In Friday's Europe papers

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

Front page

Eurozone edges closer to recession

The eurozone moved closer to recession on Thursday after it emerged that the economy contracted in the second quarter for the first time since the launch of the Euro.

Merill set to avoid UK tax after $29bn loss

Merrill Lynch is unlikely to pay corporation tax in the UK for several decades after $29bn (€19.63bn) of losses suffered by the US investment bank were charged to its London-based subsidiary.

Companies and markets

Branson attacks BA’s Iberia/AA plans

Sir Richard Branson went on the attack on Thursday against his old adversary British Airways to try to block plans by the UK flag carrier to join forces with American Airlines and Spain’s Iberia across the North Atlantic.

Overview: recession fears weigh in Europe

Fresh fears that the eurozone was heading for recession kept up the pressure on the Euro on Thursday as concerns about the outlook for global growth gathered pace.

INTERNATIONAL HERALD TRIBUNE

Front page

US ties with Russia being reassessed, Bush aides say

Russia's military offensive into Georgia has jolted the Bush administration's relationship with Moscow, senior officials said Thursday, forcing a wholesale reassessment of American dealings with Russia and jeopardizing talks on everything from halting Iran's nuclear ambitions to reducing strategic arsenals to cooperation on missiles defenses.

Phelps wins 200 individual medley for sixth gold

One of the few remaining men standing between Michael Phelps and Mark Spitz at the Beijing Olympics looks as if he should be working behind the counter of a video store, not racing to ruin Phelps's cinematic ending.

THE MOSCOW TIMES

Front page

Medvedev backs independence bids

President Dmitry Medvedev signaled Thursday that he would support independence bids by Georgia's separatist provinces of Abkhazia and South Ossetia, as Russian troops roamed in Georgia proper, prompting outcries that Moscow was violating a truce reached with Tbilisi this week.

Conflict exposes obsolete hardware

The brief but intensive armed conflict in South Ossetia has signaled Russia's willingness and ability to fight and win conflicts beyond its borders after years of focusing its war machine on nuclear deterrence and the suppression of internal security threats.

Business

Court bars Dudley from post for two years

A Moscow court on Thursday barred Robert Dudley, the chief executive of troubled oil firm TNK-BP from office for two years over labour violations, TNK-BP said.

Mechel punished with coal price cuts

Mechel must slash domestic coking coal prices and pay a "below average" fine for abusing its market position, anti-monopoly authorities said Thursday, as fears of a state attack on the company subsided.

DER SPIEGEL

Front page

Russia capitalises on new world disorder

The war in the Caucasus is a truly global crisis. Russia's action against the western-looking Georgia testifies to an extreme craving for recognition and is reminiscent of the Cold War. It reveals the reality of the chaotic new world order -- a result of the failures of President Bush's foreign policy.

Will Poland split EU over Russia policy?

No European leader has been more outspoken in his criticism of Russia's actions in Georgia than Poland's Lech Kaczynski. Are his provocative words a sure way to marginalize Poland - or a sign of a larger split in the European Union?

TURKISH DAILY

Front page

Turkey rolls its diplomatic dice

Iranian President Mahmoud Ahmadinejad's visit comes as his nuclear row with the West heats up, leaving Turkey open to criticism from its Western allies. Turkey thinks, however, that isolating Iran is no remedy to regional security problems and giving diplomacy another chance is not futile. Vital energy sources are also a major item on Ankara's agenda.

Nearly 500 years of undisputed border - Iran and Turkey

The people who signed the Treaty of Amasya in 1555 would probably be surprised that this agreement between the Ottoman and Safavid Empires has lasted until today.

Business and finance

Georgia conflict a threat to strategic energy supplies: IEA

The International Energy Agency said events in Georgia had not affected the price of oil, but stressed the significance of the region to energy supplies. Events demonstrate that it is a volatile region, it is a crucial region for getting Caspian oil to consumer markets, according to IEA.

The change in the owners of land would not impede investment

Denizciler Ataköy Tourism Construction AS (DATİ) is to decide in a board meeting on 20 August whether or not to bid for a 140,000-square-metre plot in Istanbul's Ataköy district.

WARSAW BUSINESS JOURNAL

Front page

Russian army moves further into Georgia

Russian tanks have rolled into the Georgian town of Poti and witnesses report the army moving further into the country.

US sends aid to Georgia

Washington sends a second shipment of humanitarian aid to Georgia while Poland's shipment has been delayed at Warsaw's airport.

By: Staff Reporter
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