Global stock markets tumbled Tuesday after downbeat U.S. data fueled fears the world's largest economy might be sliding back into recession.

Oil prices fell to near $94 a barrel on expectations slowing global economic growth will reduce demand for crude.

Shoppers in the United Arab Emirates (UAE) are among the wealthiest and most discerning in the world. Most major malls in Dubai, for instance, feature couture retailers usually associated in the United States with upscale fashion districts. It is not an uncommon sight to see shoppers with several large shopping bags, loaded into a cart just as a family buying groceries would, only the purchases being Gucci shoes and Louis Vuitton handbags. According to Business Monitor International, U.S.$31 billion worth of retail sales are expected this year in the UAE, and will top U.S.$41 billion in less than five years.

As there is more total retail space supply in the country than its entire population -- according to retail surveys, an estimated 5.75 million square meters by the end of 2014, or 1.27 square meters of shopping space for every UAE resident -- online retail has struggled to find room. Because of concerns about fraud, 45% of UAE shoppers said they would not buy online, according to a survey this year by MasterCard.

Kuwait on Monday invited bids from local and international investors to buy a stake in Kuwait Airways as part of a privatization process to turn the loss-making airline into profit.

The privatization committee of Kuwait Airways said in a statement that interested parties should submit their "expression of interest" to participate in the bidding for 35 percent of the airline.

HSBC will slash up to 30,000 jobs worldwide over the next two years as part of a major cost-cutting drive, the global banking giant said on Monday, as it posted bumper profits.

"There will be further job cuts," HSBC chief executive Stuart Gulliver told journalists on a conference call after the group published its interim results.

The dollar climbed against the yen in Asia on Monday, after U.S. President Barack Obama announced an 11th-hour agreement to raise the U.S. debt limit to avoid default that is pending approval by Congress.

The dollar was at 77.45 yen in Tokyo at 05:00 GMT after briefly rising above the 78 yen level, from 76.73 yen in New York late Friday.

U.S. President Barack Obama announced Sunday that he and top lawmakers had reached an 11th-hour deal to avert a first-ever U.S. debt payment default that would have sown chaos across the world economy.

"I want to announce that the leaders of both parties in both chambers have reached an agreement that will reduce the deficit and avoid default, a default that would have had a devastating effect on our economy," he said.

The Philippines' largest Muslim guerrilla group has demanded the government halt any planned oil and gas explorations by foreign companies in vast southern areas they claim, warning Sunday that energy projects would complicate peace talks.

The Moro Islamic Liberation Front refused to say what they would do if the government ignores their request.

European Central Bank head Jean-Claude Trichet has a chance this week to weigh in at length on the latest Greek rescue.

Trichet is sure to face questions on the landmark second bailout of Greece in the press conference that will follow the ECB policy-setting meeting that should see interest rates stay on hold.

Italy's former prime minister Romano Prodi on Saturday accused Germany of "egoism" over a massive sale of Italian bonds by Deutsche Bank and said Italy was in a far stronger economic position than Spain.

The former European Commission president also said that the high rates at which Italy is being forced to issue bonds because of market jitters meant that sweeping budget cuts approved earlier this month would be "in vain".

In a once-thriving village on the Pacific island of Niue, homes lie abandoned, their stucco-clad walls mildewed and crumbling as the jungle slowly reclaims them.

"These villages used to be bustling with people -- now you go there in the afternoon and there's no one," says the Niue Tourism Authority chairman Hima Douglas.