Wednesday newspaper round-up: Russia, OPEC, Federal Reserve...
Russia has lost control of its economy and may be forced to impose Soviet-style exchange controls after "shock and awe" action by the central bank failed to stem the collapse of the rouble, according to The Telegraph. The paper quoted the central bank's vice-chairman Sergei Shvetsov as saying: “The situation is critical. What is happening is a nightmare that we could not even have imagined a year ago."
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According to The Times, OPEC members could be forced into “drastic action” to preserve their financial stability after the recent collapse in the oil prices. The paper says that members will cut domestic spending, raid foreign capital reserves and devalue their currencies to avoid defaulting on debts.
The Federal Reserve faces a “delicate communications challenge” on Wednesday with how potential changes to its forward guidance will affect the struggling emerging markets, writes the Financial Times. The paper warned of a rout in emerging markets if the Fed sends a “strong signal on rate rises”.
“Profits at Britain’s leading banks would collapse by £91bn in the event of a new financial crisis,” The Times said, citing the Bank of England’s stress tests. The paper said that in that scenario lenders would be forced to cut shareholder payments and implement “swingeing cost cuts”.
Swiss online travel firm Bravofly Rumbo Group has made a $120m (£76m) final bid for lastminute.com, writes The Telegraph.
John Lewis expects a “bumper finish” to shopping in December, according to The Guardian. The paper cited retail director Andrew Murphy as saying that Saturday would start a “pretty intense” burst of trade in its stores.
Apple has won a $1bn trial over allegations that it breached competition laws when blocking songs from rival music stores from playing on its iPods, The Telegraph reports.
Retail veteran Paula Schneider has taken over a chief executive of US fashion retailer American Apparel after the dismissal of controversial founder Dov Charney, according to The Guardian. The previous boss had faced allegations over sexual misconduct and was put under suspension in June.