In Thursday's Americas papers

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

THE WALL STREET JOURNAL

Front Page

Bill Gates issues call for kinder capitalism
Free enterprise has been good to Bill Gates. But later today, the Microsoft chairman will call for a revision of capitalism.

Societe Generale hit by fraud, write-downs
France's Societe Generale on Thursday said fraud related to a trader will result in a €4.9bn ($7.16bn) loss and that it will write down an additional €2.05bn in assets related to subprime exposure. The bank plans to raise €5.5bn in capital in "the following weeks".

How low should the Fed go when cutting rates?
One of the key questions facing Federal Reserve policy makers next week, in the wake of their surprise rate cut Tuesday, is how much lower they should push interest rates to rescue the US economy.

Money & Investing

Will marketing change after star's death?
For nearly nine months, internet-savvy movie fans have been tantalised by a web marketing campaign to slowly unveil the new look for one of Hollywood's most popular characters: the Joker, nemesis to Batman and a central figure in the next installment of the Warner Bros film franchise based on the caped crusader.

Stocks reverse early losses, close up 2.5%
The nation's stock market did an about-face, rising nearly 600 points from its morning low to finish deep in positive territory, as investors put aside worries about struggling banks and declining profits and poured money into shares.

Citigroup and Morgan Stanley embrace taxman's loophole
The global investors who plugged the leaks in the balance sheets of Wall Street may have got good deals. One party that looks like a loser: the US Treasury.

THE NEW YORK TIMES

Front Page

Attacks imperil militiamen in Iraq allied with US
American-backed Sunni militias who have fought Sunni extremists to a standstill in some of Iraq’s bloodiest battlegrounds are being hit with a wave of assassinations and bomb attacks, threatening a fragile linchpin of the military’s strategy to pacify the nation.

Next on the worry list: shaky insurers of bonds
Even as stocks ended five days of losses with a surprising recovery on Wednesday, officials began moving to defuse another potential time bomb in the markets: the weakened condition of two large insurance companies that have guaranteed buyers against losses on more than $1,000bn of bonds.

Business Day

A fear that the cure could be poison
Even as the Federal Reserve grapples with the collapse of a speculative bubble in housing - the second speculative bust in less than a decade - is it at risk of repeating recent mistakes?

Bush and Congress nearing a deal on stimulus
Congressional leaders and the Bush administration were close to reaching a deal on a $145bn economic stimulus package on Wednesday night as the Treasury Department crunched the numbers on components of the plan, senior House officials said.

THE WASHINGTON POST

Front Page

Negotiators grappling with stimulus plan
The White House and congressional leaders struggled yesterday to preserve their newfound alliance on the economy in the face of revolts in both parties over the shape of a potential stimulus package and of debates over issues such as healthcare and warrantless surveillance.

Terrorism probe points to reach of web networks
In April 2005, police swarmed the US Capitol to confront an erratic Australian man, carrying two suitcases, who they feared was a suicide bomber. After blowing up one of the bags, officers realised he was harmless.

Business

Wall Street u-turn pulls US stocks out of nosedive
The stock market soared yesterday afternoon, capping a remarkably volatile day, as new efforts by key players in the US financial system aim to raise enough cash to guard against some of the fallout of the credit crisis.

Bad loans help push Sallie Mae to loss
Sallie Mae, the student loan giant, reported Wednesday that it lost $1.64bn in the fourth quarter, a sharp reversal from its $18m profit in the comparable quarter a year earlier.

GLOBE AND MAIL, Canada

Front Page

Canadian soldier killed by IED
A Canadian soldier died when a bomb exploded under his armoured vehicle Wednesday, as the military struggles to regain control of a notorious district southwest of Kandahar city.

Canada quietly halts prisoner transfers
Canada stopped transferring prisoners into Afghan custody months ago after discovering compelling evidence of torture, Ottawa admitted yesterday. The government kept its decision under wraps, even as it prepared to fight rights groups seeking a halt to transfers in court today.

Business

GM's move south a blow to Ontario
General Motors has scrapped plans to build some rear-wheel-drive cars at its giant operations in Oshawa, Ont., a move that could threaten the long-term future of the largest vehicle assembly plant in Canada and thousands of jobs.

Rogue trader costs French bank billions
Societe Generale has uncovered a fraud by one of its traders which will have a €4.9bn ($7.1bn) negative impact on the group, France's second largest listed bank said on Thursday.

BUENOS AIRES HERALD

Front Page

Cristina and Moyano smile on each other
"Very positive" was the description of yesterday’s meeting between the CGT umbrella union and President Cristina Fernandez de Kirchner given by Hugo Moyano, the head of the CGT. The two sides gathered to set the basic guidelines of a framework scheme towards wage negotiations in the forthcoming months.

Acrimonious Dems
The Democratic presidential race is growing increasingly bitter ahead of the pivotal South Carolina primary on Saturday, with front-runners Hillary Rodham Clinton and Barack Obama accusing each other of repeatedly and deliberately distorting the truth for political gain.

So the samba band can play on...

Each year regional samba schools in Brazil employ thousands of seamstresses, painters, designers, and musicians, to work on the preparation for the Carnival parade.

 

By: Staff Reporter
+44 20 8652 3214

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