Updates link on NY Fed actions. Alex Tarrant presents 90 at 9 with news US stocks slid overnight on fears holiday spending in the US will be disappointing. Initial reports suggest spending over the Thanksgiving weekend was down from last year, Bloomberg reports. The Federal Reserve Bank of New York announced it would conduct some "small scale, real value" three-way reverse repurchase transactions as tests for the eventual withdrawal of the extensive monetary stimulus the central bank has pumped into the US economy, Reuters reports. Worries about Dubai's debt are continuing to linger after the Dubai government said creditors needed to take some responsibility for their lending to Dubai World, Reuters reports.
"Creditors need to take part of the responsibility for their decision to lend to the companies. They think Dubai World is part of the government, which is not correct," said Abdulrahman Saleh, director general of Dubai's department of finance.Finally, NZ Finance Minister Bill English said yesterday's 2025 taskforce report was "too radical", the Herald reports. Labour leader Phil Goff said the report was being used as a 'straw-man' to frighten people so that Government could bring in less severe reforms, while ACT leader Rodney Hide was unsurprisingly "very pleased" with the report. The Greens said the proposals would cause environmental and social degradation, Colin Espiner reports in the Press.