In Wednesday's Europe papers

13 August 2008 06:30  [Source: ICIS news]

FINANCIAL TIMES

Front page

Japanese contraction fuels recession fears
Japan’s economy contracted at an annualised 2.4% in real terms in the second quarter, confirming fears that the world’s second largest economy could be facing a recession for the first time in six years.

Phelps wins his fifth gold in Beijing
Michael Phelps ended all the historical debates on Wednesday when he won two more swimming golds, bringing his Beijing tally to five and his overall haul to eleven.

Companies and markets

UBS chiefs knew of rule breaches
Senior executives at UBS, the Swiss bank being investigated by US authorities, knew some of their bankers had acted in a way that meant they risked breaching American securities laws at least a year before the US inquiries began, a letter seen by the Financial Times shows.

Revenue growth slows at Thomson Reuters
News from Thomson Reuters that growth in its financial data division had slowed but that it would still hit its growth and savings targets exposed investors’ differing views of the dual-listed group on opposite sides of the Atlantic on Tuesday.

INTERNATIONAL HERALD TRIBUNE

Front page

Five golds for Phelps. Three to go.
An iconic sporting figure from the 1970s springs to mind when assessing Michael Phelps's performance here. Not Mark Spitz, whose record of seven golds at the 1972 Munich Games is squarely in Phelps's sights, but the 1973 Triple Crown winner Secretariat.

Russia, in accord with Georgians, sets withdrawal
The presidents of Georgia and Russia agreed early Wednesday morning on a framework that could end the war that flared up here five days ago, after Russia reasserted its traditional dominance of the region.

Marketplace

US credit system remains crippled a year after crisis erupted
A year after the credit crisis erupted on Wall Street, one of the most important arteries of modern US finance remains broken. And until it is fixed or replaced, analysts say, borrowers in the US can expect to face higher than normal interest rates even as access worsens to home mortgages, student loans, auto loans and commercial mortgages.

Japan's economy contracts in April-June
Japan's economy shrank 0.6% in the April-June period from the previous quarter, matching market expectations and ending three quarters of expansion on weak exports and consumption.

THE MOSCOW TIMES

Front page

Medvedev orders halt to fighting
President Dmitry Medvedev ordered a halt to the Russian military operation in Georgia on Tuesday, saying troops had accomplished their mission of restoring safety to civilians and its peacekeeping forces in Georgia’s breakaway republics of South Ossetia and Abkhazia.

Sarkozy clinches a 6-point plan for peace
President Dmitry Medvedev said Tuesday that Georgia should agree to a cease-fire, the return of its troops to their bases and the continued deployment of Russian peacekeepers in its breakaway regions of Abkhazia and South Ossetia.

Business

BNP Paribas plans brokerage purchase
BNP Paribas, France's largest bank, announced plans Tuesday to acquire a Russian brokerage to strengthen its foothold in one of the fastest-growing emerging markets.

War hits Georgia's credit rating
Georgia is likely to suffer lasting economic damage from its war with Russia, credit ratings agencies warned Tuesday, saying foreign investment might dry up despite a halt in the conflict. 

DER SPIEGEL

Front page

Putin outmaneuvers the West
Russia's strongman Vladimir Putin has achieved his goal in Georgia -- the country has been destabilized. And the West will have to look on powerless when its ally, Georgian President Mikhail Saakashvili, is eventually driven from office.

Was Beijing 2008 a mistake?
While the world complains about human rights violations, air pollution, censorship and the despotic rule of the Chinese regime, China is celebrating a dream come true. Many in the West are convinced that awarding the Olympics to Beijing was a mistake. Are they right?

TURKISH DAILY

Front page

How Caucasian misery hits home 
The deadly fighting between Georgia and Russia has brought ethnic subgroups in Turkey to the forefront as Ankara debates what policy to pursue in the region.

Istanbul curious about sea taxis
Istanbul residents are curious about “sea taxis,” a novel form of transportation brought into service at the beginning of this month in hopes of alleviating slightly the busy metropolis' notorious traffic

Business and finance

Russia-Georgia war ordeal for Turkey’s economy
Turkish business leaders are urging officials to mediate the Russia-Georgia conflict and establish a ceasefire to ensure the close economic relations with both countries.

American Superconductor enters Turkey wind market
Model Enerji, Turkey's first megawatt-class wind turbine manufacturer, has acquired a licence for the WT1650 wind turbine design from a leading American energy technology company.

WARSAW BUSINESS JOURNAL

Front page

US President backs Polish President's visit to Georgia
According to the head of the Foreign Affairs Office of the Presidential Chancellery, Mariusz Handzlik, the President discussed this issue yesterday with US President George Bush.

TelForceOne's poor results may make it a take over target
According to market speculation the company might be interesting for Eurotel and Mediatel. "Currently no negotiations concerning a potential sale are under way," said Wieslaw Zywicki, deputy president of TelForceOne.

By: Staff Reporter
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