In Friday's Europe papers

08 August 2008 07:30  [Source: ICIS news]

FINANCIAL TIMES

Front page

Fighting intensifies in South Ossetia
Fierce fighting erupted in Georgia’s breakaway enclave of South Ossetia on Thursday night and Friday morning, and government troops reportedly surrounded Tskhinvali, the region’s capital, following days of clashes with separatist forces in the area.

China’s soccer fans keep lid on passions
Just 24 hours before the opening ceremony the world got a taste of how Chinese crowds are likely to behave during the Olympic Games as the nation’s much-derided men’s soccer team ran out on to the pitch.

Companies and Markets

Citi and Merrill in $20bn ARS agreements
The credit crunch hit the financial sector hard again on Thursday as Citigroup and Merrill Lynch said they would buy a total of up to $20bn (€13bn) in auction-rate securities (ARS) and AIG shares plunged amid fears the insurer might need more capital.

Wal-Mart sees Marketside as $10bn chain
Wal-Mart, the world’s largest retailer, says the new small Marketside grocery stores it is to launch this autumn could expand to a chain of more than 1,000 stores, delivering $10bn plus in annual sales.

INTERNATIONAL HERALD TRIBUNE

Front page

In Beijing, Bush praises China but condemns rights record
President George W Bush rebuked China over political and religious freedoms for a second day on Friday, though he tempered his criticism with effusive praise for the country's history and embraced its hosting of the Olympic Games.

Military panel sentences bin Laden driver to a short term
Rejecting a prosecution request for a severe sentence, a panel of military officers sentenced the convicted former driver for Osama bin Laden to five and a half years in prison on Thursday. The sentence means that the first detainee convicted after a war crimes trial here could complete his punishment by the end of this year.

Business

Britain's housing bust is bringing down the economy, too
Down the road from the train station here is a gaping hole. At the height of the property boom, a developer started to build what was to become one of the tallest and most stylish apartment blocks, designed by Philippe Starck.

Merrill joins Citigroup in buying back auction-rate securities
Two major Wall Street firms on Thursday offered to buy back more than $17bn of troubled auction-rate securities that they had marketed as being as safe and liquid as cash, moving quickly to contain the legal fallout from the credit crisis.

THE MOSCOW TIMES

Front page

RusAl to oppose Putin ally at Norilsk
Heating up a battle for control of Norilsk Nickel, RusAl said late Thursday that it would oppose outgoing Federal Tourism Agency chief Vladimir Strzhalkovsky, a longtime ally of Prime Minister Vladimir Putin's, becoming CEO of the miner at a board meeting Friday.

Olympic sponsorship worth more than gold
If you were to melt it down, the real value of a gold medal at the Beijing Olympics would probably just scrape $200.

Business

Regions pessimistic on innovation plan
Regional experts cited crumbling infrastructure and inadequate state funding as the main drawbacks to innovative economic development in the country, according to a poll released Thursday by the State Analytical Center.

TNK-BP to quit office on Arbat to lower rent
TNK-BP, the troubled oil company torn by infighting between BP and its billionaire Russian partners, is going ahead with plans to relocate its downtown head office on Arbat to a business park on the outskirts of the city. 

DER SPIEGEL

Front page

New group helps 'persecuted' far-right women
Two young women who lost their jobs because of their association with Germany's far-right scene have formed a group to help other 'persecuted' women. It is part of a growing trend of women becoming more prominent on the extreme-right scene.

'The Olympics have destroyed our lives'
The visionary and ambitious; the displaced and exploited. A new collection of photos shows the winners and losers of the Olympics boom in China. The book's author tried to capture the country's extraordinarily rapid -- and at times destructive -- transformation.

TURKISH DAILY

Front page

Academic storm over rector picks
Barely a week has passed since the closure case against the ruling Justice and Development Party, or AKP, ended, leaving time for the dust in the Turkish capital to settle.

Rwanda accuses France directly over '94 genocide
France played an active role in the 1994 Rwanda genocide, a report unveiled by the Rwandan government said, naming French political and military officials it says should be prosecuted.

Finance

Houses put up for sale in Ihlamur Evleri
Houses in Ozyazıcı Insaat's and Hazinedaroglu Insaat's Ihlamur Evleri project located in Istanbul's Halkalı district have been put up for sale.

Global fluctuation may affect hedge fund demand positively
Hedge funds, which have reached an estimated asset volume of $2,000bn (€1,300bn) globally by attracting investor's interest with their rapidly changing asset allocation and high risk appetite, are about to be accessible to investors in Turkey.

WARSAW BUSINESS JOURNAL

Front page

Russia ready to respond to US missile defense shield
Russia is planning to install in Poland's neighboring countries missile systems and strategic bombers if Warsaw agrees to host US missile defense shield, and as a response to the already signed agreement with the Czech Republic.

Sergey Lavrov plans visit to Poland
According to representatives of the domestic Foreign Ministry, this is a visible sign that relations between Poland and Russia are becoming normal.

($1 = €0.65)

ICIS Copyright © Reed Business Information 2009

Author: Staff Reporter
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