In Tuesday's Europe papers

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

FINANCIAL TIMES

Front page

Tax hit to fund £20bn fiscal stimulus
Taxpayers face six years of austerity, paying for the consequences of recession and a £20bn fiscal stimulus unveiled on Monday by Alistair Darling as he detailed the most dismal Budget outlook seen since 1993.

The government takes a huge gamble on investor confidence
Stuff happens. Stuff has certainly happened to both the UK economy and the government’s fiscal position. What Alistair Darling delivered on Monday was not a pre-Budget report, but a crisis budget.

Companies and markets

Citi soars as $300bn bail-out is agreed
Global stock markets rebounded on Monday after the US government moved to stave off a crisis in confidence in Citigroup by providing the beleaguered bank with $20bn in additional capital and arranging $306bn in credit guarantees.

Overview: Citi aid package triggers strong rebound
Stock markets on both sides of the Atlantic rebounded strongly on Monday from multi-year lows and the FTSE 100 index enjoyed its biggest ever one-day gain, as investors welcomed an eleventh-hour bail out of the US banking group Citigroup.

INTERNATIONAL HERALD TRIBUNE

Front page

Asian markets rise on Citigroup rescue
Asian stock markets rallied strongly Tuesday morning, buoyed by the US government bailout for Citigroup and the resultant rise in US stocks on Monday, as well as a jump in raw materials prices, which lifted commodities producers.

Once considered invincible, Hugo Chávez takes a second blow
From the hardened slums of this city to some of Venezuela's most populous and economically important states, many of President Hugo Chávez's supporters deserted him in regional elections, showing it is possible to challenge him in areas where he was once thought invincible.

Marketplace

Bank industry analysts fall prey to the shrinkage
Analysts, once prominent within the industry, are joining a growing pool of bankers and traders losing their jobs before bonus times, with few job prospects on the horizon.

Chinese tycoon arrested, or missing?
Huang Guangyu, one of China's richest men and the chairman of the country's biggest electronics retailer, reportedly was detained by Beijing police last week in an investigation into stock manipulation.

THE MOSCOW TIMES

Front page

Central Bank lets ruble fall further
The Central Bank said Monday that it widened the ruble's trading band by 30 kopeks on both ends for the second time in two weeks, effectively allowing a gradual devaluation of the currency to continue.

Bad time for some, others cash in
Investment banks are laying employees off by the hundreds, developers are freezing projects and oil firms are lining up to receive government aid. At some companies, however, business has never been better.

Business

S7 says stake offer, plane sales possible
The CEO of Russia's second-largest airline, S7, said on Monday that it had received a verbal offer to buy a share in the company and that it would work to restructure debt and sell off older Russian planes to weather the financial crisis. 

Ukrainian delegation coming for gas talks
President Dmitry Medvedev suggests that Ukraine could be taken to court for a $2.4bn debt to Gazprom.

DER SPIEGEL

Front page

World scrambles to deal with pirate threat
In their inflatable speedboats and armed with bazookas, Somalia's barefoot pirates are posing a threat to world trade.

'The economy fell off the cliff'
George Soros, 78, has made billions as a hedge-fund manager and investor.

HURRIYET DAILY NEWS

Front page

Caucasus platform members to meet
Five members of the Turkey-led Caucasus platform are expected to meet by the end of this year for fully-fledged discussions, said Russia’s ambassador to Turkey yesterday.

EU urges more reform, warns on election talk 
Two European Union delegations from Brussels come to Ankara with severe warnings to the government to return to the European Union reform agenda, while Ankara is caught up in domestic issues dominated by pre-election debates. 

Business and finance

Campaign fails to hike sales
A shopping campaign launched in Istanbul to break stagnation in the retail market has failed to generate the expected activity.

Foundations shake in economic quake 
The pending economic crisis is forcing some real estate projects to be postponed as developers wait for more stable financial markets and higher demand. Most of the projects that have been shelved are residential projects or shopping centers

WARSAW BUSINESS JOURNAL

Front page

President signs bank guarantees bill
President Lech Kaczyński has signed a bill concerning Bank Guarantee Funds, where deposits of up to €50,000 will be protected in full.

Lotos shares drop on Unicredit report
Lotos shares plummeted as much as 19% on Monday after a Unicredit report highlighted some of the worries the company faces in light of the financial crisis, however, the company denied that it was in financial difficulty.

By: Staff Reporter
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