In Thursday's Europe papers

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


Front page

Brown fights for survival
Gordon Brown was on Wednesday night locked in a battle of wills with his two most senior ministers over a cabinet reshuffle, and could face a backbench revolt against his leadership if Thursday’s local and European elections are as disastrous as expected for the Labour party.

Barclays to scrap final salary pensions
Barclays announced on Wednesday plans to close its final salary pension scheme to nearly 18,000 existing members, a contentious move likely to ease the path for other big employers which have been wary of taking such a step.

Companies and markets

Clear Channel lenders threaten refinancing plan
Some of the largest lenders to the private equity groups that led the $23.8bn buy-out of Clear Channel Communications intend to turn down a proposed debt exchange, hoping to drive the radio and outdoor advertising company towards default.

Overview: Fed caution and Baltic woe sap confidence
Equity and commodity prices took a break from their upward march on Wednesday as recent optimism about the US economy was tempered by slightly disappointing data releases and cautious comments from Federal Reserve chairman Ben Bernanke.


Front page

Rising interest on nations’ debts may sap world growth
As governments worldwide try to spend their way out of recession, many countries are finding themselves in the same situation as embattled consumers - paying higher interest rates on their rapidly expanding debt.

Iran President and challenger clash in debate
A moderate politician who is considered the strongest challenger to President Mahmoud Ahmadinejad of Iran accused him on live television on Wednesday of undermining the nation’s interest by constantly questioning the Holocaust and by engaging in an adventurist foreign policy.


Regulator to detail plan for derivatives
The new chairman of the Commodity Futures Trading Commission will ask Congress on Thursday to impose substantial new costs and restrictions on large banks and other financial institutions that deal in the complex and largely unregulated financial instruments known as derivatives.

Investors in developing markets see optimism
If investors in New York and London are seeing the first delicate signs of a recovery, their counterparts in developing countries say they are witnessing a full-on spring.


Front page

Protests spur plan to seize factories
A senior United Russia lawmaker submitted a bill to the State Duma on Wednesday to nationalise the troubled factories in a Leningrad region town where residents blocked a highway over wage arrears a day earlier.

Broke Belarus slaps lender Russia in the face
The Belarussian Central Bank’s web site is not exactly what you call an exciting read, but surfing its statistics section these days is harrowing, to say the least.


Stocks fall over 7% in 4-month record
Stocks slumped the most in almost four months as Citigroup advised investors to sell shares after the market doubled in three months.

Banker sacked for prediction
Sberbank fired an executive who forecast that bad loans could spark a major sell-off of real estate pledged with Russian banks, the bank said on Wednesday.


Front page

The trans-Atlantic frenemies
Barack Obama is only passing through Germany on his trip to Europe later this week and does not plan to hold substantial talks with Angela Merkel.

Who is to blame for EU voter apathy?
Voter turnout for this week’s European parliamentary election is expected to be the lowest since direct elections began 30 years ago.


Front page

Hard part of EU talks begins now
Turkey’s minister responsible for EU affairs reiterates the country’s commitment to full membership but predicts that progress is likely to only grow more difficult as time passes and laments the opposition’s resistance to reforms.

‘Govt determined to help out Alevis’
Alevi organisations say the government has not met their expectations and the workshop will be only an opportunity to reiterate their demands.

Business and finance

Growing chain of delayed offerings
The chairman of Mesa, a real estate investment trust, says the firm is postponing a planned initial public offering, or IPO, due to adverse market conditions, joining a growing list of Turkish firms that have done so.

‘Turkey is to blame in customs dispute’
Commenting on the ongoing customs dispute with Turkey, Yevgeny Primakov, the head of the Russian Chamber of Commerce, said it was the Turkish side that did not want to declare exported goods at customs.


Front page

Lufthansa dismisses LOT talks as "rumours"
Reports that German flag carrier Lufthansa is in talks with PLL LOT about investing in the troubled Polish flier have been dismissed as "rumours" by Lufthansa’s chief executive, Wolfgang Mayrhuber.

Man arrested for allegedly trying to smuggle 120 tortoises into Poland
A 34-year-old Ukrainian man has been arrested by Polish customs officers for allegedly trying to smuggle more than 120 Central Asian tortoises into Poland.

By: Staff Reporter
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