(HSBA.L) HSBC Holdings PLC Buy/Sell

March 22 (Reuters) - The following were the top stories in The Wall Street Journal on Monday. Reuters has not verified these stories and does not vouch for their accuracy.
* German Chancellor Angela Merkel on Sunday said Greece doesn't need financial support and European Union leaders shouldn't make the question of aid for Greece the focus of their summit later this week.
* Cities and states are losing money on deals with Wall Street made in a different interest-rate environment, and now some are trying to escape the contracts.
* HSBC Holdings Plc still is grappling with subprime businesses in the U.S. that have saddled the company with billions of dollars in losses. Yet the company is tiptoeing into new markets in the U.S. and expanding in others.
* Administration officials are intensifying their appeals to overhaul U.S. financial regulation as the Senate Banking Committee prepares to take up Sen. Christopher Dodd's legislation on Monday.
* British Airways Plc's cabin crews walked off the job for a second day Sunday, as the union representing them called on management to reopen talks and avoid another strike next weekend.
* German companies are coming under pressure to open their senior ranks to part of the population that has traditionally taken a back seat in Europe's biggest economy - women.
* Google Inc is expected to announce its next steps in China this week, according to a person briefed on the matter.
* A growing number of U.S. companies feel unwelcome in China, according to a new survey by the American Chamber of Commerce in China, as measures aimed at squeezing foreign technology companies out of the vast government-procurement market start to bite.
* The International Monetary Fund on Sunday urged countries, particularly those with advanced economies, to pare their fiscal deficits and debt to prudent levels by carrying out pension and health entitlement reforms.
* Alice remains the queen of the box office. Johnny Depp and Tim Burton's "Alice in Wonderland'' took in $34.5 million in North American theaters to remain the No. 1 movie for a third straight weekend, according to studio estimates Sunday.
* Pressure is growing for the European Union to develop a system for handling the failure of large cross-border banks, but the complexity of the issues involved and divergent national opinions on the details pose big challenges.
* Monday's trial of four Rio Tinto Ltd executives in Shanghai underscores the limits of foreign power when it comes to shaping the way China treats international companies there. Keywords: PRESS DIGEST/WSJ

(Compiled by Neha Singh; Bangalore Equities Newsdesk +91 80 4135 5800; within U.S. +1 646 223 8780)

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Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

DUBAI, March 21 (Reuters) - State-owned conglomerate Dubai World is expected to propose a $26 billion debt restructuring plan to its creditors imminently, in a move seen as a test of the emirate's ability to honour commitments.
Discussions have focussed on a range of options, from an extension of maturities, to taking a haircut but with earlier repayment, and even the banks taking a possible stake in the indebted firm.
The following Q&A sets out the main issues regarding the upcoming proposal, and next steps in the process.

WHY IS DUBAI WORLD PRESENTING A RESTRUCTURING PLAN?
Dubai World, one of three flagship holding companies of the Dubai government, invested heavily in the real estate boom which eventually burst in late 2008.
Banks lent easily to Dubai World and its subsidiaries, assuming implicit government backing. After the global financial crisis, refinancing needs soared as banks stopped lending.
In November, Dubai World said it would seek a delay on repaying $26 billion in debt, linked to its property units Nakheel and Limitless. The news caused global markets to tumble on fears the emirate could no longer service its debt.

WHAT IS THE RESTRUCTURING PROPOSAL LIKELY TO CONTAIN?
A range of options are being considered to restructure Dubai World's debt, some more likely to be accepted than others, although some creditors want nothing less than full repayment.
As details of negotiations emerge, the potential for banks being forced to take a "haircut" appears to be reduced, but repayment terms are likely to contain an extension of maturities of five to 10 years and a reduction in interest income.

WILL BANKS ACCEPT THE DEAL?
Any deal seen to offer full repayment is likely to be well received by creditors but the fine print will be key, including the length of any extensions and payment of interest.
It is also likely that banks want to see a change in how Dubai World is run, and while the company is unlikely to welcome creditors taking a seat on the board, greater involvement from Abu Dhabi, through a stake option, might be a mutual compromise.

WHAT IF BANKS REJECT THE PLAN?
Creditors will be wary rejecting any proposal outright; several international banks have long standing relationships in the region which they will want to preserve, particularly in light of the Gulf's growth outlook.
Local banks are closely linked to the government, and may have little choice but to accept. Even in the case of a haircut, local banks may end up being recapitalised to limit damage.
If they reject its offer, creditors will force Dubai World into bankruptcy and a special tribunal related to Dubai World has been set up to hear cases.
Taking Dubai World or its units to court is seen as the least favoured outcome.

WHO ARE DUBAI WORLD'S CREDITORS?
About 97 banks are affected by Dubai World's restructuring, seven of whom - considered the most exposed - have formed an informal coordinating committee.
The committee consists of British banks HSBC, Standard Chartered, RBS and Lloyds, as well as two UAE banks, Emirates NBD and Abu Dhabi Commercial Bank.
Asian lenders are also thought to hold a sizeable proportion of exposure to Dubai World units, and Bank of Tokyo Mitsubishi, a unit of Mitsubishi UFJ Financial Group was added to the informal banks' committee in January.
China Construction Bank, another Asian heavyweight, is also baying for a bigger say in the negotiations.

WHAT HAPPENS NEXT?
The next stage in the Dubai World debt situation is to present a plan to the seven banks on the informal panel, who will then forward it to the full creditor group to consider.
Negotiations could be long and protracted.
The proposals will be pored over by risk committees and by the banks' management and board of directors and negotiations will commence.
If anything less than full repayment is proposed, then a formal creditor committee may be formed which could include more or fewer banks, and different banks to the current panel.
(Reporting by Rachna Uppal; Editing by Hans Peters) Keywords: EMIRATES DEBT/Q+A Keywords: EMIRATES DEBT/Q+A =2 Keywords: EMIRATES DEBT/Q+A =3

(rachna.uppal@thomsonreuters.com; +971 4 391 8301; Reuters Messaging: rachna.uppal.reuters.com@reuters.net)

COPYRIGHT

Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

DUBAI, March 21 (Reuters) - State-owned conglomerate Dubai World is expected to propose a $26 billion debt restructuring plan to its creditors imminently, in a move seen as a test of the emirate's ability to honour commitments.
Discussions have focussed on a range of options, from an extension of maturities, to taking a haircut but with earlier repayment, and even the banks taking a possible stake in the indebted firm.
The following Q&A sets out the main issues regarding the upcoming proposal, and next steps in the process.

WHY IS DUBAI WORLD PRESENTING A RESTRUCTURING PLAN?
Dubai World, one of three flagship holding companies of the Dubai government, invested heavily in the real estate boom which eventually burst in late 2008.
Banks lent easily to Dubai World and its subsidiaries, assuming implicit government backing. After the global financial crisis, refinancing needs soared as banks stopped lending.
In November, Dubai World said it would seek a delay on repaying $26 billion in debt, linked to its property units Nakheel and Limitless. The news caused global markets to tumble on fears the emirate could no longer service its debt.

WHAT IS THE RESTRUCTURING PROPOSAL LIKELY TO CONTAIN?
A range of options are being considered to restructure Dubai World's debt, some more likely to be accepted than others, although some creditors want nothing less than full repayment.
As details of negotiations emerge, the potential for banks being forced to take a "haircut" appears to be reduced, but repayment terms are likely to contain an extension of maturities of five to 10 years and a reduction in interest income.

WILL BANKS ACCEPT THE DEAL?
Any deal seen to offer full repayment is likely to be well received by creditors but the fine print will be key, including the length of any extensions and payment of interest.
It is also likely that banks want to see a change in how Dubai World is run, and while the company is unlikely to welcome creditors taking a seat on the board, greater involvement from Abu Dhabi, through a stake option, might be a mutual compromise.

WHAT IF BANKS REJECT THE PLAN?
Creditors will be wary rejecting any proposal outright; several international banks have long standing relationships in the region which they will want to preserve, particularly in light of the Gulf's growth outlook.
Local banks are closely linked to the government, and may have little choice but to accept. Even in the case of a haircut, local banks may end up being recapitalised to limit damage.
If they reject its offer, creditors will force Dubai World into bankruptcy and a special tribunal related to Dubai World has been set up to hear cases.
Taking Dubai World or its units to court is seen as the least favoured outcome.

WHO ARE DUBAI WORLD'S CREDITORS?
About 97 banks are affected by Dubai World's restructuring, seven of whom - considered the most exposed - have formed an informal coordinating committee.
The committee consists of British banks HSBC, Standard Chartered, RBS and Lloyds, as well as two UAE banks, Emirates NBD and Abu Dhabi Commercial Bank.
Asian lenders are also thought to hold a sizeable proportion of exposure to Dubai World units, and Bank of Tokyo Mitsubishi, a unit of Mitsubishi UFJ Financial Group was added to the informal banks' committee in January.
China Construction Bank, another Asian heavyweight, is also baying for a bigger say in the negotiations.

WHAT HAPPENS NEXT?
The next stage in the Dubai World debt situation is to present a plan to the seven banks on the informal panel, who will then forward it to the full creditor group to consider.
Negotiations could be long and protracted.
The proposals will be pored over by risk committees and by the banks' management and board of directors and negotiations will commence.
If anything less than full repayment is proposed, then a formal creditor committee may be formed which could include more or fewer banks, and different banks to the current panel.
(Reporting by Rachna Uppal; Editing by Hans Peters) Keywords: EMIRATES DEBT/Q+A Keywords: EMIRATES DEBT/Q+A =2

(rachna.uppal@thomsonreuters.com; +971 4 391 8301; Reuters Messaging: rachna.uppal.reuters.com@reuters.net)

COPYRIGHT

Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

DUBAI, March 21 (Reuters) - State-owned conglomerate Dubai World is expected to propose a $26 billion debt restructuring plan to its creditors imminently, in a move seen as a test of the emirate's ability to honour commitments.
Discussions have focussed on a range of options, from an extension of maturities, to taking a haircut but with earlier repayment, and even the banks taking a possible stake in the indebted firm.
The following Q&A sets out the main issues regarding the upcoming proposal, and next steps in the process.

WHY IS DUBAI WORLD PRESENTING A RESTRUCTURING PLAN?
Dubai World, one of three flagship holding companies of the Dubai government, invested heavily in the real estate boom which eventually burst in late 2008.
Banks lent easily to Dubai World and its subsidiaries, assuming implicit government backing. After the global financial crisis, refinancing needs soared as banks stopped lending.
In November, Dubai World said it would seek a delay on repaying $26 billion in debt, linked to its property units Nakheel and Limitless. The news caused global markets to tumble on fears the emirate could no longer service its debt.

WHAT IS THE RESTRUCTURING PROPOSAL LIKELY TO CONTAIN?
A range of options are being considered to restructure Dubai World's debt, some more likely to be accepted than others, although some creditors want nothing less than full repayment.
As details of negotiations emerge, the potential for banks being forced to take a "haircut" appears to be reduced, but repayment terms are likely to contain an extension of maturities of five to 10 years and a reduction in interest income.

WILL BANKS ACCEPT THE DEAL?
Any deal seen to offer full repayment is likely to be well received by creditors but the fine print will be key, including the length of any extensions and payment of interest.
It is also likely that banks want to see a change in how Dubai World is run, and while the company is unlikely to welcome creditors taking a seat on the board, greater involvement from Abu Dhabi, through a stake option, might be a mutual compromise.

WHAT IF BANKS REJECT THE PLAN?
Creditors will be wary rejecting any proposal outright; several international banks have long standing relationships in the region which they will want to preserve, particularly in light of the Gulf's growth outlook.
Local banks are closely linked to the government, and may have little choice but to accept. Even in the case of a haircut, local banks may end up being recapitalised to limit damage.
If they reject its offer, creditors will force Dubai World into bankruptcy and a special tribunal related to Dubai World has been set up to hear cases.
Taking Dubai World or its units to court is seen as the least favoured outcome.

WHO ARE DUBAI WORLD'S CREDITORS?
About 97 banks are affected by Dubai World's restructuring, seven of whom - considered the most exposed - have formed an informal coordinating committee.
The committee consists of British banks HSBC, Standard Chartered, RBS and Lloyds, as well as two UAE banks, Emirates NBD and Abu Dhabi Commercial Bank.
Asian lenders are also thought to hold a sizeable proportion of exposure to Dubai World units, and Bank of Tokyo Mitsubishi, a unit of Mitsubishi UFJ Financial Group was added to the informal banks' committee in January.
China Construction Bank, another Asian heavyweight, is also baying for a bigger say in the negotiations.

WHAT HAPPENS NEXT?
The next stage in the Dubai World debt situation is to present a plan to the seven banks on the informal panel, who will then forward it to the full creditor group to consider.
Negotiations could be long and protracted.
The proposals will be pored over by risk committees and by the banks' management and board of directors and negotiations will commence.
If anything less than full repayment is proposed, then a formal creditor committee may be formed which could include more or fewer banks, and different banks to the current panel.

(Reporting by Rachna Uppal; Editing by Hans Peters) Keywords: EMIRATES DEBT/Q+A (rachna.uppal@thomsonreuters.com; +971 4 391 8301; Reuters Messaging: rachna.uppal.reuters.com@reuters.net)

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Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.