In Wednesday's Europe papers

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

FINANCIAL TIMES

Front page

Medvedev endorses Georgia break-up
Russian president Dmitry Medvedev on Tuesday recognised the independence of South Ossetia and Abkhazia, the two Russian-controlled breakaway regions of Georgia, in a surprise move that provoked strong criticism from the US and the European Union.

Clinton urges supporters to back Obama
Senator Hillary Clinton pronounced herself a “proud supporter” of Senator Barack Obama on Tuesday as she urged supporters at the Democratic convention to fall in line behind her erstwhile rival to reclaim a nation in peril.

Companies and markets

Private equity groups in running for Lehman unit
Lehman Brothers has told three private equity firms – Kohlberg Kravis Roberts, Hellman & Friedman and Bain Capital – that they remain in the bidding for its asset management arm even though the investment bank has yet to make a final decision on whether to sell the unit.

Overview: German downturn drags euro lower
More bad news on the German economy helped drive the euro to a six-month low against the dollar on Tuesday and pushed short-dated European government bond yields to their lowest for three months.

INTERNATIONAL HERALD TRIBUNE

Front page

Clinton delivers emphatic plea for unity
With her husband looking on tenderly and her supporters watching with tears in their eyes, Senator Hillary Rodham Clinton deferred her own dreams on Tuesday night and delivered an emphatic plea at the Democratic National Convention to unite behind her rival, Senator Barack Obama, no matter what ill will lingers.

Russia backs independence of Georgian enclaves
Russia on Tuesday recognised the independence of two enclaves that have long sought to secede from neighbouring Georgia. The action deepened strains with the West over the conflict in the economically vital crossroads of the Caucasus and roiled a broader debate over how to respond to separatist movements around the world.

Marketplace

Athletes try selling sneakers - and themselves - in China
At times during the Olympics, athletes like Dwyane Wade and Serena Williams seemed to be working as hard off the court as they were on the court.

Indian oil producer bids for British rival
This country's biggest oil producer, ONGC, agreed on Tuesday to pay $2.6bn for Imperial Energy of Britain, as India scrambles to meet the rising energy demands that come with an expanding economy.

THE MOSCOW TIMES

Front page

Russia adds 2 new countries to its map
Defying warnings from Western leaders, President Dmitry Medvedev announced Tuesday that he had signed a decree recognising the breakaway Georgian regions of South Ossetia and Abkhazia as independent states.

Medvedev heads East looking for support
Russia will be looking for unambiguous support from Asian nations, including China, in its standoff with the West over South Ossetia and Abkhazia when the Shanghai Cooperation Organisation meets Thursday in Dushanbe.

Business

ONGC to pay $2.6bn for Imperial
India's state-run Oil & Natural Gas has agreed to a takeover of Russia-focused oil explorer Imperial Energy for $2.6bn as it works to secure energy to fuel India's booming economy.

IES to pay $1bn for power upgrades
Integrated Energy System, or IES, will invest $1bn in upgrading its Volga division stations over the next four years, company president Mikhail Slobodin said Tuesday as he decommissioned a 77-year-old German turbine.

DER SPIEGEL

Front page

West voices dismay at Russia's 'unacceptable' move
Despite the pleas and warnings from the West, Russian President Dmitry Medvedev went ahead and recognised the independence of the Georgian breakaway regions of Abkhazia and South Ossetia on Tuesday. It looks as if Moscow is courting isolation.

A look back at Beijing 2008
The organisers of this year's Olympic Games in Beijing wanted us to believe that the event was purely about sports. Instead, the pundits were right. It was about politics, money and fraud.

TURKISH DAILY

Front page

Race on to prove just who is the 'greenest' Turk
In the latest clash between environmentalists and the government, the prime minister describes himself as the real environmentalist and defends the policy to build dams and nuclear plants in order to address the country’s growing energy needs.

Passenger jet crashes in Kyrgyzstan, killing 65
Emergency workers combed through the wreckage of a passenger jet yesterday after it crashed outside Kyrgyzstan's main airport, killing 65 people in an accident officials said was likely caused by technical problems.

Business and finance

Turkey still a magnet for private equity funds
Despite the ongoing global credit crunch, stable and promising markets such as Turkey continue to attract private equity investments. The first half of the year saw $2bn in private equity fund investments.

Turk firm attracts foreigners
Turkish chocolate company Şölen Çikolata, based in Gaziantep, 682 kilometers southeast of the capital, has been grabbing attention from global giants with its exports to 120 countries around the globe and high growth in the domestic market.

WARSAW BUSINESS JOURNAL

Front page

Moscow recognises Georgian rebel regions
In a turn of events, Russian president has signed a decree recognising independence of two Georgian rebel regions, a move that has the West worried.

PPP Marketing uses iPhone to promote its own launch
Distributors of Era mobile services, PPP Marketing, owned by German Plus Punkt Marketing, is planning to use the popularity of iPhone to make a strong launch of its brand on the market.

 

By: Staff Reporter
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