In Friday's Europe papers

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

FINANCIAL TIMES

Front page

Runaway borrowing to trigger tax rises
Annual public borrowing is set to rocket towards £120bn over the next two years – far higher than City forecasts – forcing Alistair Darling to announce plans for deferred tax rises and public spending curbs when he presents his pre-Budget report next week

Fear stalks the world’s economies
Fears of a severe recession gripped financial markets on Thursday as dire US unemployment figures helped drive long-term interest rates to record lows.

Companies and markets

Planned $250m investment fails to lift Citi
Citigroup’s crisis deepened on Thursday as its shares continued to slump in spite of a planned investment of about $250m by Prince Alwaleed Bin Talal, its largest individual investor.

Overview: US jobless figures spark stampede for safety
Investors fled equity markets and rushed to the safety of government bonds on Thursday after a jump in US joblessness stoked fears of a severe global recession.

INTERNATIONAL HERALD TRIBUNE

Front page

Hezbollah's foundation is built on youth
In Lebanon, Hezbollah has marshaled these ambient energies for a highly political project: educating a younger generation to continue its military struggle against Israel.

US report predicts decline for Al Qaeda
A global forecast by intelligence agencies says the group has alienated Muslim supporters with its indiscriminate killing and inattention to the problems of poverty, unemployment and education.

Marketplace

A global wave of selling extends to Asian markets
In Asia, the darkening economic outlook was highlighted by data that showed the economies in Singapore and Taiwan contracted in the third quarter.

New data dim hopes of Asian stability
The impact of what was initially a purely financial crisis has now seeped through to ordinary consumers and companies in sectors well beyond banking and insurance throughout Asia.

THE MOSCOW TIMES

Front page

Putin unveils $14.6bn tax cut
Prime Minister Vladimir Putin unveiled a new $14.6bn measure on Thursday aimed at helping businesses withstand the current economic downturn, spending likely to further drain the Reserve Fund next year.

Liquidity slips into everyday Lexicon
Liquidity, a term rarely heard outside of boardrooms and brokerages just months ago, has been making its way into kitchen-table conversations, as a financial crisis catalysed by the integration of global financial markets has come to threaten the country’s recent prosperity.

Business

Norilsk profit may fall 75% in 2009
Norilsk Nickel’s profit may fall by as much as 75% in 2009 as demand has fallen in the midst of the financial crisis, the firm’s chief executive Vladimir Strzhalkovsky said on Thursday.

S&P lowers rating of Russian standard
Standard & Poor’s docked Russian Standard Bank’s long-term rating by one notch Thursday, lowering it to B+ from BB- in the first downgrade of a major domestic lender since the financial crisis began.

DER SPIEGEL

Front page

Pressure mounts for entire Chavez clan
Venezuelan President Hugo Chavez is facing yet another battle for power in gubernatorial elections. Even in his home state, a growing number of people are getting tired of the president and the Chavez clan.

Politician proposes funding freeze for far- Right party
Repeated governmental bids to ban the far-right, neo-Nazi NPD have fallen flat. Now a proposal is on the table to cut off the party's state funding in an attempt to halt rising support for the polemic group.

HURRIYET DAILY NEWS

Front page

So who is coming to İmralı dinner?
The mental health of the leader of the PKK is deteriorating due to his strict solitary confinement, warns a European human rights organisation.

AKP ready to roll for local elections
Recep Tayyip Erdoğan asks the Justice and Development Party members to summon to Ankara the officials charged with handling the election process.

Business and finance

Turkey fails to manage
Turkish markets received two good and one bad piece of news in less than 24 hours. The markets were relieved with the good news, which came at a huge price: Loss of confidence in Turkey’s economic management, which has caught the nation by surprise

Asset sales bring in $18bn
The Savings Deposit Insurance Fund, or TMSF, has collected $18bn by selling assets it collected from owners of confiscated banks and corporations over the last five years.

WARSAW BUSINESS JOURNAL

Front page

Obama won't be present in Poland for climate talk
President-elect Barack Obama has been approached by environmentalists asking him to be present at the climate talks, which are to take place in Poland next month, however he won't be making an appearance.

Polish output data signals slowing economy
Output data released by GUS signals a gradually slowing economy, and according to analysts, a relatively fast slowdown.

By: Staff Reporter
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