In Thursday's Europe papers

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


Front page

Bernanke warns US economy could shrink
The US economy will not grow much if at all during the first half of this year and “could even contract slightly”, Ben Bernanke said on Wednesday, admitting for the first time that a “recession is possible”.

SingTel fury at axed Australian contract
Singapore Telecommunications’ Australian subsidiary Wednesday attacked the Australian government’s controversial decision to cancel a A$1bn (US$913m) contract to build a regional broadband network.

Companies and markets

Resources stocks lead Asia higher
Asian stocks rose to their highest in a month on Thursday as a rally in gold and oil lifted resource shares, while a surprisingly optimistic indicator for US jobs raised hopes of a milder US economy recession than previously feared.

Overview: Investors remain hopeful that worst is over
Wall Street was unable to extend the upward momentum that fuelled global equities on Wednesday. Trading across markets was volatile as investors digested unsettling comments from Ben Bernanke, Federal Reserve chairman.


Front page

Fed chief presents bleak assessment of US outlook
The chairman of the Federal Reserve, Ben Bernanke, presented his bleakest assessment yet of the US economy, warning a congressional committee Wednesday that economic growth was likely to stagnate - and perhaps even contract - over the first half of this year.

US cites planning gaps in Iraqi assault on Basra
Ambassador Ryan Crocker first learned of the Iraqi plan on Friday, March 21: Prime Minister Nuri Kamal al-Maliki would be heading to Basra with Iraqi troops to bring order to the city.


Tough quarter ahead for US economy, says Paulson
The US economy has turned down sharply and is facing a tough quarter, US Treasury Secretary Henry Paulson said on Thursday.

Asian shares rise to highest in a month
Asian stocks rose to their highest in a month on Thursday as a rally in gold and oil lifted resource shares, while a surprisingly optimistic indicator for US jobs raised hopes of a milder US economy recession than previously feared.


Front page

Fear and resolve in RusAl Pit strike
Among the 96 miners spending their eighth straight day underground at the Little Red Riding Hood mine, the mood is grimly defiant, local union officials said Wednesday.

Bucharest hears Bush, waits for Putin
Hours before the official opening of the NATO summit in Bucharest on Wednesday, US President George Bush set the stage for what could be another blast of harsh rhetorical attacks on the West when President Vladimir Putin arrives Friday.


Gutseriyev said to be in Britain
The billionaire former head of oil company Russneft is hiding in London from Russian police who want to arrest him for tax evasion, the Interior Ministry said Wednesday.

TNK-BP raid seen linked to Gazprom
Security officers who raided TNK-BP's headquarters last month were looking for files relating to Gazprom, industry sources said.


Front page

'Osama bin Laden is planning something for the US election'
Mr. Coll, Osama bin Laden recently broke a long silence. He threatened Europe and called for the "liberation" of the Gaza Strip. How seriously should we take these missives? Do they tell us anything about him or about where he might be?

Hedge funds see opportunities in ashes of subprime crisis
While Wall Street banks take billions in additional write-offs, hedge funds have already sniffed out the next lucrative opportunity in the ashes of the US real estate crisis. But those who move too fast might still get their fingers burned.


Front page

Capt. Erdoğan : Full steam ahead
Prime Minister Recep Tayyip Erdoğan yesterday criticized a decision by Turkey's top court to hear the closure case filed against his ruling Justice and Development Party (AKP) and said the case would weaken the state.

İzmir misses out on hosting EXPO 2015
The Aegean city of İzmir missed out on the chance to host one of the largest events in the world, EXPO, in 2015 after Milan won the vote at the Bureau of International Exhibitions (BIE) Plenary Assembly in Paris.

Business and finance

Turkey stalls in global risk index over stability
Turkey's score in the Eurasia Group-prepared Global Political Risk Index (GPRI) stalled in March over fears of political instability. Turkey's rank in the index stands at number 10 out of 24 countries with a score of 64 while the top three countries are Hungary, South Korea and Poland, with 77, 76 and 74 points respectively.

Asian shares gain, concerns persist
Some Asian stocks gained yesterday as better-than-expected data, including for South Korean exports, offered some respite to markets that have suffered this year from fears of a severe global economic slowdown.


Front page

GPF prepares to invest €250m
Griffin Property Finance (GPF), the first mezzanine real-estate investment fund on the domestic market, announced plans to spend €250m ($396.8m) in Poland and other countries in Central and Eastern Europe.

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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