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    The Dow dives more than 150 points on Dubai's debt crisis

    By Dan Burrows | Filed Under:

    U.S. stocks followed the rest of the world lower in a short Friday session after the state investment company of Dubai shocked global debt and equity markets on Thursday by asking for more time to make a loan payment, essentially admitting that it's currently insolvent.

    As banks across Europe, the U.S. and the Gulf region scrambled to assess their exposure to the Dubai debt crisis, money whooshed out of stocks in a global flight to safety that pushed up of the value of the U.S. dollar and U.S. Treasurys. The blue-chip Dow Jones Industrial Average ($INDU) lost 154.5, or 1.48%, to close at 10,309.9, while the broader S&P 500 ($INX) retreated 19.1, or 1.72%, to finish at 1091.5. The tech-heavy Nasdaq Composite ($COMPX) shed 37.6, or 1.73%, to close at 2138.4.

    U.S. markets were closed on Thursday for the Thanksgiving holiday and, as usual, experienced low volume Friday before an early 1 p.m. Eastern close, which likely helped dampen the effects of Thursday's global sell-off.

    Is Dubai market crash a Black Friday buying opportunity?

    By Peter Cohan | Filed Under: , ,

    DubaiGlobal stock markets, overreacting to Dubai's debt woes, could mark down stocks too much. Dubai -- which is famous for building a palm-shaped island, the world's tallest building, an indoor ski slope, and paying Rihanna $500,000 to perform at a New Year's Eve party -- wants a six-month reprieve from repaying a $3.5 billion bond.

    Why would this be an overreaction? The cost of writing-off Dubai's debt is a tiny fraction of the write-offs from the financial crisis that took $30 trillion off world stock markets in 2008.

    Reuters reports that even if Dubai defaults on every penny of its $80 billion in debt, the write-offs that banks will take would be 2.86% of the total write-offs -- $2.8 trillion -- banks will take in the wake of the financial crisis between 2007 and 2010, according to the International Monetary Fund. But the risk to banks outside the Middle East is likely to be far less than $80 billion. According to Reuters, their liabilities related to Dubai World could be as high as $12 billion in so-called syndicated and bilateral loans. To be fair, big banks in the Middle East are exposed -- Abu Dhabi Commercial Bank by $2.45 billion and First Gulf Bank by $1.36 billion.

    Gift cards: How the new plastic economy is becoming a tool for hidden charity

    By Bruce Watson | Filed Under: , , ,

    Sales of gift cards fell last year, and they're expected to fall again this year. They're still one of the most popular gifts items, but as unemployment and inflation have transformed everyday indulgences into unjustifiable luxuries, gift cards have changed, too. Once an invitation to impulse purchases, they're becoming a strategy for gift-givers to help friends and family weather economic storms.

    As my DailyFinance colleague Matthew Scott recently noted, the gift-card economy has shifted over the past year from retailer-branded cards to cards that function as cash or credit cards. Part of this may be a holdover from last year's parade of bankruptcies; as Linens & Things and The Sharper Image crashed and burned, their cards suddenly became worthless. Visa (V) and American Express (AXP) gift cards may lack a store's branding appeal, but they're far more likely to survive a downturn.

    Need a loan? Why the banks (and Fed) are saying 'Scrooge you'

    By Dan Burrows | Filed Under:

    If the credit crisis is over -- and it most certainly is as measured by tighter credit spreads -- why aren't banks making loans to the people who need them most, American taxpayers?

    You don't have to be the chairman of the Federal Reserve to know that banks are behaving worse than Scrooge when it comes to extending credit to small businesses and consumers. Ben Bernanke admitted as much in a recent speech, which is perplexing since a zero-interest-rate policy (ZIRP) is supposed to stimulate economic growth, most of which is generated by those very same small businesses and consumers.

    High-speed travel: Employers push one-day business trip to avoid hotel costs

    By Eric Wahlgren | Filed Under:

    As corporate budgets shrink, so do business trips. Looking to avoid paying for overnight hotel stays, cost-conscious companies are increasingly asking employees to squeeze all their away meetings into one day -- and then turn around and fly home.

    Headhunter Marc Lewis, who frequently flies between coasts on his clients' tab to interview job candidates, says the single-day business trip is becoming a familiar drill. "Several clients have suggested to us that if we're ok with it, they would prefer for us to take the red-eye home rather than stay overnight," says Lewis, founder and CEO of Leadership Capital Group, an executive search firm based in Westport, Conn.

    Need a loan? Why the banks (and Fed) are saying 'Scrooge you'

    By Dan Burrows | Filed Under:

    If the credit crisis is over -- and it most certainly is as measured by tighter credit spreads -- why aren't banks making loans to the people who need them most, American taxpayers?

    You don't have to be the chairman of the Federal Reserve to know that banks are behaving worse than Scrooge when it comes to extending credit to small businesses and consumers. Ben Bernanke admitted as much in a recent speech, which is perplexing since a zero-interest-rate policy (ZIRP) is supposed to stimulate economic growth, most of which is generated by those very same small businesses and consumers.

    Stocks in the news: AIG, HSBC, Apple, ING


    AIG (AIG) announced late Wednesday it agreed to settle a long-standing legal battle with the insurance giant's former chairman, Maurice "Hank" Greenberg. The agreement, announced Wednesday, effectively ends years of costly legal battles and barbs between AIG and Greenberg. AIG shares tumbled nearly 5% in pre-market trading.

    HSBC Holdings (HBC) tumbled more than 6% ahead of the bell as investors try to figure out its exposure to Dubai's debt, since it is one of the top two lenders in the United Arab Emirates. HSBC has about $15.9 billion in loans to the UAE. Goldman Sachs has estimated in a worst-case scenario HSBC could face a write-down on its commercial and mortgage loans to Dubai of $611 million.

    Black Friday frenzy moves beyond malls to auto showrooms

    By David Schepp | Filed Under: , ,

    Despite the weak economy, many shoppers will be out in full force on Black Friday to take advantage of bargains that -- like Santa Claus -- appear only once a year. So, on this holiest of shopping days, be prepared for lots of traffic and long lines -- unless you set your sights on an automobile showroom rather than the local mall.

    With consumers' tastes more geared toward purchasing a new TV, computer or other trendy electronic device, foot traffic is notoriously light at new-car dealerships at this time of year. And that appears to work to the advantage for those who don't mind spending the day after Thanksgiving haggling over the price of a shiny new ride rather than resting up after a big feast.

    Why isn't Bank of America updating its shareholders on CEO situation?

    By Zac Bissonnette | Filed Under:

    Earlier this month, it was reported that Bank of America (BAC) might not announce a replacement for departing CEO Ken Lewis until Thanksgiving.

    Now Thanksgiving has come and gone, and there is still no word of a new CEO for Bank of America.

    "The selection process is continuing, internal and external candidates are being considered and a decision will be made in the near future," BofA spokesman Scott Silvestri told CNBC, which is speculating that the process could linger on into next year.

    Daily Blogwatch: Stocks to be thankful for; has Buffett lost his mind?

    By James Altucher | Filed Under: , , ,

    Three stocks I'm thankful for this holiday season.

    _________________

    Is there a Buffett Bubble in railroad stocks?

    _________________

    And the Lonely Value Investor asks if Buffett has lost his mind by buying a railroad.

    _________________

    How the Grinch Stole Google News

    By Sam Gustin | Filed Under: , ,

    (With our sincere
    apologies to Dr. Seuss)

    Every Who down in Whoville liked Google a lot,
    But the Grinch, who lived up
    in a penthouse, did not.
    The Grinch hated Google, didn't find
    Google pleasin' --
    Now, please don't ask why. No one quite knows the reason.
    It could be his head wasn't screwed on just right.
    It could be, perhaps, that his views were too tight.
    But I think that the most likely reason of all,
    May have been that his heart was two sizes too small.

    Whatever the reason, his heart or his views,
    He came forth this autumn to tear down Google News,
    Staring down from his suite with that cocked Aussie frown
    At the warm lighted windows all over downtown.
    For he knew every Who down in Whoville beneath
    Was Googling gifts and cheap holiday wreaths.
    "Now they're Googling stock picks!" he snarled with a sneer.
    "Tomorrow's Black Friday! It's practically here!"

    Then he growled, with his Grinch fingers nervously drumming,
    "I must find some way to stop Google from running!"
    For tomorrow, he knew, all the Who girls and boys
    Would wake bright and early to rush out and buy toys!
    And then! Oh, the news, news, news, news!
    That's one thing he hated! Google News, Google News!
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