In Wednesday's Europe papers

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

FINANCIAL TIMES

Front page

Ma damps hopes of early Taiwan-China ties
Ma Ying-jeou, Taiwan’s president-elect, took early steps to manage expectations of a quick and far-reaching rapprochement with China on Tuesday, in a move that could disappoint foreign investors who have stormed into Taiwan in anticipation of improved cross-Strait relations.

IMF puts cost of credit crisis at $945bn
The financial sector faces potential losses of almost $1,000bn (€640bn) as a result of the credit crisis, the International Monetary Fund said on Tuesday, warning of further losses and writedowns on prime mortgages, commercial real estate, leveraged loans and consumer finance.

Companies and markets

Citi in $12bn loan sale to private equity
Citigroup is nearing a deal to sell $12bn (€7.6bn) in leveraged loans at a discount to a group of leading private equity firms, marking another step in new chief executive Vikram Pandit’s efforts to shrink the beleaguered bank’s balance sheet.

Asian shares flat as oil nears $109
Asia-Pacific shares were mixed on Wednesday, with banks falling on worries that they may need to raise further funds to provide for credit market losses and energy stocks rising as oil inched closer to $109 (€69.76) a barrel.

INTERNATIONAL HERALD TRIBUNE

Front page

Petraeus urges 45-day halt in weighing new Iraq troop cuts
Telling Congress that progress in Iraq was "fragile and reversible," the top American commander recommended Tuesday that consideration of any new withdrawals of American troops be delayed until the fall, making it likely that little would change before Election Day.

Officials expect Olympic torch to continue on route
The Olympic torch arrived in San Francisco on Tuesday for the latest stage of its worldwide relay amid contradictory reports about whether the International Olympic Committee was for the first time considering cutting the relay short or changing the route.

Marketplace

Japanese Parliament approves candidate for Bank of Japan governor
The Japanese Parliament approved the acting Bank of Japan governor, Masaaki Shirakawa, as the central bank's permanent head on Wednesday, bringing to a close a political impasse that had left the post vacant since last month.

Former Fed chief chides current one
Paul Volcker, the imposing former Fed chief who felled the runaway inflation of the 1980s, chided the current chairman, Ben Bernanke, for toeing "the very edge" of the bank's legal authority in orchestrating the bailout last month of the beleaguered investment bank Bear Stearns.

THE MOSCOW TIMES

Front page

Norilsk deal Shaky ahead of vote
United Company RusAl's multibillion-dollar bid for a blocking stake in Norilsk Nickel, the world's largest nickel and palladium miner, is hanging in the balance amid reports that Mikhail Prokhorov's Onexim Group is objecting to a key clause in the deal. 

Defense ministry to auction off own bases
The Defense Ministry is looking to play auctioneer for the first time as part of a plan to sell billions of dollars' worth of property to help fund the construction of much-needed housing for officers. 

Business

Prokhorov pockets TGK-4 for $500m
Billionaire Mikhail Prokhorov snatched the state's stake in the power company TGK-4 with a surprise bid of $500m (€320m) on Monday, shattering expectations that a foreign investor would win the auction.

Mogilevich remanded in custody
A Moscow court on Monday remanded businessman Semyon Mogilevich in custody, rejecting an offer by his lawyers to post a higher bail of $2.1m (€1.3m).

DER SPIEGEL

Front page

China loses control of the games
The image of four-month-old Qianci in the arms of her mother, Zeng Jingyan, is hard to dispel. The little girl is screaming at the top of her lungs, her crumpled face a picture of fear.

UN and Google to map global conflict regions
Nearly 35m people across the globe have been uprooted by violence, political conflict and catastrophe. Now the UN is partnering with Google in a new effort to keep track of them.

TURKISH DAILY

Front page

Ricochet from turmoil of 1970s
Forty people were detained and several injured following clashes between two groups of students with differing political views at Antalya's Akdeniz University Sunday. 

Young Turks' career question: Why?
University students take a good, hard look at the realities of the business world with IdeaTrophy. An annual competition organized by global consumer product brands giant Unilever's Turkey branch, IdeaTrophy has allowed the company's human resources manager, Cem Tarık Yuksel, to monitor the shifts in the way Turkish youth perceive working life.

Business and finance

Sancaktepe nominated as Istanbul's new housing site 
The areas of Sarıgazi, Samandıra and Yenidogan, which have been going through a rapid development period for the last few years, are getting ready to merge under the name of “Sancaktepe,” becoming one of Istanbul's youngest districts.

Overwhelmed lenders allow homeowners to stay
Banks are so overwhelmed by the US housing crisis they've started to look the other way when homeowners stop paying their mortgages.

WARSAW BUSINESS JOURNAL

Front page

Phenomind Ventures to create CEE silicon valley
Phenomind Ventures, a venture capital fund owned by Sebastian Kulczyk and Michał Grzybowski, which will debut next week is planning to establish a silicon valley for dynamic technology companies from CEE.

Carrefour launches own mobile phone service
On Thursday French supermarket chain Carrefour launches its own MVNO telephone service called Carrefour Mova.

By: Staff Reporter
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