UK minister says Dubai World has made progress on debt plan

The UK's Trade Minister Mervyn Davies said today that Dubai World has made 'some progress' in its talks with creditors with the restructuring. Speaking in the emirate, Davies was quoted by Bloomberg as saying, 'I think there are signs of some progress being made from what I hear from the banks and therefore I am hopeful that this progress can continue'. Dubai World's debt restructuring has hit confidence and tested UK banks' resolve in the short-term, he added.