In Wednesday's Europe papers

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


Front page

BP ends final pay pension for new staff
BP, one of the last remaining FTSE 100 companies to offer final salary pensions to new workers, said it would shut that window from next April so as not to burden shareholders with unknowable risks and costs.

Labour in chaos as ministers jump ship
Gordon Brown’s government was in disarray on Tuesday night as Jacqui Smith, home secretary, led a wave of resignations ahead of what is expected to be a dismal performance by Labour in this week’s local and European elections.

Companies and markets

US groups raise $7bn to repay Tarp loans
Bank of America said it had raised $33bn since early May, putting it within striking distance of the government’s mandate that it raise $33.9bn as a result of a regulatory ‘stress test’ conducted earlier this year.

Overview: US housing keeps equities on even keel
Positive news on the US housing market on Tuesday fuelled fresh hopes of economic stabilisation, helping to keep equity markets on an even keel after Monday’s strong gains.


Front page

US report finds air strike errors in Afghan deaths
A military investigation has concluded that American personnel made significant errors in carrying out some of the air strikes in western Afghanistan on 4 May that killed dozens of Afghan civilians, according to a senior American military official.

American nations debate readmitting Cuba
Thirty-four members of the Organisation of American States gathered here on Tuesday to argue over whether to readmit Cuba.


Detroit’s woes wound an army of suppliers
For nine years, the Strong brothers, Mark and Tim, made tools in their machine shop to maintain the giant presses that stamped steel sheets into fenders and hoods at a nearby General Motors factory in Lansing, Mich.

New-vehicle sales reach a 2009 high
New-vehicle sales in the United States climbed to their highest levels of the year in May, despite rising gas prices and the bankruptcies of General Motors and Chrysler.


Front page

Markets give St Pete forum a boost
For a country whose markets were among the worst hit last fall, the 13th annual St Petersburg International Economic Forum, it seems, could not be coming at a better time.

St Pete banker linked to Georgian mutiny
Last month’s failed mutiny at a tank base near Tbilisi was financed by a wealthy St Petersburg banker with ties to Prime Minister Vladimir Putin, a senior Georgian lawmaker said.


Putin visits opening of Nissan plant
Nissan on Tuesday opened a $200m plant in St Petersburg, its first in Russia, in a ceremony attended by Prime Minister Vladimir Putin and Governor Valentina Matviyenko.

Obama to cooperate on energy
President Barack Obama pledged to promote cooperation in the oil-rich Caspian region as the US administration seeks to expand a "southern energy corridor" to Europe that bypasses Russia.


Front page

Hard times for eastern Europe’s EU haters
For years, euroskeptics were celebrated as heroes in the EU’s new eastern member states. But their nationalist tones no longer strike a chord with a public that has warmed to the protection the EU offers in the financial crisis.

UK, Ireland resist push for more financial regulation
The European Union is split over how best to apply the lessons of the global downturn to the regulation of financial markets.


Front page

Oil trade a tool in anti-terror fight
Ankara says further steps taken by Iraqi Kurds against the outlawed PKK will boost trade ties and convince the administration in northern Iraq to prefer Turkey to the PKK.

Opposition vows to stop mine plan
The opposition said yesterday that it was determined not to support the law on demining the Syrian border if the government insists the job be done through the build-operate-transfer model.

Business and finance

Leaders meet to set up better ties
Foreign trade ministers and representatives of various countries are meeting with their counterparts in Istanbul.

Sports club fails on the trading floor
Turkish sports club Beşiktaş, whose market value at the Istanbul Stock Exchange, or IMKB, surged to $386m prior to its championship in the Super League, faced a meltdown of $205m after its victory.


Front page

Deal signed between Poland’s PGNiG and Russia’s Gazprom
A $300m deal for the delivery of a billion cubic metres of gas by the end of September has been signed between gas Polish monopoly PGNiG and Russian gas giant Gazprom.

Government cannot afford milk?
The "Glass of Milk" program, introduced by the Polish government in 2004 to provide school children with a daily portion of milk, could soon be shut down.

By: Staff Reporter
+44 20 8652 3214

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