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The UAE’s Central Bank governor said Tuesday that the oil-rich Gulf nation is committed to keeping its currency pegged to the U.S. dollar and is reinvesting in U.S. Treasury bills.

Sultan Nasser al-Suwaidi also voiced confidence in the long-term stability of the euro even as fears mount that Europe’s debt crisis could sink the 17-nation currency.

Al-Suwaidi, speaking to reporters in Abu Dhabi, called the European Union a “very, very important bloc of countries” and predicted “everything will be fine in Europe.” In Brussels, eurozone finance ministers planned an emergency meeting to try to protect the currency through closer fiscal and political integration.

The exchange rate of the UAE’s currency, the dirham, is linked to the greenback. But some analysts have questioned the value of the keeping the policy as the U.S. economic struggles and the dollar remains weak.

Al-Suwaidi countered that the dollar link has served the Emirates well, adding that “we are very much with the peg.”

“There is absolutely no change … The fixed peg has served our economy for many years,” he said.

The central bank chief also noted that the UAE has begun buying up U.S. Treasurys after shunning them earlier this year, but is not as heavily invested as it once was.

The bank in August surprised investors by saying it no longer had any U.S. securities on its books because of the low return offered. Al-Suwaidi, however, didn’t say how much of the bank’s assets were invested in US T-bills.

“It’s fluctuating. It depends on the yield. But it’s not how it was,” he said.

Saif Hadef al-Shamsi, assistant governor for monetary policy and financial stability affairs, added that the Central Bank’s reserves were also invested in Japanese government securities.

U.S.-allied Gulf nations have traditionally been large buyers of U.S. government debt, which has long been viewed as among the world’s safest and most liquid assets.

Asked about the effect of sanctions ordered by the Arab League against Syria, al-Suwaidi said the Central Bank will comply if ordered to by the UAE government but has not yet received guidance on what measures to implement.

“There are procedural issues. They have to communicate that with us,” he said.

The Arab League on Sunday approved sweeping sanctions against the regime of Bashar Assad to seek an end to the violence against opposition groups. Syria’s foreign minister called the Arab move “a declaration of economic war” and warned of retaliation.

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An “overhaul” of European treaties is needed to help restore market confidence in the eurozone’s ability to reduce high state debt and deficits, the French budget minister said Sunday.

Valerie Pecresse said a new governance pact among eurozone members could include “real regulators, real sanctions” to help restore confidence in the currency union.

Speaking on Canal Plus TV, she said the eurozone’s biggest economies _ France, Germany and Italy _ want to be the “motor” of a more integrated Europe.

“We won’t restore confidence unless we show proof _ very quickly _ about the unflailing solidity and solidarity of the eurozone,” Pecresse said.

Pecresse said each country must rid itself of the debt and deficit problems that are behind the continent’s deepening debt crisis.

German media reported this weekend that German Chancellor Angela Merkel and French President Nicolas Sarkozy are pushing for swift legal changes that would force eurozone members to comply with strict rules for budget discipline, like tough and easily enforceable sanctions for violators.

Sarkozy and Merkel have argued that the European Union’s treaties must be amended to guarantee a strict enforcement of the currency zone’s growth and stability pact payday loans.

Treaty changes, however, are complicated to engineer and take a lot of time _ probably more than the troubled eurozone currently has with markets doubting the solidity of several member states such as Italy.

One alternative could be a treaty between the governments involved, which would later be merged into EU law _ as has happened before with Europe’s Schengen visa-free travel agreement, German newspapers Welt am Sonntag and Bild reported.

The new initiative could be announced as early as this week and concluded early next year, Welt am Sonntag reported.

Germany’s government, in a statement Sunday, did not comment on the question of an intergovernmental treaty but said it’s continuing to push for changes to the EU treaty to be discussed at a summit next month in a bid to strengthen the currency union.

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Stocks are wavering between gains and losses in light trading Friday, with the S&P 500 index edging up following six straight days of losses. Even with modest gains, major indexes remain on track to post their worst week since September.

Worries about Europe’s debt crisis flared up again Friday after Italy had to pay 7.8 percent to borrow for two years at a debt auction. It’s another sign that investors are growing hesitant to lend to European countries.

The Dow Jones industrial average rose 16 points, or 0.1 percent, to 11,272 as of 12:10 a.m. Eastern. Travelers Cos. Inc was up 1.4 percent, the most of the Dow’s 30 stocks.

The Dow remains down 4.5 percent for the week, putting the average on track for its worst week since late September.

The S&P 500 index is up 1 point to 1,162. The Nasdaq is down 12 points, or 0.1 percent, to 2,448.

The euro slipped to $1.32 and is now down 2 percent this week against the dollar. The drop puts the euro at its lowest level since Oct. 6.

Higher interest rates on government debt backed by Italy, Spain and other European countries have rattled stock markets in recent weeks. When borrowing costs climb above the 7 percent threshold, it deepens fears about a government’s ability to manage its debts. Greece, Ireland and Portugal were forced to seek financial lifelines when their interest rates crossed the same mark no faxing 1 hour payday loans.

Markets have been battered this week as governments in Europe and the U.S. struggle to tackle their debts. The Dow lost 248 points on Monday as a Congressional committee failed to reach a deal to cut federal budget deficits. It plunged 236 points Wednesday after investors balked at buying German government debt.

In midday trading, AT&T’s stock was down less than 1 percent. The company said Thursday that it’s budgeting to pay $4 billion in break-up fees if its attempted $39 billion takeover of T-Mobile USA from Deutsche Telekom falls apart.

Retailers were trading mixed on the Friday after Thanksgiving, the traditional start of the holiday shopping season and usually the busiest day of the year for retailers. Amazon.com Inc. dropped 3.3 percent. Macy’s Inc. inched up less than 1 percent.

A record number of people are expected to show up at stores this weekend to take advantage of deep discounts. The National Retail Federation estimates that 152 million people will go shopping over the three days starting on Friday. That would be an increase of 10 percent from last year.

Trading will end at 1 p.m. Eastern time. U.S. markets were closed on Thursday for the Thanksgiving holiday.

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Russian investigators say they won’t close a probe against a Russian lawyer who died in jail of an untreated illness.

Sergei Magnitsky died in November 2009. He had been charged with tax evasion and arrested by the same police officials he had accused of a $230 million tax fraud. His death sparked outrage in Russia and globally.

Magnitsky’s family petitioned to get the probe against him closed. But the Investigative Department of the Interior Ministry said Thursday they must still contact his other close relatives to make sure they agree payday loan.

Magnitsky’s mother says Magnitsky does not have other close relatives.

Two prison doctors have been charged with oversight leading to death, but none of the officials Magnitsky accused of framing him have faced charges.

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St. Louis-based Concordia Publishing House on Tuesday won one of four 2011 Malcolm Baldrige National Quality Awards.

The company’s “focus on customers” with the goal that they recommend the business to others was a key factor in the nonprofit being recognized, said Bruce G. Kintz, Concordia’s president and CEO.

The award is the nation’s highest presidential honor for business performance through innovation, improvement and visionary leadership.

Kintz said he implemented a business model used when he was a director at McDonnell Douglas Corp./Boeing Co. after coming to Concordia in 2001. In short, the model puts each customer’s needs first, he said.

Concordia is the only nonprofit business named as a Baldrige Award winner this year. The other recipients announced by U.S. Commerce Secretary John Bryson were Henry Ford Health System of Detroit, Schneck Medical Center of Seymour, Ind., and Southcentral Foundation of Anchorage, Alaska, all health care agencies.

Concordia Publishing House, or CPH, is the publishing arm of The Lutheran Church-Missouri Synod. It has about 250 employees. In 2009, CPH received a Missouri Quality Award from the Excellence in Missouri Foundation.

“With God’s grace, CPH has achieved a level of excellence that few major corporations realize,” Kintz said. “As a Christian organization we are humbled by our achievements, and as a thriving publishing house we are proud to represent both innovation and sustainability in this ever-changing marketplace.”

The 2011 Baldrige Award recipients were selected from a field of 69 applicants. All were evaluated by an independent board of examiners. The evaluation process for each of the recipients included about 1,000 hours of review and an on-site visit by a team of examiners.

Named after Malcolm Baldrige, the 26th secretary of commerce, the Baldrige Awards were established by Congress in 1987 to enhance the competitiveness of U.S. businesses.

The 2011 recipients are expected to get their awards at an April 2012 ceremony in Washington. More information on the awards is available at www.nist.gov/baldrige.

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Asian stock markets headed lower Monday as a change of government in debt-laden Spain and Singapore’s warning of a sharp growth slowdown underlined the challenges facing the world economy.

Japan’s Nikkei 225 index fell 0.2 percent to 8,354.65. Hong Kong’s Hang Seng was 2.3 percent lower at 18,068.51. South Korea’s Kospi index dropped 1.3 percent to 1,815.48.

Benchmarks in Singapore, Taiwan and mainland China were also lower.

Market jitters were evident a day after Spain voted in a new government _ the third time in as many weeks that Europe’s debt crisis has toppled an administration. Governments in financially troubled Greece and Italy have also fallen.

Spain dumped its ruling Socialist government Sunday for the conservative leadership of Mariano Rajoy, who inherits an economy wracked by debt and an unemployment nightmare _ which at more than 21 percent is the highest among the 17 nations that use the euro.

Rajoy also must lower Spain’s soaring borrowing costs with deficit-reducing measures while preventing an already moribund economy from heading into a double-dip recession.

Adding to pessimism, Singapore on Monday warned that its economy will likely suffer a sharp slowdown next year as export demand from developed countries wanes. Because of its high reliance on trade, Singapore is often a bellwether for the rest of Asia.

Japan, meanwhile, said its exports fell for the first time in three months in October, eroded by a strong yen and a sputtering global economy.

Gains were muted on Wall Street on Friday. While the Conference Board’s index of leading economic indicators rose more than Wall Street analysts were expecting _ a sign that the economy may pick up in the coming months _ many investors were cautious as a key Congressional committee remained deadlocked on ways to cut the U.S. budget deficit.

A bipartisan panel must agree on making at least $1.2 trillion in deficit cuts by Wednesday. If the committee fails and Congress takes no other action, automatic spending cuts will take effect beginning in 2013. Economists worry that a deadlocked Congress will erode business confidence and slow the already fragile U.S. economy.

The Dow Jones industrial average gained 0.2 percent to close at 11,796.16. The Standard and Poor’s 500 lost less than 0.1 percent to 1,215.65. The Nasdaq composite slid 0.6 percent to 2,572.50.

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Stocks wavered in midday trading Friday as investors balanced signs of future growth in the U.S. economy with a looming deadline for Congress to reach a deal in debt talks.

The Conference Board’s index of leading economic indicators rose more than Wall Street analysts were expecting, a sign that the economy may pick up in the coming months. But many investors remained cautious as a key Congressional committee remained deadlocked on ways to cut the U.S. deficit.

A bipartisan panel must agree on making at least $1.2 trillion in deficit cuts by Thanksgiving. If the committee fails, automatic spending cuts will take effect beginning in 2013. Economists worry that a deadlocked Congress will erode business confidence and slow the already-fragile economy.

The Dow Jones industrial average was down 3 points, or less than 0.1 percent, to 11,768 as of 12:10 p.m. Eastern.

The Standard and Poor’s 500 index fell 4, or 0.3 percent, to 1,213. The Nasdaq composite slid 18, or 0.7 percent, to 2,569.

The Dow had been up as much as 84 points in early trading after borrowing costs fell for Italy and Spain. That is a signal that bond investors are less fearful of a default by those countries. Spain and Italy have had to pay high interest rates because bondholders fear that that they will default. Holders of Greek bonds were all but forced to take steep losses on that nation’s debt.

Europe’s debt problems are far from settled, however. Comments by German and British leaders Friday suggested that they have divergent views on how to address the debt crisis. German Chancellor Angela Merkel cautioned against expecting too much from the region’s leaders. British Prime Minister David Cameron called for “decisive action” to shore up the struggling currency union.

Positive economic reports this week _ including a drop in unemployment applications and an increase in industrial production _ barely budged markets because a European meltdown would easily drag down the U.S. economy, said Kim Caughey Forrest, equity research analyst at Fort Pitt Capital Group.

“Our economy might be improving, but the fixation is on what’s going to happen with the world banking system if defaults happen in Europe,” she said. She said investors are reluctant to take big positions because no one knows how Europe’s problems will be resolved, or how U.S. companies’ future profits will be affected.

In corporate news, ketchup maker H.J. Heinz Co. fell 2.5 percent after it said its second-quarter net income fell almost 6 percent, although its adjusted results narrowly beat expectations. Sales in emerging markets remained strong, and price hikes in other areas helped offset lower volumes.

Retailer Gap Inc. slid 3.5 percent after its third quarter revenue came in slightly below Wall Street’s forecasts. The company said materials costs are continuing to eat into profit margins. Salesforce.com plunged 9 percent after its quarterly results came in below estimates.

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Protesters camped outside St. Paul’s Cathedral in London say they are staying put despite a deadline for them to take down their tents or face legal action.

London officials attached eviction notices to the tents Wednesday, demanding they be removed from the churchyard by 6 p.m. (1800 GMT, 1 p.m. EST) Thursday.

The Occupy London group say they will not leave, but will mark the passing of the deadline with a rally outside the cathedral. The City of London Corporation says that if the tents are not removed it will go to court seeking an eviction notice _ a process that could take months low fee cash advance.

More than 200 tents have been pitched outside the famous domed church since Oct. 15 in a protest against capitalist excess inspired by New York’s Occupy Wall Street.

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World stock markets fell Wednesday as Europe’s festering debt crisis overshadowed figures showing that Americans increased their retail spending for a fifth straight month.

Benchmark oil slipped below $99 per barrel while the dollar rose against the euro and was little changed against the yen.

European shares fell in early trading. Britain’s FTSE 100 slipped marginally to 5,517.44. Germany’s DAX shed 0.9 percent to 5,878.33 and France’s CAC-40 lost 0.4 percent to 3,036.76.

Wall Street also braced for a lower opening, with Dow Jones industrial futures falling 0.7 percent to 11,957 while S&P 500 futures lost 0.8 percent at 1,244.50.

The retreat in Europe followed losses in Asia, where Japan’s Nikkei 225 index lost 0.9 percent to close at 8,463.16, a six-week closing low. Hong Kong’s Hang Seng dropped 2 percent to 18,960.90 and South Korea’s Kospi shed 1.6 percent to 1,856.07. Benchmarks in Singapore, Taiwan, and Australia also fell.

Mainland China’s benchmark Shanghai Composite Index lost 2.5 percent to 2,466.96, its lowest closing this month. The smaller Shenzhen Composite Index dropped 2.6 percent to 1,059.24.

Data on retail sales showed Americans spending more on autos, electronics and building supplies in October _ and at a faster rate than expected. Many saw the result as a sign that the U.S. economy may well avoid another recession as consumer spending is the biggest component of the country’s GDP.

Still, investors could not get past the mammoth debt loads carried by Greece and Italy, which are threatening to trigger an all-out financial crisis on the continent.

“The world does not believe the crisis is solved,” said Francis Lun, managing director of Lyncean Holdings in Hong Kong. “The market is still very jittery and still worried about possible effect of economic slowdown and recession in Europe. I think this will depress the market for a quite a long period.”

And the problem isn’t just isolated to Greece or Italy, he said.

“It’s the problem of the entire Western world,” Lun said. “For Europe, it overborrowed for 12 years and for the U.S., it probably overspent for 30 years _ so 30 years of mismanagement cannot be corrected in one day.”

On Tuesday, higher interest rates on government debt issued by Italy, Spain and other countries rattled European stock markets. The interest rate on Italy’s 10-year bond jumped back above 7 percent, a dangerously high level.

Higher borrowing costs _ in the form of extra yields that must be paid for bonds regarded as riskier _ are a sign that investors are worried that those countries may have trouble paying their debts.

The debt crisis among the 17 nations that use the euro currency “appears to be deteriorating by the day,” analysts at Credit Agricole CIB said in a report. “Contagion has spread across eurozone bond markets like wildfire and the lack of action to create a firewall means that that there is little to extinguish it.”

Italy’s borrowing rate first crossed the 7 percent threshold last week, raising worries about Rome’s ability to manage its debts. Greece, Ireland and Portugal had to get rescued by international lenders when their borrowing rates crossed the same level.

Meanwhile, Chinese property shares were sharply lower amid falling housing prices as government efforts to cool the overheated housing industry take effect. Hong Kong-listed blue chip China Overseas Land & Investment fell 4.6 percent, while Poly Real Estate Group lost 4.8 percent.

Japan’s Olympus Corp. soared 15.6 percent amid easing worries that the company _ embroiled in a scandal over the concealment of huge investment losses _ will be delisted by the Tokyo Stock Exchange.

Shares of Tiger Airways jumped 6.1 percent in Singapore trade after the carrier was cleared to increase its number of flights in Australia ahead of the busy Christmas travel period.

Mainland Chinese shares in real estate, cement, media and financial companies weakened following a report from the International Monetary Fund that warned China’s banks could face risks if real estate prices fall sharply or unpaid loans increase. The IMF also said other dangers could arise from growing imbalances in a Chinese economy that relies heavily on exports and investment to drive growth.

Shanghai-listed Ping An Insurance lost 4.6 percent while China Nonferrous Metal Industry lost 4.7 percent.

On Wall Street on Tuesday, the Dow rose 0.1 percent to 12,096.16. The S&P 500 gained 0.5 percent to 1,257.81, and the Nasdaq added 1.1 percent to 2,686.20.

Benchmark crude for December delivery was down 43 cents at $98.94 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.23 to settle at $99.37 in New York on Tuesday.

The euro fell to $1.3532 from $1.3543 late Tuesday in New York. The dollar fell to 76.94 yen from 77.04 yen.

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Investor Warren Buffett says his company bought $10.7 billion of IBM stock this year, about a 5.6 percent stake.

Buffett revealed the new investment during an interview on CNBC Monday. Buffett’s company, Berkshire Hathaway Inc., will file a full quarterly update on its U.S. stock portfolio Monday afternoon.

Buffett has long refused to invest in high-tech companies because he it’s too difficult to predict which technology businesses will prosper in the long run.

Buffett says he recently changed his view of IBM’s role in industry. So Berkshire bought about 64 million shares since March, or about 5.6 percent of IBM.

Buffett says he believes IBM has a sound plan for the future.

IBM shares rose $1.62 to $189 in premarket trading after rising as high as $190.55 earlier.

Besides investments, Berkshire owns roughly 80 subsidiaries including insurance, railroad and utility firms.

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