In Thursday's Europe papers

13 November 2008 05:30  [Source: ICIS news]

FINANCIAL TIMES

Front page

King backs fiscal boost as pound sinks
The pound plunged to new lows against the euro on Wednesday after the Bank of England issued its bleakest assessment of the economy in 15 years.

US drops plan to buy toxic assets
The US government on Tuesday abandoned its plan to buy toxic assets, feeding a gathering sense of gloom as investors fled from risk and US equity markets sank to levels approaching their October lows.

Companies and markets

UBS blow as US indicts wealth management head
UBS suffered its heaviest blow yet in the investigation into its offshore banking activities for rich American clients when US authorities said they had indicted the Swiss bank’s head of global wealth management.

Overview: Equities slide as risk aversion returns
US and European stocks fell further towards last month’s five-year lows as investors grew increasingly nervous about the deteriorating outlook for the global economy.

INTERNATIONAL HERALD TRIBUNE

Front page

Paulson says Treasury is shifting focus of bailout
US Treasury Secretary Henry Paulson Jr. said he was backing away from buying troubled mortgage assets in favour of a second round of capital injections into financial institutions.

US aid worker slain in Pakistan
The worker in a program to bring development to a lawless region of Pakistan was assassinated in his car.

Marketplace

Oil prices slide, despite OPEC production cuts
The contract for oil for December delivery fell as low as $57.04 a barrel Wednesday in New York, the lowest level in 20 months, despite efforts by OPEC to stem the slide.

US Treasury modifies bailout program
Treasury Secretary Henry Paulson Jr. said the program would not be used to purchase troubled assets, as originally planned, but, instead, would support the credit markets.

THE MOSCOW TIMES

Front page

Putin delays hike of timber tariffs
Two days before a crucial EU-Russia summit in Nice, France, Moscow offered a conciliatory measure on Wednesday by delaying the introduction of higher export tariffs on timber that have been roiling some of its EU neighbours.

Term extension put on fast track
A senior United Russia deputy called Wednesday for a bill extending the presidential term to six years to be fast-tracked through the State Duma, and fellow deputies promised to approve it this week.

Business

Central Asia may be key to gas cost deal
With oil trading below $60/bbl, eyes are turning to see what will happen to gas export prices as Gazprom begins the now-annual ritual of haggling with its customers to the West ahead of the winter heating season.

Halt can't stop share plummet
Russian blue chips extended falls in London as trade was suspended in Moscow after the Central Bank eased the ruble lower, delivering another blow to confidence in Russian assets and sparking a fresh sell-off.

DER SPIEGEL

Front page

Greenland braces for independence and wealth
With its rich deposits of oil, diamonds and zinc, Greenland is joining the race for new natural resources. Many Greenlanders hope the island's untapped wealth will pave the way to independence.

Nobel economists offer first aid for global economy
Five winners of the Nobel Prize for economics share their views on what the future global finance order should look like in exclusive essays for Spiegel.

HURRIYET DAILY NEWS

Front page

Iranians wary of 'change' slogan
Iranian diplomats express mixed sentiments about the direction the world is taking during their first visit to Turkey since the US election. On President-elect Obama, they are cautiously optimistic.

Govt to stop violence through social projects
Introducing the Social Support Project, the government will try to embrace the people of the East and the southeast.

Business and finance

US slump may be the worst in three decades
The slowdown in the US economy may be the longest in three decades, a survey of 59 economists suggests.

Embittered bidder
The bidding process will begin again for the nature and entertainment park in Halkalı after the Mass Housing Administration, or TOKİ, decided to cancel the previous bid because the guaranteed revenue from the winning offer did not meet expectations.

WARSAW BUSINESS JOURNAL

Front page

Silver lining to mortgages
Banks have tightened their mortgage policies, but good news may be on the way.

Foreign heads of state in Poland for Independence Day
Poland celebrated the 90th anniversary of regaining Independence on Wednesday.

ICIS Copyright © Reed Business Information 2009

Author: Staff Reporter
+44 20 8652 3214

< previous article(ICIS Podcast: Chemical News Central 2 November 2009)

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.