In Friday's Europe papers

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

FINANCIAL TIMES

Front page

Hedge fund chiefs blame the system for financial crisis
Some of the world’s top-earning hedge fund managers told Congress on Thursday that they broadly agreed that largely unregulated financial vehicles ought to be subject to greater disclosure, though they warned of excessive regulation.

UK banks stakes to be kept at arm’s length
The state’s £37bn stake in Britain’s part-nationalised banks will be held at arms-length with no direct boardroom representation, according to the two men charged with managing the investments.

Companies and markets

Insurers pull cover from GM and Ford suppliers
Troubled US carmakers General Motors and Ford Motor have been given a potentially devastating vote of no confidence by three big European credit insurers, which have removed cover from their suppliers.

Overview: Turbulence still rife in struggle for direction
Global financial markets reacted badly to the US Treasury’s decision to shelve plans to buy toxic mortgage assets, before Wall Street staged a late recovery.

INTERNATIONAL HERALD TRIBUNE

Front page

As factories close, China's workers suffer
An export slowdown that has been magnified by the global financial crisis is contributing to the shutdown of factories in China's coastal regions.

Settlers who long to leave West Bank
While most settlers vow never to abandon the heart of the Jewish homeland, some say they want to move back to within the pre-1967 borders of Israel.

Marketplace

Gas prices fall, but Americans keep their wallets pinched
Each 10-cent drop in US gasoline prices puts $12bn a year back in American consumers' pockets, but instead of spending that cash, people say they are trying to save it or cut their debts.

Christine Lagarde: A French minister's trans-Atlantic balancing act
For the finance minister of France, the Group of 20 summit that starts meeting on Friday offers a quiet opportunity to push the European agenda of better regulation and more coordinated action.

THE MOSCOW TIMES

Front page

National projects under crisis watch
The national projects, a state priority during Vladimir Putin’s last years as president that catapulted Dmitry Medvedev into the Kremlin, have taken a back seat since the presidential election and face being sidelined further as the financial crisis sets in.

Medvedev trip to US unlikely to help ties
President Dmitry Medvedev said he will press for reforms to the global financial system at this Saturday’s international crisis summit in Washington, but questions about a possible meeting with US President-elect Barack Obama’s representatives were garnering more attention ahead of his visit.

Business

OGK-2 looks at bright side
Gazprom officials responsible for the state-controlled company’s utilities subsidiaries said on Thursday that there was a prospective bright side to the current economic crisis.

MICEX falls as oil plunges below $50
The price of Urals crude fell below $50/bbl on Thursday for the first time since early 2007, sinking Russian stocks and putting additional pressure on the ruble as the government struggles to balance the budget.

DER SPIEGEL

Front page

Merkel's financial summit wish list
When Chancellor Angela Merkel arrives in Washington DC on Friday for the global financial summit, she will be well armed with reform proposals.

A facelift for France's socialists
With the financial crisis continuing and the economy getting worse, France's Socialists have watched helplessly as President Nicolas Sarkozy occupies their political ground.

HURRIYET DAILY NEWS

Front page

Turkey-Obama ties hurt by four obstacles
Turkey fears issues about Cyprus, Iraq, Afghanistan and Armenian genocide allegations will cause rifts between the new US administration and the Turkish government.

Top judge under fire for remarks on charter
Top court president Haşim Kılıç’s statements that the first four unalterable articles of the Constitution should be discussed and re-assesed draws strong criticism.

Business and finance

Crisis hits Black Sea town
The global crisis has nearly crushed Samsun in Turkey’s Black Sea region, according to the businessmen of the city.

Hedge funds lose $100bn in October
The global hedge fund industry lost $100bn of assets in October, according to an estimate from Eurekahedge, as firms including Sparx Group and Man Group were hammered by investor redemptions.

WARSAW BUSINESS JOURNAL

Front page

Agora loses in advertising
Agora released disappointing third-quarter results, due to the financial crisis affecting the advertising market.

PKN Orlen and Lotos report disappointing results
Polish refiners have posted lower than expected third-quarter results.

ICIS Copyright © Reed Business Information 2009

Author: Staff Reporter
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