IBT Staff Reporter

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.

U.S. Federal Reserve Chairman Ben Bernanke said on Friday congressional proposals to audit the Fed and strip it of regulatory powers as part of post-crisis reforms could damage prospects for economic recovery and financial stability going forward.

Bank of America Corp , the largest U.S. bank, amended on Friday the compensation agreements of two senior executives, following a review by the pay czar.

Federal Reserve Chairman Ben Bernanke said on Friday congressional proposals to audit the Fed and strip it of regulatory powers as part of post-crisis reforms could damage prospects for economic and financial health in the future.

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 next week.

U.S. consumers turned out in strong numbers to hunt for holiday bargains on Black Friday, though many said they were spending selectively and industry executives questioned whether the momentum would last.

The Treasury and Federal Reserve on Friday delayed the implementation date for a new Internet gambling payment ban for six months, a move that gives lawmakers time to overturn it or end confusion over illegal practices.

Consumers found time this U.S. Thanksgiving Day to squeeze in a lot more holiday shopping online, in between spending time with family, watching football and feasting on turkey.

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.

The U.S. Treasury and Federal Reserve on Friday delayed the implementation date for a new Internet gambling payment ban for six months, a move that gives lawmakers time to overturn it or end confusion over illegal practices.

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.

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.

European Union members want to create a joint project on the digitization of books, French Culture Minister Frederic Mitterrand said, challenging Google's plan to create a massive digital library.

An Israeli cabinet minister said on Friday he was optimistic about prospects for a prisoner swap with Palestinians for captured soldier Gilad Shalit, suggesting that talks were still alive to achieve a deal.

Honduras chooses a new president on Sunday in an election that may defuse a crisis caused by a coup against President Manuel Zelaya, but the vote is splitting Washington and Latin America.

Apple's iPhone will be released for the first time in South Korea this Saturday and is available from KT Corporation, the country's second largest mobile carrier. The iPhone will be offered in three different models, with a price range of $342 to free, depending on the service plan chosen.

The White House gave a mixed reaction on Friday to China's plans to cut its carbon intensity levels, welcoming the proposal but saying the world would watch whether Beijing kept its promises to tackle climate change.

The growing influence of the Web to distribute news, video and other content, combined with the lingering economic malaise, have left many media executives and investors uncertain about where to make their next bets.

Police are searching for Florida man, Paul Michael Merhige, who they suspect killed four family members at a thanksgiving dinner Thursday evening in Jupiter, Florida.

Brazil's central bank offered to buy dollars on the spot foreign exchange market on Friday in an ongoing effort to boost international reserves and soak up greenbacks pouring into the economy.

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.

ABN AMRO, Goldman Sachs and World Online misled investors during the 2000 initial public offering of the Dutch Internet provider, the Dutch Supreme Court ruled on Friday.

COMEX December gold GCZ9 settled down $12.80, or 1.1 percent, at $1,174.20 an ounce on the COMEX division of NYMEX.

Oil prices settled down more than 2 percent at about $76 a barrel on Friday as fears of possible defaults in Dubai convulsed financial markets and boosted safe-haven demand for the U.S. dollar.

Tareq and Michaele Salahi of Virginia have left many shocked with disbelief after getting past the Secret Service and into the state dinner at the White House on Tuesday.

Fears of a possible Dubai debt default rippled through markets for a second day on Friday, but the exodus from stocks and rush to the safe-haven U.S. dollar slowed as investors discounted contagion.

Space shuttle Atlantis and its crew of seven returned Friday, concluding an 11-day mission to deliver cargo to the International Space Station, bringing astronaut Nicole Stott back to Earth after spending 91 days in space. The shuttle touched down as scheduled at 9:44 a.m. EST under cloudless skies, guided by the commander, Col. Charles O. Hobaugh of the Marines, and the pilot, Capt. Barry E. Wilmore of the Navy.

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