In Wednesday's Europe papers

01 July 2009 05:30  [Source: ICIS news]

FINANCIAL TIMES

Front page

Bischoff poised to become Lloyds chairman
Veteran British banker Sir Win Bischoff is being lined up as the next chairman of Lloyds Banking Group, according to people close to the process.

Businesses regret links with slavery
Rothschild, the merchant bank, and Freshfields, the City law firm, have become the first UK businesses to say they "greatly regret" their links with slavery.

Companies and markets

M Stanley and MUFG in $100bn push
Morgan Stanley is joining forces with Japan’s Mitsubishi UFJ Financial Group in a US corporate lending venture that will give the Wall Street bank extra firepower to compete with rivals such as Citigroup and JPMorgan Chase.

Strong quarter for equities ends on dull note
A stunning quarter for global stock markets ended on a muted note on Tuesday as disappointing US consumer confidence data offered a timely reminder of the headwinds still facing the global economy.

INTERNATIONAL HERALD TRIBUNE

Front page

Few bidders to develop Iraqi oil and natural gas fields
Oil and gas companies were demanding far more for their services than the Iraqis were ready to pay.

Franken takes Senate seat, bolstering grip of democrats
Norm Coleman conceded to Al Franken in the contested Senate race in Minnesota, hours after the Minnesota Supreme Court ruled that Mr Franken had won.

Business

British economy suffers worst drop in 50 years
Britain’s gross domestic product fell 2.4% in the first quarter of 2009 from the previous quarter. From a year earlier, the economy’s decline was the largest ever.

Some economies show signs of less reliance on US
For the past couple of months, data have revealed a growing divergence between Western economies and those in much of Asia, notably China and India.

THE MOSCOW TIMES

Front page

Russia fails to offer gas candidate
Members of the Gas Exporting Countries Forum delayed a key vote for its secretary-general on Tuesday after Russia did not even propose a candidate, an indication that interest in the body from the largest producer of the fuel may be waning.

Gamblers crowd casinos to place last bets
Workers lugged slot machines and stools out of casinos as throngs of die-hard gamblers skipped work to place their last bets on Tuesday afternoon.

Business

Norilsk board includes VTB director
Norilsk Nickel shareholders voted on Tuesday to add a state representative to their 13-member board, a move they said was needed to help Russia's largest miner weather the economic crisis.

Yakunin urges state to buy weak firms
Reuters Russian Railways chief Vladimir Yakunin urged the government on Tuesday to nationalise struggling industries in order to try to defuse the social tensions stirred by the financial crisis.

DER SPIEGEL

Front page

Joy and apprehension as US troops withdraw from cities
The withdrawal of US troops from Iraqi cities marks a historic turning point, with the Iraqis seeing themselves once again as being in control of their own country.

Qatar has sights set on German industry
The emirate of Qatar is waiting for Porsche and Volkswagen to settle their power struggle, but its patience will eventually run out, insiders say.

HURRIYET DAILY NEWS

Front page

Poor lose access to free lawyers
Lawyers in many main court districts in Istanbul are halting their free bar-appointed defence attorney services in response to an order from the Finance Ministry to pay taxes on the money they receive for case-related expenditures such as transportation and photocopies.

Four US soldiers killed on eve of pullout
Four US soldiers were killed in combat shortly before the American military completed a withdrawal from Iraq’s cities, even as the prime minister assured Iraqis that government forces taking control of urban areas on Tuesday were more than capable of protecting the country.

Business and finance

Turkey in biggest slump since 1945
Gross domestic product declined 13.8% in the first quarter of the year, showing how the global financial crisis turned into a ‘real economy crisis’ in Turkey.

Aggressive exporters help economy
The global logistics sector has been hit hard by the worldwide crisis, but Turkish exporters have managed to lessen the damage, according to Michel Akavi, DHLExpress regional director.

WARSAW BUSINESS JOURNAL

Front page

PGNiG under pressure to build €600m LNG terminal
Poland has until 2014 to construct a terminal in Świnoujście to make room for the gas which is part of a deal signed yesterday with Qatar.

Naspers to integrate its latest acquisition with Allegro
If Naspers manages to take control over Bankier.pl, then it will have another stronghold in the Polish e-commerce market as after taking over Allegro the South African-based concern now controls 50-56% of the domestic e-commerce market.

ICIS Copyright © Reed Business Information 2009

Author: Staff Reporter
+44 20 8652 3214

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