North Africa/Middle East

Russian stocks plunged and Kuwait suspended trading as a slump in oil to below $55 a barrel roiled emerging markets and increased concern that Moscow will be forced to devalue the ruble, Bloomberg reported today. Russia's Micex Index fell as much as 17 percent and was 8.6 percent lower at 1:09 p.m. in Moscow after it reopened following a 30-minute trading suspension. A court in Kuwait ordered a shutdown as traders lobbied for support after a sixth day of declines.

According to Abu Dhabi Commercial Bank CEO Eirvin Knox, Abu Dhabi won't allow Dubai's state-owned companies to default on debt payments as the global banking crisis limits their access to funds, Bloomberg reported yesterday. Dubai may need help from Abu Dhabi and the United Arab Emirates government to finance a surge in borrowing that paid for the world's tallest tower, palm tree-shaped man-made islands and stakes in banks worldwide, Moody's Investors Service said in a report last month.

The International Monetary Fund has “record levels of liquidity” to combat the global economic crisis and debate over new ways of supplementing its coffers was not “today’s problem”, according to John Lipsky, IMF first deputy director. With the Fund facing unprecedented calls on its resources, some policymakers have raised concerns about its continued capacity to react to demands such as its $16.5 billion loan to Ukraine and $2 billion loan to Iceland, the Financial Times reported yesterday.