What the papers say
THE FINANCIAL TIMES
The Front Page
- UBS set to cut wage bill by up to $4-billion
The Lex Column
- Spreading worry – No-one should expect a breather in the funding markets for a while
- Bank failure/Roskilde – Path-breaking Denmark now has some of the world’s most over-valued homes
- Russia’s grip on energy – Russia’s invasion of Georgia is a brutally effective gambit in the new Great Game
- Sinopec – Chinese demand for oil products is forecast by the International Energy Agency to increase by almost 6% this year
- US builders – Free-falling prices suggest further writedowns lie ahead, making balance sheets a poor guide to valuation.
Funds Focus
- How they compare
Further news
- Citigroup scraps panel headed by Rubin
- Thriving gastro pubs buck broader market trend
- Property investors nervous as American shoppers turn away
THE TIMES
The Front Page
- Brown faces high-level revolt over windfall tax
Page 34 Feature
- Leading British companies to slice dividends as slowdown bites
Business Big Shot
- Kris Gopalakrishnan, CEO of Infosys
Further news
- TNK-BP loses another executive as Considine resigns
- Tesco cashes in on taste for local food and drink
- Gerbeau sets sights on leisure assets as slowdown creates land of opportunity (Capital & Regional)
- Barclays looks beyond turmoil to success in Pakistan
- Al-Jazeera makes privatisation its goal with move into football coverage
- Samsung teams up with Yahoo! to bring TV internet service to your sofa
THE DAILY TELEGRAPH
The Front Page
- Police to use child database to trace criminals
Feature
- Altogether, maybe the Rock was put in a hard place (Northern Rock)
The AIM Market
- Dig out bargain shares as miners become bid quarry (AIM Resources, Centamin Egypt, European Nickel, Minmet, Medusa Mining, Uruguay Mineral Exploration)
Market Profile
- William Paterson-Brown, executive chairman of Accsys Technologies
Economics Feature
- Worry has shifted to the D-words (depression and Deflation)
Further news
- Co-Op to give 250 biggest food stores a taste of mini-banks
- Beijing swells dollar reserves through stealth
THE INDEPENDENT
The Front Page
- Economy ‘as bad as the Seventies’
The Stephen King Column
- Zimbabwe and Jamaica run away with the economically adjusted Olympics
The Small Talk Column
- Big claims from a small coal miner (Strategic Natural Resources)
- TT Electronics new chief executive revs up for a change
- Keystone Petroleum to drill n Kurdish region
- Ambitious Altona Resources taps into China
- Profits leap 30% at DM, but dividend is axed
Further news
- The backlog of US homes for sale is the worst on record
- Investors keen for news on Imperial Energy’s suitors
THE DAILY MAIL
The City View Column
- It’s not all doom and gloom in the North Sea
Further news
- Personal details of more than a million bank customers have been found on a computer sold on eBay
- Sterling falls on rate cut hopes
THE DAILY EXPRESS
The Investment Analyst Column
- Why oil services specialists should excel (Wood Group)
The AIM Market Column
- Equatoiral Palm Oil
- BPC.
- Bid threat to Xpertise transformation plans
Further news
- Economy fear sends the pound crashing
- The Columbian Bank & trust, in Kansas, closed by the regulators at the weekend is the 9th US bank to fold this year
30-SECOND’S OF TUESDAY’S COMMENTS
- South Korea’s top financial regulator is ‘cautious’ on Korea Development Bank’s interest in taking over a bank such as Lehman Bros, stressing that such a deal would be better led by private lenders
- Five private equity houses circle Lehman Bros divisions
- Manchester Airport may bid for BAA’s Gatwick and Glasgow airports
- Lufthansa confirms interest in Austrian Airlines
- Aquarius Platinum may join £5-billion bid battle for Lonmin
- India’s Infosys Technologies to buy UK-based consultancy Axon Group for £407-million cash
- Hewlett-Packard is today expected to close its acquisition of Electronic Data Systems
- AMD sells digital TV chip business to Broadcom
- First Reserve, the US private equity group, is to invest in nuclear fuel venture, Accord Nuclear Resources
FURTHER FINANCIAL AND WORLD NEWS IN BRIEF
From Wall Street
- The Dow Jones fell 241.81 (2.1%) to 11386.25, the Nasdaq lost 49.11 (2.03%) to 2365.59, while the S&P declined 25.36 (2%) to finish at 1266.84
War, Strife, Conflict and Terrorism
- Russia closer to backing break-up of Georgia
Credit Crisis Fallout
- Most of the public blames the Government for the economic downturn, according to an FT/Harris poll
- The Bank of England’s Deputy Governor Charles Bean warned on Monday that the global economic slowdown is likely to “drag on for some considerable time”.
- Leading British companies to slice dividends as slowdown bites
- Columbia Bank and Trust in Kansas closed by regulators at the weekend
- IMF cuts forecast for growth this year and next
- Flagging confidence has spread to business services, according to CBI
- Denmark’s central bank has taken control of the country’s 8th largest retail lender Nationalbanken to avert a systemic financial crisis, the first such move in 15-years
- JPMorgan Chase said the market value of its investments in Fannie Mae and Freddie Mac preferred stock has dropped by half to $600-million this quarter.
- KPMG warns that the housing downturn is likely to trigger a wave of mergers among building societies
- Standard & Poor’s study shows overdue mortgage payments are on the rise
- Backlog of US homes for sale is worst on record
Oil, Energy, Commodities and Food
- Kuwait plans 20% rise in oil production
News from Home
- In an FT interview, BAE’s chief executive Mike Turner says that Great Britain risks losing its influence abroad unless it makes defence a bigger priority
- National Association of Estate Agents warns that Hips are making the housing slump worse
- Offshoring low-level IT jobs is causing a skills gap in Great Britain, according to new research
- Schools Minister, Lord Adonis, wants academies specialising exclusively in primary school children
News from Abroad
- Asifali Zandari, the leading contender for the presidency of Pakistan, was suffering from severe psychiatric problems as recently as last year, according to court documents filed by his doctors
- Toyota plans to raise price of cars in Japan for first time in 16-years
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