In Thursday's Americas papers

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

THE WALL STREET JOURNAL

Front Page

Greenspan sees bottom in housing, criticises bailout
Alan Greenspan usually surrounds his opinions with caveats and convoluted clauses. But ask his view of the government's response to problems confronting mortgage giants Fannie Mae and Freddie Mac, and he offers one word: "Bad."

Russians appear to remain in Gori
The Georgian Foreign Ministry says more Russian troops have moved into the strategically key city of Gori even though a withdrawal had appeared to be under way earlier in the day.

Borders' larger rival is unlikely to make a bid
Barnes & Noble, the nation's largest bookstore chain, isn't expected to make a bid for No 2 Borders Group, according to those familiar with the situation.

Money & Investing

Goldman balks at helping rich clients
For once, Wall Street isn't bending over backward for its richest clients. That is causing new controversy for investment banks, which have already committed to reimburse mom-and-pop investors, charities, and small businesses for more than $40bn in illiquid "auction rate" securities.

Don't use data to judge inflation
Inflation is on the mend; it just might not show yet. Thursday morning brings the best-known US inflation measure, the consumer price index compiled by the Bureau of Labor Statistics. If economists' forecasts are correct, CPI rose 5.1% in July from a year ago.

Falling-commodities plan
Companies benefiting from falling commodities prices have become hot properties. Wild swings in sectors such as airlines have served up great trading opportunities for agile, short-term investors.

THE NEW YORK TIMES

Front Page

Peace plan offers Russia a rationale to advance
It was nearly 2 am on Wednesday when President Nicolas Sarkozy of France announced he had accomplished what seemed virtually impossible: Persuading the leaders of Georgia and Russia to agree to a set of principles that would stop the war.

Russia briefly allows Georgian police into key city
Russian forces briefly allowed the Georgian police to return to the city of Gori on Thursday morning, but joint patrols were canceled hours later and the city returned to Russian control. The US and Georgia earlier called Russian advances into Gori and another strategic Georgian city a violation of a cease-fire agreement.

Business Day

Woman to woman, online
Heather Armstrong’s wickedly funny blog about motherhood, Dooce, is more than just an outlet for the creativity and frustrations of a modern mother. The site, chock full of advertising, is a moneymaking machine--so much so that Ms Armstrong and her husband have both quit their regular jobs.

Retail sales feed a mood of decline
Another month of weak retail sales in July added to evidence that the spending power of American consumers has weakened considerably, despite the booster shot of billions of dollars from the government’s tax stimulus program.

WASHINGTON POST

Front Page

After warnings to Moscow, US has few options
The Bush administration mixed strong rhetoric with modest action yesterday in response to Russia's continued military incursion in Georgia, warning that Moscow's international aspirations are threatened if it does not honor a negotiated cease-fire in the conflict.

New books aim to unweave the Obama narrative
In two autobiographies and dozens of speeches, Barack Obama has weaved the narrative that defines his campaign: An introspective boy gradually comes to terms with his mixed-race heritage and emerges with an "unprejudiced" worldview.

Business

Restatement pulls GeoEye's goals back down to earth
GeoEye's dreams have long been anchored high in the sky, with plans to launch next month a $500m satellite powerful enough to snap a picture of home plate at Nationals Park from 423 miles above the planet.

Mortgage insurers' losses mount
Large mortgage insurers have reported $2.6bn in losses so far this year, sparking concerns that rising foreclosure rates could force the industry into a money crunch and ultimately make the home-buying process even more difficult.

GLOBE AND MAIL, Canada

Front Page

Humanitarians praised for their heroic dedication
Jackie Kirk's latest humanitarian world tour was launched in late July, when she went to Aceh, Indonesia, to advise teachers working with boys and girls still displaced by the 2004 tsunami.

Athletes not getting their reward
In the pool, swimmers were asked to swim faster and they did. They were asked to set personal bests, break national records and advance to more finals than they had managed four years ago in Athens and, sure enough, they did.

Business

TV networks ride Phelps' golden wake
American swimmer Michael Phelps' assault on the record books in Beijing has turned the Summer Olympics into an unexpected ratings win for network television, but heading into the second week there is one concern looming for NBC, and to a lesser extent CBC in Canada: What happens when Mr Phelps runs out of events?

Genuity bulks up on discount retail
Private equity firm Genuity Capital Markets is set to turn its fledgling discount retail holding into a major force in the sector by snapping up 93 outlets owned by insolvent Saan Stores.

BUENOS AIRES HERALD

Front Page

Russia orders halt to military action
Russia ordered a halt to military action in Georgia and agreed to a EU-sponsored peace plan yesterday, after five days of air and land attacks that forced tens of thousands to abandon their homes and left some areas of Georgia in smoldering ruins. Georgia insisted that Russian forces were 

‘Outbreak of violence’ in BA province
Buenos Aires Province Security Minister Carlos Stornelli yesterday said there has been an “outbreak of violence” in the province, which is a hotbed of crime in the country and home to nearly 40% of Argentina’s almost 40m people. 

Hanging on in basketball, tennis
Argentina beat Australia 85-68 yesterday to stay in contention after their last-minute Olympic debut loss to Lithuania. David Nalbandian beat Chilean Nicolas Massu, the current Olympic champion, to advance to the last 16 of the men’s singles tennis, the only Argentine remaining in the men’s draw.

By: Staff Reporter
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