In Thursday's Europe papers

11 September 2008 06:30  [Source: ICIS news]

FINANCIAL TIMES

Front page

Lehman unveils plans to shrink size
Lehman Brothers on Wednesday pinned its hopes of surviving the financial crisis on selling most of its prized asset management unit and spinning-off $30bn-worth of troubled property assets after failing to secure capital from outside investors.

Brussels adds to gloom with recession warning
Shadows lengthened over the British economy on Wednesday after the European Commission revised its economic forecast, becoming the second international body to predict gross domestic product will contract in the second half of 2008.

Companies and markets

Insurers face huge CDS losses
The default of up to $500bn of Fannie Mae and Freddie Mac credit derivatives contracts triggered by the US government’s seizure of the mortgage groups could result in billions of dollars of losses for insurance companies and banks who offered credit insurance in recent months.

Overview: Risk aversion puts equities under pressure
Worries about the outlook for the global financial sector remained at the forefront of investors’ minds on Wednesday as Lehman Brothers reported a third-quarter loss that exceeded market expectations and unveiled plans to revamp its operations.

INTERNATIONAL HERALD TRIBUNE

Front page

Bush said to give orders allowing raids in Pakistan
The order allowing Special Operations forces to act without the prior approval of the Pakistani government underscores US concerns over Pakistan's ability and will to combat militants.

Lehman under pressure as it faces mounting losses
The trouble at Lehman Brothers is rapidly becoming a race against time for the struggling Wall Street bank.

Marketplace

Gloomy economic forecasts darken political mood in Europe
The European Commission on Wednesday cut its forecast for economic growth this year, conceding that a slowdown in the United States, expensive energy and a global housing slump were exacting a heavier price than was expected even six months ago.

Real estate markets across China join general slump
The United States, Britain, Spain and other countries suffering from real estate market downturns now have fresh company: China.

THE MOSCOW TIMES

Front page

Medvedev says state can lift markets
As Russian stock markets suffered a second straight disastrous day of trading Wednesday, President Dmitry Medvedev played down the drastic falls of recent months and pledged that the government would restore the markets to their levels at the beginning of the year.

Metalloinvest wins Udokan auction
Usmanov’s company pays $585m for the copper deposit and will invest more than $5bn into developing it with a partner.

Business

Khodorkovsky has some advice as stocks tumble
As investors fret amid a global economic downturn, the government needs to be forthcoming about its actions in order to boost confidence in the Russian market, jailed businessman Mikhail Khodorkovsky told The Moscow Times.

OPEC chief to visit Moscow next month
OPEC secretary-general Abdalla Salem El-Badri announced on Wednesday that he was planning to travel to Moscow next month to foster cooperation with Russia, although he said the work was not intended to influence prices. 

DER SPIEGEL

Front page

Europeans back Obama but not necessarily his policies
According to a major survey, Europeans want the Democrats to win back the White House this year.

WTC ruins to return to ground zero
Two colossal trident-shaped steel columns from the World Trade Center are returning to their original location.

TURKISH DAILY

Front page

Debates precede 5th World Water Forum
As Turkey prepares for the fifth World Water Forum, where the water community and policy and decision-makers from around the world can come to Istanbul and join together, the two major hosts of the event have fallen on a striking disagreement. 

Scientists to probe beginning of time, Big Bang's missing mass
Scientists today will take a step closer to understanding the beginning of time when the European Organisation for Nuclear Research, or CERN powers up the world's biggest magnetic loop in the search for the universe's missing matter.

Business and finance

Retail owners pessimistic about winter
Turkey's retail sector, which saw stagnation last year due to the global credit crunch as well as domestic uncertainties, has also declared this year a “lost” one.

'House of cards' prompts government takeover
Fannie Mae and Freddie Mac used accounting rules that created a “house of cards” as the housing market descended into its worst slump since the Great Depression.

WARSAW BUSINESS JOURNAL

Front page

Privatisation plans revealed to sell chemical sector
Treasury Minister Aleksander Grad announced on Wednesday that the ministry wants to privatise local chemical makers over the next two years, while reaping in the benefits from the booming sector.

Poland playing "dangerous game" with Russia
Russian Foreign Minister Lavrov is set to visit Poland on Thursday to discuss missile shield.

By: Staff Reporter
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