In Friday's Americas papers

04 April 2008 12:00  [Source: ICIS news]

THE WALL STREET JOURNAL

Front Page

Nonprofit hospitals strike it rich

Nonprofit hospitals, originally set up to serve the poor, have transformed themselves into profit machines. And as the money rolls in, the large tax breaks they receive are drawing fire.

 

Regulators defend Bear rescue

The Fed sought a low sale price for Bear Stearns to send a message that taxpayers wouldn't bail out firms making risky bets, a Treasury Department official testified, as regulators offered Congress an explanation of the rescue.

 

Hunters comb globe for a hot metal

Explorers are the bedrock of a global mining industry. As demand soars in China and other emerging economies, it puts immense pressure on the geologists, engineers and modern-day Indiana Jones-types tasked with finding the next big reserves.

Money & Investing

Ex-UBS executive pushes break-up

Former UBS president Luqman Arnold is pushing for a break-up of the Swiss banking giant in the wake of its $37.7bn in write-downs. The surprise attack promises to increase acrimony inside UBS, which has gutted its leadership since becoming one of the hardest-hit banks in the credit crisis.

 

Wall Street bankers leave for private equity

As the head of JP Morgan Chase & Co's banking unit that covers private equity firms, John Coyle was at the red-hot center of the buyout boom. Now, in the midst of the bust, he has jumped ship to join a former client, private equity firm Permira.

 

FHA loans grow costly as banks add fees

Politicians are prodding the Federal Housing Administration to help revive the nation's housing market by enabling more Americans to obtain or refinance home mortgages. But banks that make loans insured by the federal agency are adding fees and restrictions that make those loans more costly and less widely available.

THE NEW YORK TIMES

Front Page

81% in poll say nation is headed on the wrong track

Americans are more dissatisfied with the country’s direction than at any time since the New York Times/CBS News poll began asking about the subject in the early 1990s, according to the latest poll.

 

More than 1,000 in Iraq’s forces quit Basra fight

More than 1,000 Iraqi soldiers and policemen either refused to fight or simply abandoned their posts during the inconclusive assault against Shiite militias in Basra last week, a senior Iraqi government official said Thursday. Iraqi military officials said the group included dozens of officers, including at least two senior field commanders in the battle.

Business Day

Testimony offers details of Bear Stearns deal

Three weeks after the market crisis that forced the rescue of Bear Stearns, federal officials and senior Wall Street executives offered their first public account on Thursday of the harrowing four days of negotiations that led to a deal to sell the investment bank to JPMorgan Chase.

 

Investors stalk the wounded of Wall Street

Almost two centuries ago, as Napoleon marched on Waterloo, a scion of the Rothschilds banking dynasty is said to have declared: the time to buy is when blood is running in the streets.

WASHINGTON POST

Front Page

Assessing the complex dream, legacy of MLK

Near the end of his life, the Rev Martin Luther King Jr felt cornered and under siege. His opposition to the Vietnam War was widely criticised, even by friends. He was being pressured both to repudiate the black power movement and to embrace it.

 

Basra assault exposed US, Iraqi limits

When Iraqi Prime Minister Nouri al-Maliki launched an offensive in Basra last week, he consulted only his inner circle of advisers. There were no debates in parliament or among his political allies. Senior American officials were notified only a few days before the operation began.

Business

Back to pen and paper

Census Bureau drops plans for workers to use of wireless handheld devices to collect information from people who don't mail in forms, after problems with devices such as technical issues and rising costs.

 

Whistle-blowers: FAA ties are too close

Administration's reliance on airlines to voluntarily disclose safety issues creates problems, demonstrating weakness in efforts to ensure the wellbeing of all airlines, official says.


GLOBE AND MAIL, Canada

Front Page

BC's 'pioneering' carbon rules worry industry

British Columbia has ratcheted up its campaign to reduce carbon emissions by introducing a cap-and-trade regime for large emitters, becoming the first province in Canada to formalise such a system and leading the way in North America.

 

Israeli official shot during tour with Canadians

An aide to Israel's public security minister was wounded by a gunshot Friday as he toured an observation point overlooking the northern Gaza Strip with a group of Canadian Jews.

Business

Apple claims title of top song seller

The biggest record store in the US isn't a record store at all, it's Apple's iTunes. Thursday, the computer giant announced that after just five years in the market, its online music store has blown past Wal-Mart Stores to become the largest retailer of music in the US.

 

Caisse faces demands to lead bailout

Caisse de Depot et Placement du Quebec has been asked to play a lead role in a bailout plan of retail investors heading into the weekend, after the ABCP bailout committee received an earful during three stormy days of public hearings.

BUENOS AIRES HERALD

Front Page

Farmers call off three-week lockout

Farmers yesterday suspended a 21-day lockout that stripped store shelves of produce and meat, paralysed grains exports and sparked a political crisis. They called a 30-day truce to continue negotiating with the government and warned that they would resume protests and road blockades if their demands are not met.

 

Far right gums up London mayoral race

The race to be mayor of Britain’s capital took a twist yesterday when a far-right party offered backing to the frontrunner, who quickly distanced himself from the unwanted endorsement.


Ahern walks away from premiership

Irish PM Bertie Ahern, who helped broker peace in Northern Ireland but could not survive a scandal over his collection of cash from businessmen, said yesterday he will resign on 6 May.


By: Staff Reporter
+44 20 8652 3214



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