In Tuesday's Europe papers

01 April 2008 06:00  [Source: ICIS news]


Front page

Lehman in $3bn share offering
Lehman Brothers on Monday said it would sell at least $3bn (€1.9bn) worth of convertible preferred shares to help bolster its balance sheet and dispel rumours that it could face capital problems similar to those that sank Bear Stearns.

Paulson says overhaul could take years
Hank Paulson, US Treasury secretary, conceded on Monday it could take "many years" to overhaul US financial regulation as congressional critics took aim at his new plan to revamp a system dating back to the Great Depression.

Companies and markets

UBS set for further writedowns
UBS is poised to reveal further writedowns of up to $18bn (€11.3bn) and seek a capital increase of about Swiss francs (Swfr) 13bn ($13.1bn/€8.3bn) only weeks after shareholders approved a similar-sized injection from outside investors.

Pyongyang lashes out at Lee
North Korea unleashed a torrent of insults at South Korea’s new president on Tuesday in a first mention of Lee Myung-bak since he won a December election with a pledge to get tough on his communist neighbour.


Front page

Hamas's harsh rhetoric against the Jews
In the Katib Wilayat mosque one recent Friday, the imam was discussing the wiliness of the Jew. "Jews are a people who cannot be trusted," Imam Yousif al-Zahar of Hamas told the faithful. "They have been traitors to all agreements. Go back to history. Their fate is their vanishing. Look what they are doing to us."

Detainee charged in attack on US embassy
Military prosecutors filed war crimes charges on Monday against a Guantánamo detainee who was formerly held in the Central Intelligence Agency's secret prisons and has been indicted previously by US prosecutors in New York.


Paulson lays out blueprint for Wall Street overhaul
Ambitious plan aims to overhaul financial system surveillance. As Treasury Secretary Henry Paulson Jr formally laid out an ambitious plan Monday to overhaul the regulatory apparatus that oversees the US financial system, senior lawmakers and industry lobbyists predicted most of it would be dead on arrival.

UBS seeks to raise capital after posting $12bn in first-quarter write-downs
UBS, the European bank with the highest losses from the US subprime crisis, will seek to raise Swiss francs (Swfr) 15bn ($15.1bn/€9.6bn), in a capital increase after writing down $19bn in debt securities.


Front page

Bush to talk up NATO on Kiev visit
US President George W Bush's visit to Ukraine will bolster its chances of starting the process toward NATO membership, US Ambassador William Taylor said Monday.

Caucasus skiing idyll the Olympics forgot
High up on the slopes of this idyllic mountain retreat, it is easy to forget that the ski resort of Dombai lies at the heart of the volatile North Caucasus.


Electricity prices seen rising more quickly
The government will look again at its planned hikes in domestic electricity prices for business users because the unregulated prices are rising more quickly than anticipated, Federal Tariffs Service chief Sergei Novikov told reporters Monday.

Gazprom calls for long-term deals
Gazprom deputy CEO Alexander Medvedev warned Monday that plans to boost gas production at home depended on signing long-term contracts with Europe, as the state-run monopoly said it would increase capital investment to record levels over the next two years.


Front page

The big prize of Basra
The images are so terrible that no one has dared publish them. They depict the bodies of 15 women, old and young, veiled and unveiled, bullet-riddled and severely disfigured. One is already half decomposed. A group of young boys in track pants stands behind the body. They found it on the side of the road, somewhere in Basra.

Formula One boss Mosley under pressure to resign
The president of Formula One's governing body FIA is under pressure to resign over sex allegations made by a British tabloid newspaper. The News of the World reported Sunday that Max Mosley, 67, had taken part in a "sick Nazi orgy" with five prostitutes involving Nazi role-playing.


Front page

New trouble down on the nation's farm
Turkey's agriculture sector in 2007 echoed the global trend, with a dramatic drop in yields recorded throughout the sector.

Companies eye lottery sale
Many foreign companies including Camelot, Opap, Lottomatica, Osterreichische and Intralot are keeping a close eye on the approaching sale of the state-owned National Lottery.

Business and finance

New market regulation in the pipeline
As Turkish investors get acquainted with hedge funds, leading analysts and academics, including Bing Liang of the University of Massachusetts, gathered at a conference, titled "New Horizons In The Investment World" Friday.

Revival in real estate sector expected in spring
Optimism about a revival in the real estate sector is growing despite those who think that global fluctuations will hit the Turkish economy eventually and due to the two-year stagnation period being experienced in the sector.


Front page

Sejm to vote on Lisbon Treaty today, PiS remains divided
An extraordinary meeting of the Sejm is to take place today during which deputies are to vote in favor of the bill which will authorize President Lech Kaczyñski to ratify the Lisbon Treaty.

Bank of New York plans to reactivate investment fund
US-based Bank of New York (BNY) is planning to return to its plans to launch services on the Polish market and in order to do this it wants to reactivate the Bank of New York National Trust TFI (BNY NT TFI) investment fund which was established in Poland two years ago.

By: Staff Reporter
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