11 September 2008 06:30 [Source: ICIS news]
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.
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
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 TRIBUNEFront page
Bush said to give orders allowing raids in
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.
Gloomy economic forecasts darken political mood in
Real estate markets across
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.
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
OPEC secretary-general Abdalla Salem El-Badri announced on Wednesday that he was planning to travel to
DER SPIEGELFront 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
TURKISH DAILYFront page
Debates precede 5th World Water Forum
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
'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.
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.
Russian Foreign Minister Lavrov is set to visit
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