In Monday's Europe papers

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

FINANCIAL TIMES

Front page

UK to inject £39bn into banks
Britain was on Sunday preparing to pump more than £39bn into three of the country’s largest banks in a broad-based recapitalisation that could see the UK government end up with controlling stakes in Royal Bank of Scotland and HBOS.

Asian markets rebound on bank rescue hopes
Australia led Asia Pacific markets higher with a 6.1% rise as the prime minister said the government would guarantee banks deposits, and euro zone leaders agreed at the weekend to support their banking systems.

Companies and markets

New formula for Morgan Stanley deal
Morgan Stanley has been forced to renegotiate the terms of a planned $9bn cash injection from Japan’s Mitsubishi UFG, following the steep fall in the price of its shares since the deal was announced last month.

Expectations of more rate cuts grow
Investors wait to see if the measures announced by finance ministers at the weekend’s meeting of the Group of Seven leading nations can prove effective as a circuit breaker for the downward spiral.

INTERNATIONAL HERALD TRIBUNE

Front page

In Thai protests, a divide between urban and rural
In the hope of changing the balance of political power, protesters have put forward a reform plan that would weaken rural voices by creating a mostly appointed Parliament.

Bold pledges from world leaders, but details missing
Europe's decision to guarantee lending between banks has thrown the spotlight back to the United States, where officials are said to be studying the feasibility of doing likewise.

Marketplace

US offers to protect MUFG's investment in Morgan Stanley
The investment in Morgan Stanley by the largest bank in Japan is considered a crucial step in the US government's strategy for revitalising the financial system.

Spanish bank may buy Sovereign Bancorp
Banco Santander of Spain is in advanced talks to acquire Sovereign for about $2.5bn, people briefed on the matter said.

THE MOSCOW TIMES

Front page

Chechen turnout high after quake
A magnitude 5.6 earthquake killed 13 people and injured 100 others Saturday afternoon in Chechnya, one day before parliamentary elections in the republic.

State bank set to put money in markets
Prime Minister Vladimir Putin announced Friday that the state-owned Development Bank would this week start pumping 175bn rubles ($6.7bn) into Russian stock markets, which have plummeted more than 60% since their highs in May.

Business

Deripaska unloads stake in Hochtief
Billionaire Oleg Deripaska has sold his 9.99% stake in German construction giant Hochtief, his company said, as the credit crunch batters Russia’s richest man.

Lender loses license over liquidity woes
The Central Bank on Friday withdrew the operating license of Eurasia-Centre Bank, citing the lender's liquidity problems and violations of banking regulations.

DER SPIEGEL

Front page

An alpine pompeii from the stone age
What happened to the prehistoric village on Lake Mondsee in the Austrian Alps? One geologist has found evidence that a vast rock slide may have set off a tsunami that buried the lakeside settlement.

'The United States has essentially a one-party system'
The linguist and public intellectual Noam Chomsky has long been a critic of American consumerism and imperialism.

TURKISH DAILY

Front page

Boldly eyeing the world's woes
A decision to pull out of finance 'before the bubble bursts' has filled the coffers of OYAK, the Turkish Armed Forces Assistance Fund, with $4bn in cash and the fund waits in the wings to acquire foreign companies.

Driving through Balkans
Ten countries, nine languages, eight currencies, two time zones and 5,600 kilometers by car from the Netherlands to Turkey and back.

Business and finance

Business leader warns on growth, urges to restore confidence 
The leader of Turkey's top business association warned of a slowdown in the country's growth on Friday and urged business leaders to restore market confidence.

Feriloft project offers new living space
Doğa Real Estate's Feriloft project is comprised of houses in four blocks and apartment suits occupying one block in Istanbul's Feriköy district.

WARSAW BUSINESS JOURNAL

Front page

KGHM will invest zł.2.3bn on power plant
Copper giant, KGHM confirmed plans to build two gas-fuelled energy units, an investment worth zł.2.3bn, the company said on Friday.

European Tribunal's verdict in favour of Poland's territory
The long awaited verdict by the European Tribunal for Human Rights turned out favourable for Poland.

By: Staff Reporter
+44 20 8652 3214

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