In Thursday's Europe papers

31 July 2008 06:00  [Source: ICIS news]

FINANCIAL TIMES

Front page

Fed lays on extra liquidity support
The Federal Reserve ramped up its liquidity support operations again on Wednesday in an effort to reduce money market strains and pre-empt the possibility of funding crises at the year-end or at other stress points.

Hynix reports loss amid poor chip demand
Hynix Semiconductor, the world’s second-largest memory chipmaker, on Thursday reported its third consecutive quarterly net loss as weak demand and a US plant closure undermined profitability.

Companies and markets

Store closures wipe out profit at Starbucks
Starbucks slid to its first quarterly loss as a public company on Wednesday as charges related to its decision to close more than 650 cafes wiped out profits at the biggest US coffee shop chain.

Morgan Stanley could spend $1bn on new hires
Morgan Stanley plans to use up to $1bn (€640m) saved from cutting 4,800 jobs this year to hire top-level executives and bolster its presence in areas such as derivatives, risk management and proprietary trading.

INTERNATIONAL HERALD TRIBUNE

Front page

At a fork in the road, Cuba follows two paths
When President Raul Castro spoke last week at the old military garrison where he and his older brother Fidel began the Cuban revolution 55 years ago, the younger Castro looked minuscule compared with the outsize banner looming over him of his bearded predecessor.

Olmert to quit after elections in September
Prime Minister Ehud Olmert of Israel, embroiled in a high-profile corruption investigation, announced Wednesday that he would resign his office as soon as his party chose a new leader in September.

Marketplace

China's shift on food was key to trade impasse
China and India have seldom shared the same views on free trade in recent years, but they ended up on the same side at the collapse of world trade talks in Geneva on Tuesday because China made an abrupt about-face.

TDK plans purchase of Epcos
TDK plans to buy the German electronic parts manufacturer Epcos for up to $1.9bn (€1.2bn), in a move to expand sales of industrial-use parts and cope with fierce price competition, a source with knowledge of the deal said on Thursday.

THE MOSCOW TIMES

Front page

2 more coal firms come under fire
The government's antitrust probe into rising coal prices widened Wednesday to include Evraz Group and Raspadskaya, just days after Prime Minister Vladimir Putin attacked miner Mechel.

Bikers look to make money and save lives
As Moscow's traffic grinds to a halt, only one form of transport can slip through the jams: motorbikes. And dedicated bikers are promoting this advantage as a way to save time -- and lives.

Business

Dudley says board to review spending
The board of TNK-BP will review the firm's investment plan for 2008, one of the points of contention in a fierce shareholders' dispute, CEO Robert Dudley said Wednesday.

Norilsk shares jump on merger report
Norilsk Nickel shares closed up 8.4% on Wednesday amid speculation that the company would enter merger talks with billionaire Oleg Deripaska's United Company RusAl. 

DER SPIEGEL

Front page

German post office lands in US presidential campaign
The German express mail company DHL is not having a good year. Losses are mounting and now a planned cooperation with US competitor UPS has become a campaign issue. An Ohio senator accuses Deutsche Post of "not playing it straight with us."

Top court rejects ban of ruling AKP
The highest court has ruled against a proposed ban of the governing AKP party. A wafer-thin majority of the 11 judges decided to give the government a reprieve, while handing down a warning.

TURKISH DAILY

Front page

Ruling party narrowly saved, says democracy won
Turkey’s top court yesterday issued a key verdict over the fate of the ruling Justice and Development Party, or AKP, and dismissed the chief prosecutor’s demand to disband it for being a focal point of anti-secular activities on 6 to 5 votes on the third day of deliberations. The party closure requires at least seven votes in favor.

Who did it?
An investigation into deadly bombings in Istanbul's Güngören neighborhood Sunday has led to a debate in the media about which terrorist group is responsible: separatists, religious zealots, nationalist coup plotters, or all of them in alliance.

Business and finance

Areva invests in Kocaeli 
Areva's Transmission and Distribution division, or Areva T&D, held a groundbreaking ceremony Sunday for a distribution transformer factory in Turkey's northwestern city of Kocaeli.

Unregistered real estate agents increasing in Didim
The number of unregistered real estate agents in Didim is now double that of registered ones, according to the head of the seaside resort town's main real estate body.

WARSAW BUSINESS JOURNAL

Front page

Interest rates remain unchanged, for now
The Monetary Policy Council (MPC) decided to leave interest rates unchanged at 6% on Wednesday; however the MPC is not ruling out further rate hikes in order to bring down inflation to 2.5%.

Lech Walesa testifies in the 1970 Gdansk massacre trial
The former Polish President and Solidarity icon Lech Walesa testified before the Regional Court in Warsaw on Wednesday as a witness in the trial against General Wojciech Jaruzelski for his part in the murder of protesters in Gdansk in 1970.

By: Staff Reporter
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