In Friday's Americas papers

09 May 2008 12:00  [Source: ICIS news]

Chavez aided Colombia rebels, captured computer files show
A cache of controversial computer files closely tying Venezuela's President Hugo Chavez to communist rebels seeking to topple Colombia's government appear to be authentic, US intelligence officials say.

Oil rises near $125 on weak dollar
Oil prices climbed to nearly $125/bbl Friday as a weaker dollar drives investments into commodities. Light sweet crude for June delivery rose $1.24/bbl to $124.93/bbl in midday electronic trading on the New York Mercantile Exchange in Europe.

Property mogul poised to take a second fall
Sixteen years ago, developer Ian Bruce Eichner was forced to give his lenders the keys to his newly finished office tower in Times Square. The empty building, a symbol of one of the worst downturns in US commercial real-estate history, ultimately cost his lenders and partners about $200m.

AIG posts record loss, as crisis continues taking toll
In a sign that crisis continued to reverberate through the financial sector, American International reported multibillion-dollar losses Thursday. The giant insurer also announced that it would raise $12.5bn in capital to replenish its balance sheet.

Some winners in the tumult are emerging
While it is still too early for hedge-fund honchos to celebrate, the biggest winners so far this year are some of the funds that had the biggest losses over the brutal summer of 2007.

Discounts? Yes, but a fire sale? No
The massive market for debt tied to commercial real estate is beginning to thaw as investors flush with cash are starting to buy up billions of dollars in mortgages and securities that had been stuck on the books of banks.

Hezbollah gunmen seize control of Beirut areas
Shiite opposition gunmen seized control of several Beirut neighborhoods from Sunni foes loyal to the US-backed government on Friday as sectarian clashes reminiscent of Lebanon's bloody 15-year civil war raged in the capital.

UN pressures Myanmar to allow aid
With up to 1.5m people in Myanmar now believed to be facing the threat of starvation and disease and with relief efforts still largely stymied by the country’s isolationist military rulers, frustrated UN officials all but demanded Thursday that the government open its doors to supplies and aid workers.

Business Day

Questions of rent tactics by private equity
Private investment firms have been amassing what may seem like unusual stakes in New York real estate: They have bought hundreds of apartment buildings with thousands of rent-regulated units across the city that produce decidedly meagre returns.

Air travellers need to pack more money
Air travel these days is an adventure with many surprises, some of them unpleasant. That also describes the process of simply buying a ticket. Airlines have raised fares or increased surcharges, partly to cover the rising cost of jet fuel, at least 10 times so far this year - most recently on Thursday, when American Airlines and Delta Air Lines raised ticket fees again.

McCain pushed land swap that benefits Backer
Senator John McCain championed legislation that will let an Arizona rancher trade remote grassland and ponderosa pine forest here for acres of valuable federally owned property that is ready for development, a land swap that now stands to directly benefit one of his top presidential campaign fundraisers.

Obama seeks to unify party for November
Senator Barack Obama began taking the first steps to unify the fractured Democratic Party for a general-election battle against Senator John McCain, even as Senator Hillary Rodham Clinton continued to insist that she has the backing of a broader coalition that could carry the party to victory in November.

Future shock: Ford optimistic, Toyota forecasts gloom
The previously surging Toyota Motor said yesterday that it expects a 27% decrease--yes, decrease--in profit in the coming fiscal year, news that came on the same day that long-beleaguered Ford Motor was holding what almost amounted to a love-in at its annual shareholders meeting.

39 Republicans join Democrats as mortgage bill passes house
The House yesterday approved an ambitious plan to rescue hundreds of thousands of homeowners at risk of foreclosure by helping them trade exotic loans with rapidly rising monthly payments for more affordable mortgages backed by the federal government.

Hezbollah seizes large parts of Beirut
Hezbollah gunmen took control of large areas of Beirut on Friday in a third day of fighting between the pro-Iranian group and fighters loyal to the US-backed governing coalition.

Myanmar says no need for foreign aid distribution
Myanmar will accept foreign aid but not foreign aid workers, the government said on Friday, after a disaster rescue team from Qatar that arrived in Rangoon on an aid flight was turned back.

Onex eyes move into gambling
Onex is ready to place a bet on the US gambling industry, with struggling casino icon Tropicana Entertainment a potential target for Gerald Schwartz's buyout firm.

Ottawa reaffirms decision to block MDA deal
The federal government says it stands by its decision to block a foreign takeover of Canada's premier space technology firm. Industry Minister Jim Prentice announced the decision early Friday, saying it followed an "extensive and rigorous review process".

Farmers launch new 8-day lockout
Argentine farmers yesterday launched an eight-day lockout--a resumption of a three-week strike they had suspended in early April - accusing the government of fostering confrontation and of refusing to scrap or scale down sliding duties on soybean exports, a measure implemented in March.

Medvedev sworn in in Russia
Dmitry Medvedev was sworn in as Russian president yesterday and nominated his predecessor Vladimir Putin as prime minister, ushering in an unprecedented period of dual rule.

Hillary hoping for late comeback
Hillary Clinton pressed ahead with her come-from-behind bid yesterday, putting a brave face on a slim victory in Indiana and vowing to fight on until the last Democratic nominating contest concludes.