In Tuesday's Americas papers

27 November 2007 11:14  [Source: ICIS news]

THE WALL STREET JOURNAL

Front Page

Abu Dhabi to bolster Citigroup with $7.5bn capital infusion
Citigroup, seeking to restore investor confidence amid massive losses due in credit markets and a lack of permanent leadership, is receiving a $7.5bn capital infusion from the investment arm of the Abu Dhabi government.

Stocks sink into correction as credit fears take toll
Fears of a credit squeeze and economic downturn pushed the Dow Jones Industrial Average into a full correction, as yesterday's 1.83% decline sent it 10% below its October peak. Prices of US Treasury bonds soared as investors fled to their relative safety.

FCC cable-regulation plan is at risk amid outside pressure, internal squabbling
A vote Tuesday on a proposal that could lead to stricter regulation of the cable industry was in jeopardy Monday, as internal squabbling at the Federal Communications Commission and outside pressure from Congress and the White House threatened to delay, if not completely derail, the plan.

Money & Investing

Dubai fund snags Sony stake
Sony's share price, which has been struggling of late despite turnaround efforts, got a bit of a lift after an investment company owned by Dubai's ruler bought a stake in the Japanese electronics and entertainment company.

Barclays seeks to reassure investors on earnings
Barclays on Tuesday sought to reassure investors, saying nine-month earnings were supported by a good performance at its international retail and commercial-banking units.

It's official: Wall Street correction
Worries about the availability of credit and the potential for a US recession hammered stocks and sent investors fleeing to super-safe Treasury issues, pushing major stock-market yardsticks into a full-blown correction for the first time in more than four years.

THE NEW YORK TIMES

Front Page

Seeking a Mid East path, Bush offers a nudge
It might seem, after nearly seven years of deliberate detachment from Arab-Israeli peace negotiations that President Bush has plunged into Middle Eastern diplomacy with Clintonesque energy.

The USSR is back (at least on clothing racks)
Empowered by an oil boom that pushed the country’s trade surplus past $94bn this year, Russia has been flexing its muscles abroad. At home, meanwhile, young and trendy Muscovites are in the throes of nostalgia for the staples of Soviet childhoods, relics of a time when the USSR was at the height of superpower status.

Business Day

Citigroup sells Abu Dhabi fund $7.5bn stake
Citigroup announced last night that it was selling a $7.5bn stake to a Middle Eastern sovereign fund in the latest bid to shore up its balance sheet.

Stocks down 10% from recent high
Concerns that problems in the credit market could push the economy into a recession drove investors to the safety of Treasuries yesterday and led to a sell-off of stocks.

THE WASHINGTON POST

Front Page

Restrained optimism for Mid East peace talks
On the eve of President Bush's most ambitious effort to forge peace between Israelis and Palestinians, White House aides played down expectations for an immediate breakthrough, while Saudi Arabia, a key US ally, made clear that it expects an aggressive administration attempt to broker a final deal.

Signs are pointing south on Wall Street
Wall Street is betting on a recession. Investors in stocks and bonds are paying prices that indicate they believe a snowballing housing crisis and worsening credit crunch will soon tip the US economy into a recession, analysts said.

Business

FCC could extend reach to cable TV
The Federal Communications Commission is scheduled to vote today on whether it will consider applying broad regulations to a cable television industry that has been largely unregulated at the federal level for more than 20 years.

Wealthy engage in controversial re-selling of life insurance policies
The deal the broker discussed with his well-heeled client seemed like a good idea: Buy a $10m life insurance policy, and if the client wanted to raise some cash, the broker could sell the policy to an investor for a tidy profit.

GLOBE AND MAIL, Canada

Front Page

Reeling auto-parts companies seeking infusion
Canada's auto-parts companies, hammered by the rise in the Canadian dollar, are seeking an "emergency" financial injection from the federal and Ontario governments.

Border agency vows to improve monitoring
A Canada border services employee with a working knowledge of Polish dealt with confused Polish immigrant Robert Dziekanski at one point as he wandered a secure area of Vancouver International Airport but officials did not rally the employee to assist when the agitated Mr Dziekanski, unable to speak English, had a fatal confrontation with Mounties hours later.

Business

Great-West Lifeco selling US health care unit
Canadian insurer Great-West Lifeco announced late Monday night that it is selling its US health care business to a subsidiary of CIGNA for about $1.6bn in cash, in a deal that values the business at $2.25bn.

Abu Dhabi fund pays $7.5bn for 4.9% stake in Citigroup
Citigroup said late Monday that the Abu Dhabi Investment Authority will invest $7.5bn in the largest American bank, offering needed capital to offset big losses from mortgages and other investments.

BUENOS AIRES HERALD

Front Page

Argentina cut off
This is the first time since the beginning of the pulp mill conflict that the Uruguayan government has decided to close all international bridges on the Argentina-Uruguay border.

Damascus agrees to palaver
As 16 Arab nations and the Arab League prepared to sit down with Israel for the first time in more than a decade, Israeli Foreign Minister Tzipi Livni made it clear they should not expect to dictate the contours of Israeli-Palestinian negotiations.

Sharif back in Pakistan
Sharif, ousted by General Musharraf eight years ago, said he would file his nomination papers to run in 8 January general election that many people doubt can be free and fair.

By: Staff Reporter
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