In Tuesday's Europe papers

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

FINANCIAL TIMES

Front page

Citi cuts 52,000 more jobs
Citigroup took radical action on Monday to cushion the blows of the financial turmoil and revive its flagging share price, announcing plans to axe 52,000 jobs, or one in seven employees, and slash costs by about $10bn (£6.6bn).

Pirates raise stakes with oil tanker hijack
Pirates operating off the coast of east Africa have hijacked a Saudi supertanker fully laden with an estimated 2m barrels of oil in an attack that marks a significant escalation in the scope of banditry in the region.

Companies and markets

Paulson hedge fund buys into mortgage securities
John Paulson, the hedge fund manager who was called before Congress last week to discuss the big profits he made by foreseeing the collapse of the subprime mortgage market, has started to buy securities backed by residential mortgages.

Overview: Worries for world economy keep stocks at bay
Fresh evidence of deepening global economic gloom kept world stock markets in check, with US, European and Asian indices starting the week in a nervous mood.

INTERNATIONAL HERALD TRIBUNE

Front page

Jerry Yang to leave Yahoo CEO job
Jerry Yang, the chief executive of Yahoo, will step down from his role as soon as the board finds a replacement for the Internet company, Yahoo said late Monday.

Many dealings of Bill Clinton under review
Aides said Barack Obama would not formally offer Hillary Rodham Clinton a post unless he was satisfied that Bill Clinton's activities would not pose a conflict.

Marketplace

Citigroup plans to sell assets and cut more jobs
The banking giant announced on Monday that it would cut another 24,000 jobs, bringing its total reductions in the coming months to 52,000.

Lawsuits in US want Samsung imports blocked
Two US companies, Kodak and Spansion, have separately filed patent lawsuits against the South Korean conglomerate and have asked a US trade commission to restrict American imports of Samsung goods.

THE MOSCOW TIMES

Front page

Crisis opens door to reprivatisation
When the liquidity crunch recently put the squeeze on NPO Saturn, which is developing the engine for the long-awaited Superjet, the company turned to state-owned Vneshekonombank for help.

Radioactive dump stirs fears in city suburb
What many children in a densely populated eastern Moscow suburb used to think of as a good little hill to play and toboggan on has turned out to be a radioactive waste dump - one that local residents and ecologists say could spill over and contaminate a larger area.

Business

Putin tacks proviso on G20 pledge
Prime Minister Vladimir Putin said on Monday that the country’s commitment to help stem the effects of the global financial crisis shouldn’t be met at the expense of its national interests.

Cyprus leader aims to discuss tax code
When Cypriot President Dimitris Christofias arrives for talks in Moscow on Tuesday, the global economic meltdown is likely to overshadow Russia’s efforts to plug holes in offshore regulation.

DER SPIEGEL

Front page

Estonian spy scandal shakes NATO and EU
For years an Estonian government official has apparently been collecting the most intimate secrets of NATO and the EU and passing them on to the Russians.

Shedding light on the Rwandan genocide
Arrested Rwandan Chief of Protocol Rose Kabuye has become a symbolic figure in the bitter conflict between Kigali and Paris over who bears responsibility for the 1994 Rwandan genocide.

HURRIYET DAILY NEWS

Front page

Looking through Iraq glass darkly
The deal that sets a deadline for US withdrawal from Iraq may be a positive move, but also may herald an era of regional turbulence.

Foreigners in Turkey do not seek right to vote
Turkey has recently become a popular place for foreigners, especially retired ones, to buy property and live.

Business and finance

Central Bank likely to keep key rate same
Turkey's Central Bank will probably leave the benchmark interest rate unchanged at more than five times the rate in the euro zone this week to defend the Turkish lira, or YTL, from the impact of the global economic crisis.

Akbank said to slash jobs
Akbank, Turkey’s biggest bank by market value, is said to have cut more than 1,000 jobs. As rumours circulated on web sites yesterday, the bank declined to comment.

WARSAW BUSINESS JOURNAL

Front page

Enea debuts on the WSE
One of the biggest energy providers debuted on the WSE, even though markets are uncertain at the moment.

Comarch to take control of German IT firm SoftM
Shortly before the announcing third quarter results, IT company Comarch informed about taking control over German ERP systems specialists SoftM for approximately EUR11.2m.

ICIS Copyright © Reed Business Information 2009

Author: Staff Reporter
+44 20 8652 3214

< previous article(VIDEO - ICIS news Europe Lunchtime Bulletin 3 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.