In Thursday's Europe papers

09 October 2008 06:36  [Source: ICIS news]

FINANCIAL TIMES

Front page

Central banks cut interest rates
Asian central banks joined their western counterparts in coordinated cuts to interest rates in an effort to curb the risk that the intensification of the credit crisis could lead to a severe global recession.

UK banks thrown £400bn lifeline
Britain’s largest banks were preparing on Wednesday to boost their capital reserves after the government launched a dramatic £400bn rescue plan to restore confidence among financial institutions and avert a severe economic slowdown.

Companies and markets

Markets slide despite rate cuts
Central banks including the Bank of England, the Fed and the ECB cut interest rates in a co-ordinated effort to ease the global financial crisis, but global markets fell sharply.

Overview: Rate cuts fail to revive markets
A co-ordinated cut in interest rates by central banks around the world failed to lift the gloom hanging over global financial markets.

INTERNATIONAL HERALD TRIBUNE

Front page

US may take stakes in banks
The Treasury Department is considering taking ownership stakes in many US banks to try to restore confidence, according to officials.

Taking hard look at a Greenspan legacy
The deregulation and use of derivatives long had a great supporter in the person of Alan Greenspan.

Marketplace

Bailout role elevates US official
Neel Kashari, 35, a former Goldman Sachs investment banker, was tapped by Treasury Secretary Henry Paulson Jr. to oversee the $700bn bailout effort.

Central banks coordinate global cut in interest rates
The world's major central banks, including the Federal Reserve, moved together to stanch the financial crisis.

THE MOSCOW TIMES

Front page

RZD, Alrosa pay 100 Rubles for KIT
The state monopolies team up to buy 90 % of the failed investment bank.

Economic crisis will not be televised
As a wave of grim news swept in from global markets on Monday, the MICEX halted trading a record three times, while the RTS shut down twice.

Business

Aricom looking for $1bn in roadshow
The miner is hoping to raise the cash to fund a plant in the Far East, despite global liquidity problems.

MICEX chief sees similarities to 1929
The 67% decline in Russian equities this year resembles the US stock market crash of 1929 because of the damaging effect of highly leveraged investors, MICEX chief executive Alexei Rybnikov said Wednesday. 

DER SPIEGEL

Front page

Why the ECB can't solve Europe's financial crisis
The European Central Bank has done its bit to fight the financial crisis by keeping the money market afloat and cutting interest rates.

The broken pact with the people
Trust capitalism and shun government interference we were told. But irresponsible bankers saw a chance to get rich quick and went for it.

TURKISH DAILY

Front page

6 die in attack on police bus
Unidentified assailants on Wednesday killed five police and a civilian driver in an attack in southern province of Diyarbakir, hours before the Turkish Parliament approved the extension of the military’s mandate to conduct cross border operations against the outlawed Kurdistan Workers’ Party, or PKK, for a year.

Portraits on bills raise discussion
The chronic inflation experienced for many years has made itself felt in daily life, not only with the rising prices for consumer goods but also with higher bills each year.

Business and finance

No change in Amplio's investment plans
Amplio Hotel, which began venturing into Turkey in 2007 with the objective of constructing 80 hotels within 10 years with an investment of $1.5bn, did not have a change of heart when it comes to its investment plans despite the adverse impact of the severe global economic crisis.

Gefco sees Turkey as crucial gateway 
France’s Gefco Group eyes investment opportunities in Turkey, as part of its plans to grow in Central and Eastern Europe.

WARSAW BUSINESS JOURNAL

Front page

Poland should enter the ERM2 zone and quickly
The Polish złoty has been up and down against the euro, but it's now that the government should fix the złoty-euro parity rate if the country plans to adopt the joint currency in 2012.

Polish currency and indexes rebound on news of rate cuts
Banks across the world have coordinated an action to cut interest rates, a move that has helped the WIG20 enter into the positive.

By: Staff Reporter
+44 20 8652 3214

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