Local bourses opened in the red this morning, following global markets down on renewed fears about eurozone debt.
The price Spain must pay to borrow on the international markets rose yesterday, indicating increased concern about the financial stability of the country. The jump in Spanish debt yields caused fear in European markets of a return of the euro zone debt crisis.
All European stock markets tumbled deep into the red, with most ending the day down 2 per cent or more. United States factory orders missed forecasts, also weighing on markets.
The Dubai Financial Market General Index was down 0.94 per cent to 1,687.26 in morning trading. The Abu Dhabi Securities Exchange General Index was 0.04 per cent lower at 2,562.72.
Dubai Holding announced that Dubai International Capital, its private equity investment arm, has reached an agreement with its lenders to restructure $2.5 billion of liabilities.
In respect of about $2.15bn of liabilities, creditors will extend their debt for five years and receive 2 per cent cash interest. An agreement has also been reached on the remaining $350m where creditors will extend their debt for three years at the same rate of interest.
China's stocks were among the few to rise after its government said it will more than double the amount foreigners can invest in equities, bonds and bank deposits.
lmiller@thenational.ae
Moral education needed in a 'rapidly changing world'
Moral education lessons for young people is needed in a rapidly changing world, the head of the programme said.
Alanood Al Kaabi, head of programmes at the Education Affairs Office of the Crown Price Court - Abu Dhabi, said: "The Crown Price Court is fully behind this initiative and have already seen the curriculum succeed in empowering young people and providing them with the necessary tools to succeed in building the future of the nation at all levels.
"Moral education touches on every aspect and subject that children engage in.
"It is not just limited to science or maths but it is involved in all subjects and it is helping children to adapt to integral moral practises.
"The moral education programme has been designed to develop children holistically in a world being rapidly transformed by technology and globalisation."
'Morbius'
Director: Daniel Espinosa
Stars: Jared Leto, Matt Smith, Adria Arjona
Rating: 2/5
MATCH INFO
Uefa Champions League semi-final, second leg result:
Ajax 2-3 Tottenham
Tottenham advance on away goals rule after tie ends 3-3 on aggregate
Final: June 1, Madrid
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
