In Friday's Europe papers

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

FINANCIAL TIMES

Front page

‘Rogue broker’ blamed for oil spike
The startling spike in oil prices to their highest level this year on Tuesday was caused by a rogue broker who placed a massive bet in the Brent oil market, triggering almost $10m (€7m) of losses for his company.

Osborne faces probe into home allowance
David Cameron’s attempts to gain the political initiative in the row over MPs’ expenses suffered a significant setback on Thursday when it emerged that George Osborne, the shadow chancellor, is facing a formal investigation into his claims.

Companies and markets

New GM almost ready to roll
A new General Motors could emerge from bankruptcy protection next week if a federal judge approves its restructuring plan, as seems likely.

BP takes risk in Iraq while others balk
Tony Hayward this week made the boldest decision of his tenure so far as BP’s chief executive. His move to return to Iraq to rehabilitate the giant Rumaila oil field is at least as risky as his predecessor’s move into Russia through a joint venture with TNK.

INTERNATIONAL HERALD TRIBUNE

Front page

Russia’s neighbours resist wooing and bullying
Russia has tried, using carrots and sticks, to win over its ex-Soviet neighbours, but they seem to have other ideas.

US faces resentment in Afghan region
A new American military operation in southern Afghanistan may ignite further tensions among a weary population, residents and local officials warn.

Marketplace

Green power takes root in the Chinese desert
Beijing is steering a push toward wind and solar power, while the US is just starting.

Joblessness hits 9.5%, deflating recovery hopes
The American economy lost 467,000 more jobs in June, and the unemployment rate edged up to 9.5% in a sobering indication that the longest recession since the 1930s had yet to release its hold.

THE MOSCOW TIMES

Front page

Obama to press Kremlin on energy
US President Barack Obama will press Russia to drop its "zero-sum" attitude on alternative energy supplies out of the former Soviet Union and offer cooperation in preventing climate change through better energy technology during a visit to Moscow next week, US officials said.

When giving birth at home goes wrong
A midwife is on trial after eight home births ended tragically, shedding light on an unregulated practice.

Business

Obama to visit half century after famed fair
Celebrations of the 1959 exhibition are to include the opening of a new Pepsi plant and a reception at the US Embassy.

AvtoVAZ won’t last without state help
AvtoVAZ on Thursday announced a loss of 24.7bn rubles ($791m) in 2008 and said it may not be able to survive without further state support.

DER SPIEGEL

Front page

Saying auf wiedersehen to a strong Europe
Euro-skeptics have plenty of reasons to celebrate. By strengthening national parliaments vis-a-vis the EU, Germany's highest court has ended the dream of a 'United States of Europe.'

EU stumped on how to deal with Iran
As the clampdown in Iran continues, the European Union is debating how it can best respond to the war of words Tehran is waging against it: Should it impose new sanctions, restrict visas or even pull out all its 27 ambassadors?

HURRIYET DAILY NEWS

Front page

Feminists irate over game show
A new game show claims there is entertainment value in asking men to guess which pair of women has managed to answer a simple trivia question.

Officer accused in ‘anti-AKP plan’ freed
The Navy colonel arrested on Tuesday for alleged links to an illegal group was released on Wednesday evening pending an investigation after his lawyer appealed to a higher court against his client’s continued incarceration.

Business and finance

Government may ‘delay IMF accord’
The Turkish government may postpone a decision on whether to accept a stand-by loan agreement with the International Monetary Fund, says Gürman Tevfik, chief executive of İş Asset Management.

Iceland decides to uphold its currency
One day after an IMF official urges Iceland to ‘use the stabilisation of exchange rate as the main instrument to stabilise inflation,’ the recession-hit country’s central bank leaves the main interest rate unchanged at 12%.

WARSAW BUSINESS JOURNAL

Front page

TVN overtakes Polsat in ad sales
WSE-listed TVN overtook its unlisted rival Polsat in ad sales in the first half of the year, a report by TNS OBOP for Wirtualnemedia.pl shows.

JW Construction owner to buy LOT Ground Services?
Józef Wojciechowski, the owner of property developer JW Construction, is considering investing in LOT Ground Services (LGS), a company engaged in servicing passengers and planes at Warsaw's Okęcie airport.

By: Staff Reporter
+44 20 8652 3214

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