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London Stansted Airport to be sold for $2.4b

London: Spanish-owned airports operator Heathrow Airport Holdings is to sell London Stansted Airport to Manchester Airports Group for £1.5 billion (Dh8.91 billion, $2.4 billion), it announced on Friday.

The deal means that the operator, formerly called BAA, will be responsible for just four British airports compared with its original seven.



Global markets up on debt ceiling delay

New York: World equity markets and oil prices rebounded on Friday after US House Republican leaders said they would seek to break a government budget impasse next week, while the yen was lower against the US dollar ahead of potential asset purchases by the Bank of Japan.

Brent and US crude futures rose in choppy trading, reacting to news that the


HSBC to pay $249m to settle foreclosure-abuse case

Washington: British bank HSBC will pay $249 million (Dh914 million) to settle federal complaints that its US division wrongfully foreclosed on homeowners who should have been allowed to stay in their homes.

The agreement with the Federal Reserve and the Office of the Comptroller of the Currency is similar to deals with 12 other banks


House to vote on debt limit increase

Washington: House Republican leaders on Friday offered President Barack Obama a three-month reprieve to a looming, market-rattling debt crisis, backing off demands that any immediate extension of the government’s borrowing authority be accompanied by stiff spending cuts.

The retreat came with a caveat aimed at prodding Senate


Minnesota bank closes, makes 2nd failure of 2013

Washington: Regulators have closed a small lender in Minnesota, making it the second US bank failure of 2013 following 51 closures last year.

The Federal Deposit Insurance Corp on Friday seized 1st Regents Bank, based in Andover, Minnesota.

The bank had roughly $50.2 million in assets and $49.1 million in deposits as of September 30.

First Minnesota


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