In Monday's Europe papers

27 October 2008 06:11  [Source: ICIS news]


Front page

Goldman chief sought tie-up talks with Citi
Lloyd Blankfein, Goldman Sachs chief executive, called Vikram Pandit, his Citigroup counterpart, last month to discuss a merger, in a dramatic example of the secret manoeuvring that preceded the government bail-out of the financial sector.

Fed takes $2.7bn paper loss on Bear
The Federal Reserve on Thursday 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.

Companies and markets

Treasury urged to aid car and insurance sectors
The US Treasury is coming under increasing pressure to expand its financial rescue plan beyond banks to include direct assistance to the ailing car and insurance sectors.

Asian stocks drop on recession fears
Asian shares fell, with Japanese banking stocks particularly hard hit, amid lingering concerns that more measures would be required this week to help fend off a global recession.


Front page

In Pakistan, the United States shifts tactics
The White House has backed away from ground raids into Pakistan after furious complaints from its government, relying instead on strikes by drones.

G-7 warns against rapid rise in yen
In a rare move, the group’s statement singled out the Japanese currency after it soared against the dollar and euro last week.


Credit crisis slows Poland and other emerging markets
Economies that seemed healthy, even thriving, barely a month ago, are beginning to find themselves caught in the worldwide panic.

In Europe, crisis revives old memories
Europeans are looking for ways to protect themselves in the face of a financial storm that has affected them much less directly than it has many Americans.


Front page

Lavrov warns ban will hit US ties
Foreign Minister Sergei Lavrov warned the United States on Friday that a decision to extend a trade ban on state arms trader Rosoboronexport threatened to undermine fraught ties between Moscow and Washington.

Crazy news replaces NTV’s nightly news
Television viewers who tuned in to NTV on a recent Monday were in for a surprise.


Market plummets despite oil cuts
The country’s stock markets were mauled on Friday, erasing modest gains earlier in the week, after Standard & Poor’s cut Russia’s outlook and the price of Urals crude slid below $60 per barrel.

Deripaska’s miner will postpone IPO
The global financial crisis dealt Oleg Deripaska another blow Friday, when his mining company, Strikeforce Mining and Resources, postponed a Hong Kong share float because of the market downturn.


Front page

German libraries hold thousands of looted volumes
Hundreds of thousands of book stolen by the Nazis are still in German libraries.

Germany shies away from ‘Peeping Tom’ airport scanners
German Ministers have voiced outrage at European Union plans to adopt controversial full-body scanners, joining a chorus of criticism of the so-called "strip scanners" which aim to deter highjackers.


Front page

Women look to bar election
The election, being held Saturday and Sunday, has one female candidate for president and seven women vying for seats on the bar’s executive board.

‘AKP abused religious beliefs,’ top Court says
The headscarf amendment sponsored by the ruling party demonstrates an abuse of religious feelings and an anti-secular stance, the Constitutional Court said in its reasoning released late this week.

Business and finance

Pushcart stock exchange rises from ashes
The climbing value of the U.S. dollar has led to a lively week at "the pushcart stock exchange" in Istanbul’s Eminönü district.

Volatility tests steel trading
Prices of steel have reached record highs and then plummeted since April 28, the start date for steel futures trading at the London Metal Exchange.


Front page

"No" currency interventions
Poland's zloty has fallen almost 2 percent on Friday from Thursday’s close as investors are pulling money back to major western markets.

IMF announcement helps calm nerves on WSE
Despite a relatively optimistic start, the WIG20 hit a five year low on Sunday as at one point it was down 7.5% and below the 1600 point mark.

By: Staff Reporter
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