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| Dubai debt fears rattle markets | Dubai debt fears rattle markets |
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| Worries over Dubai's debt problems drove down Europe's share markets for the second day running. | Worries over Dubai's debt problems drove down Europe's share markets for the second day running. |
| The main share indexes in London, Paris and Frankfurt all opened more than 1% lower before easing back slightly. | The main share indexes in London, Paris and Frankfurt all opened more than 1% lower before easing back slightly. |
| The falls follow news from the state-owned Dubai World that it would delay repaying some of its debt. Earlier, Asia's markets were down sharply. | The falls follow news from the state-owned Dubai World that it would delay repaying some of its debt. Earlier, Asia's markets were down sharply. |
| Tokyo's benchmark Nikkei fell 3.2% to 9,081.52. In Hong Kong, the Hang Seng index ended down 4.84% at 21,134.5. | Tokyo's benchmark Nikkei fell 3.2% to 9,081.52. In Hong Kong, the Hang Seng index ended down 4.84% at 21,134.5. |
| Oil prices also fell. US crude dropped 4.5% to $74.51 a barrel and London Brent Crude was down $1.26 to $75.73. | Oil prices also fell. US crude dropped 4.5% to $74.51 a barrel and London Brent Crude was down $1.26 to $75.73. |
| The biggest underlying fear is that Dubai's problems could reignite the financial turmoil of the credit crisis. That would lower global demand for a whole range of commodities, including oil. | The biggest underlying fear is that Dubai's problems could reignite the financial turmoil of the credit crisis. That would lower global demand for a whole range of commodities, including oil. |
| WHAT IS DUBAI WORLD? Dubai World is the emirate's flag bearer in global investments. | WHAT IS DUBAI WORLD? Dubai World is the emirate's flag bearer in global investments. |
| It has a central role in the direction of the emirate's economy and has four main areas of operations: Transport & Logistics, Drydocks & Maritime, Urban Development, and Investment & Financial Services. | It has a central role in the direction of the emirate's economy and has four main areas of operations: Transport & Logistics, Drydocks & Maritime, Urban Development, and Investment & Financial Services. |
| Its assets include DP World, one of the largest marine terminal operators in the world, which sparked a national security debate in the US when it moved to take over six of the country's ports. | Its assets include DP World, one of the largest marine terminal operators in the world, which sparked a national security debate in the US when it moved to take over six of the country's ports. |
| Back home, its own maritime ambitions are driven by Dubai Maritime City which is aiming to turn Dubai into a major ship-building hub. | Back home, its own maritime ambitions are driven by Dubai Maritime City which is aiming to turn Dubai into a major ship-building hub. |
| Perhaps the most easily visualised area of operation is Nakheel, the property developer behind projects such as The Palm Islands and The World. | Perhaps the most easily visualised area of operation is Nakheel, the property developer behind projects such as The Palm Islands and The World. |
| Its fourth main business area is Istithmar World, which is the group's investment arm. class="" href="http://newsforums.bbc.co.uk/nol/thread.jspa?forumID=7282&edition=2">Send us your comments | |
| It said on Wednesday it would ask creditors of the state-owned Dubai World and Nakheel to agree to a standstill on billions of dollars of debt as a first step towards restructuring. | It said on Wednesday it would ask creditors of the state-owned Dubai World and Nakheel to agree to a standstill on billions of dollars of debt as a first step towards restructuring. |
| David Buik, senior partner at BGC Partners, said: "You can't just say to the world: 'I don't want to pay my debts'. There is no income coming in from any of these properties. I think this is shocking PR." | David Buik, senior partner at BGC Partners, said: "You can't just say to the world: 'I don't want to pay my debts'. There is no income coming in from any of these properties. I think this is shocking PR." |
| The Gulf state, which has less oil money than many of its neighbours, became a trading and tourism hub with global ambitions. | The Gulf state, which has less oil money than many of its neighbours, became a trading and tourism hub with global ambitions. |
| Dubai World, the conglomerate that led the emirate's expansion, had $59bn (£36bn) of liabilities as of August, a large proportion of Dubai's total debt of $80bn. Its subsidiary Nakheel was the builder of the landmark palm tree-shaped island developments off Dubai. | Dubai World, the conglomerate that led the emirate's expansion, had $59bn (£36bn) of liabilities as of August, a large proportion of Dubai's total debt of $80bn. Its subsidiary Nakheel was the builder of the landmark palm tree-shaped island developments off Dubai. |
| The news shook markets that are recovering from the collapse of the US housing market and contagion that threatened to rupture the global financial system last year. | The news shook markets that are recovering from the collapse of the US housing market and contagion that threatened to rupture the global financial system last year. |
| Banks and builders were hit hardest as they are the most likely to be exposed to firms with property at the sharp end of the slump. | Banks and builders were hit hardest as they are the most likely to be exposed to firms with property at the sharp end of the slump. |
| Are you in Dubai? What is your reaction to the Dubai World announcement? What effect is the economic recession having on Dubai? Send us your views using the form below. | Are you in Dubai? What is your reaction to the Dubai World announcement? What effect is the economic recession having on Dubai? Send us your views using the form below. |
| A selection of your comments may be published, displaying your name and location unless you state otherwise in the box below. | A selection of your comments may be published, displaying your name and location unless you state otherwise in the box below. |
| The BBC may edit your comments and not all emails will be published. Your comments may be published on any BBC media worldwide. Terms & Conditions | The BBC may edit your comments and not all emails will be published. Your comments may be published on any BBC media worldwide. Terms & Conditions |