In Friday's Europe papers

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


Front page

Rio Tinto to raise $15.2bn in share sale

Rio Tinto launched a deeply-discounted $15.2bn rights issue, scrapped a proposed $19.5bn tie-up with China’s Chinalco and struck a join venture deal with arch rival BHP Billiton in a string of announcements on Friday that will transform the Anglo-Australian mining group’s long term future.

Purnell calls on Brown to quit
Gordon Brown was on Thursday night fighting for his political life after a third cabinet minister resigned as the polls closed on local and European elections expected to inflict a drubbing on Labour.

Companies and markets

Fed dismisses Tarp objections
US regulators insisted that JPMorgan Chase and American Express raise equity this week before repaying bail-out funds, in spite of strong objections from executives who claimed the banks did not need the money, people close to the situation said.

Traders becalmed as central banks mark time
Financial markets generally struggled for direction on Thursday as a series of central bank meetings offered little in the way of new policy initiatives and data releases gave only limited clues about the global economic outlook.


Front page

Addressing Muslim world, Obama pushes Middle East peace
In a speech in Cairo, President Obama pledged to pursue a two-state solution to Middle East peace "that is in Israel’s interest, Palestine’s interest."

Mining giant scraps China deal
The Chinese government’s largest ever investment in a Western company, a proposed $19.5bn stake in the mining giant Rio Tinto Group, collapsed on Friday. Above, a Rio Tinto mine in Australia.


SEC accuses countrywide’s former chief of fraud
Angelo R Mozilo faces charges of misleading investors about lending practices involving subprime mortgages.

Interest rates held steady in Europe
The European Central Bank left its key interest rate on hold at 1% and the Bank of England kept its main rate at a record low 0.5% and extended its bond buying program.


Front page

State makes a risky play with cars

On a cold February day in 1999, then-Ford CEO Jacques Nasser came to the Kremlin with a proposal: Ford would open a factory in Russia, building its inexpensive Focus model using both imported and Russian-made parts.

Nabiullina sees Russia in WTO this year
Economic Development Minister Elvira Nabiullina said on Thursday that Russia could enter the World Trade Organisation by the end of the year, following a new show of support from the European Union.


Borrowers return to bond market
Rosselkhozbank is set to issue the first eurobond by a Russian bank since last summer, but the agricultural bank isn't the only corporate taking a dip back into the once-frozen bond markets.

Microsoft in antitrust probe
The Federal Anti-Monopoly Service launched a probe into Microsoft over cutbacks in supplies of the Windows XP operating system in Russia, it said on Thursday.


Front page

Obama's unfinished speech in Cairo
With his address, US President Barack Obama offered a olive branch to the Islamic world. Whether his speech will go down in history will be determined by the mullahs in Tehran and the hardliners in Israel.

A German State gains ground against Neo-Nazi crime
Far-right street violence reached a postwar high last year in Germany. But the once-notorious state of Brandenburg has reversed the trend, thanks to a number of organised citizens and focused public officials.


Front page

Obama wins local (muted) applause

A wide audience commends Obama for standing and delivering to the Islamic world, but observers watching from all sides question the lengths he’s willing to go. ‘I haven’t seen a deep-rooted change in his address,’ says one diplomat.

Top science council undergoes evolution
The story on Darwin’s theory of evolution that was controversially removed from a leading science magazine before print has been belatedly published in the magazine’s June edition.

Business and finance

Loan approved for electric locomotives
For the production of new electric locomotives, the Islamic Development Bank will provide a $220m loan to the Turkish government.

Government to build new airports, says Soluk

As governments worldwide up spending to stimulate their economies, infrastructure becomes a key area, a trend vividly displayed at the Turkey Infrastructure and Green Energy Investment and Finance Summit 2009 in Istanbul.


Front page

Puławy to own a controlling stake in Bogdanka mine?
Chemical company Puławy is planning to purchase shares in the Bogdanka coal mine, which is due to debut on the Warsaw Stock Exchange (WSE) shortly, and may even look for a controlling stake in the firm.

Finance Ministry denies VAT rate hike planned
The Finance Ministry has denied a report by daily Polska claiming officials were considering raising the rate of Value Added Tax in Poland in order to plug a growing budget gap.

By: Staff Reporter
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