In Friday's Europe papers

24 October 2008 06:47  [Source: ICIS news]


Front page

Business failures inevitable, say banks
Banks have warned it is ‘inevitable’ that businesses will fail in the coming recession, and no concrete pledges have been made to ministers including Lord Mandelson by lenders to improve their treatment of small companies.

‘I made a mistake,’ admits Greenspan
Alan Greenspan, the former Federal Reserve chairman, said on Thursday the credit crisis had exceeded anything he had imagined and admitted he was wrong to think that banks would protect themselves from financial market chaos.

Companies and markets

Fed takes $2.7bn loss on Bear
The Federal Reserve said it had suffered a $2.7bn paper loss on the $29bn portfolio of toxic assets it took over from Bear Stearns in March as part of JPMorgan Chase’s government-brokered takeover of the stricken investment bank.

Sony warning knocks Tokyo shares
The Nikkei 225 closed morning trading down 4.9% at 8,046.99 following Sony’s move on Thursday to slash its profit forecasts. The rest of Asia slid too.


Front page

Partying helps power a Dutch nightclub
Club Watt, which describes itself as the first sustainable dance club, has a new type of dance floor that harvests the energy generated by dancers and transforms it into electricity.

In a father's tough life, principles and examples to live by for Biden
Senator Joseph Biden Jr. credits his father, Joe Sr., with teaching him the lessons that have become a recurring theme of his campaign speeches.


Asian markets plummet on earnings fears
The Nikkei sank on Friday, dragged down by Sony's full-year profit forecast, while investors elsewhere in Asia dumped shares on fears about profit forecasts. US stocks end volatile session mixed

West is in talks on credit to aid poorer nations
With the financial crisis engulfing developing countries, Western officials are weighing coordinated action to try to stabilise these economies.


Front page

VEB thrust into the role of savior
Vneshekonombank, which does not even report to the Central Bank because it has no banking license, will soon take charge of $74bn, or 14% of the country's reserves.

Deputies approve $18.5bln bailout
The State Duma took less than two hours on Thursday to approve a raft of bills allowing the government to spend more than $18.5bn bailing out troubled banks and supporting the plummeting domestic stock market.


Inter RAO to spend $5.5bln abroad
State-controlled electricity trader Inter RAO will spend at least $5.5bn on acquisitions in Latin America, Asia and Africa in the next two years, the company said on Thursday.

S&P downgrades outlook for Russia
The ratings agency cites the heavy costs of the country's bailout package and use of its foreign reserves to prop up the ruble. 


Front page

German politicians divided over anti-Semitism
The German parliament wanted to pass a unanimous resolution against anti-Semitism to coincide with the 70th anniversary of the Night of the Broken Glass. But the effort has become a victim of political bickering.

The clash of two worldviews
Porsche has long been a symbol of wealth, power and freedom. For Europe, the top priority has become that of limiting greenhouse gas emissions. A visit to the two worlds shows they have little in common.


Front page

Muscling in on Parliament's turf
The Constitutional Court's reasoning for annulling the headscarf amendments is interpreted as a negation of Parliament's legislative power by the justice minister, as some experts argue the court breached its authority.

World elects Obama, most Turks indifferent
Most Turks say they do not care who the next president of the United States becomes, or they are reluctant to make a choice. But for those few who have a preference, the answer is clear: Democratic contender Barack Obama.

Business and finance

Next generation homes for the next generation
PLS4M İnşaat is set to hand over the keys for its new development project, Yeni Nesil Evler, which translates as Next Generation Homes, located in Gebze's Şekerpınar neighborhood in September of 2009.

TOKİ puts social houses up for sale in Ankara
Turkey's Mass Housing Administration, or TOKİ, is set to put 560 social houses up for sale by lottery in November.


Front page

eCard CEO Korobowicz suspended from duties
The CEO of eCard Konrad Korobowicz has been suspended after being accused by several members of the company's supervisory board of not presenting relevant information to them and for being the cause of the company's worsening condition.

PO and PSL can't seem to see eye to eye
The ruling coalition between the Civic Platform (PO) and the Polish Peasants Party (PSL) is once again going through tough times as PO leaders claim that PSL continues to block an increasing number of draft bills proposed by PO.

By: Staff Reporter
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