Global markets were shocked when Dubai World, the conglomerate owned by the Gulf emirate, asked creditors for a 6-month “standstill” on its obligations.

The group includes Nakeel, the state-owned property developer responsible for Dubai's most ambitious projects, and DP World, the owner of the former P&O ports.

Member states of the International International Atomic Energy Authority approved a resolution criticising Iran for its lack of co-operation over its nuclear programme. Significantly, both China and Russia supported the resolution which will be forwarded to the UN Security Council.

Prime minister Netanyau of Israel proposed a 10 month freeze on some of Israel's settlement construction to facilitate discussion with the Palestinians. However, the Palestinian Authority said that only an unconditional standstill on all settlement projects would be acceptable as a basis for new talks to begin.

One year after the terrorist attacks on Mumbai, India, Pakistan charged seven men with involvement in planning and executing the raids.

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