In Thursday's Americas papers

02 October 2008 12:00  [Source: ICIS news]

THE WALL STREET JOURNAL

Front page

Senate vote gives bailout new life
The Senate's revamped bailout package drew support from 74 lawmakers in a roll call vote. The measure will now return to the House, where it was unexpectedly defeated, for another vote on Friday.

Investing in funds: a painful nine months
The first three quarters have been exhausting and scary. As investors brace for the fourth quarter, here are some lessons from the unexpected twists and turns.

Going back home
With his journey to the US and back, an illegal worker is helping to write the latest chapter in the American immigrant story: retreat.

Money & Investing

GE turns to Buffet for a $3bn show of confidence
In the latest unexpected deal stemming from the financial crisis, General Electric Co turned to Warren Buffet to inject at least $3bn in the company and, GE hopes, provide a much-needed boost in investor confidence.

Goldman, Morgan rewrite playbooks
Having come face to face with their own mortality, Wall Street rivals Goldman Sachs Group Inc and Morgan Stanley are doing things they wouldn't have imagined just months ago.

Lilly is in talks to buy ImClone
Eli Lilly & Co is in advanced talks to acquire ImClone Systems Inc for about $6.1bn, according to people familiar with the matter.

THE NEW YORK TIMES

Front page

Senate passes bailout plan; house may vote by Friday
The Senate strongly endorsed the $700bn bailout plan, leaving backers hopeful that the easy approval, coupled with an array of popular additions, would lead to quick passage in the House.

Thirty-six hours of alarm and action as crisis spiralled
The extent of the credit crisis that unfolded from the morning of 17 Sept to the afternoon of 18 Sept was unseen to the public but spooked policy makers into action.

Business Day

Small businesses feeling the chill
Some small companies say they are no longer able to get loans from newly cautious banks as credit tightens across the country, and even those who do qualify are increasingly reluctant to borrow and expand, fearful of overextending themselves in the midst of the financial crisis

Deposit plan will cost banks more
When banks were flush, most of them paid nothing for a golden government guarantee. Bank failures were so rare that, for a decade, the Federal Deposit Insurance Corp waived most of the premiums it normally would have collected to insure bank deposits.

WASHINGTON POST

Front page

Senate approves bailout
The Senate last night easily approved a massive plan to shore up the US financial system, but the measure faces a tougher test tomorrow in the House, where leaders will try to reverse the stunning defeat the legislation suffered earlier this week.

Senate backs far-reaching nuclear trade deal with India
The Senate last night approved a historic agreement that opens up nuclear trade with India for the first time since New Delhi conducted a nuclear test three decades ago, giving the Bush administration a significant foreign policy achievement in its final months.

Business

FDA takes end run to award contract to PR firm
The US Food and Drug Administration had an image problem. For months last year the agency had been pummelled by Congress for poor inspections of tainted vegetables, drugs and other products.

A government workforce in need of its own rescue
A throng of good-government types packed a National Press Club meeting room yesterday, determined to help smooth the transition from President Bush's administration to whatever comes next.

GLOBE AND MAIL, Canada

Front page

Leaders attack Harper's economic policies
Opposition leaders ganged up Wednesday night to shake Stephen Harper's claim to be the fittest leader to guide Canada through economic turbulence, criticising him during the French-language election debate for a do-nothing attitude reminiscent to that of US President George W. Bush.

Senate backs reworked bailout plan
The monster US bank rescue has earned a second chance at life on Capitol Hill.

Business

GE a blue-chip bargain for Buffett's portfolio
For the second time in a week, Warren Buffett has gone bargain hunting amid the debris of the financial crisis and emerged with a sizable stake in one of America's most iconic companies.

Axed Xstrata bid signals metals in for leaner times
Xstrata PLC has abandoned plans for a $10bn takeover bid for British-based Lonmin PLC, blaming unfavourable credit markets but also signalling that commodity prices and mining stocks are likely headed for an extended drought due to a looming global economic slowdown.

BUENOS AIRES HERALD

Front page

Pension adjustments bill adopted
The bill on retirement pay adjustments ruling that pensioners are entitled to half-yearly adjustments in accordance with the INDEC’s wage increase rate was yesterday passed by the Upper House. 

Alfonsín honoured on 25th anniversary
A bust of former president Raúl Alfonsín was unveiled at Government House yesterday with Alfonsín present, marking 25 years since he won the 1983 elections, when democracy was restored after seven years of military rule.

US Senate votes yes on bailout
Late last night the US Senate passed a $700bn bailout for the financial industry aimed at preventing the economy from plunging into a recession.

By: Staff Reporter
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