In Friday's Europe papers
19 September 2008 06:30 [Source: ICIS news]
FINANCIAL TIMES
Front page US push for crisis breakthrough
A breakthrough agreement to create a giant US government-sponsored vehicle to take on toxic assets in the financial system looked possible on Thursday night as Treasury Secretary Hank Paulson, Federal Reserve chairman Ben Bernanke and top lawmakers convened a dramatic meeting to discuss the financial crisis.
Asian shares soar on government bailouts
Asian stocks and the US dollar rallied on Friday as US policymakers met to design a broad plan to resolve a crisis that has threatened the global financial system and reshaped the banking industry.
Companies and markets
Morgan Stanley in talks with CIC
Morgan Stanley is in talks to sell a stake of up to 49% to China Investment, the state investment fund, as part of the Wall Street firm’s efforts to ensure its survival and reverse a slump in investor confidence.
Buffett in $4.7bn deal for Constellation
Warren Buffett has made his first move in response to the latest round of credit market turbulence by agreeing to buy $4.7bn Constellation Energy Group, a US power company whose shares have been hammered over fears of a lack of liquidity in its commodities trading business.
INTERNATIONAL HERALD TRIBUNE
Front page US seeks comprehensive plan to stabilize markets
The head of the Treasury and the Federal Reserve Board began discussions Thursday with congressional leaders on what could become the biggest bailout in US history.
Cornered by war and drought, Afghans fear a harsh, hungry winter
A pitiable harvest this year has left small farmers all over central and northern Afghanistan facing hunger, and aid officials are warning of an acute food shortage this winter for nine m Afghans, more than a quarter of the population.
Marketplace
Asian stocks gain on US response to crisis
Wall Street’s powerful rally in the last two hours of trading on Thursday spilled across the Pacific Ocean on Friday morning as shares rose from Tokyo to Sydney.
As banks fall, a bid to curb short sellers
The US Securities and Exchange Commission is considering a temporary ban on short sales of some or all shares and an announcement could be made as early as Friday morning.
THE MOSCOW TIMES
Front page Medvedev tops up market funding
President Dmitry Medvedev and Finance Minister Alexei Kudrin announced emergency economic measures Thursday, making available $29bn in different measures to support for stock markets, banks and oil companies battered by the global financial crisis.
State set to buy if stocks weaken
Russia’s badly shaken stock exchanges were set to reopen Friday after a day and a half of suspended trading, as President Dmitry Medvedev pledged that up to 500bn rubles ($19.7bn) of state funds would be available to prop up distressed stocks, including those of large state-controlled firms.
Business
Sochi Forum meets under damp skies
The heavy rain and wind that greeted participants of the Sochi Economic Forum last night created a symbolic atmosphere given the recent turmoil in the country's financial markets.
Prices on options exploding
Buying Russian options as protection from plunging stocks will probably be unprofitable because contract prices have surged after the nation's equity market lost one-quarter of its value this week, investors said Thursday.
DER SPIEGEL
Front page
Right-wing populists to gather in city of immigrants
Europe’s right-wing populists want to build a united front to battle what they call the continent's creeping Islamization at a conference set to take place in Cologne this weekend. Powerless to stop the event, local officials are anticipating the arrival of thousands of counterprotesters.
Why Livni’s victory hurts the peace process
Tzipi Livni’s narrow victory in the campaign to replace Ehud Olmert reveals deep rifts in Israel. The foreign minister, who stands for reconciliation with the Palestinians, has no clear mandate -- which is a blow to the ailing peace process.
TURKISH DAILY
Front page
CHP to shed old ways of politics
The Republican People’s Party, or CHP, has elected to use a convention this fall to reform its structure in response to long-standing criticism that it has failed to provide an effective alternative to the government.
Israel election clouds Turkey-mediated talks with Syria
A likely government change in Israel has already impacted the timetable of indirect negotiations with Syria under Turkish auspices, as Damascus announced yesterday that a fifth round of talks set for today had been postponed at the request of the Israelis.
Business and finance
US keeps key rate at 2%
The US Federal Reserve left its main interest rate at 2%, rebuffing calls by some investors for an immediate cut after Lehman Brothers’ bankruptcy shook global markets.
Fed bails out US giant
The US government took control of American International Group in an $85bn bailout to prevent the bankruptcy of the nation's biggest insurer and the worst financial collapse in history.
WARSAW BUSINESS JOURNAL
Front page Poland’s development aid reaches China
Poland spent over zł.1bn on development aid for poor countries in 2007, of which China was the largest recipient with as much as zl188m, according to a report entitled Poland Development Aid 2007 released by the Ministry of Foreign Affairs.
ArcelorMittal invests in Poland steel plant
World’s largest steel producer ArcelorMittal announced on Thursday that it invested €80 (zl267)m to set up a rolling mill in Warsaw. The move allows the company to tap into the growing construction market in Poland.
ICIS Copyright © Reed Business Information 2009
Author: Staff Reporter+44 20 8652 3214
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