In Wednesday's Americas papers

02 April 2008 13:34  [Source: ICIS news]

THE WALL STREET JOURNAL

Front Page

Stocks surge as two major banks advance turnaround plans
Stock markets shot higher after two financial firms at the center of investors' worries took steps to shore up their capital and put the credit crisis behind them. But bankers cautioned that the industry isn't out of the woods yet.

National City talks to key
As National City tries to dig itself out from deepening loan problems, one option is getting some unexpected consideration: turning to a neighbor for help. The big Ohio bank is considering a plan to sell itself to hometown rival KeyCorp, according to people familiar with the matter.

Business donors bypass McCain
McCain is trying to close a deep fund-raising deficit against Clinton and Obama, but the two Democratic candidates are raking in cash from business interests that give mainly to Republicans.

Money & Investing

New hunger for risk stirs a quarter-opening rally
Investors embraced risk Tuesday, bidding shares sharply higher and unloading safe havens like Treasury bonds and gold to begin 2008's second quarter with a bang.

Mortgage securities back Fed loan to Bear Stearns
The securities backing a $29bn Federal Reserve loan to Bear Stearns consist primarily of "mortgage-backed securities and related hedge investments," the Treasury Department said.

Toyota feels pinch along with big 3 as sales dive
The auto industry's sales slump deepened sharply in March amid a powerful economic downdraft, and even once-invincible Toyota Motor took a big hit.

THE NEW YORK TIMES

Front Page

Zimbabwe state-run paper predicts a runoff
Zimbabwe’s state-run newspaper, The Herald, reported Wednesday morning that “the pattern of results in the presidential election shows that none of the candidates will garner more than 50% of the vote, forcing a re-run.”

Bush asks NATO leaders to embrace policies
President Bush opened a meeting of NATO leaders here on Wednesday urging the alliance to “maintain its resolve and finish the fight” in Afghanistan and strengthen its military forces to combat Al Qaeda and other threats around the world.

Business Day

UBS to write down another $19bn
The mortgage crisis set off fresh shock waves Tuesday, with the biggest banks in Switzerland and Germany announcing huge write-downs totaling $23bn, adding to the hundreds of billions in losses that financial firms already face from the subprime mortgage fallout.

Wall Street shows optimism that crisis is fading
Stocks started the second quarter with a soaring rally on Tuesday that sent the Dow Jones industrial average up nearly 400 points, its best performance in two weeks, as investors found reasons to take heart in a fresh round of mortgage-related write-offs at UBS and Deutsche Bank and a capital infusion at Lehman Brothers, the brokerage firm.

WASHINGTON POST

Front Page

For India, Tibet poses some delicate issues
Angry Tibetans in India chanted all kinds of anti-China slogans last month when they gathered to protest the crackdown in their homeland. But one chant, in particular, seemed to be an ominous warning to the government in New Delhi: "China-India brotherhood is a Chinese deception!" the Tibetans shouted.

Tiny party shows large clout on settlements
Secretary of State Condoleezza Rice left Israel on Monday having failed to persuade leaders here to halt settlement construction on occupied Palestinian land. But the setback for Rice was a victory for Rabbi Ovadia Yossef, the spiritual leader of the ultra-Orthodox Shas party.

Business

Safeway, Giant workers ratify new contract
Safeway and Giant Food workers yesterday voted to approve a new labor contract that includes wage increases for the next four years but will require some employees to pay weekly insurance premiums and higher health-care deductibles.

Senators agree to make deal on housing
Under pressure from voters to address the nation's housing crisis, Senate Republicans agreed yesterday to work with Democrats on a compromise plan to stimulate sagging home sales and help distressed homeowners avoid foreclosure.

GLOBE AND MAIL, Canada

Front Page

Tories plan to bolster Quebec in Constitution
The Harper government is telling Quebec that if the Conservatives win a majority in the next election, they will look to reopen the Constitution and give more meaning to their recognition of Quebeckers as a nation.

PM lowers expectations that France will provide 1,000 troops
Prime Minister Stephen Harper goes into a crucial two-day NATO summit Wednesday with lingering uncertainty about whether he will get the additional troops he was counting on to extend Canada's mission to Afghanistan, with the possibility still remaining that he could leave empty-handed.

Business

The mile-high club
Canada's two largest airlines have raised ticket prices while carrying record numbers of passengers, finding a sweet spot even as many carriers around the world struggle amid soaring fuel costs.

Central bank moves to accept new risks
The Bank of Canada has embarked on a series of quiet but fundamental policy changes in response to the global credit crisis--changes that will enhance its flexibility, but could also expose it to more risk.

BUENOS AIRES HERALD

Front Page

New steps fail to appease farmers
New measures to help small farmers accompanied by a presidential speech failed yesterday to end the agricultural lockout, which will continue at least until tomorrow, farmer association leaders confirmed last night.

US financial regulations to be altered
The Bush administration yesterday proposed the most far-ranging overhaul of the US financial regulatory system since the stock market crash of 1929 and the ensuing Great Depression.

Cuban hotels to open for Cubans
New Cuban President Raúl Castro’s government has lifted a ban on Cubans staying at hotels previously reserved for foreigners, ending another restriction that had been especially irksome to ordinary citizens.

By: Staff Reporter
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