In Tuesday's Europe papers

19 August 2008 06:53  [Source: ICIS news]

FINANCIAL TIMES

Front page

Musharraf departure heightens uncertainty
Pakistan’s president Pervez Musharraf stepped down on Monday after nine years in power, dodging his opponents’ attempts to impeach him but deepening confusion over who will control the nuclear-armed state.

UK eco-towns timetable delayed
Ministers have been forced to delay the timetable for implementing Gordon Brown’s eco-towns scheme, in the latest setback to the project.

Companies and markets

Lightening Lehman
All together now, and heave. Lehman Brothers may be poised to shift the bulk that has been weighing heavily on its share price and reputation. The bank is aiming to sell its portfolio of commercial real estate assets and securities. An alternative plan would see these property nasties spun off into a separately listed "bad bank".

Overview: Fears over growth weigh on equities
Investors on Monday focused on weaker growth prospects for the global economy as further signs emerged that the credit squeeze among banks showed little sign of abating.

INTERNATIONAL HERALD TRIBUNE

Front page

In Musharraf's wake, factions left to vie for power
Facing imminent impeachment charges, President Pervez Musharraf announced his resignation on Monday, after months of belated recognition by American officials that he had become a waning asset in the campaign against terrorism.

Would be protesters detained in China
When Gao Chuancai slipped into the capital last week hoping to stage a one-man rally against corruption in his village in northeast China, he knew his chances of success were slim.

Marketplace

Energy majors awash in money but not oil
The major Western oil companies are finding it harder than ever to find new prospects even though they are enjoying strong profits and eager to expand.

Bank of Japan downgrades economic outlook again as it holds rates steady
The Bank of Japan cut its assessment of the economy for a second month in a row in a sign that a global slump sparked by the US credit crisis may be spreading too quickly for Japan to avert a recession.

THE MOSCOW TIMES

Front page

No sign of promised troop pullback
Russian forces occupying central Georgia made no signs of leaving Monday, despite claims by the Defense Ministry that a pullout was beginning.

Medvedev vies with Putin in word war
President Dmitry Medvedev on Monday made a surprise visit to Vladikavkaz, near the border with South Ossetia, to commend soldiers on their valor during the conflict with Georgia and promise them a better future.

Business

Norilsk cited in pollution inquiry
An official who granted Norilsk Nickel a permit to emit polluting gases is being investigated over possible abuse of office and causing the state roubles (Rb) 1bn (€27.2m) in damages, the investigative committee of the Prosecutor's General's office said Monday.

Yevroset prepares to pick President
Yevroset, the country’s largest mobile-phone retailer, is set to appoint a new president after Alexei Chuikin said he stepped down last week. Commercial director Dmitry Denisov, the company’s acting president, is considered the main contender for the post.

DER SPIEGEL

Front page

Vladimir Putin takes on a powerless West
Russian Prime Minister Vladimir Putin approached the crisis in Georgia coolly and efficiently, prompting admiration even from some American observers. But Moscow's brutal strike against Georgian President Saakashvili has divided the Western world, with the split running straight through the European Union.

Merkel's most serious foreign policy crisis
German Chancellor Angela Merkel is now facing her most serious foreign policy crisis to date. The war in the Caucasus has shattered relations with Russia and sparked disagreements within the EU and with the United States.

TURKISH DAILY

Front page

Mourning renewed on quake anniversary
At 3:02 a.m. the quake struck. Nine years to the moment, mourners gather in thousands to remember loved ones who died in the devastating Marmara quake. A wreath put to sea near the earthquake monument in Gölcük read ‘We will never forget.'

Rethinking the red carpet for Iran leader
Although analysts and political observers categorically defend that Turkey should keep open diplomatic channels with all of its neighbours in the region, including Iran, the way President Mahmoud Ahmadinejad was hosted in Istanbul revealed a picture of solidarity between the two Islamic countries, sparking rumors that Turkey let Ahmadinejad show off in the predominantly Muslim but secular country

Business and finance

Turkey's first organic watermelon is on its way to Europe
Ay-Pi Group, which entered organic farming with egg production in the northern province of Samsun, is now ready to ship organic watermelons to European markets. Initial plans call for Ay-Pi to export one thousand tons of watermelon within a year.

Earthquake would annihilate industry
Nearly all of Turkey's industrial facilities and the majority of its dams are located in high-risk earthquake zones, according to a report by a business association released Friday.

WARSAW BUSINESS JOURNAL

Front page

Russian troops begin pullout from Georgia
Russian troops have been urged to pullout of Georgia under an international ceasefire plan, however, Georgian officials state the pullout is slow.

Missile shield deal with US signed- Russia
On Thursday evening, representatives of the Polish government and the US administration signed an initial agreement concerning the construction of the anti-missile shield on the Polish territory.

(€1 = Rb36)

By: Staff Reporter
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