Abu Dhabi lends $10 billion to Dubai

Abu Dhabi has lent Dubai's government $10 billion (£6.13bn) to help it pay off its debts.It will use $4.1bn (£2.5bn) of the money to bail out the government-owned investment company Dubai World.The company's property development operation, Nakheel, needed the money to pay investors in an Islamic bond which was due to mature on Monday.

News of the payment boosted Bank stocks that had exposure in the region. Shares in HSBC, Standard Chartered, Banco Santander, Barclays and Lloyds all rose.