Friday Papers: Dollar fall sparks stability warnings - other news

Financial Times

* The dollar tumbled against most major currencies on Thursday, prompting warnings that  other countries may resort to retaliatory devaluations to underwrite their exports; the currency dropped to a 15-year low against the yen and an eight-month low against the euro.

* German companies have complained about state-owned Chinese rivals landing an increasing number of contracts in eastern Europe and central Asia by means of “price-dumping, aggressive financing and generous risk-guarantees” from Beijing.

* Germany’s leading economic research institutes have thrown their weight behind Berlin’s drive to persuade eurozone partners to agree on an insolvency mechanism for member states that are in effect bankrupt.

* Singapore’s central bank surprised global markets by tightening monetary policy as the government announced a 20% contraction in economic growth in the third quarter.

* General Electric has warned that the industry is facing “dramatic change” as energy efficiency standards drive the adoption of new technologies.

* Shares in for-profit colleges tumbled on Thursday after Apollo Group said that new student enrolments could drop more than 40% year on year in the coming quarter.

* The US trade deficit soared in August by 8.7% to $46.3 billion as surging Chinese imports worsened global economic imbalances and stoked rising American anger over Beijing's exchange rate policy.

* Google reported a 25% jump in net revenues to $5.48 billion as advertising continued to bounce back strongly from the downturn; the company promised to step up its efforts to capitalise on new advertising markets that are opening up on the internet.

* Germany’s competition authority intends to prohibit a far-reaching iron ore joint venture by Rio Tinto and BHP Billiton.

* A High Court judge in London on Thursday granted Royal Bank of Scotland an injunction to restrain the US co-owners of Liverpool Football Club from pursuing their counter-claims in a Texas court.

* In a profit warning a fortnight before its full-year results, Mouchel said that earnings would be 12% lower than analysts had expected.