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Gold/Mining/Energy : Blue Chip Gold Stocks HM, NEM, ASA, ABX, PDG

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To: Wade who wrote (11923)11/26/2009 3:03:39 PM
From: Wade   of 48092
 
gata.org

British bank shares fall as much as 8% on Dubai debt mess
Submitted by cpowell on Thu, 2009-11-26 18:28. Section: Daily Dispatches
Fears over Dubai Send European Shares Tumbling

By Peter Stiff
The Times, London
Thursday, November 26, 2009

business.timesonline.co.uk.

Almost L44 billion was wiped off London's biggest companies today amid growing fears the UK financial sector could be heavily exposed to Dubai World, the state-owned conglomerate that yesterday asked for a standstill on its $60 billion (L36 billion) debt pile.

The FTSE 100 tumbled 170.68 points or more than 3 per cent to 5194.1 in its biggest one-day percentage fall since the market plunged to six-year lows in March.

"One London trader said: "Dubai is weighing heavily on the market. It has its fingers in so many pies that it could have a contagion effect and there are concerns another country could have problems on the back of this."

He added that today's activity was very similar to when Lehman Brothers collapsed, warning that Dubai's problems could be the catalyst for the market to fall further."


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