IBT Staff Reporter

U.S. stock were sharply lower on Friday as a possible debt default at a Dubai state-owned conglomerate sparked fears of renewed financial turmoil.

First Niagara Financial Group Inc, the thrift-holding company for First Niagara Bank, said on Friday it applied to the Federal Reserve Board to become a bank-holding company.

French alternative asset manager Laffitte Capital Management, which had a narrow escape from the Lehman collapse, has sought EU regulatory approval for its newest hedge fund to win broad investor appeal after the crisis.

Gold prices tumbled nearly 5 percent to a one-week low below $1,140 an ounce on Friday as investors fearing debt default in Dubai sought safety in dollars and cash.

Banks outside the Gulf played down on Friday their exposure to Dubai debt, after fears the emirate could default and even derail world economic recovery prompted a sell-off in global markets.

Finland's Olli Rehn was named on Friday to the key role of economic and monetary affairs commissioner in the European Union executive, in which he will drive efforts to revive the European economy

European shares extended gains to hit a session high on Friday, as U.S. futures indicated Wall Street may not drop as much as previously expected.

Americans headed to stores in droves to kick off the holiday shopping season on Friday, though many said they were being more selective about what they buy and paring back what they spend.

Major U.S. stock indexes pointed to a drop of about 2 percent at the open on Friday as a possible debt default at a Dubai state-owned conglomerate sparked fears of renewed global financial turmoil.

The United Arab Emirate has total debt amounting to $184 billion at the end of 2009, according to estimates by Bank of America-Merrill Lynch, which said the region faces a heavy redemption schedule until 2013. Dubai's shock announcement this week that it is seeking to suspend payments on debt of its state-owned conglomerate Dubai World and property subsidiary Nakheel has roiled global markets, r...

Financial Crisis Part 2?; Banks Play Down Exposure; Black Friday on a Budget

Britain's leading share index was 0.2 percent lower by midsession on Friday, falling for a second session with banks pressured by persisting anxiety over Dubai's debt default and oil majors weak with the crude price.

U.S. stock index futures were sharply lower on Friday, a day after markets were shut for the U.S. Thanksgiving holiday, as a possible debt default at a Dubai state-owned conglomerate sparked fears of renewed global financial turmoil.

Britain is past the worst of the recession and should return to growth in the fourth quarter, two Bank of England policymakers said, in remarks which support government forecasts the economic downturn is nearly over.

The yen hit a 14-year high versus the dollar and rallied broadly on Friday, while the dollar jumped against most other currencies as investors cut carry trades and risk exposure on concern about Dubai's debt problems.

One of News Corp Chief Executive Rupert Murdoch's sons sold about $27.6 million of his shares in the media company this week as his investment company purchased a large stake in an Australian radio broadcaster.

A return to lavish bonuses for Wall Street's top earners could be just the tonic that the Swiss watch industry needs this Christmas after months of austerity depressed sales.

European Commission President Jose Manuel Barroso unveiled the EU executive's new line-up on Friday, handing Finn Olli Rehn a key role overseeing monetary affairs as part of efforts to revive the European Union economy.

The Arctic is thawing fast because of global warming but a big Cold Rush for offshore oil and gas looks unlikely because of icebergs and high costs, a new book says.

Dubai's debt troubles have exposed the fallacy of its once much-vaunted model of raising shining cities in the desert with foreign residents, finance and labor.

The United States' pattern of consumption funded by credit has an impact on its currency's exchange rate, ECB's governing council member Nout Wellink said on Thursday.

Expectation has been building for a decade that an era of personalized medicine will transform the global drugs business, but the reality is a slow start and an angry blame game between scientists, marketers and regulators.

U.S. stock index futures were sharply lower on Friday, a day after markets were shut for the U.S. Thanksgiving holiday, as a possible debt default at a Dubai state-owned conglomerate sparked fears of renewed global financial turmoil.

European shares dipped by midsession on Friday as concerns about debt problems in Dubai rippled through the market, with banking and oil stocks among the worst performers.

U.S. stock index futures were sharply lower on Friday, a day after markets were shut for the U.S. Thanksgiving holiday, as a possible debt default at a Dubai state-owned conglomerate sparked fears of renewed global financial turmoil.

U.S. stock index futures were sharply lower on Friday, a day after markets were shut for the U.S. Thanksgiving holiday, as a possible debt default at a Dubai state-owned conglomerate sparked fears of renewed global financial turmoil.

Dubai debt default concerns continued to send shockwaves across the world on Friday, with heightened risk aversion pushing global equities sharply lower and prompting investors to take refuge in government bonds.

The yen hit a 14-year high versus the dollar and rallied broadly on Friday, while the dollar jumped against most other currencies as investors cut carry trades and risk exposure on concern about Dubai's debt problems.

U.S. stock index futures pointed to a sharp drop when Wall Street reopens on Friday for half a session following Thanksgiving, as fears over Dubai's debt woes knocked stock markets around the world.