known as "General Butt Naked", threatens a fellow combatant with a long knife during an argument outside an army barracks in Monrovia during fighting in the city in this file photo.

NGO’s Botnia report a ‘whitewash’
Assembly members from the city of Gualeguaychu, Entre Ríos province, yesterday accused the NGO Green Cross of participating in a campaign to "whitewash the image" of the Botnia pulp mill, following a report released by the NGO in which it concluded that the mill was not having a negative effect on the local environment.

By: Staff Reporter
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