In Friday's Europe papers

22 August 2008 06:00  [Source: ICIS news]


Front page

Investors quit Russia after Georgia war
Investors pulled their money out of Russia in the wake of the Georgia conflict at the fastest rate since the 1998 ruble crisis, new figures showed on Thursday.

Oil up as financials fall
Crude oil prices soared while financial stocks fell in volatile trading on Thursday as investors tried to profit from the contrasting fortunes of the energy and banking sectors.

Companies and markets

Bank trio in auction rate deals
Merrill Lynch, Goldman Sachs and Deutsche Bank on Thursday agreed to buy back up to $14.5bn of auction-rate securities and pay $162m in fines to resolve investigations into whether they misled people who bought the debt instruments.

Overview: Equities retreat as risk aversion rises
Persistent concerns about the outlook for the global financial sector and a sharp rally for oil prices unsettled equity investors on Thursday and weakened the dollar.


Front page

Iraq takes aim at leaders of US-tied Sunni groups
The Shiite-dominated government in Iraq is driving out many leaders of Sunni citizen patrols, the groups of former insurgents who joined the American payroll and have been a major pillar in the decline in violence around the nation.

Suicide attack at Pakistan arms plant kills 64 people
More than 60 people were killed Thursday when two suicide bombers attacked Pakistan's largest weapons manufacturing complex, just north of the capital, the deadliest attack by the Taliban in their escalating campaign against the government.


Three top Wall St banks to buy back billions in auction rate securities
Three of Wall Street's top investment banks agreed to pay millions of dollars in fines and buy back billions of dollars in frozen, illiquid securities after US regulators reached settlements over the way the firms sold auction-rate securities.

British regulator chief warns of recession similar to 1990s
British banks should be prepared to cope with an economic downturn and a housing market slump that could mirror the recession in the early 1990s, said Hector Sants, the chief executive of the regulator known as the Financial Services Authority.


Front page

Finding a remedy for health care
When anesthesiologist Dmitry Sedykh was called to treat an 8-month-old suffering from heart failure this May, he found no equipment to resuscitate the baby boy.

Moscow says some troops to stay put
Russian soldiers were at work digging positions outside Georgia's main Black Sea port city of Poti on Thursday at the same time Moscow maintained that its soldiers were on schedule to pull out of the country proper by Friday.


Khodorkovsky offers to stay out of business
Jailed tycoon Mikhail Khodorkovsky told his parole hearing Thursday that if freed he would quit the oil business for good, and devote his life instead to humanitarian work and his family.

Kudrin uneasy over oil price downturn
Falling oil prices might mean that Russia will begin to spend its financial cushion, the Reserve Fund, in 2015, Finance Minister Alexei Kudrin said Thursday.


Front page

The return of America's first family
With the rise of Barack Obama the influence of the Kennedys is growing. Edward Kennedy, the family's gravely ill patriarch, has had a huge impact on the nation, and JFK's daughter Caroline is helping Obama decide on a vice-presidential candidate. Could a Kennedy be slated for a role in an Obama administration?

Western spies were out in the cold
Forty years ago this Thursday, the Soviet Union ended the so-called Prague Spring with a massive invasion of troops and tanks. Intelligence files from that era show that the largest military operation in Europe since 1945 took the West by surprise.


Front page

A tragic end of endangered chickens of Sinop
Hacıkadın chickens in northern Turkey are endangered and maybe even extinct in the aftermath of fear of the avian flu. One local artist takes up the cause to protest their slaughter and raise awareness of the environment.

Şahin delivers Turkey's first Olympic gold
Freestyle wrestler Ramazan Şahin wins a gold medal to end Turkey's nightmare at the Beijing Olympics. Turkey finally beats the disappointment of finishing the Games without a gold, a drought that even had the prime minister concerned.

Business and finance

Japan to start overseas cell phone technology push
Japan will start an aggressive push to market abroad its mobile technology, especially the nation's popular "wallet phone," a government official said Tuesday.

Loans surpass deposits in the first half
As estimated losses of the world's financial sector giants surpassed $500bn in the first six months of the year, Turkish companies have kept growing and increasing their profit rates.


Front page

Oil prices keep rising
Oil rose for a third day to more than $120/bbl as a result of Russian-US tensions.

Three Polish soldiers killed in Afghanistan
Three Polish soldiers were killed and one injured in what has been called as the bloodiest day for the Polish military


By: Staff Reporter
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