In Friday's Europe papers

05 September 2008 06:36  [Source: ICIS news]


Front page

Moscow forced to shore up rouble
Russia’s central bank intervened heavily to support the rouble on Thursday as analysts said $21bn of foreign capital might have been pulled out of the country as Moscow paid the price for its conflict with Georgia.

Banks reel as ECB redraws funding rules
Bank stocks in Europe and the UK fell sharply and the risk of owning their debt leapt on Thursday after the European Central Bank declared a crackdown on abuses of its bank liquidity operations.

Companies and markets

Beijing’s caution scupper bank bid
China Development Bank’s plan to bid for Dresdner Bank in Germany failed in large part because Chinese leaders refused to agree to the deal in time, in a sign of Beijing’s increasingly cautious attitude to investments in western financial institutions.

Overview: Worries over financials weigh on equities
Financial markets suffered a day of extreme turmoil amid mounting concerns about the prospects for the global economy and the health of the financial sector.


Front page

McCain issues call for change
Senator John McCain pledged to move the nation beyond "partisan rancor" after a convention filled with blistering attacks on his opponent.

Bhutto widower with clouded past is poised to lead Pakistan
Asif Ali Zardari, the widower of Benazir Bhutto, is set to become president on Saturday, an accidental ascent for a man known more as a wheeler-dealer than a leader.


Shipyards overbooked, but analysts worry about acquisition boom
Day and night on this tiny island at the southern tip of the Korean Peninsula, workers at Samsung Heavy Industries' overcrowded shipyard assemble giant steel blocks into huge cargo carriers and oil-drilling ships.

Rich in reserves, Chinese central bank is short of capital
China's central bank is in a bind. It has been on a buying binge in the United States over the last seven years, snapping up roughly $1 trillion worth of treasury bonds and mortgage-backed debt issued by Fannie Mae and Freddie Mac.


Front page

Accord signed in TNK-BP standoff
BP signed a deal with its billionaire partners in TNK-BP on Thursday, laying the groundwork for an end to a bruising dispute over control of the firm that has fanned fears among investors of doing business in Russia.

A crisis brewing in the classrooms
When economics student Mikhail Popov struggled with a final exam at a regional university, he was offered an alternative — pay $200 and get a good grade.


NLMK to buy Beta Steel for $400m
Billionaire Vladimir Lisin's Novolipetsk Steel, or NLMK, the second-largest steelmaker by market value in Russia, said Thursday that it had agreed to pay $400m in cash for US hot-rolled steel producer Beta Steel.

Central Bank drops $4bn to prop Rouble
The Central Bank stepped into the market and sold up to $4bn on Thursday to brake the rouble's fall, while shares went into free-fall despite a much-awaited shareholder peace deal on oil company TNK-BP.


Front page

Terror from the German Heartland
Exactly one year ago, German investigators arrested three Muslim extremists. They wanted to build a bomb in southern Germany capable of killing as many as possible.

Resuscitating the Republicans with Sarah Palin
Sarah Palin's presence on the stage at the Republican National Convention in St. Paul was hardly impressive. But her party hasn't seemed so human in a long time.


Front page

'Closure' becomes 'opening' for AKP
Enduring weeks of uncertainty during its potential closure case, the AKP's time in court may be heralding unexpected political benefits.

İftar tents offer fast-breaking meals
With the start of holy month of Ramadan for Muslims, big tents offering evening fast-breaking meals to everyone can be seen in many districts of Istanbul.

Business and finance

Govt urged to focus on regional development
Instead of ignoring the problems of existing structures in the region, developed countries focus on increasing the competitive power of the regions, said the chairwoman of the Turkish Industrialists' and Businessmen’s Association, or TÜSİAD.

Tons of waste oil pose health risk
Waste oil, normally used for biodiesel production, currently poses a threat to human health due to illegal collectors in Turkey.


Front page

Global fears wipe away local gains on WSE
Fears related to the state of the global economy yesterday were visible on the Warsaw Stock Exchange and most of Tuesday's gains were wiped out.

Novator may exit Play, but not Poland
Novator, which is known in Poland for its investments in Netia and mobile phone operator Play, is considering increasing its investments.

By: Staff Reporter
+44 20 8652 3214

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