In Thursday's Americas papers

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

THE WALL STREET JOURNAL

Front page

McCain reshuffles rescue deal
McCain's $300bn plan to help struggling homeowners carries benefits for the real-estate sector, but could reduce the funds available for rescuing banks.

World's central banks launch rate cuts
The world's central banks lowered short-term interest rates in unison. Separately, the US
Treasury is considering ways to inject capital directly into banks, possibly by taking equity stakes.

Wal-Mart sparks toy price war
Retail giants are girding for a Christmas season in which cash-strapped consumers may favor no-frills basics.

Money & Investing

Wachovia talks snag over assets subscriber content
Talks between Wells Fargo, Citigroup and the government over a way to divide Wachovia stalled on several key issues.

IBM sees quarterly profit up 20% subscriber content
IBM posted a 20% rise in profit and reaffirmed its full-year outlook. But sales growth slowed from prior quarters.

A defiant mack throws punches subscriber content
Morgan Stanley's John Mack sought to calm investors and dispel rumors about the firm's state. Morgan shares fell 4.8%.Wal-Mart Sparks Toy Price War Retail giants are girding for a Christmas season in which cash-strapped consumers may favor no-frills basics.

THE NEW YORK TIMES

Front page

US may take ownership stake in banks
Having tried without success to unlock frozen credit markets, the Treasury Department is considering taking ownership stakes in many United States banks to try to restore confidence in the financial system, according to government officials.

US study is said to warn of crisis in Afghanistan
A draft report by US intelligence agencies casts serious doubt on the ability of the Afghan government to stem the Taliban’s rise.

Business Day

Taking hard new look at a greenspan legacy
George Soros, the prominent financier, avoids using the financial contracts known as derivatives “because we don’t really understand how they work.” Felix G. Rohatyn, the investment banker who saved New York from financial catastrophe in the 1970s, described derivatives as potential “hydrogen bombs.”

Switching to cash may feel safe, but risks remain
Fleeing the stock market for the comfort of safe and insured, investors with a time horizon beyond a few years may be doing real damage to their long-term finances.

WASHINGTON POST

Front page

Financial crisis looms over holiday season
As the clock ticks down to critical season for retailers, department stores and clothing merchants report sharp drop in sales.

Getting a grasp on the crisis
As the effects of the financial crisis ricochet around the globe, the number of taxpayer dollars involved in cleaning up the mess seems to grow by the minute.

Business

Global rate cuts fail to suppress crisis
The world's central banks launch a dramatic bid to contain the financial crisis, simultaneously cutting interest rates in 21 countries, which sends markets fluctuating.

US extends $38bn in new loans to AIG
Turns out the $85bn bailout loan to insurance giant wasn't enough.

GLOBE AND MAIL, Canada

Front page

Banks' rebellion means tighter crunch on Main St
For the first time in more than a decade, Canada's Big Five banks are refusing to pass along the full extent of a central bank interest-rate cut, saying they're already feeling too much pain from a steep jump in their own borrowing costs as a result of the financial crisis.

Listeriosis bacteria found at Toronto plant
Four new positive tests for listeriosis have been confirmed in samples of meat at the Maple Leaf plant at the centre of the outbreak that has left 20 Canadians dead.

Business

Ottawa weighs proposals to aid banks if crisis persists
The Canadian government is discussing ideas to help Canada's banks weather the global credit crisis by giving them access to high quality assets backed by the federal treasury, people familiar with the matter said.

Building slowdown threatens jobs boom
Banner years for the construction sector have masked the fact that Canada's jobs boom has already largely gone cold.

BUENOS AIRES HERALD

Front page

Tit-for-tat visa charges for visitors
Speaking at a press conference at Government House, Interior Minister Florencio Randazzo yesterday announced new immigration law regulations will soon be introduced. 

Central banks worldwide cut rates to calm markets
Central banks around the world cut interest rates in unison yesterday but the unprecedented move failed to help battered stocks, thaw credit markets or temper forecasts for a sharp global economic downturn.. 

A US electoral celebration of democracy  in BA
By joe schneider Rise-and-shine Jack McLeod (89) was first in line at 7am yesterday morning to cast his absentee ballot at the US Embassy in Argentina for Democratic presidential candidate Barack Obama. McLeod, a 3-year WWII POW in Germany, said he’s voting because he’s “proud to be an American".

By: Staff Reporter
+44 20 8652 3214

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