In Thursday's Americas papers

22 November 2007 11:02  [Source: ICIS news]

THE WALL STREET JOURNAL

Front Page

CIFG will get capital injection to preserve its credit rating
In the first sign of relief for the troubled bond-insurance industry, financial guarantor CIFG Services will receive a $1.5bn capital injection from controlling shareholders of its French parent so it can preserve its imperiled "triple-A" credit rating, according to people familiar with the matter.

GMAC explores ResCap options
GMAC Financial Services, the big home and auto lender that has run afoul of the mortgage market meltdown, said it has hired advisers to consider a range of options for salvaging its battered ResCap Capital mortgage unit, including selling pieces of the operation, acquiring another company and injecting more capital into ResCap so the unit can avoid violating debt covenants.

Darker outlook sinks stocks
Amid growing unease about the economic outlook and the extent of the damage done to the financial sector by weakened credit markets, investors sent the Dow industrials to a triple-digit loss and snapped up government securities, pushing yields close to two-year lows.

Money & Investing

Fitch slashes ratings on CDOs
Derivative Fitch, a unit of Fitch Ratings, on Wednesday downgraded the credit ratings of $29.8bn of collateralised debt obligations, taking the total volume of its rating cuts on these investments to $67bn.

Big buybacks begin to haunt firms
Driven by billions of dollars in share buybacks, record-setting buyouts and a wave of mergers, the amount of stock in the market shrank by hundreds of billions of dollars in the past four years.

S&P cuts MGIC debt rating
Standard & Poor's Ratings Services lowered its counterparty credit rating on MGIC Investment Corp to "A-" from "A", citing the potential for outsized losses at the mortgage insurer.

THE NEW YORK TIMES

Front Page

Foreign fighters in Iraq are tied to allies of US
Saudi Arabia and Libya, both considered allies by the US in its fight against terrorism, were the source of about 60% of the foreign fighters who came to Iraq in the past year to serve as suicide bombers or to facilitate other attacks, according to senior American military officials.

Western Union empire moves migrant cash home
To glimpse how migration is changing the world, consider Western Union, a fixture of American lore that went bankrupt selling telegrams at the dawn of the Internet age but now earns nearly $1bn a year helping poor migrants across the globe send money home.

Business Day

Stocks plummet on 'ugly week' for investors
A late sell-off sent stock markets down sharply yesterday, with the Dow Jones industrial average closing at its lowest level since April. The plunge came as investors remain frightened and uncertain about a credit crisis that does not show any signs of easing.

Citizen vigilance leads to toy recalls
When the Consumer Product Safety Commission ordered a recall of half a million pieces of lead jewelry yesterday, it had two unusual partners: Ward Stone and his 10-year-old daughter, Montana.

THE WASHINGTON POST

Front Page

Immigrant paperwork backs up at DHS
The Department of Homeland Security failed to prepare for a massive influx of applications for US citizenship and other immigration benefits this summer, prompting complaints from Hispanic leaders and voter-mobilisation groups that several hundred thousand people likely will not be granted citizenship in time to cast ballots in the 2008 presidential election.

How trade breakthrough almost broke down in congress
Just weeks ago, House Speaker Nancy Pelosi hailed the 285 to 132 vote in favor of the Peru Free Trade Agreement, which she had helped shepherd through the chamber, as a moment steeped in Democratic tradition.

Business

Holiday crush turns out to be an easy ride
Despite warnings of record crowds and stormy weather on the day before Thanksgiving, air travellers across much of the country had relatively smooth going for much of the day yesterday.

News gets worse for Freddie as shareholders file lawsuit
One day after reporting a $2bn quarterly loss, Freddie Mac found itself the target of a shareholder lawsuit accusing the mortgage-funding giant of misleading investors about its risk-management practices.

GLOBE AND MAIL, Canada

Front Page

Opposition unites to force Commons investigation
The three opposition parties have struck a deal to open a parliamentary probe into the so-called Mulroney-Schreiber affair and call the central figure, Karlheinz Schreiber, to testify.

Court clears path for Musharraf
A Pakistani Supreme Court stacked with judges loyal to President Pervez Musharraf cleared the way for him to rule as a civilian president, deciding Thursday against a final challenge blocking ratification of his election last month.

Business

The Irvings: Shaking the family tree
Jim Irving is a hulking, forceful presence in his 50s, who towers over an empire of trees, mills and trucks. His cousin Kenneth, a few years younger, is an athletic-looking executive who manages an energy colossus along the Bay of Fundy.

Fed under pressure to cut rates
The US dollar has hit a new low against the euro, dragged down by fears the world's largest economy may be precariously close to recession.

BUENOS AIRES HERALD

Front Page

Two subway lines announced
"I think we will be able to bid for tenders next year so that work can start at the beginning of 2009," said Macri in statements to Radio Continental.

Bush: Clinton tough but still beatable
In an interview at the Camp David presidential retreat with Charlie Gibson of ABC, Bush said Clinton’s experience as first lady - she is the wife of former president Bill Clinton - has prepared her to handle the pressure of a presidential race.

US: Mideast invitations
In addition to Israel and the Palestinians, the US invited about 40 countries, including the Arab states Syria and Saudi Arabia which have no relations with Israel, to the meeting at the US Naval Academy, the State Department said.

By: Staff Reporter
+44 20 8652 3214

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