In Wednesday's Europe papers

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

FINANCIAL TIMES

Front page

Retreat by Barclays fails to end revolt
Barclays was facing renewed shareholder anger in spite of moves aimed at heading off a revolt over its plans to raise more than £7bn in fresh capital from Middle Eastern investors.

M&S to hold 20%-off sale for one day
Marks and Spencer is turning to a tactic it has not used since the business was in the doldrums in 2004, in a sign of its anxiety about the retail climate.

Companies and markets

Babcock & Brown slashes jobs and assets
Australian investment firm Babcock & Brown put about half its asset base up for sale and announced sweeping job cuts as it sought to renegotiate its bank debts to safeguard its future.

Overview: Economic outlook preys on sentiment
Credit spreads on both sides of the Atlantic were near or at record levels as investors continued to fret about the global economic outlook

INTERNATIONAL HERALD TRIBUNE

Front page

US lawmakers press for direct aid to homeowners
Top government officials warned that the US economy continued to need urgent attention, with millions of homeowners sliding toward foreclosure.

Desperation reigns on Congo's blurry front line
The latest round of fighting in more than a decade of the turmoil that has engulfed Congo, seems broader and more focused politically.

Marketplace

US automakers plead for government help, to little avail
The heads of the Big Three automakers asked for emergency government aid to stave off potential collapse, but it appeared they had not persuaded enough lawmakers to move quickly on a bailout.

A sea of unwanted auto imports
Unwelcome by dealers and buyers, thousands of cars are being warehoused on crowded port property in Long Beach, California, creating a vivid picture of a paralysed auto business.

THE MOSCOW TIMES

Front page

Electricity providers face bankruptcy
A senior government official angrily called up Dominique Fache, the Russia manager for Italian utility giant Enel, to complain that the electricity had recently been cut off to his apartment because of overdue bills.

World Bank sees grim year ahead
The World Bank on Tuesday unveiled a grim picture of Russia’s economic outlook, slashing the country’s 2009 growth forecast by more than half and saying the ruble’s slide would likely be allowed to continue.

Business

Severstal halves production
Severstal has cut its production by half and applied for a $244m loan from Vneshekonombank, chief financial officer Sergei Kuznetsov said on Tuesday.

Oil price rebound lifts stocks
The MICEX Index climbed for the first time in five days as oil pared earlier losses and on speculation that a rise in early US stock trading will boost world equities.

DER SPIEGEL

Front page

German President wants more western help for Congo
With violence in the Democratic Republic of Congo continuing unabated, German President Horst Köhler says it is time for Western countries to help the UN bring the conflict to an end.

Sixty years later, alleged Nazi guard may stand trial
John Demjanjuk has been living in the United States for more than 50 years. Now a German court is considering prosecuting him for his alleged crimes as a Nazi prison guard.

HURRIYET DAILY NEWS

Front page

Turkey seeks border precedent in Med region
A Norwegian ship contracted for oil prospecting south of Meis Island continued activities until late yesterday, despite reaction from Athens, setting a precedent for Turkish maritime jurisdiction in the Eastern Mediterranean.

Turkey to increase spending in defence
As Turkey intensifies its efforts to fight the outlawed Kurdistan Workers' Party, or PKK, the budget for the National Defence has increased from YTL13.3bn to YTL14.5bn for 2009.

Business and finance

Thousands pin hopes on lottery for new job
After passing a strength test, more than 20,814 applicants qualified for only 3,000 available positions at the Turkish Coal Institute, or TTK.

Crisis bites into Turkey
The negative impact of the global economic crisis rears its ugly head in many industries. Especially the companies that are involved in the export industry suffer from declining demand, which pushes them to fire employees and cut production.

WARSAW BUSINESS JOURNAL

Front page

Polish rates to stay flat?
Poland's Monetary Policy Council members are debating whether it's the right time to cut interest rates, as Poland's economy is slowing down and the country is preparing to adopt the euro.

Cersanit hopeful of closing key deal in Russia on good terms
Cersanit, the leader on the Polish tiles market, is working on another acquisition in the East, in Russia.

ICIS Copyright © Reed Business Information 2009

Author: Staff Reporter
+44 20 8652 3214

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