In Wednesday's Americas papers

17 September 2008 12:30  [Source: ICIS news]

THE WALL STREET JOURNAL

Front page

US to take over AIG in $85bn bailout
The US announced an emergency rescue of AIG with an $85bn bridge loan, signaling the intensity of concerns about the danger a collapse could pose to the financial system.

Iraq voter drive lags
Election officials say they are disappointed by low voter registration ahead of provincial polling in Iraq that could take place this year.

Money & Investing

Morgan stanley net falls 7%
Morgan Stanley’s profit fell a smaller-than-expected 7.7% as concerns about its future sent shares plunging. Goldman’s net tumbled 70%.

Tech guru riles the industry
Millionaire Nathan Myhrvold, renowned in the computer industry as a Renaissance man, has a less lofty message for tech firms: Pay up.

THE NEW YORK TIMES

Front page

Fed’s $85bn loan rescues insurer
Fearing a global financial crisis, the Fed reversed course and agreed to bail out AIG.

Some seek agency to buy bad debt as long-term answer
Some lawmakers and experts are considering creating a new agency to dispose of the assets at the core of Wall Street’s woes.

Business day

Barclays reaches $1.75bn deal for a Lehman unit
Barclays, the British bank, announced Wednesday that it had struck an agreement to buy the Lehman Brothers’s core capital markets businesses for the fire-sale price of $1.75bn.

Policy makers keep key rate steady
Putting inflation concerns ahead of the financial turmoil, the Federal Reserve left the benchmark lending rate at 2%.

WASHINGTON POST

Front page

US seizes control of AIG with $85bn loan
After failing to secure private funding for the insurance giant, Federal Reserve justifies its intervention by citing the firm’s wide reach.

Oil prices stage a retreat
In the past two months, the world’s total energy costs have dropped by more than $4bn a day.

Business

The Fed leaves key rate unchanged
Fed leaders try to draw a clear line between their efforts to address problems in the financial markets and their broad policy to deal with the nation’s economic distress.

Oil’s price retreat felt worldwide
Prices have beaten a two-month retreat, confounding forecasts that many experts had just revised, fanning tensions within OPEC, dimming the financing prospects for alternative-fuel firms, and erasing tens of billions of dollars of value of energy stocks and oil and gas investments.

GLOBE AND MAIL, Canada

Front Page

Tory lead shrinking, new poll suggests
The Conservatives have lost altitude in swing Ontario ridings, a new poll suggests, with their lead shrinking to its lowest level so far this campaign in these key battlegrounds.

US take control of AIG to stave off panic
The US government moved to take control Tuesday night of American International Group Inc, one of the world’s largest insurance companies, with a rescue package that includes up to $85bn in loans.

Business

Manulife outlines $343m exposure to AIG
Manulife Financial Corp., moving to reassure investors nervous about its links to teetering insurer American International Group Inc., said late on Tuesday that it has $343m of investments and derivatives linked to AIG.

‘Significant risk’ of global recession, Snow says
The calamity unfolding on Wall Street has put at risk an unprecedented period of international economic growth, and policy makers must stand ready to stave off a global recession, former US Treasury Secretary John Snow said.

BUENOS AIRES HERALD

Fed rescues AIG with $85bn loan
The Federal Reserve Bank of New York yesterday announced it will lend up to $85bn to the American International Group in a plan aimed at rescuing the insurer from a "disorderly failure."

Ukraine’s Orange coalition kaput
President Viktor Yushchenko accused Russia yesterday of seeking to destabilize Ukraine by encouraging separatists in the strategic Crimea, as fears grow about Russia’s new willingness to throw its weight around the former Soviet Union.

By: Staff Reporter
+44 20 8652 3214

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