Debt problems in Dubai hit financial markets across the board on Thursday, sinking global stocks, helping lift safe-haven bonds and taking the dollar up from a 14-year low against the yen.
Dubai struggled to ease fears of debt default on Thursday after its move to delay repayments at two flagship firms shook confidence in the Middle East as a center for investment and a source of capital.
LinkedIn, the world's biggest professional social network, will probably pursue an initial public offering some time but not in the near future, co-founder and executive chairman Reid Hoffman told Reuters.
Lloyds Banking Group investors on Thursday overwhelmingly approved the bank's record rights issue but gave executives a grilling for mistakes made during the financial crisis.
European banks were hit by concern about potential exposure to debt problems in Dubai on Thursday, while companies where Middle Eastern investors own big stakes also came under pressure.
Share trading on the London Stock Exchange has been halted by technical difficulties, a spokesman for the bourse operator said on Thursday.
Shares in banks, builders and companies part-owned in the Middle East fell around the world on Thursday and investors sought safety in government bonds on worries about Dubai's ability to pay its debts.
The dollar edged up from 14-year lows against the yen on Thursday as renewed risk aversion prompted investors to shed riskier assets, giving pause to broad dollar selling.
News, details on corporate bond issues in the European markets on Thursday:
Abu Dhabi is not going to crow publicly over Dubai's troubles. But it will use the opportunity to assert control over its upstart neighbour. The price for Abu Dhabi's help could be prize assets like airline Emirates. Dubai has little choice but to do what it is told.
Mahindra-Satyam shares fell to a 4-month low on Thursday, before recovering, on concerns over its outlook after Indian investigators filed new charges over accounting fraud that hit Satyam earlier this year.
Debt problems in Dubai hit global stocks, helped lift bonds and took the dollar away from a 14-year low against the yen on Thursday.
A dollar bond sale by Saudi-backed Gulf International Bank (GIB) was pulled after Dubai's move to delay repayment on billions of dollars of debt owed by its two flagship firms, sources said on Thursday.
Debt problems in Dubai hit global stocks, helped lift bonds and took the dollar away from a 14-year low against the yen on Thursday.
The dollar rebounded from a 14-year low against the yen on Thursday as traders betting against the dollar seized on the broad risk reduction prompted by Dubai's debt problems to cash in on its recent slide.
Dubai's debt problems shook European banking shares on Thursday despite the emirate's efforts to minimize the impact of a debt restructuring plan at two of its biggest companies that raised fears of default.
Debt problems in Dubai weighed on stocks, helped lift bonds and stirred currency trades on Thursday, as the dollar hit a 14-year low against the yen and gold climbed to a new record high.
Fannie Mae plans to raise minimum credit score requirements next month and limit the amount of overall debt that borrowers can carry relative to their incomes, The Washington Post reported on Thursday.
AIG and former chief executive Maurice Hank Greenberg have reached an agreement to bury a long-standing, bitter legal battle and the insurer will turn over materials the former boss can use to write his memoir, as well as prized photographs and a Persian carpet.
Dubai said on Wednesday two of its flagship firms planned to delay repayment on billions of dollars of debt as a first step toward restructuring Dubai World, the conglomerate that spearheaded the emirate's breakneck growth.
The Federal Reserve is tightening its policies on director eligibility more than six months after then New York Fed Chairman Stephen Friedman resigned after questions were raised about his stockholdings in Goldman Sachs once it came under the Fed's direct supervision.
U.S. consumer spending and home sales rose more than expected in October, while new claims for jobless benefits fell sharply last week, suggesting the economic recovery was gaining traction.
U.S. stocks rose on Wednesday, sending both the Dow and the S&P 500 to fresh 13-month closing highs, as economic data reinforced hopes of stabilization in the labor and housing markets, but traded volume was light ahead of the Thanksgiving Day holiday.
U.S. stocks rose in light trading volume on Wednesday, supported by data that pointed to stabilization in the labor and housing markets, areas that have fed concerns about a double dip recession.
A handful of banks have told the Federal Reserve they could do more to support the central bank's exit from its emergency cash infusions if a key accounting rule was changed, according to a person familiar with the situation.
The Australian Dollar opens higher today at 0.9310 after a positive local session. Support held on Wednesday morning at US92 cents followed by a steady climb during Asian trade to an intraday peak of 0.9252.
Debtholders of bankrupt Tribune Co have asked a judge to deny the media company's request for more time to present a plan of reorganization so the lenders themselves can offer a plan, according to court filings.
Dubai will ask creditors of two of its flagship firms for a standstill on debt worth billions of dollars as a first step toward restructuring Dubai World, the conglomerate which spearheaded the emirate's breakneck growth.
U.S. regulators are increasingly looking beyond stocks in their insider trading investigations to examine derivatives and credit default swaps, a top Securities and Exchange Commission official said.
The Federal Reserve said on Wednesday it will no longer allow directors at regional Fed banks to own shares in financial firms, following controversy over a former Goldman Sachs CEO who bought that firm's stock while leading the New York Fed's Board.
