Investors had little to be thankful for Friday, as shock waves from the Dubai debt crisis drove stocks down throughout much of the world.
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Ftalphaville.ft.com
Sterling, Dubai: a liquidation love story
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In case you were wondering why sterling might be suffering on the back of the Dubai story, Reuters reports on Thursday: LONDON, Nov 26 (Reuters) - The Dubai government could be forced to hold a firesale of its international real estate if creditors to two of its flagship companies reject proposals to put near-term debt obligations on ice until ...
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StarTribune.com Business
Dubai debt crisis rattles markets
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..the UAE government keeps most of their foreign assets in US dollars. It's probably no coincidence that they are defaulting. This is … read more unfortunate, because it will be another reason for oil producing countries to move away from the dollar as the currency of choice. Not good for the US.
Latest Business Headlines
Stocks Tumble on Fears over Dubai Debt
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Investors Worried that Default in Dubai over $60B in Debt Payments Could have Ripple Effect in World Markets
Finance and Business. Latest breaking news
Dubai may sell QE2 to tackle debt crisis
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The high-profile "trophy asset" of Dubai's boom years may have to be sold to pay off the emirate's mounting debts.
Tim
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The Mess That Greenspan Made
The Dubai debt comes due
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Who would have ever thought that debt in Dubai would someday be a problem? In a story that sounds all too much like that of a U.S. real estate agent who, after a couple of good years in the middle of the decade decided to get levered up to the maximum banks would allow rather than paying down their debt only to watch things come crashing down ...
FT.com
Asian markets stalked by Dubai fears
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Stock markets in the region suffered steep falls this week as the shockwaves from Dubai's debt problems filtered through to the region
The Independent
Dubai debt default fears a 'setback' says Brown
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<p>
Gordon Brown today said fears over a major debt default in Dubai were a "setback"
but insisted they would not knock the global recovery off course.
</p>
Latest Business Headlines
Video: Dubai Debt Sparks Uncertainty
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An embattled Wall Street now faces concerns over debts plaguing the once-prosperous city of Dubai. As Hari Sreenivasan reports, Dubai's setbacks have caused fears of a new potential credit crisis.
MarketWatch.com
Currencies: Dollar gains on worries over Dubai debt
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The U.S. dollar gains from worries about a big debt default in Dubai, but pares that advance as investors say the stituation isn't another Lehman Bros.
Finance and Business. Latest breaking news
Prime Minister stays upbeat on Dubai 'setback'
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Gordon Brown has moved to calm global markets by claiming Dubai's debt crisis will not have a widespread impact.
USATODAY.com Money
Stocks slide on concerns about Dubai debt fallout
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Stocks dropped Friday as a wave of fear swept through world markets over concerns that financial trouble in the Middle Eastern ...
MarketWatch.com
Metals Stocks: Gold drops on Dubai, but off earlier lows
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Gold futures fall but trade off their lows as Dubai World's debt woes fuel a sell-off in commodities and stocks, while the U.S. dollar gains against rival currencies, also getting factored into the metals action.
Tobias Buckell
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BloggingStocks
Closing Bell: Dubai sends jitters throughout the market
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Filed under: Sprint Nextel Corp (S) , Best Buy (BBY) While the day after Thanksgiving in the US is usually a light trading day, thanks to people being on vacation, traveling, Black Friday shopping , and their being more concerned about being with family, today's market has been active with people reacting to recent troubling news coming out of ...
BBC News
US shares slide over Dubai fears
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US shares fall on worries over Dubai's debt problems, but European markets recover from earlier falls.
Brad DeLong
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J. Bradford DeLong
Dubai: Why, Yes, Our Collateral Is Underwater. Why Do You Ask?
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Paul Krugman is judicious and sober: Rashomon in the desert : Dubai or not Dubai — that is the question. Dubai’s sorta-kinda default (a state-owned enterprise seeking a rescheduling of its debts) is, by itself, not that big of a deal. But who else looks like Dubai? What kind of omen is this for the next stage in the financial crisis? ...
Yahoo! News
Jobs data eyed, but Dubai is the wild card
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Reuters - Dubai, jobs data, Black Friday results and a chance for Congress to throw fireballs at Fed chief Ben Bernanke: The U.S. stock market's path to glory is fraught with peril next week.
Dealbreaker
Opening/Closing/Holiday Bell:
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Year after deadly Black Friday stampede, stores get ready (NYP) Guess what? You don't have to be afraid of getting trampled to death by a bunch of savages trying to get fifty percent off a flat screen! A bunch of stores decided that this year they're going to be making people form orderly lines and Best Buy even ran a "dress rehearsal" last ...
Yahoo! News
Pimco: Dubai triggers "overdue correction" in stocks
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Reuters - Rising fears of a possible debt default at a Dubai state-owned conglomerate is the catalyst for an "overdue correction" in equities and risk assets, the chief executive of top bond fund manager Pimco said in an interview on Friday.
RTÉ Business
Dubai debt delays revive fear of crisis
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Investors have dumped shares in Asian banks, fearing a Dubai debt default could reignite financial turmoil.
L.A. Times
Dubai debt fears remain focus in world markets
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European stock markets regained their poise Friday after Wall Street didn't fall as much as feared on the news earlier this week that Dubai is having trouble handling its debt.
By STEVENSON JACOBS
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SFGate
Dubai crisis jolts markets, but early fears ease
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Dubai's debt crisis rattled world financial markets Friday, raising concerns that some banks could further tighten lending and stall the global economic recovery. The possible spillover effects centered on fears that international banks could suffer big... Dubai - Economy - United Arab Emirates - Foreign exchange market - Middle East
L.A. Times
Stocks slump as news of Dubai debt crisis sinks in
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The Dow Jones industrial average closes down 154 points, a slight recovery from earlier losses. World markets react strongly to Dubai's announcement that it would freeze its debt repayments. Investors had little to be thankful for today as shock waves from the Dubai debt crisis drove stocks down throughout much of the world.
Online
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Detnews.com
Dubai debt crisis raises financial turmoil fears
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Hong Kong -- The fallout from Dubai's debt crisis rippled across the globe Friday, raising concerns of another wave of financial turmoil and showing how vulnerable the world economy remains despite signs of recovery.
Grantg
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The Money Blogs
Dubai Debt
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News out of the UAE yesterday that really shouldn’t surprise anyone. Late Wednesday, Dubai World (the largest corporate entity) asked creditors for a six month reprieve on paying its $60 billion in debt. You’ll remember that Dubai thrived during the last ten years due to the infusion of billions of dollars on financial infrastructure and ...
World business news
Dubai's threat to U.S. banks
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The news that the sovereign wealth fund of Dubai requested a postponement of billions of dollars of debt this week could pose a big problem for U.S. banks.
Oxbury
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The Money Blogs
Dubai Concerns Continue To Weigh On Risk Appetite
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G10 Advancers and Decliners vs USD JPY 0.59 EUR -1.06 CHF -1.24 GBP -1.41 The slump in equities continues today as further details of Dubai World’s debt burden come to the f read more »
Twist
/
Housing Doom
Gloom, Doom, Dubai and Housing
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By now you’ve probably heard about the situation in Dubai, where Dubai has sought a six-month extension on the debts of Dubai World, which reportedly has debts of at least $60 billion. Markets around the world have responded negatively, as well as the in the U.S. Randall Forsyth of Barron’s sounds ominous about the situation: THE [...]
Www.calculatedriskblog.com
Northern Trust on Dubai
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James Pressler at Northern Trust provides an overview of the Dubai situation: Dubai’s Latest Mega-project – A Massive Default? (pdf) A few excerpts: The complexities of the UAE’s governmental structure make the situation difficult to grasp at first glance, but the problem can be captured by a few basic points. First, Dubai is ...
The Seattle Times
Treasurys rally amid concern about Dubai debt
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Treasury prices rallied in holiday-shortened trading Friday as investors flocked to the safety of government-backed debt amid concern about financial trouble in Dubai.
The Seattle Times
Dollar touches low against yen amid Dubai crisis
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The dollar fell briefly to its lowest level in 14 years against the Japanese yen Friday but rallied against the euro and other currencies as Dubai's debt problems roiled currency markets.
Financial Armageddon
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Pfblogs.org
The Debacle in Dubai
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I was a guest on two shows, BBC News' "World News Today" and Fox Business News' "Cavuto," where I discussed the fallout from news that Dubai will delay repayments on $60 billion of debt from its investment company, Dubai World... ...
Alphaville
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Pfblogs.org
The Weekender
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Selected reads from FT Alphaville this week, Debacle in Dubai, - A sensible business decision? - CSI Dubai. - Nakheel: Famous last words. - A friend in need…is a friend in de(fault)? - Abu Dubai? Pah! Beyond the desert, - A golden sell-off. - Carry-trade denial, debunked.... ...
Mark Thornton
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Mises Economics Blog
Delay in Dubai
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Dubai is delaying payment on its debts and that has sent stock markets around the world lower. This could be a trigger that reverses the remarkable bear market rally that has taken place since March. Dubai was also the location of the crisis signal in the Skyscraper Index in August 2007. Things have become increasing less optimistic in what was ...
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As Black Friday draws closer, retailers are lean but shoppers remain tight-fisted. There will be price wars, but not the panic discounting of last year
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Yahoo! News
Black Friday sales seen strong, but will it last?
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Reuters - U.S. consumers turned out in strong numbers to hunt for holiday bargains on Black Friday, though many said they were spending selectively and industry executives questioned whether the momentum would last.
Latest Business Headlines
Video: Black Friday Frenzy
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In what has been described as the busiest shopping day of the year, CBS News' Don Teague reports that retailers are nervous over how much consumers will spend as they hit the stores this Black Friday.
Yardena Arar
/
SFGate
Top 5 Black Friday Gotchas
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So Black Friday is coming--but not all that glitters is gold. While those who mine the long lists of post-Thanksgiving sale items will surely find some gems, prudent shoppers will be sure to do their homework and read the fine print--which, as usual, may... Thanksgiving - Black Friday - Holidays - Children and Youth - Kids and Teens
Noreply
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Mish
Online Shopping Traffic Up 10%; Walmart, Target Draw Crowds; Guilt Buying
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Market Research Findings is reporting Black Friday Traffic To Online Shopping Sites Grows 10 Percent . Despite Challenging Economy, Black Friday Traffic To Online Shopping Sites Grows 10 Percent Year Over Year Nielsen Online, a service of the Nielsen Company, reported today that Web traffic from home and work to the Holiday eShopping Index ...
Latimesblogs.latimes.com
Black Friday: Wal-Mart in Upland temporarily closes after 'fighting inside'
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Black Friday brought out the rowdy side of Wal-Mart shoppers early this morning when the Upland location shut down for more than two hours after customers caused a ruckus inside.
2million
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2million
$121 Bonus for Opening Electic Orange Account at ING Direct
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Heres a way to offset at least some of the potential damage from a Black Friday shopping spree. ING Direct is offering a Black Friday promotion with a $121 bonus for opening an Electric Orange account. I have not personally used this account previously and don't think I will use it as a primary checking account because it doesn't inclue paper ...
The Big Picture
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Pfblogs.org
Black Friday Shopping Update
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We mostly steered clear of shopping today — went instead to the Chicago Art Institute’s new Modern Wing. In the AM, the girls did go to Nordstrom’s for shoes — the parking lot was pretty filled, but the store was not exactly jammed. (Like Bloomingdales, I will admit that you can while away lots of time [...] ...
Monroe on a Budget
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Pfblogs.org
Black Friday rolls over to Saturday sales
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If you pay close attention to the sales fliers in recent weeks, you understand what I’ve repeatedly said in the days leading up to Black Friday: There are opportunities to save money at the retail stores on Thanksgiving Day weekend without having to wait in line at 5 a.m. on Friday. Go back through my Black [...] ...
The Seattle Times
Real Black Friday as stores lose power at NJ mall
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Customers at the Radio Shack store in the Bridgewater Commons Mall used flashlights to search for high-tech bargains as a power outage affected several stores shortly after the mall's 6 a.m. opening.
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Take advantage of this special offer today and get immediate, complete access to the unbiased advice and first-rate analysis from the investment pros at RealMoney.
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RealMoney
Slow Month Means Opportunities
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Take advantage of this special offer today and get immediate, complete access to the unbiased advice and first-rate analysis from the investment pros at RealMoney.
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STEPHANIE ROSENBLOOM
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NYT
On the nation’s most high-octane shopping day, tighter security was evident at Wal-Mart stores.
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Msnbc.com
Canada court rules for Wal-Mart in union case
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The Supreme Court of Canada said Friday that Wal-Mart Stores Inc. was entitled to close a store in Quebec in 2005, seven months after workers voted to unionize. Supreme Court of Canada - Quebec - Supreme Court of the United States - Wal-Mart - Business
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Motivated consumers turned out in big numbers on Black Friday, gobbling up discounts on everything from Apple iPods and Barbie Power Wheels to winter coats and sweaters and Zhu-Zhu Hamster toys.
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Baltimoresun.com
Black Friday shoppers out in force
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Linda Wilson, right, of Perry Hall, and daughter Jennifer Michael, left, the first two in line, started the line for the Best Buy store at 2:30 p.m. on Thanksgiving Day. Thousands of shoppers woke up before sunrise to take advantage of "doorbuster" deals typical of Black Friday.
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L.A. Times
Black Friday shoppers stream into stores
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Many wait for hours to buy giant flat-screen TVs and other 'door-buster' bargains. But analysts say retailers face a tough day because of the weak economy. Hours after Southland stores began kicking off their Black Friday sales, masses of bleary-eyed shoppers were still streaming in, looking for good deals to launch the holiday season.
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Shades of the roiling energy markets that were set off last year by the crisis on Wall Street emerged again Friday with crude seeing the largest intraday percentage drop in prices since January.
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RTÉ Business
Oil prices drop to a seven-week low
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Oil prices fell sharply today, mirroring events on stock markets across Asia, where investors were spooked by a shock call from the Dubai government to suspend the debt of a key state company.
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Gift cards are being discounted this holiday season as the National Retail Federation forecast total sales of the plastic currency will fall 6 percent this holiday season.
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POSTED: 1:57 pm EST November 27, 2009
discussions
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Yielding Wealth
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Pfblogs.org
Tiger Woods: Minor Car Accident at 2:25 AM
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When you hear of someone in a car accident at two o-clock in the morning, the first thought you have is that something (drugs, alcohol, being over-tired) was at play. Because really, people don’t leave their house (normally) at 2:25 in the morning. But that’s just what Tiger Woods did this morning. He left very early and had a minor ...
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France will have a stronger hand in recasting Europe’s post-crisis banking and financial services sector over the next five years after its nominee for the European Commission, Michel Barnier, snagged the internal market portfolio.
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KEN BELSON
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NYT
On 42nd Street, the business on a busy shopping day clearly favored attire that celebrated a 27th World Series championship.
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By ANNE D'INNOCENZIO
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SFGate
Signs of life in stores as holiday shopping begins
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The nation's shoppers took advantage of deals on toys and TVs with some renewed vigor in stores and online on Black Friday after a year of concentrating their spending on basic necessities. Though the first numbers won't be available until Saturday, early... Old Navy - Wal-Mart - Christmas and holiday season - Retailing - Television
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Q The other day, my Internet service went down, as it does from time to time. I needed to check my e-mail for an important reply I was expecting. I happened to notice that there was a Wi-Fi signal available. I have no idea to whom the service belonged, but I suspected it was one of my neighbors'. It had a generic name of "NETGEAR," and it was ...
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It was almost a convincing show. The message to the City of London from Dubai was that the city-state had not only weathered the global economic crisis but was now destined to benefit as more financial groups escaped the high tax regimes and mounting regulatory restraints of more established centres.
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Seeking Alpha
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Pfblogs.org
Global Warming Models: 'Out of Order'?
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Howard Richman submits:Last week, e-mails from prominent AGW (Anthrogenic Global Warming) scientists were hacked and posted on a Russian website. They showed attempts to misuse data and keep critics out of peer-reviewed journals. But the most clear statement in all in these e-mails was not dishonest, nor was it arrogant. It was simply pathetic: ...
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UGLOVKA, Russia (Reuters) - At least 25 people were killed and 95 more injured when a Russian express train came off the rails late on Friday in what the national railway company said could have been a bomb attack.
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By EUGENE HOSHIKO
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SFGate
Zimbabwe cargo plane crashes in China, killing 3
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A Zimbabwe cargo plane crashed shortly after taking off Saturday from Shanghai's main international airport, killing three crew members, a government official said. The official Xinhua News Agency cited Shanghai's municipal information office as saying three... Shanghai - Zimbabwe - Xinhua News Agency - State media - China
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MIREYA NAVARRO
/
NYT
In upstate New York, landowners’ conflict over whether to allow drilling for natural gas has set neighbor against neighbor, even spouse against spouse.
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Kevin
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Pfblogs.org
Natural Gas Looking Bullish
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I've been patiently waiting and watching natural gas for an entry to buy as I feel this market has bottomed. If you look at the above chart of natural gas futures, you will see that a very important support level has been tested last week and appears to have held. The 4.50 area which was once resistance has now become support as you can clearly ...
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These data are released each Thursday, generally at 4:30 p.m., unless Thursday is a federal holiday, in which case the data will be released on Friday, generally at 4:30 p.m.
discussions
British leader Gordon Brown has suggested the G-20 countries place a tax on foreign-exchange transactions to generate revenue, but he's finding little support for the idea
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Whitney Coleman scored 24 points, including the game-winning basket with 3.6 seconds left, as Monmouth New Jersey rallied past Wyoming 75-73 Friday in the World Vision Basketball Challenge. With the score tied at 73, Wyoming turned the ball over with nine... New Jersey - United States - Business - Sports - Ottawa Senators
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By GEORGE JAHN
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SFGate
In a blow to Iran, the board of the U.N. nuclear agency on Friday overwhelmingly backed a demand from the U.S., Russia, China and three other powers that Tehran immediately stop building its newly revealed nuclear facility and freeze uranium enrichment.... Iran - International Atomic Energy Agency - Middle East - Nuclear weapon - Tehran
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Personal computer manufacturer Lenovo Group said Friday that it is joining the race to develop products that link phones and PCs by buying back a mobile phone business it sold last year.
Japan said Friday that prices fell again in October, just as a surging yen threatens to worsen the deflation that is undermining the country's fragile economy.
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