In Thursday's Americas papers

22 May 2008 13:53  [Source: ICIS news]

THE WALL STREET JOURNAL

Front Page

Energy watchdog warns of oil production crunch
The world's premier energy monitor is preparing a sharp downward revision of its oil supply forecast, a shift that reflects deepening pessimism over whether oil companies can keep abreast of booming demand.

NRG makes unsolicited offer for Calpine
Power generator Calpine confirmed that it received an unsolicited merger offer from NRG Energy, which proposed a stock-for-stock transaction that would value the combined firm at $22bn and create the largest independent power company in the US.

Fed's forecast grows gloomier
Federal Reserve officials acknowledge they are fighting a difficult, two-front war against slow economic growth and high inflation fed by soaring commodity prices.

Money & Investing

Buffett still likes buying US firms
Investor Warren Buffett on Tuesday said his field trip to Europe to seek potential acquisitions wasn't due to the weakness of the US economy, saying he still loves to invest at home.

Auto-stake risks rise for equity firms
After ploughing billions of dollars into the automotive sector, private equity firms are facing increasing risks that their investments won't pan out. Rising interest rates, a depressed US auto market and fewer "exit" opportunities - or ability to cash out of investments - are lengthening the odds.

Neptune orient is set to bid for Hapag-Lloyd
Neptune Orient Lines is ready to make a cash offer for Hapag-Lloyd of $6bn-7bn and is confident of winning the German container shipper despite an expected bid from a consortium led by the German city of Hamburg, two people familiar with the situation said Wednesday.

THE NEW YORK TIMES

Front Page

Many Florida Jews express doubts on Obama
At the Aberdeen Golf and Country Club on Sunday, the fountains were burbling, the man-made lakes were shining and Shirley Weitz and Ruth Grossman were debating why Jews in this gated neighbourhood of airy retirement homes feel so much trepidation about Senator Barack Obama.

Rescue ends one ordeal for young Chinese pupils
When the earth finally stopped bucking, only one building was left standing in the vicinity of the Yinxing Township Central Primary School, and that was the school itself.

Business Day

American, cutting back, plans $15 bag fee
There’s an old saying about the best way to travel: bring half the clothes and twice the money. Now may be the time to take that advice to heart.

Understanding and outrage from air travelers
Daniel Rosenthal just finished classes at Yeshiva University, but he already expects that his expenses this fall will go up, thanks to American Airlines.

WASHINGTON POST

Front Page

Skyrocketing oil prices stump experts
Confused about oil prices? So are the experts. Executives from the giant oil companies say it's partly the fault of "speculators" or financial players. Key financial players say it's really a question of limited supply and expanding global demand.

McCain adviser's work as lobbyist criticised
Longtime uber lobbyist Charles R Black Jr is John McCain's man in Washington, a political maestro who is hoping to guide his friend, the senator from Arizona, to the presidency this November.

Business

Fed appears unlikely to keep cutting rates
Most leaders of the Federal Reserve viewed their decision to cut interest rates last month as a "close call," according to minutes of the meeting released yesterday, a document that made it clear that the Fed is probably done with rate cuts for the foreseeable future.

House overrides veto of farm bill
The House easily overrode President Bush's veto of a $307bn farm bill last night in what appeared to be the most significant legislative rebuff of Bush's presidency. But a legislative glitch is likely to force embarrassed Democratic leaders to pass the bill all over again today - and prompt a second showdown with Bush next month.

GLOBE AND MAIL, Canada

Front Page

Court ruling imperils plan to sell BCE
The biggest corporate takeover in Canadian history is in jeopardy after a Quebec court ruled that BCE's $35bn sale to Ontario Teachers' Pension Plan is unfair to bondholders.

Brodie to leave as Harper's chief of staff
Ian Brodie, Prime Minister Stephen Harper's chief of staff, is expected to leave the Prime Minister's Office this summer, signalling a shake-up in time for a fall election.

Business

Oil climbs to record above $135
Oil prices hit a record above $135/bbl and fell back slightly in Asia on Thursday, with supply worries, rising global demand and a slumping dollar keeping crude futures on an upward track.

Global airline shares fall sharply
The world's top airlines warned on Thursday that soaring fuel prices were hitting profits, prompting some to increase fares, and global leader American Airlines announced thousands of job cuts to counter higher costs.

BUENOS AIRES HERALD

Front Page

Catholic Church: poverty increasing
Contrary to what President Cristina Fernandez has announced, Argentina’s highly influential Catholic Church perceives that poverty is growing despite economic growth averaging nine percent in the last five years, a leading Church official said yesterday, adding that relations with the government were “perhaps distant.”

CFK praises economic situation
President Cristina Fernandez de Kirchner yesterday brushed aside rumours about a future financial crisis in the country, highlighting that the current economic situation is unique, and also attacked the media for their negative expectations.

By: Staff Reporter
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