In Monday's Europe papers

10 August 2009 05:30  [Source: ICIS news]

FINANCIAL TIMES

Front page

China says Rio spying has cost it $100bn
China has accused Rio Tinto of spying on its steel industry for six years, costing the country Rmb700bn ($102bn) in excessive charges for iron ore and highlighting the need for Beijing to overhaul the way it deals with state secrets so that it can better fend off any systemic threat to its economic security.

FSA chief rebukes ministers on bank bonuses
Politicians must decide whether to impose restrictions on bankers’ bonuses and stop "passing the buck" to regulators, the head of the Financial Services Authority said on Sunday.

Companies and markets

Fraud spotlight on Hollywood
Hollywood studios and film producers are set to face increasing scrutiny from anti-fraud officials, as a result of a trial involving incidents in Bangkok that could have repercussions across the entertainment sector.

Economic outlook: Oil prices cloud recovery hopes
The nascent recovery in global economic activity could yet be derailed by rising oil prices, with Brent crude hitting $76 a barrel last week, its highest levels of the year to date.

INTERNATIONAL HERALD TRIBUNE

Front page

US to hunt down Afghan drug lords tied to Taliban
Fifty Afghans believed to be drug traffickers with ties to the Taliban have been placed on a Pentagon target list to be captured or killed, reflecting a major shift in American counternarcotics strategy in Afghanistan, according to a Congressional study to be released this week.

Blow to rights campaign as China detains activist
China’s nascent legal rights movement, already reeling from a crackdown on crusading lawyers, the kidnapping of defence witnesses and the shuttering of a prominent legal clinic, has been shaken by the detention of a widely respected rights defender who has been incommunicado since the police led him away from his apartment 12 days ago.

Business

Breakfast can wait. The day’s first stop is online
Technology has shaken up morning routines – people are increasingly waking up and lunging for their laptops.

Effort to rein in pay on Wall St. hits new hurdle
A guaranteed bonus might strike many people as a contradiction in terms. But on Wall Street, banks have become so eager to lure and keep top deal makers and traders that they are reviving the practice of offering ironclad, multimillion-dollar payouts – guaranteed, no matter how an employee performs.

THE MOSCOW TIMES

Front page

CIS allies wary of Moscow after war
A year after Russian troops crushed the Georgian army in South Ossetia, Moscow has cobbled back together its ties with the West, but in a largely unforeseen consequence of the war relations with other former Soviet states have become increasingly strained.

Medvedev orders probe of state corporations
President Dmitry Medvedev on Friday ordered Prosecutor General Yury Chaika and the head of the Kremlin’s oversight department, Konstantin Chuichenko, to open an investigation into state corporations, in a sign of growing scepticism over the institutions’ role in the economy.

Business

Small cut made to refinancing rate
The Central Bank on Friday announced its fifth interest rate cut in four months to help the economy out of recession, but the step was smaller than on previous occasions because of concerns over rising inflation.

Relative calm may be at an end
Equity markets have been mostly range-bound throughout the summer, taking a breather from a dramatic bounce in the first five months of the year.

HURRIYET DAILY NEWS

Front page

Number of workers going abroad declines
Between January and July of this year, 20,226 Turkish citizens went abroad to work in foreign countries, with 13,567 workers choosing contracting businesses in neighbouring nations.

Government’s Kurdish move not a US plan, says ambassador
With the content of the government’s package for resolving the Kurdish problem still unrevealed, opposition parties have drawn their own red lines and the US ambassador has said his country has nothing to do with the plan.

Business and finance

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By: Staff Reporter
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