In Monday's Europe papers

01 June 2009 05:30  [Source: ICIS news]


Front page

GM to file for Chapter 11 protection
General Motors will file for Chapter 11 protection on Monday in the biggest ever bankruptcy of an industrial company, tapping an additional $30bn in government financing and sparking a probable legal battle between the car maker’s stakeholders.

MPs’ expenses are distraction from recession
The furore over MPs’ expenses is proving a damaging distraction from the serious economic questions that need to be addressed by all the main political parties, business leaders have warned.

Companies and markets

Nomura staff warm to western contracts
Nomura has persuaded half of its jobs-for-life Japanese investment bankers to give up their local contracts and adopt more volatile western deals, in the mould of the Lehman Brothers operations it acquired last autumn.

Investors sceptical on stock market reboun
The majority of the world’s leading investors do not believe the recent strong performance of stocks and other risky assets is sustainable, according to a report released on Monday.


Front page

GM to seek bankruptcy and a new start
The bankruptcy is part of a plan that President Obama will outline on Monday morning to dramatically shrink the automaker while keeping it competitive.

After many stumbles, the fall of an American giant
Rarely has a company fallen so far and so fast as General Motors, which ruled the car industry for more than half a century.


Geithner arrives in Beijing for talks
The treasury secretary will attend two days of high-level meetings aimed at forging stronger economic ties with the Chinese and coordinating response to the global financial crisis.

Cellphone locator system needs no satellite
Wi-Fi signals and cell towers help iPhones and other devices using Skyhook Wireless to figure out where they are.


Front page

Canadian-Russian group wins Opel
As Sberbank touts the low cost of the deal and GAZ draws up Opel production plans, Putin takes his own GAZ car for a spin.

Crude is back for now, but not on demand
This year’s federal budget, which only recently appeared doomed to an ugly 8% deficit, is beginning to look a lot healthier thanks to spiraling inflation, a weakened currency and a surge of optimism.


Gazprom scrambles for LNG market
Gazprom has announced that it is speeding up its plans to sell more gas by tankers to a wider range of customers as it faces a sharp drop in demand from its traditional consumers in Europe.

VTB eases worries on share issue
VTB will most likely not sell all of the shares that it planned to offer last fall, chief financial officer Nikolai Tsekhomsky said at a meeting with minority shareholders on Friday.


No new updates


Front page

Nordic bakery to enter local market
Bread is the most consumed product in the Turkish kitchen and Vaasan & Vaasan, a leading European bakery company, prepares to step into this highly promising market.

Benetton retreats 'under political pressure'
Benetton Turkey backed away from its decision to open a store in Abkhazia due to political pressure from Georgia, the Wall Street Journal reports.

Business and finance

Mardan just a first step in investments
Russian business people’s new destination for investments is Turkey’s southern city of Antalya.

Day of reckoning for mighty auto industry
As Canadian Magna and its Russian backers are selected to take over the Opel division of General Motors, the US giant faces bankruptcy on Sunday.


No new updates

By: Staff Reporter
+44 20 8652 3214

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