In Monday's Europe papers

22 September 2008 06:46  [Source: ICIS news]

FINANCIAL TIMES

Front page

Goldman, Morgan Stanley to become regulated banks
Goldman Sachs and Morgan Stanley, the last surviving big investment banks on Wall Street, have become regulated banks.

Tensions mount over bail-out
A high stakes game of political poker was under way in Washington on Sunday as Congress prepared to vote this week on a plan to create a $700bn fund to buy toxic assets from banks and thereby ease the credit squeeze.

Companies and markets

FSA seeks Bradford & Bingley ‘white knights’
The UK’s financial regulator is thought to have sounded out potential "white knights" for Bradford & Bingley as part of its contingency planning in the event that Britain’s biggest buy-to-let lender is buffeted by further market turmoil.

Overview: Stock market euphoria at US rescue plans
The most turbulent week in the financial markets in two decades came to a record-breaking close on Friday as some European stock markets saw their biggest ever one-day gains and Wall Street powered higher for a second consecutive day.

INTERNATIONAL HERALD TRIBUNE

Front page

Radical change for Goldman and Morgan
Goldman Sachs and Morgan Stanley, Wall Street's last independent investment banks, will transform themselves into bank holding companies subject to greater regulation.

US Democrats start setting terms for bailout
Congressional Democrats began to set their own terms on Sunday for a plan to rescue the nation's financial institutions, including greater legislative oversight of the Treasury Department, more direct assistance for homeowners and limits on the pay of top executives whose firms seek help.

Marketplace

US weighs bailout of foreign banks, too
The financial crisis that began in the United States spread to many corners of the globe. Now, the US bailout looks as if it is going global, too, a move that could raise its cost and intensify scrutiny by Congress and critics.

Asian stocks up in early trading
Shares in Asia jumped in early trading Monday morning as investors from Japan to New Zealand took their cues from Friday's rally on Wall Street, while varying national policies on short-selling appeared to have a strong effect on markets.

THE MOSCOW TIMES

Front page

Investors hope for end to volatility
Leading Russian and foreign investors reacted with cautious optimism this weekend at an annual gathering in Sochi to an emergency government package aimed at bolstering the country’s bourses but warned that difficulties remained ahead for the markets and the economy itself.

State aid energises stock markets
After receiving a much-needed adrenalin shot of liquidity from the state, the country’s markets were jolted back into positive territory Friday, reopening after a two-day hiatus with record jumps to all but wipe out the losses of a nightmare week.

Business

Fillon uses visit to ease EU's worries
French Prime Minister Francois Fillon said Saturday that talks on a Russia-EU pact, postponed after the war in Georgia, could resume early next month as Moscow and Paris sought to boost ties in the energy and technology sectors.

Gazprom inks South American deals
Gazprom was among eight companies that signed deals to develop offshore gas fields with state-owned Petroleos de Venezuela at a ceremony presided over by President Hugo Chavez in the country's capital Friday.

DER SPIEGEL

Front page

Melting ice brings competition for resources
Climate change is freeing the Arctic of ice -- and spurring a global competition for the natural resources stored beneath.

Massive government intervention to bail out banks
The US Treasury Department and the Federal Reserve stepped in on Thursday to help calm down Wall Street.

TURKISH DAILY

Front page

Conservative but relaxed about it
A new survey asks an old question, ‘Is Turkey becoming more conservative?' The answer, like Turkish politics, is conflicted.

Religious directorate launches cultural initiative
Mosques will become cultural and social centers in addition to religious ones as part of an initiative to be launched by the Religious Affairs Directorate.

Business and finance

Key rate kept unchanged
Turkey's Central Bank kept its benchmark interest rate the highest of any major economy in a bid to shore up the lira as the global credit crunch threatens to undermine emerging-market currencies.

New face in Web sales
Realising a lack of specific knowledge and engineering details in Turkey’s technical equipment market on the Internet, two young entrepreneurs create a Web site for online sales of industrial equipment and to provide related information on these products.

WARSAW BUSINESS JOURNAL

Front page

Chłopskie Jadło to be sold again?
Restaurant chain Chłopskie Jadło will again see a change in its ownership structure. Recently Jan Kościuszko sold it to Sfinks, which now also plans to sell the venture onwards.

UKE in trouble with EC over TP price regulation
The European Commission (EC) has taken Poland to the European Justice Tribunal for allowing the Electronic Communication Office (UKE) to regulate the price of broadband internet access without having thoroughly examined the market, as required by EU law.

By: Staff Reporter
+44 20 8652 3214

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