KeNo's Housing and Economic Portal: Thursday October 23 Housing and Economic stories

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Endeavour Files Bankruptcy, Creditor Agreement in Hand - (www.bloomberg.com) Endeavour International Corp. (END), a U.S.-based oil and gas exploration firm with operations in the North Sea, sought bankruptcy protection yesterday, saying it has a restructuring agreement with some creditors. The company’s debt totals about $1.2 billion, according to Chapter 11 papers filed in U.S. Bankruptcy Court in Wilmington, Delaware. More than $500 million of that resulted from “unexpected events” in the past three years, according to the filing. More than two-thirds of holders of some notes have approved a restructuring support agreement that would reduce debt by $568 million, Houston-based Endeavour said in a statement. The common stock will be canceled, while new debt and shares will be issued to the note-holders. The company blamed “natural disasters, adverse and unforeseen operating issues, delays in new production coming online and operating difficulties particular to the North Sea” for a sudden rise in costs.

GT to cut jobs, wind down sapphire plant; takes aim at Apple - (www.cnbc.com) GT Advanced Technologies Inc said it will cut 890 jobs, close an Arizona plant expected to make scratch-resistant screens for Apple Inc, and suggested it could pursue legal claims against the iPhone maker while revamping under bankruptcy. "Only if GT winds down these operations will it be able to stop its mounting losses and re-focus its resources on the operation of its core business of selling sapphire furnaces and other products," the company said in a court filing on Friday. GT Advanced said it was burning through $1 million a day at the operations it intended to close. "GT believes that it has many claims against Apple arising out of its business relationship with Apple," the company said in a filing with the U.S. Bankruptcy Court in Manchester, New Hampshire.

Dubai Stock Plunge Leads Middle East Rout After Global Selloff - (www.bloomberg.com) Dubai shares dropped the most in almost four months, leading Middle East equity declines, after investor concern global growth will slow sparked a selloff worldwide. Saudi Arabia’s stocks fell the most since March 2011. The Dubai Financial Market General Index (DFMGI) slid 6.5 percent to 4,619.60 at the close, the lowest level since July 20. Saudi Arabia’s Tadawul All Share Index (SASEIDX) retreated 6.5 percent to the lowest since July 22. Abu Dhabi’s ADX General Index slipped 3.5 percent, the most in almost four years, and Qatar’s QE Index closed 3 percent down. “Global markets are all selling off and it’s that weakness we’re tracking,” Hisham Khairy, the Dubai-based head of institutional trade at Mena Corp. Financial Services LLC, said by phone. “There’s still more blood to come.” Equities worldwide have lost about $4.4 trillion in value since reaching a record last month. Minutes of the Federal Reserve’s September policy meeting last week showed officials are concerned the U.S. economy may be at risk in a global slowdown. The International Monetary Fund last week reduced its forecast for global growth next year to 3.8 percent, from a July prediction of 4 percent.

McCain calls for Ebola 'czar' | TheHill - (www.thehill.com) What is with our government and all our Russian czar titles?? ;-) Sen. John McCain (R-Ariz.) on Sunday called for President Obama to nominate an Ebola "czar" to coordinate the administration’s response to the deadly virus. “I’d like to know who’s in charge,” McCain said on CNN’s “State of the Union.” The senator’s appearance followed news from Dallas early Sunday that a second Ebola patient had been identified – a healthcare worker who treated Thomas Eric Duncan, the first U.S. Ebola patient who died last week. McCain said his constituents in Arizona are “not comforted” and “need more reassurance.” The senator said the administration should also “look at” airports in West Africa as well as those in the United States. “Americans have to be assured here,” McCain added. In the past, McCain had been critical of Obama's use of so-called "czars" to name lead officials on particular matters. In 2009, McCain tweeted that Obama had "more czars than the Romanovs — who ruled Russia for 3 centuries." Enhanced screening at five major U.S. airports began on Saturday as part of the administration’s effort to prevent the virus from again entering the country undetected. Duncan contracted the disease in Liberia.

'Nobody cares, nobody stopped me': Miami doctor hits out at TSA efforts to contain Ebola after returning from Nigeria with ease despite highlighting her work with sufferers - (www.dailymail.co.uk) A World Health Organization doctor who spent 31 days in Nigeria says it's no surprise that someone has finally been diagnosed with Ebola on U.S. soil, and that more cases will follow if drastic changes aren't made. Dr. Aileen Marty was worried specifically about the lax standards for checking people on entry to the U.S., illustrating the point with a story about her return to the country through Miami International Airport. 'I get to the kiosk...mark the fact that I've been to Nigeria and nobody cares, nobody stopped me,' she said. Marty recounted her experiences in an interview with Fusion's Jorge Ramos. 'Not a single test?' Ramos asked. 'Nothing,' she said. Ramos could get her wish soon. The White House has announced additional screening measures would be put in place to check passengers entering the U.S. from countries hit by Ebola.

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