In Wednesday's Europe papers

01 October 2008 06:30  [Source: ICIS news]

FINANCIAL TIMES

Front page

Pressure mounts in UK to guarantee savings
Gordon Brown was facing growing pressure to extend the guarantees on British savers' bank deposits after Ireland promised to underwrite its six largest lenders.

Banking's crisis of confidence deepens
Wall Street rebounded on Tuesday in spite of a worsening crisis of confidence in the global banking system, as leaders of the US Congress moved to try to salvage the Bush administration's $700bn (£385bn) bail-out plan.

Companies and markets

Xstrata takeover of Lonmin in doubt
The rising cost of financing could scupper Xstrata's proposed takeover of Lonmin ahead of a deadline for the Anglo-Swiss miner to formalise its £5bn ($8.9bn) bid for the world's third biggest platinum miner.

Overview: Calm returns to equity markets
Equities regained some of their poise after a meltdown on Wall Street during the previous session, but the gains were not sufficient to prevent the UK FTSE 100 from recording its worst monthly performance since the crash of October 1987.

INTERNATIONAL HERALD TRIBUNE

Front page

US Senate to vote on bailout Wednesday
Senate leaders scheduled the vote after agreeing to add tax breaks and a higher limit for insured bank deposits in a bid to attract enough votes to reverse defeat in the House.

Europe catches what's ailing US financial sector
Europe now faces a financial crisis almost as grave as that in the United States - demonstrating how swiftly this contagion is spreading around the world.

Marketplace

European leaders seek to blunt financial crisis
Another bank bailout and a decision by Ireland to guarantee all bank deposits reflected the range of financial troubles suddenly popping up across the Continent.

Global stocks surge on optimism over US bailout
Stocks staged a broad recovery Tuesday, partly on bargain hunting but also because investors seemed optimistic that the US bailout plan would be approved.

THE MOSCOW TIMES

Front page

2-hour break turns markets around
Trading on the country's stock exchanges was suspended for two hours on Tuesday morning in an attempt by the federal market regulator to prevent Monday's nightmare trading in the United States from sparking an equal freefall for Russian indexes.

Energy firms hit as credit dries up
In the fallout from the global financial crisis, rising lending rates and a liquidity crunch are forcing some of the country's energy companies to reduce their projected investment spending.

Business

Brokers may face more control
The Central Bank's regulatory reach should extend to investment firms, a top official said.

Fitch report dampens PIK's gains
PIK rose as much as 19% Tuesday in London after posting strong results, but it lost most of the gains after Fitch said Russian property developers were likely to be among the worst hit by a deteriorating financing environment.

DER SPIEGEL

Front page

America loses its dominant economic role
The banking crisis is upending American dominance of the financial markets and world politics.

America, where it pays to fail
In the current financial crisis, the model of US capitalism has imploded with a big bang. But the Bush administration is trying to douse the flames with yet more fuel instead of water, and it wants to see Wall Street's gamblers rewarded for failure.

TURKISH DAILY

Front page

European banks saved as credit crunch spreads
European governments stepped in to rescue Fortis, Bradford & Bingley and Hypo Real Estate Holding as tremors from the US credit crisis reverberated around the world.

Iyi Bayramlar
Surprised by a child kissing their hands and drawing it to the forehead as a sign of respect or enjoying the delicious holiday desserts, expatriates enjoy the full range of Bayram experiences.

Business and finance

Auto supplier industry suffers due to slowdown
Contraction in the automotive sector has major negative effects in the supplier industry.

Homebuilders seek higher tax credit
US homebuilders, buffeted by at least $19bn in losses since 2006, plan to ask Congress to help stop the bleeding.

WARSAW BUSINESS JOURNAL

Front page

Global credit crisis won't impact Poland
Poland is largely resilient to current market turmoil according to the finance minister.

Fin Min believes opposition will back euro zone entry
Finance Minister Jacek Rostowski announced that Law and Justice (PiS) will hurt itself by blocking Poland's accession to the euro zone.

ICIS Copyright © Reed Business Information 2009

Author: Staff Reporter
+44 20 8652 3214

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