In Tuesday's Americas papers
16 September 2008 12:00 [Source: ICIS news]
THE WALL STREET JOURNAL
Front page
Bank turmoil slams Asian indexes
Asian stock markets and currencies sustained heavy losses Tuesday amid investor jitters over turmoil in the US financial industry.
Wall Street's woes challenge both candidates
In his reaction to the Wall Street meltdown, John McCain is playing the part of Teddy Roosevelt, man of the people: Don't use taxpayer money to bail out greedy financial titans, he says, and don't be afraid to regulate Wall Street.
London, New York stand to suffer
The blast furnace known as the finance industry that has stoked the economies of New York and London for decades is rapidly cooling.
Money & Investing
Lehman in new talks to sell assets to Barclays
Lehman was negotiating a last-minute plan to sell large portions of itself to Barclays, the UK's third-largest bank.
AIG faces cash crisis as stock dives
AIG was facing a severe cash crunch as its credit ratings were cut. The insurer's shares fell 61%.
BofA CEO does victory lap
Bank of America's $44bn deal for Merrill places the bank and its hyper-competitive CEO Ken Lewis at the top of the financial world.
THE NEW YORK TIMES
Front page
Wall Street posts worst loss since 2001
The stock market’s descent in the closing minutes Monday could set the stage for more fallout. Officials at the Fed will consider an interest rate cut when they meet later today.
A race for cash at AIG as ratings are downgraded
AIG raced to arrange a $75bn line of credit after credit agencies cut their ratings on its debt.
Business Day
Barclays in talks with Lehman brothers for some assets
Barclays, a leading British bank, confirmed on Tuesday that it was in talks with Lehman Brothers about “the possible acquisition” of some assets at the American bank, which filed for bankruptcy protection Monday as the financial crisis bit deeper and sent world markets into a tailspin.
Shares drop in Europe and Asia
European markets opened lower Tuesday, following a slide in Asia, as investors remained focused on the financial turmoil engulfing Wall Street and amid pessimism that inter-bank lending would remain stagnant for some time without more help from central banks.
WASHINGTON POST
Front page
Stocks plunge as crisis intensifies
The Federal Reserve and Treasury Department struggled yesterday to contain the fallout from an upheaval among the country's largest investment banks as they moved on to their next challenge - engineering a $75bn private rescue of the nation's largest insurance company.
No bailout: Feds made new policy clear in one dramatic weekend
When Treasury Secretary Henry Paulson flew to New York Friday evening, he brought only one change of clothes.
Business
What market tumult means for average stakeholders
The stunning events rattling the financial markets are raising a lot of questions about the average person's finances.
Economy becomes new proving ground for McCain, Obama
Yesterday's meltdown on Wall Street brought the economy roaring back to the center of the presidential campaign, and the question for the final seven weeks of the general-election campaign is whether Barack Obama or John McCain can convince voters that he is capable of leading the country out of the morass.
GLOBE AND MAIL, Canada
Front page
Insiders hint at unrest in Liberal ranks
Stephane Dion's Liberals are becoming frustrated over their lacklustre start in the election campaign, a lack of coherent message and theme and confusion as to who is in charge.
US economic crisis could derail McCain campaign
The financial crisis on Wall Street could send John McCain's election strategy skidding off the rails.
Business
Expect consumers to hunker down, jobs to disappear, credit to get tighter
The economic recovery from the credit crunch is entering its most challenging period.
A day of reckoning
First came this spring's bailout of Bear Stearns, and then the historic seizure of mortgage lenders Fannie Mae and Freddie Mac.
BUENOS AIRES HERALD
Front page
Lehman bust, Merrill Lynch bought
The upheaval in the US financial system sent shock waves through the stock market yesterday, producing the worst day on Wall Street in seven years as investors digested the failure of one of its most venerable banks and wondered which domino would be next to fall.
Budget bill
The government will cut nearly three billion pesos in energy subsidies next year to increase the amount of money set aside to service its debt, according to the government’s 2009 budget bill unveiled yesterday.
Unasur rallies around Morales
After an hour-long meeting held in Santiago, Chile, South American presidents under the Unasur bloc of nations last night came out in strong support of the democratic government of Bolivian President Evo Morales.
ICIS Copyright © Reed Business Information 2009
Author: Staff Reporter+44 20 8652 3214
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