In Wednesday's Europe papers

08 October 2008 06:30  [Source: ICIS news]

FINANCIAL TIMES

Front page

Massive rescue plan for banks
Gordon Brown, UK prime minister, on Tuesday ordered a taxpayer-backed cash injection to rebuild the balance sheets of Britain’s high street banks, in effect part-nationalising the sector at an estimated cost of between £35bn-£50bn.

Spain announces emergency fund
Spain on Tuesday became the latest European nation to take unilateral measures to deal with the world’s deepening financial crisis, announcing a €30-50bn emergency fund to provide liquidity to the financial system by buying Spanish bank assets.

Companies and markets

US stocks slump as UK invests in banks
US financial stocks slumped to their lowest level since 1997 on Tuesday as the escalating global credit crisis forced the UK to announce the partial nationalisation of its banking system.

Overview: Gloom persists in spite of fresh move by Fed
Trading remained volatile across major markets on Tuesday and Wall Street slumped during afternoon trade as financial stocks plumbed their lowest level since 1997.

INTERNATIONAL HERALD TRIBUNE

Front page

Obama and McCain clash over economy
In a muted debate amidst a financial crisis, Senator Barack Obama faulted a zeal for deregulation, while John McCain offered a mortgage rescue plan.

Two countries plan rescues as European leaders continue to talk
Britain and Spain moved to mount separate rescues of their financial industries, a move that comes at a time when European economic weakness gives signs of deepening.

Marketplace

Bernanke indicates the Fed will cut interest rates soon
With credit markets extraordinarily tight, the Fed also moved to lend directly to big businesses in need of short term loans.

Two countries plan rescues as European leaders continue to talk
Britain and Spain moved to mount separate rescues of their financial industries, a move that comes at a time when European economic weakness gives signs of deepening.

THE MOSCOW TIMES

Front page

Markets unmoved by funding hike
President Dmitry Medvedev and top government financial officials moved Tuesday to confront the dismal performance of the country's stock exchanges the day before, but their decision to increase a financial sector rescue package to $190bn had only a minimal effect on the markets.

Medvedev rides video into the blogosphere
President Dmitry Medvedev has never been shy about showing off his Internet savvy, having spoken publicly about social networking sites and offering words of support for Russian web slang.

Business

Potanin, Prokhorov dispute split status
An assets divorce between former business partners Mikhail Prokhorov and Vladimir Potanin appeared to be on the rocks Tuesday after the billionaires' holding companies made conflicting statements on the status of the split.

Iceland turns to Russia for $5.4bn bailout
Facing the collapse of its banking sector, the tiny country sends Moscow a request for emergency assistance.

DER SPIEGEL

Front page

EU finance ministers increase savings guarantee
Finance ministers from the 27 European Union member states met on Tuesday and agreed to increase the EU private savings guarantee to €50,000.

Bruno's half- brother spotted close to German border
The last bear to venture into Germany, Bruno, was shot and killed after a sheep-killing rampage that made him a media star.

TURKISH DAILY

Front page

Socialism and nationalism converge
Turkey's nascent socialism and its Kemalist heritage made uncomfortable bedfellows for student activists in the late 1960s and early '70s, though all sides continued to draw inspiration from the iconic green parka of Deniz Gezmiş, a pioneering folk hero for the Turkish left.

72 killed as Kyrgyzstan quake razes mountain village
Rescuers raced to reach a remote village in Kyrgyzstan yesterday after a strong earthquake killed at least 72 people in a mountainous area near the border with China, officials said.

Business and finance

Wine sector suffers from high tax rates
Turkey's wine sector faces difficulties due to the high tax rates and early payment due dates, according to an industry leader.

Turkish stocks hit by global turmoil
The global turmoil in stock markets engulfed Turkey yesterday, as Istanbul Stock Exchange's benchmark index lost 8.62%, the biggest one-day drop since March 2003.

WARSAW BUSINESS JOURNAL

Front page

Car industry hit by crisis
Opel had decided to halt production in its Gliwice plant in Poland, due to low demand for cars.

Poland's banks still in good shape
European Union finance ministers are seeking ways to boost confidence in the banking sector as the battle with the world financial crisis continues.

By: Staff Reporter
+44 20 8652 3214

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly