In Wednesday's Europe papers

12 November 2008 05:30  [Source: ICIS news]

FINANCIAL TIMES

Front page

Minister considers weaker pension protection
Moves that would weaken the protection for pension schemes are to be considered by ministers, the government will announce on Wednesday.

Sterling hits 12-year low on gilts sell-off
Sterling fell to a 12-year low against a basket of currencies on Tuesday and briefly fell to its lowest level against the euro since the single currency was introduced amid signs that foreign investors are deserting British assets.

Companies and markets

Barclays’ Mideast deal hit by dissenters
Some of Barclays’ biggest shareholders have threatened to vote against the bank’s planned £7bn capital raising unless it improves the terms of the deal that would leave it almost a third owned by Middle Eastern investors.

Overview: Fresh fears of world recession plague investors
Equities, commodities and emerging market currencies all suffered steep declines on Tuesday as renewed fears of a prolonged global recession sparked a fresh bout of investor risk aversion.

INTERNATIONAL HERALD TRIBUNE

Front page

Democrats seek help for American automakers
Democratic Congressional leaders said Tuesday that they were ready to push emergency legislation to aid the imperiled auto industry when lawmakers return to Washington next week for the first time after the election, setting the stage for one last showdown with President George W Bush.

Emirates see fiscal crisis as chance to save culture
The world financial crisis has hit Dubai’s economy, slamming the brakes on its surging development and dimming its gold rush status.

Marketplace

California town is epicenter of U.S. housing crisis
Mountain House, California, shows how the U.S. housing crisis is contributing to a broad slowdown of the American, and global economy, as families who feel burdened by high mortgages are pulling back on their spending.

White House scales back a mortgage relief plan
The Bush administration is backing away from proposals to have the government refinance a broad swath of homeowners who face foreclosure after taking out subprime mortgages and other high-risk loans over the last few years.

THE MOSCOW TIMES

Front page

Constitutional changes go to Duma
Medvedev makes good on his state-of-the-nation vow to extend presidential terms to six years.

Central Bank allows the Ruble to weaken
The Central Bank spent an estimated $7bn on Tuesday on establishing a new limit for the ruble after allowing it to weaken beyond a key level it had defended in recent months.

Business

Investors tell state to seize the day
James Beadle keeps an eagle eye on the activities of publicly traded companies from his office at Pilgrim Russia Investment Fund.

Tax overhaul could help oil producers
A proposed overhaul of the way oil companies are taxed, including more frequent calculations of export duties and a possible replacement of the mineral extraction tax, would help meet calls for assistance from producers.

DER SPIEGEL

Front page

Great expectations for Project Obama
The challenges facing Barack Obama are enormous, and the first African-American president would be well advised to remain focused, modest and realistic.

Europe mourns its World War I dead
Europe is marking the 90th anniversary of the end of World War I with ceremonies honouring the 20m war dead and celebrating the continent’s hard-won unity.

HURRIYET DAILY NEWS

Front page

Gonul blunders in remark on history
With remarks in honor of Ataturk, the ruling AKP’s defense minister recalls the population exchanges between Greece and Turkey after World War I, attracting criticism for his nationalist language and the drift toward pro-state stances.

Russia signals price cut
As Turkey struggles with the recent price hike on natural gas, Gazprom heralds good news. According to an official the price of natural gas that Russia sells to Turkey will fall 20% next year if oil prices remain at their current levels.

Business and finance

Garanti posts profit increase
Although the finance sector is suffering worldwide from the impact of the global economic crisis, Garanti Bank, a Turkish bank co-owned by General Electric Co, reported a consolidated net profit increase of 21% since the beginning of the year.

Steel giant to compete in emerging Europe
Finnish steel company Outokumpu aims to challenge ArcelorMittal and other stainless steel giants by expanding into Eastern Europe, the firm’s chief executive officer Juha Rantanen said.

WARSAW BUSINESS JOURNAL

Front page

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By: Staff Reporter
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