Dubai World in Debt Talks on $26 Billion, Rest Stable 
Dec. 1 (Bloomberg) -- Dubai World began talks with banks torestructure $26 billion of debt, including $3.5 billion owed byproperty unit Nakheel, and said the remainder of its liabilitiesare on “a stable financial footing.”
Debt from subsidiaries including Infinity World Holding,Istithmar World and Ports & Free Zone World will be excludedfrom the negotiations, Dubai World, one of the emirate’s threemain state-related holding companies, said in a statement. Thecost to protect Dubai debt against default fell to the lowestsince Nov. 25. Dubai’s main equity index dropped 6.6 percent.
Dubai is seeking to delay payments on less than half its$59 billion of liabilities, easing the potential damage to banksrecovering from $1.7 trillion of losses and writedowns from theglobal crisis. Shares worldwide recovered some of the lossessuffered since Dubai announced it would seek a “standstill”agreement on all of Dubai World’s debt as the Dow Jones EuroStoxx 600 gained 1.2 percent and the MSCI Emerging Markets Indexshowed the first back-to-back gains in two weeks.
Staples Profit Tops Estimates as Retail Customer Traffic Grows
Dec. 1 (Bloomberg) -- Staples Inc., the world’s largestoffice-supply retailer, reported third-quarter earnings thattopped analysts’ estimates as North American customer visitsincreased for the first time in nine quarters.
Earnings, excluding the cost of integrating an acquisition,totaled 39 cents a share, Framingham, Massachusetts-basedStaples said today in a statement. Analysts had projected 38cents, the average of estimates compiled by Bloomberg.
North American retail revenue, accounting for 40 percent ofall sales, increased 1 percent, and sales at stores open atleast 12 months were unchanged. North American delivery revenuedeclined 11 percent as existing customers spent less.
Dubai World in Talks on $26 Billion of Debt, Rest Is 'Stable'
Dec. 1 (Bloomberg) -- Dubai World began talks with banks torestructure $26 billion of debt, including $3.5 billion owed byproperty unit Nakheel, and said the remainder of its liabilitiesare on “a stable financial footing.”
Debt from subsidiaries including Infinity World Holding,Istithmar World and Ports & Free Zone World will be excludedfrom the negotiations, Dubai World, one of the emirate’s threemain state-related holding companies, said in a statement. Thecost to protect Dubai debt against default fell to the lowestsince Nov. 25. Dubai’s main equity index dropped 6.6 percent.
Dubai is seeking to delay payments on less than half its$59 billion of liabilities, easing the potential damage to banksrecovering from $1.7 trillion of losses and writedowns from theglobal crisis. Shares worldwide recovered some of the lossessuffered since Dubai announced it would seek a “standstill”agreement on all of Dubai World’s debt as the Dow Jones EuroStoxx 600 gained 1.2 percent and the MSCI Emerging Markets Indexshowed the first back-to-back gains in two weeks.
Vivendi, GE Agree on NBC Price, Paving Way for Deal
Dec. 1 (Bloomberg) -- General Electric Co. and Vivendi SAagreed on a $5.8 billion valuation for the Frenchtelecommunications company’s 20 percent stake in NBC Universal,according to two people with knowledge of the discussions.
A deal with Vivendi would clear the way for GE, NBCUniversal’s 80 percent owner, to create an entertainment jointventure controlled by Comcast Corp., the largest U.S. cablecompany. Final agreements on both transactions may be announcedas soon as this week, said one of the people, who declined to benamed because the discussions are private.
The agreement on price was reached after GE Chief ExecutiveOfficer Jeffrey Immelt and Vivendi Chief Jean-Bernard Levy metin France last week. The sides had been less than $500 millionapart and were discussing how payments would be structured, twopeople said on Nov. 25. Vivendi extracted more money thananalysts expected and concessions that protect the Paris-basedcompany against the risk regulators will scuttle the deal.
NEWSMAKER-Henderson finds GM's top spot a slippery slope
SAN FRANCISCO, Dec 1 (Reuters) - In a 25-year career atGeneral Motors Co, Fritz Henderson followed his predecessor andmentor, Rick Wagoner, through a series of high-profileassignments concluding with the top job.
Now eight months after becoming GM CEO, Henderson hasfollowed Wagoner in an eerily similar fashion -- being oustedby outsiders who say more radical change is needed.
"Fritz is like Rick Wagoner. Unfortunately it's a curse ofbeing around GM too long," said Logan Robinson, a professor atthe University of Detroit Mercy School of Law.
BOJ to Provide 10 Trillion Yen in Emergency Credit
Dec. 1 (Bloomberg) -- The Bank of Japan said it willprovide short-term loans to commercial banks amid pressure fromPrime Minister Yukio Hatoyama’s administration to addressfalling prices and the yen’s surge to a 14-year high.
The central bank will set aside 10 trillion yen ($115billion) to make three-month loans at interest of 0.1 percent,it said today after the policy board held an emergency meetingin Tokyo. Eligible collateral will include Japanese governmentbonds, commercial paper and corporate bonds, the bank said.
The yen pared losses after earlier falling the most inmore than a month on speculation the central bank would takeaction that would limit the currency’s advance. Calls on thecentral bank to do more to support the economy intensifiedtoday as the government called for action to complement astimulus package it will release this week.
Stocks, Commodities Rise on Dubai, China; Dollar Weakens
Dec. 1 (Bloomberg) -- Stocks rallied from Shanghai to NewYork and the dollar slid as Dubai World said it’s in talks torestructure less than half its debt and Chinese manufacturinggrew at the fastest pace in five years. Treasury 10-year notesdropped for the first time in six days.
The Standard & Poor’s 500 Index added 1.2 percent to1,108.83 at 1:03 p.m. and Europe’s Dow Jones Stoxx 600 Indexjumped 2.7 percent, the most since July. The dollar weakenedagainst 14 of the 16 most-traded currencies, gold rose to arecord and oil climbed more than 2 percent. Aluminum, copper,lead and zinc led gains in industrial metals in London.
Dubai is in talks with its lenders to restructure $26billion of debt, easing concern that a default would add to the$1.7 trillion that financial companies around the world havewritten down because of the credit crisis. An HSBC Holdings Plcindex showed China’s manufacturing increased last month, whilethe Institute for Supply Management said U.S. manufacturingexpanded in November for a fourth consecutive month.
Stocks, Metals Rise on Dubai Debt Talks, Manufacturing Orders
Dec. 2 (Bloomberg) -- Stocks gained from London to HongKong as concern about Dubai’s debt delay eased and metals pricesrose after U.S. manufacturing expanded for a fourth straightmonth.
The MSCI Asia Pacific Index rose 0.5 percent to a six-weekhigh of 120 at 12:45 p.m. in Tokyo as record gold prices boostedZijin Mining Group Co. The Standard & Poor’s 500 Index added 1.2percent to 1,108.86 yesterday. Europe’s Dow Jones Stoxx 600Index jumped 2.7 percent, the most since July. Gold forimmediate delivery gained 1 percent to $1,208.16 an ounce afterrising as high as $1,209.16.
Metals climbed after a report showed demand formanufacturing in the U.S. would continue to expand. TheInstitute for Supply Management’s new orders index increased to60.3 from 58.5, and a measure of export demand climbed to thehighest level since August 2008. Stocks surged after Europeanfinance ministers said potential risks from Dubai were limitedas the emirate started talks to restructure $26 billion of debt.
Vivendi, GE Agree on Price for NBC Stake, Clearing Path to Deal
Dec. 1 (Bloomberg) -- General Electric Co. and Vivendi SAagreed on a $5.8 billion valuation for the Frenchtelecommunications company’s 20 percent stake in NBC Universal,according to two people with knowledge of the discussions.
A deal with Vivendi would clear the way for GE, NBCUniversal’s 80 percent owner, to create an entertainment jointventure controlled by Comcast Corp., the largest U.S. cablecompany. Final agreements on both transactions may be announcedas soon as this week, said one of the people, who declined to benamed because the discussions are private.
The agreement on price was reached after GE Chief ExecutiveOfficer Jeffrey Immelt and Vivendi Chief Jean-Bernard Levy metin France last week. The sides had been less than $500 millionapart and were discussing how payments would be structured, twopeople said on Nov. 25. Vivendi extracted more money thananalysts expected and concessions that protect the Paris-basedcompany against the risk regulators will scuttle the deal.
UPDATE 2-GE, Vivendi agree to value NBCU stake at $5.8 bln
* GE, Vivendi agree to deal on NBC Universal stake-source
By Jui Chakravorty and Anupreeta Das
NEW YORK, Nov 30 (Reuters) - General Electric Co (GE.N) andVivendi SA (VIV.PA) have agreed in principle to a deal in whichGE would buy the French company's 20 percent stake in NBCUniversal for $5.8 billion, a source familiar with the mattersaid on Monday, paving the way for Comcast Corp's (CMCSA.O)proposed joint venture with GE.
