In Friday's Americas papers

08 August 2008 12:00  [Source: ICIS news]

THE WALL STREET JOURNAL

Front Page

Bush presses China on freedom of speech
US President George W Bush on Friday prodded China to lessen repression and "let people say what they think", as the American leader dedicated a new embassy in Beijing ahead of the opening ceremony for the Olympic Games.

Lack of seats, galleys delays Boeing, Airbus
Airbus and Boeing have both struggled with complex technology and assembly issues that have delayed ambitious new jet models. Now the manufacturing rivals face a more basic problem with the production of their existing planes: a shortage of less-advanced equipment such as seats, toilets and galleys that is slowing down their assembly lines.

Georgia launches offensive in breakaway province
Georgian troops launched a major military offensive Friday to regain control over the breakaway province of South Ossetia and the president accused Russia, which has close ties to the separatists, of bombing Georgian territory.

Money & Investing

AIG's $5.4bn loss roils the markets
Robert Willumstad, the new CEO of American International Group, is taking time to hatch a plan to revive the giant insurer. Investors aren't waiting.

Citi, Merrill to pay $17bn to defuse auction-rate case
Pushing to put one of the biggest debacles of the credit crisis behind them, Citigroup and Merrill Lynch agreed to buy back $17bn in auction-rate securities.

Loosened rules pose little effect on Yuan
China's revision of its restrictive rules on moving money in and out of the country marks an important step toward liberalization of the capital account but isn't likely to alter the path of the currency and authorities' policy dilemma in the shorter term, analysts said.

THE NEW YORK TIMES

Front Page

A neighbourhood fixer wants ‘to do it elected’
There are at least half a dozen ways to reach Isaac Abraham, a community advocate, which is fortunate, since he seems to love being found: to supply a quote, to solve a problem or to get in the middle of the city’s political rumbles.

Gates pushing plan to double Afghan army
Defense Secretary Robert Gates will endorse a $20bn plan to substantially increase the size of Afghanistan’s army and will also restructure the military command of American and NATO forces in response to the growing Taliban threat, senior Pentagon and military officials said Thursday.

Business Day

Study finds settling is better than going to trial
Note to victims of accidents, medical malpractice, broken contracts and the like: When you sue, make a deal. That is the clear lesson of a soon-to-be-released study of civil lawsuits that has found that most of the plaintiffs who decided to pass up a settlement offer and went to trial ended up getting less money than if they had taken that offer.

Signs point to a slower sales season for retailers
With belts firmly tightened, Americans sought out more bargains and cheaper goods in July, leaving the nation’s retailers bracing for a painful back-to-school shopping season.

WASHINGTON POST

Front Page

For China, it's showtime
In the lobby of a provincial Chinese hotel stood a 25-foot-high inflatable character, a beaming Olympic mascot cheerfully inviting one and all to enjoy the 2008 Beijing Games. But in small Mandarin characters stenciled neatly across its polyurethane rump was a discreet reminder: "For Government Use Only," it said.

Russell will miss games after collapsing
Bantamweight Gary Russell Jr of Capitol Heights, one of the US boxing team's top contenders for a medal, is out of the Olympics after collapsing Thursday night while trying to make weight.

Business

Citi to buy back $7.3bn of bonds
Citigroup agreed Thursday to buy back $7.3bn of bonds from retail and small-business customers who got stuck holding the debt when the market for so-called auction-rate securities melted down in February.

Foreclosure crisis catching renters off guard
James Austin was stunned when a real estate agent showed up to snap photos of the house he was renting last year and casually informed him the place was in foreclosure.

GLOBE AND MAIL, Canada

Front Page

Smog thins - but air remains nowhere near ideal
All around the security perimeter separating the public from Beijing's off-limits main Olympic grounds, smiling locals and Chinese tourists posed for pictures on the eve of the opening ceremony.

Fighting rages in South Ossetia
Fighting raged in and around the capital of Georgia's breakaway South Ossetia region on Friday as Georgian troops, backed by warplanes, pounded separatist forces in a bid to re-take control of the territory.

Business

Credit crackdown
When Canadian accountant Kenneth Lee toured Florida looking for real estate deals in May, it seemed everyone in the state's ravaged housing sector bent over backwards to welcome him – with the exception of mortgage lenders.

Housing slump stalks Western Canada
As Canada's housing market shows fresh signs it has exited the boom phase, Merrill Lynch economists are cautioning homeowners to expect a “sustained downturn” in prices.

BUENOS AIRES HERALD

Front Page

Province decries teachers’ strike
Mario Oporto, education and culture minister of the province of Buenos Aires, said yesterday that it was “a pity” that an agreement had not been reached to halt a 24-hour strike that teachers’ unions in the province have called for Monday “because we are willing to award a pay increase,” but “teachers were not interested in avoiding direct action”. 

Colombian troops for Afghanistan?
Colombia, a key Washington ally in Latin America, is studying whether to send troops to Afghanistan to work in such areas as mine clearance and illegal crop eradication, the government said. President Alvaro Uribe said that “This country has acquired much experience in this, through suffering.” A military team has already been sent to evaluate the mission. 

‘Muslims, don’t be near Chinese’
A little known Islamist group that has threatened attacks against the Olympic Games in China urged Muslims yesterday to keep away from any activities linked to its events, two US-based terrorism monitoring firms said yesterday.

By: Staff Reporter
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