UNITED ARAB EMIRATES

Oil prices steadied at $76 a barrel on Monday, shedding most of the session's early gains, as worries about Dubai's debt crisis and its impact on the world economic recovery returned to haunt investors.

Investors braced for a 10 percent fall in United Arab Emirate stocks on Monday as the market reopens for the first time since Dubai called for a delay in repaying billions of dollars in debt, spooking global markets.

Retailers Protect Profits; Business at the White House; Beijing Auto's SAAB Option

The United Arab Emirates offered banks emergency support on Sunday, the first steps to ease fears that a looming debt default by two of Dubai's flagship firms could derail the global economic recovery.

UAE markets will face intense selling pressure when they reopen on Monday in the first post-holiday trading after Dubai shocked global markets last week by seeking a debt standstill for two flagship firms.

Dubai, jobs data, Black Friday results and a chance for Congress to throw fireballs at Fed chief Ben Bernanke: The U.S. stock market's path to glory is fraught with peril this week.

The United Arab Emirates' central bank set up an emergency facility on Sunday to support bank liquidity in the first policy response to Dubai's debt woes that threatened to paralyze lending and derail economic recovery.

The United Arab Emirates' central bank set up a facility on Sunday to support liquidity in the banking system Dubai's government sought to delay debt payments from two of its flagship firms, sending global markets lower.

Dubai World has refused to offload assets at fire-sale prices to repay obligations, forcing it to seek a debt standstill, a newspaper report on Sunday quoted an unnamed source at the government-controlled firm as saying.

The central bank of the United Arab Emirates is closely watching events stemming from the Dubai debt crisis to ensure no harm results for the national economy, a spokesman for the central bank said on Saturday.

Abu Dhabi, wealthy capital of the United Arab Emirates, will pick and choose how to assist debt-laden neighbor Dubai, a senior official said on Saturday, after fears of a Dubai default sent global markets reeling.

Abu Dhabi, capital of the United Arab Emirates and one of the world's top oil exporters, will pick and choose how to assist its debt-laden neighbor Dubai, a senior Abu Dhabi official said on Saturday.

Years of chasing business in Dubai's property boom means Abu Dhabi banks have built up an exposure to Dubai-based companies worth at least 30 percent of their loan books, senior bankers in Abu Dhabi said on Friday.

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.

Moody's Investors Service on Friday said it will make no changes for now to the ratings or outlooks of banks in the United Arab Emirates with exposure to the two Dubai entities whose debt problems have roiled global markets.

British banks have far greater exposure to potential problem debts in the United Arab Emirates than rivals in France, the United States, Japan or anywhere else, loans data show, as worries mount about the region.

Rising fears of a possible debt default at a Dubai state-owned conglomerate is the catalyst for an overdue correction in equities and risk assets, the chief executive of top bond fund manager Pimco said in an interview on Friday.

French oil major Total is still hopeful of winning a $40 billion nuclear deal in Abu Dhabi, Chief Executive Christophe de Margerie said on Friday.

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.

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...

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.