Banks buoyed as Dubai World agrees deal with creditors

The deal boosted blue-chip bank stocks in London, with Barclays leading the FTSE winners' table with a near 4% gain to 301.75p and RBS up 2.48% to 46.32p, as of 11.20 GMT. Lloyds also made steady gains as the index advanced more than 16 points, or 0.32%, to 5,174.75, slightly off the early morning pace. Under the terms of the Dubai World deal, the stricken state-owned investment company, and its property arm Nakheel, will see $8.9bn of government debt converted into equity. The government is also committing to $500m of funding and an interest facility of up to $1bn, while maintaini...