Financial Market News

Abu Dhabi-based regulator tries to reassure foreign investors ahead of markets reopening by offering extra liquidity The furious pace of construction in Dubai has created a property bubble.

The road from recession to recovery is rarely smooth, straight or short. It comes with detours, forks and even dead ends.

An employee checking US dollars at a bank in Hanoi. China is taking a series of initiatives aimed at reducing dependence on the dollar both at home and abroad by encouraging importers, exporters and investors to make more use of its currency China is making a big push to encourage greater international use of its currency, the renminbi.

Comment about "Dubai defends debt payment suspension as markets fall" Phone Name Comment 0 Saturday, 28th November 2009 Dubai defends debt payment suspension as markets fall Ali Khalil, AFP Pedestrians stand by a display showing the Hang Seng Index in Hong Kong yesterday.

By now you've probably heard about the situation in Dubai, where Dubai has sought a six-month extension on the debts of Dubai World, which reportedly has debts of at least $60 billion.

The dollar fell briefly to its lowest level in 14 years against the Japanese yen Friday but rallied against the euro and other currencies as Dubai's debt problems roiled currency markets.

Stocks in Asia dived on Friday as fall-out from concerns over Dubai's debt lingered.

World leaders expressed confidence in the global economic recovery on Friday despite fears about a debt default by Gulf emirate Dubai, while major banks played down their exposure to the debt.

U.S. and emerging-market stocks slumped and commodities dropped as Dubaia s attempt to delay debt repayments unnerved investors.

The following stocks were among those that moved substantially or traded heavily Friday on the New York Stock Exchange and the Nasdaq Stock Market: NYSE: MGM Mirage, down 45 cents to $10.56 The casino operator's joint venture partner Dubai requested a debt payment delay.

U.S. shoppers turned out in strong numbers at the start of the holiday season Friday to hunt for bargains, though many said they were spending more selectively.

Dubai's debt crisis rattled world financial markets Friday, raising concerns that some banks could further tighten lending and hamper the global economic recovery.

World stock markets dropped Thursday as mostly positive economic news in the U.S. failed to inspire investors and the dollar tumbled to its lowest point against the Japanese yen in more than 14 years.

Japan's finance minister raised the prospect of a Group of Seven joint statement on currencies to cool the yen's rally as the dollar tumbled to a 14-year low against the yen on Friday.

Mumbai The Bombay Stock Exchange benchmark Sensex on Thursday sharply declined by 344 points on heavy selling by funds on expiry of current month contracts in the derivatives segment amid weak global cues.

Dubai struggles to ease default fears Rising high among the towers in Business Bay, Burj Dubai, the world tallest tower, which is still under construction, is scheduled to be open in Jan., 2010 in Dubai.

London Stock Exchange said technical problems mean all FTSE 100 and "order-driven" shares have been placed in an auction period, meaning trades won't be executed.

Debt problems in Dubai hit global stocks, helped lift bonds and took the dollar away from a 14-year low against the yen on Thursday.

Markets are usually relatively quiet when Wall Street is closed for a holiday, as it is Thursday for Thanksgiving Day a ' not so today.

Asian stock markets dropped Thursday as mostly positive economic news in the U.S. failed to inspire investors and the dollar tumbled to a 14-year low against the Japanese yen.