In Wednesday's Americas papers

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

THE WALL STREET JOURNAL

Front Page

Russia agrees to halt war
Russia declared a provisional cease-fire after battering Georgia for five days, a conflict that not only gave the US a bloody nose but threatens to upend a decade of geopolitical thinking in Washington.

In mystery cotton-price spike, traders hit by swirling forces
Alarm over the price of oil has sparked controversy over the role of "speculators." But it's an unusual and damaging price spike this year in a different commodity, cotton, that has market watchers scratching their heads.

Bank stocks drop anew amid worry over falling home prices
Stuck with a growing glut of foreclosed houses, banks and investors are shedding them at increasingly steep losses, potentially adding to the banking industry's red ink this year.

Money & Investing

MUFG bid for UnionBanCal shows Japan banks' revival
In the latest sign that foreign buyers have become more aggressive in pursuing US targets, Japan's Mitsubishi UFJ Financial made an unsolicited $3bn offer to acquire the 35% of UnionBanCal that it doesn't own.

Uno restaurant Chain talks with lenders on payment
The parent of Uno Chicago Grill, a chain of 200-plus pizzeria-themed restaurants, will skip a bond payment on Friday as it tries to negotiate more financial breathing room amid increasingly difficult times for sit-down eateries, according to two people familiar with the matter.

Zurich Financial's net falls 2.5% on lower investment gains
Zurich Financial Services Wednesday reported a 2.5% decline in second-quarter net profit, as lower investment gains undermined strong premium growth.

THE NEW YORK TIMES

Front Page

Five golds for Phelps, three to go
Everybody has their theory about what makes Michael Phelps peerless. Simon Burnett, a freestyler from Great Britain, shared his the other day with Eddie Reese, the United States men’s Olympic coach.

After mixed US messages, a war erupted in Georgia
One month ago, Secretary of State Condoleezza Rice arrived in Tbilisi, Georgia, for a high-profile visit that was planned to accomplish two very different goals.

Business Day

Mechanism for credit is still stuck
A year after financial tremors first shook Wall Street, a crucial artery of modern money management remains broken. And until that conduit is fixed or replaced, analysts say borrowers will see interest rates continue to rise even as availability worsens for home mortgages, student loans, auto loans and commercial mortgages.

Sunnier forecast for corn and soybean harvest
After a worrisome start to the growing season that fanned fears of food shortages and huge economic losses, the nation’s most important crop is now on track for a bountiful harvest, the government said Tuesday.

WASHINGTON POST

Front Page

In apparent truce, US sees Russian fear of global reproof
The Bush administration suggested yesterday that an apparent cease-fire in Georgia came about because Moscow feared it would be banished from Western-dominated international economic and political institutions if it did not stop its "aggression" in the former Soviet republic.

On Georgia crisis, McCain's tone grows sharper
Aides to Republican Senator John McCain were scrambling last Thursday morning even as his plane was descending into Des Moines. Russia had escalated its aggression in the bordering Republic of Georgia, they told reporters, and McCain wanted to seize the moment.

Business

Bank failures rise but critics say not fast enough
Federal and state regulators have closed eight banks this year, four since the start of July, as rising borrower defaults on residential and commercial real estate loans start to push some lenders into default, too.

Biotech campaigns for easier access to generic drug market
Geoffrey Allan has been giving Congress a lesson in biotechnology. He's explained protein structures and how they work. He's reviewed how drugs are absorbed into the body.

GLOBE AND MAIL, Canada

Front Page

Sport spending falls short, Olympians say
After four barren days without medals in Beijing, Canada's athletes and sports administrators were already pointing accusatory fingers at government for lack of funding and casting jealous eyes toward the sport infrastructures of other countries.

Canadian among 3 aid workers killed in Afghanistan
Afghan officials say a militant ambush has killed three women from a US aid organisation - a Canadian, an American and an Irish national.

Business

Timminco fades under market glare
Timminco, whose promise of a "breakthrough" process to upgrade silicon for use in solar cells made it a market darling, saw its share price unravel Tuesday after contamination problems forced the company to sharply reduce its production forecast.

Review exonerates Competition Bureau
An independent review has offered an endorsement of the beleaguered federal Competition Bureau, concluding the agency has not abused its powers to seek information during inquiries.

BUENOS AIRES HERALD

Front Page

Debt rating downgraded
Local stocks plummeted yesterday driven by dropping world oil prices, a slide that steepened after Standard & Poor’s downgraded Argentina’s sovereign debt rating a notch, citing concerns about inflation and the financing outlook in the near future. 

Empty classrooms across BA province
Teachers at public and private schools in Buenos Aires province said a strike yesterday in demand for better wages had been “massive.” Buenos Aires province Governor Daniel Scioli said he was “distressed” by the protest measure and hoped an agreement could be reached soon. 

Hockey team ties with Britain
The Argentine women’s hockey team missed another valuable chance when they tied 2-2 against Britain in the second match of Group B at the Beijing Olympic Games. Although Argentina were leading 2-0, they could not avoid the British draw that imperils their qualifying for the last stage. 

By: Staff Reporter
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