Tuesday, 30 September 2008

Newspapers : 30th September

Eurozone inflation falls for second month . Ralph Atkins, The FT (en)
Congress repeats 1930s errors with bailout vote. Gerard Baker, The Independent (en)

French and German anger misses the fact. Charles Wyplosz, The FT (en)
" ... Strikingly, Nicolas Sarkozy, the French president, and Peer Steinbrück, the German finance minister, have both announced the end of Anglo-American financial supremacy. It is not clear what their prediction is based upon ...
... Both leaders had harsh words for “speculation”, but this misses the fact that finance is speculation. Both zeroed in on short selling. Short selling is like cars. Drivers can be reckless; disciplining them seems more reasonable than banning cars. Denouncing market short-termism runs against evidence that markets better predict companies’ long-term performance than their own managers ..."

Ireland guarantees deposits at six banks. John Murray-Brown and Neil Dennis, The FT (en)
" Ireland’s government on Tuesday unveiled a guarantee arrangement to safeguard all deposits at six financial institutions in response to turmoil in the international financial markets.
Shares in the three biggest banks rose sharply after the government announced the immediate start of the scheme, which expires in September 2010, for the deposits in Allied Irish Banks, Bank of Ireland, Anglo Irish Bank, Irish Life and Permanent, Irish Nationwide Building Society and the Educational Building Society ..."

Russian jet 90 seconds from Hull. Jessica Salter, The Telegraph (en)
" The supersonic Blackjack changed course 20 miles from UK airspace, it has been reported ... The RAF is also expected to lose two of its frontline Tornado GR4 ground attack squadrons as part of cuts to existing forces. A senior RAF pilot told The Sun: “The Russians made us look helpless. The Blackjack could have got even closer. It was a disaster — it basically gave the Russians the green light to fly wherever they want.” ..."

Sarkozy calls for global crisis summit. Tony Barber
" ... “We must not give in to the forces of destabilisation. We must support the banks. But there are structural problems. I confirm my call for a summit in coming weeks to establish the basis for a new international financial system,” Mr Sarkozy said ...
... France is the current holder of the EU’s six-month rotating presidency, and Mr Sarkozy is keen to exploit the influence that this position gives him to put a French stamp on any future redesign of global financial institutions ..."

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