In Monday's Europe papers

16 March 2009 05:30  [Source: ICIS news]

FINANCIAL TIMES

Front page

Summers ‘outrage’ at AIG bonuses
President Barack Obama’s administration expressed outrage on Sunday at $165m of bonuses paid by the troubled insurance group AIG, as the company revealed that European banks had benefited heavily from its massive government rescue.

Zardari to reinstate law chief to halt unrest
Pakistan’s president will reinstate Iftikhar Mohammad Chaudhary as chief justice of the supreme court, in an attempt to quash a direct challenge to his rule.

Companies and markets

G20 twin-track strategy seeks to avoid splits
The Group of 20 advanced and emerging countries ceased hostilities at the weekend over fiscal stimulus and regulatory policies in an attempt to appear united at a summit next month.

China lost billions in diversity drive
China has lost tens of billions of dollars of its foreign exchange reserves through a poorly timed diversification into global equities just before world markets collapsed last year.

INTERNATIONAL HERALD TRIBUNE

Front page

AIG lists firms to which it paid taxpayer money
Amid rising pressure from Congress and US taxpayers, the American International Group on Sunday released the names of dozens of financial institutions that benefited from the Federal Reserve's decision last fall to save the giant insurer from collapse with a huge rescue loan.

Bracing for a bailout backlash
The Obama administration is increasingly concerned about a populist backlash against banks and Wall Street, worried that anger at financial institutions could also end up being directed at Congress and the White House and could complicate President Barack Obama's agenda.

Marketplace

OPEC keeps production targets unchanged
With energy consumption falling sharply as the global financial crisis worsens, OPEC said on Sunday that it would not seek a new cut in production targets, as fears about the world economy trumped calls to prop up oil prices.

US economic advisers warn of no quick turnarounds
Top administration economic advisers walked a careful line on Sunday, saying that despite a few hopeful indicators and President Barack Obama's call to investors to consider returning to the share markets, that it would "take some time" to turn a corner.

THE MOSCOW TIMES

Front page

Customs overhaul snarls shipments
A long-planned customs overhaul has resulted in chaos at customs terminals around Moscow, forcing companies to pay overtime fees even as they lose revenues and client orders.

Sechin urges OPEC to revamp oil market
Prime Minister Igor Sechin sought to assure OPEC on Sunday that Russia was doing its part in reducing global crude supply and proposed an overhaul of the market to rid it of financial speculators.

Business

Kudrin wary of devaluation contest
Finance Minister Alexei Kudrin said on Saturday that a global round of currency devaluations was creating problems and that the International Monetary Fund remained a critical source of help for emerging economies to stabilise exchange rates.

Investors see big implications in Telenor case
A lawyer for Farimex Products said on Friday that it did not want Telenor to sell its stake in VimpelCom, a perhaps surprising admission given that Farimex has spent the past few months fighting in court to make Telenor pay close to the very value of that stake.

DER SPIEGEL

Front page

How German seniors lost nest eggs in Lehman collapse
Bankers called them "OD customers" - "old and dumb" investors who let their advisors talk them into buying Lehman Brothers securities last year.

Germany asked to boycott UN racism conference
The US, Canada and Italy have said they will not attend the United Nations conference on racism out of fear that it will be used primarily for attacks on Israel.

HURRIYET DAILY NEWS

Front page

New, fair global order a must to overcome crisis
Meeting in Istanbul ahead of the G-20 summit on the global economic crisis, Turkish representatives agree that a new global economic order is dawning, and it must be one that lends greater voice to developing nations.

Doğan’s second offer also rejected
Turkish tax authorities have for the second time rejected the collateral offered by Doğan Media Group, or DMG, against a record tax levy.

Business and finance

Kuwait to scrap $14bn refinery project
Kuwait is scrapping a $14bn project to build a fourth refinery in the oil-rich country, the prime minister said in remarks published yesterday.

Iran, China sign $3.2 bn gas deal
Iran and China have signed a $3.2bn gas deal to produce more than 10 million tonnes of liquid natural gas over the next 36 months, according to Iran state television.

WARSAW BUSINESS JOURNAL

Front page

Rate cut hits CHF, helps mortgages
After a government intervention yesterday to reduce interest rates, the Swiss currency fell below zł.3, for the first time in weeks.

Polish TVP head in the crosshairs?
The ruling Civic Platform (PO) and main opposition Law and Justice (PiS) parties are working to pass a new media bill, one of the goals of which will be to oust controversial TVP head Piotr Farfał.

By: Staff Reporter
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