In Wednesday’s Europe papers

LONDON (ICIS news)–These were the top stories at 06:00 GMT in the following European newspapers’ online versions on Wednesday. ICIS has not verified these stories and does not vouch for their accuracy. To go to the individual websites, click the links below:

FINANCIAL TIMES

Front page

Goldman hints record run could be ending
Goldman Sachs prepared the market for a possible end to its remarkable run of record-breaking profits in defiance of the credit squeeze, warning on Tuesday that difficult market conditions in November had clouded its outlook.

World Bank to work with China in Africa
The World Bank has agreed to work with Chinese development bodies on aid programmes in Africa and elsewhere as part of an effort to transform relations with a country that is fast rivalling its influence as a lender.

Companies and markets

Chevron and CNPC sign China gas deal
Chevron, the US oil and gas company that angered Beijing by winning a bruising takeover battle for Unocal against Chinese competition, on Tuesday signed China’s largest onshore natural gas joint venture involving a foreign partner.

Asian shares end losing streak
Asian shares recovered from a five-day losing streak on Wednesday, led by technology shares as solid US earnings reports reassured investors that companies could weather the credit storm in global financial markets.

INTERNATIONAL HERALD TRIBUNE

Front page

Zuma is chosen to lead African National Congress
The African National Congress chose the Zulu politician Jacob Zuma as its new leader on Tuesday, handing South Africa’s president, Thabo Mbeki, a resounding defeat.

Bush lawyers discussed fate of CIA tapes
At least four top White House lawyers took part in discussions with the Central Intelligence Agency between 2003 and 2005 about whether to destroy videotapes showing the secret interrogations of two operatives from Al Qaeda, according to current and former administration and intelligence officials.

Marketplace

ECB pumps record €348bn into money markets
The European Central Bank pumped a record €348bn ($501bn) into the financial system Tuesday, dramatically easing the tight conditions in credit markets that have been grappling with a global lending crunch linked to the US housing crisis, on top of traditional year-end demands for ready cash.

Landmark European court ruling backs company in use of foreign labor
A Swedish trade union broke the law when it blocked a Latvian company’s work site during a wage dispute, according to a landmark ruling Tuesday by Europe’s top court that underlined growing concern over the use of less-expensive foreign workers to undercut local wages.

THE MOSCOW TIMES

Front page

Goodbye to the Footcloth, hello to the sock
It has padded the feet of Russian soldiers as they marched on Paris, Berlin and Grozny. But within a year, the humble footcloth is to be consigned to the laundry bin of history. Its replacement? The sock.

Oil fund manager warns on spending
“Irrational” domestic spending from the $150bn ($103bn) stabilization fund could fuel further inflation and make the economy once more dependent on the whims of global oil markets, Pyotr Kazakevich, the official in charge of the fund, warned on Tuesday.

Business

Putin says gas to Greece will double
President Vladimir Putin said Tuesday that Greece wanted to double imports of Russian gas, and he praised progress in a project to send Russian oil from Bulgaria to Greece.

Mittal to build Tver plant
ArcelorMittal, the world’s largest steelmaker, said Tuesday that it would build its first new steel plant in Russia to feed the country’s booming construction industry.

DER SPIEGEL

Front page

How long will Siberia’s gas last?
The Russian gas industry was celebrating on Tuesday. At a ceremony in Moscow, Gazprom board chairman Dmitry Medvedev, who is widely expected to be the next president of Russia and the German foreign minister, Frank-Walter Steinmeier, pressed a ceremonial button and the last major natural gas field in the world’s most productive region went on line.

Did the US delegation go behind Bush’s back?
Washington is abuzz with speculation about the actions of the US delegation to the climate change conference in Bali as negotiations ended last weekend.

TURKISH DAILY

Front page

Sarko snows on ‘Turkish spring’
As if relations between Turkey and the Gauls were not galling enough, now the French government is taking steps to “postpone” plans for a “Turkish season” planned for France in 2009.

Minority music: in the key of peace
Much of the recorded traditional ethnic and folk music from Anatolia is under the protection of Kalan Music, a Turkish independent record label. In 1991, Hasan Saltık founded the company and his compilations and archive have attracted the attention of music authorities abroad.

Business and finance

Media tender terms ‘unfit’ for foreigners
Czech media giant Central Europe Media Enterprises (CME) said its interest in the Turkish market still continues but “the conditions of the ATV-Sabah tender made it difficult for foreign investors to participate in it.”

Unemployement rate in Turkey rises to 9.3%
Turkey’s unemployment rate rose to 9.3% in the three months through October, the second consecutive increase, as economic growth slowed. The rate increased from 9.1% in the same period last year, the Ankara-based Turkish Statistics Institute said on its Web site yesterday.

WARSAW BUSINESS JOURNAL

Front page

Naspers to take over Allegro.pl?
The largest shareholders of Tradus, which owns the Internet auction site Allegro.pl, have approved an offer from South African media concern Naspers to purchase the group.

Troops to leave Iraq by 31 October 2008
Prime Minister Donald Tusk and President Lech Kaczynski have reached a compromise in the ongoing dispute on the Iraq mission.