Stocks in Dubai plunged more than 7% Monday, the first day of trading after the Persian Gulf state's debt problems roiled financial markets around the world.

The decline follows last week's news of a conglomerate's struggle with its huge debt. Asian markets are rebounding but European markets fall.

Dubai's main stock exchange dropped more than 7% today and Abu Dhabi markets slid more than 8% on the first day of trading in the United Arab Emirates since officials went public that conglomerate Dubai World was struggling with its $60 billion in debts.

It was the opportunity to drive yet another futuristic car, Chevrolet's Volt, this effort by General Motors a magnificent piece of work, especially its gas/electric powertrain.

Smooth as silk, so quiet Rolls-Royce has competition for their Ghost models, Volt could be a remarkable car which captures the attention of the American public; but getting people into Chevrolet showrooms is the real trick, isn't it? If they don't visit the dealer, they can't buy the car.

Volt won't go on-sale until November, 2010, but Sunday morning I drove the pre-production version of the car and spent well over an hour with Volt's Chief Engineer, Andrew Farah. Farah's been with the Volt almost since its inception.
Near production-ready 2010 (it might ultimately get a 2011 model year designation) Chevrolet Volt

We didn't learn too much more about the Volt that we didn't already know, but the chance to drive the real thing spoke much about the car.

So let's take a drive in a Chevy Volt.

Outside, it's a fairly conventional looking five-door hatchback. GM doesn't want to scare any potential buyers away by depending on only the wind tunnel for all the design touches. Design being purely subjective, and although the car expectedly doesn't look much like (or half as interesting as) the Volt concept, GM has hit what many might think a happy medium between too conservative and too far-out.
Volt's 240-volt receptacle; there are also a 110-volt plug and a gasoline filler

There are three filler doors on Volt: one is for gasoline, one the receptacle for its 240-volt electric line (GM expects Volt buyers to install the charger at home) and there's a plug for a conventional 110 outlet.

The grille is mostly covered by plastic strips, and the engine/motor get their cooling air, like most modern cars, from under the car. Farah pointed out there are several "heat exchangers" (radiators) in the front of the engine compartment, including one each for the gasoline engine and electric motor, one for the air conditioning system, and more.
Volt's rear 3/4 view

Inside, the front seats offer pretty good legroom and headroom; the rear is a different story. While there's a nice amount of rear headroom, legroom is at a premium. I'm about 5'4" and wasn't comfortable in the Volt's rear seat.

Inside, there's more plastic than you can shake a swizzle stick at, but that's the kind of thing which could change before production begins. Unusual designs on the front door inserts are eye-catching but, frankly, a little weird. It's probably the most radical style touch on the car.

Unlike Nissan's Leaf, which has its batteries under the floor of the car giving passengers a flat floor, there's a high and wide center tunnel running between Volt's left- and right-side seats, front and rear, which is part of the battery system (which weighs about 400 pounds; Farah wouldn't give me a total Volt weight figure, but around 3,700 pounds wouldn't be far off).
Instrument panel (computer screen, left) and center stack with nav, rear view and audio and HVAC monitoring and controls and shift lever

There's a computer screen instrument panel in front of the driver, a sophisticated unit which appears to be simple and easy to understand. The center stack contains another screen for the nav system (optional, as heated seats will be, too), rear camera and audio and HVAC status, plus controls for sound and interior air temperature.

Push the "start" button and Volt springs into life, though you might now know it because you won't hear or feel anything. A high-concept center shifter helps you pick your gear. All in all, it's an intuitive area for the driver, and GM drivers especially will feel right at home in Volt. It's a mix of old and new switchgear and screens.

The car is quiet, smooth and fast off the line (electric motors have all their torque at start-up, unlike gas engines which need time to build power). There's a bit more understeer (what racers call "push") than I would like; you except some push in any front-drive car or truck, but it's more pronounced in Volt. The most pronounced noise in the cabin was tire rumble. Farah said that he's not satisfied either, and GM is still working out a final choice for Volt's tires.

There's good driver visibility front, rear and to the sides. Getting in and out of the four-door is easy and naturally it has all the requisite airbags and other expected safety equipment. One more safety item: pull the turn signal lever and a horn gives two quick "toots" to warn pedestrians the car is around. By the time Volt gets to market, there will be a standardized, mandated sound for all "quiet" cars and I can't see the government (or the lawyers) allowing an active system rather than passive.

It goes, runs and stops, fitting most peoples' requirements for transportation.
Yours truly, driving the Volt

Pre-production vehicles like I drove come after the concept and then the prototype stages; the car I drove might look a bit different inside and out when it does go on-sale. The powertrain and drive system, Andrew Farah told me, are pretty much set in stone and almost ready for the production versions. Farah told me that about 80 pre-production cars are being built for media evaluations, demonstrations for governments and utility companies and four of them will be the Volts you'll see at auto shows. Also, we ignore fit-and-finish in pre-production cars, so no comment on Volt's F&F inside and out; the final production cars are always better

The cars are built on a "test" assembly line in Hamtramck, MI, a line being developed as the cars are being put together during this pre-production period. This is how and when they learn to build the cars and shape the assembly line for the actual production cars.

I've driven almost all the gas/electric hybrids out there and even Honda's FCX Clarity hydrogen fuel cell sedan, and all of them are varying degrees of remarkable in their acceleration, interior quiet and, of course, high mileage.
Andrew Farah, Volt's chief engineer, with his baby

In the hybrids we're used to seeing, the car runs mostly on the gasoline engine with assists from the electric motor; Volt turns this around by making the electric motor the only drive system. A 1.4 liter 4-cylinder gas engine, which has no connection to the front wheels, is used to keep the batteries charged during the drive. This also means if there is a major failure in the battery or electric drive system, the gasoline engine is useless for keeping the car moving. So you can theoretically be stranded in a four-cylinder gasoline engine car with a full tank of fuel.

What's the mileage with Volt? GM was ridiculed a few months ago for saying they expected 230 mpg with Volt. That's their story, and they seem to be sticking with it.

Andrew Farah told me, when I asked him two times during the day about the size of the gas tank, that "the fuel tank is large enough to produce a mileage figure of about 340 miles per fill-up". The 40 miles can be had on electric only, then the gas engine kicks-in to keep the batteries charged at a pre-set level so Volt's electric motor can continue to run.

He told me that the actual size of the gas tank, how many gallons it will hold, is still an in-house secret. However, announcements about Volt will be made at the Los Angeles Auto Show's media days this Wednesday and Thursday, and perhaps we'll find out the fuel tank size then.

That most-important announcement -- of pricing -- may or may not come this week. But Farah didn't flinch when I asked about the $40,000 figure which has been floating around for more than a year; he pointed-out that there is a $7,000 tax credit available, and with state and local incentives, pricing might drop below the low-$30's.
Pre-production Volt being put through its paces in a Dodger Stadium parking lot

GM had set-up a coned-off "track", maybe ½-mile long, in a parking lot at Dodger Stadium, similar to the "race track" on the Jay Leno Show. On the Sunday after Thanksgiving, our Southern California weather was bright, clear and 76 degrees in downtown LA. GM certainly got the best possible showcase in terms of weather and the famed Dodger Stadium.

Interestingly, GM officials have generally referred to the Volt as an "extended-range hybrid" when the car was first announced. Now that's changed: it's being tagged as an "extended-range electric car". Trying to have the public think the Volt is all-electric, like Nissan's upcoming Leaf? Could be, but I don't think Volt should be referred to in any way as an EV; its on-board gasoline engine, albeit as small as it is, makes Volt a gas /electric hybrid (or maybe an electric/gas hybrid).

And they wouldn't let us take pictures of the engine compartment. Still not ready for its close-up; not yet as clean and tidy as GM would prefer

More in a future post this week after the Volt announcements at the LA Auto Show.

Now does it sound like the Volt is for you?

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In his epic autobiography, the great Nelson Mandela used the metaphor of the "long walk" to describe his decades-old struggle against apartheid and minority rule in South Africa. In Long Walk to Freedom, Mandela described, among other things, his labor of love trying to steer his nation away from racial and fratricidal war by using dialogue and negotiation to achieve national reconciliation and build a multiracial, multiparty system. His long, hard walk to freedom across the veldt, the cities and townships eventually led South Africans to trade in their fears and tears for hope and faith in a free South Africa. In the process, Mandela became a formidable moral force and an exemplary teacher in the fight for human rights and racial equality throughout the world.

In the annual "Great Ethiopian Run" that was held last week in Addis Abeba, one can see a fitting metaphor for a long and hard run for freedom in Ethiopia. The organizers and sponsors may have seen a clever money making gimmick in the event, but for the Ethiopian runners it was their one and only chance a year to collectively breathe the fresh air of freedom. It was their annual festival and gathering of peaceful mass protest for freedom and justice, and against tyranny and dictatorship in Ethiopia. On the day of the Great Run, Ethiopians who could afford to pay at least 50 birr got to say out loud what has been burdening their hearts, distressing their minds, agonizing their souls and searing every fiber in their bodies for the past year. The assembled crowd of 35,000 runners did not mind paying. Each one of them knew the fresh air of freedom, however fleeting and momentary, is priceless.

In the "Great Ethiopian Run", Ethiopians kept on running down the streets and up the boulevards of the capital. They ran for their own freedom, and the freedom of their countrymen and women. They ran for the true champion of Ethiopian freedom, Birtukan Midekssa. In a deafening crescendo of defiance and daring, they cried out: "Free Birtukan! Birtukan Mandela! Birtukan, the heroine!" Birtukan probably heard them chained in the bowels of Kality prison just on the outskirts of town. They called for the release of all political prisoners. The river of humanity that flash-flooded the city streets on the 10-kilometer stretch denounced the perpetrators of injustice. Thumping their way past the "Federal High Court", they proclaimed, "In this temple of justice, there is no justice." Rolling past the "Ministry of Justice", they charged, "There is no justice in the ministry of justice." Rumbling past the "Ministry of Defense", they scoffed: "There are no men of courage in this building to defend the people." The Great Ethiopian Run proved to be fundamentally an act of mass civil disobedience thinly disguised as a running event; and to the great credit and dignity of the runners, there was not a single incident of violence or breach of the peace.

The multitudes were not just running for freedom, they were also running away from tyranny and dictatorship, despair and hopelessness, and from their daily life of indignity and humiliation under a ruthless dictatorship. Sadly, they were all running in circles in the prison nation Ethiopia has become. But as we have learned from President Mandela, to achieve freedom one must take a long hard walk. For Ethiopians, it will require much more-- a long hard run; and there is much Ethiopians runners can learn from one South African walker. Mandela said, "You may succeed in delaying, but never in preventing the transition of South Africa to a democracy." The dictators in Ethiopia may temporarily thwart genuine multiparty democracy, but they can never, never prevent its ultimate triumph. Mandela defiantly told the masters of Apartheid: "Any man that tries to rob me of my dignity will lose." The dictators in Ethiopia may temporarily succeed in robbing us of our dignity and human rights, but as long as we remain truthful, principled, fair and irrevocably committed to the cause of freedom and democracy, we shall prevail; and they shall find their rightful place in the dustbin of history.

On his long walk to freedom, Mandela discovered the defining truth about tyrants and dictators: "A man who takes away another man's freedom is a prisoner of hatred." The wardens of Prison Nation Ethiopia are prisoners of hatred that has churned and boiled in their hearts, minds and souls for their entire lives. They are consumed by it and driven to genocidal brutality. They deserve our pity for they can not help themselves. But we can help them, by showing them the truth about their evil ways and the path out of the misery of hatred to the ecstasy of brotherly and sisterly love. Mandela taught us that "The victory of democracy in South Africa is the common achievement of all humanity." If we keep on running for freedom, we can make the triumph of democracy in Ethiopia the common achievement of all of Africa. As Ghana has transitioned from a military dictatorship to a genuine multiparty democracy and South Africa succeeded in establishing a tolerant multiracial society, so can Ethiopia forge a real multiparty system, free of the poison of ethnic politics, and one day to become the envy of Africa.

The 10-kilometer run is just a down payment for a long and difficult Marathon for Freedom. That is why each one of us must develop the defining quality of the marathon runner: Endurance. As she pounds the pavement for miles, the distance runner knows the route to the finish line is long, grueling and hard. But she is prepared to give it her best and endure for the long haul. The marathon runner does not say, "It is too long, too difficult... I could never do it." He maintains a winner's state of mind and never gives into self-pity and defeatism. He does not use his energy in bursts of speed, but in sustained steps and calculated spurts. The marathon runner has a plan to win and paces his every step along the way to achieve his goal. The distance runner does not allow herself to be overwhelmed by the miles she has yet to cover. She is committed and focused on the next milestone, the next hill and the next bend in the road until she reaches the finish line. Some of us would much prefer the race to be a quick sprint to the 10-kilometer finish line. We are discouraged and dispirited by the very thought of a long distance run. We are tired and ready to give up before taking the first step. But the Marathon to Freedom does not have a finish line. As Mandela said, "After climbing a great hill, one only finds that there are many more hills to climb."

We can't sit idly by and expect freedom to run to us. As Dr. Martin Luther King said, "Change does not roll in on the wheels of inevitability, but comes through continuous struggle. And so we must straighten our backs and work for our freedom. A man can't ride you unless your back is bent." It could also be said that a man can't ride your back if you keep on running and chase after your freedom.

Ethiopia's great distance runners -- Abebe Bikila, Mamo Wolde, Mirus Yifter, Haile Gebreselassie, Kenenisa Bekele, Elfnesh Alemu, Fatuma Roba, Derartu Tulu and Koreni Jelila and Tilahun Regassa and many others -- gave their very best for the glory of Ethiopia. We are so proud of them! It is now our turn to run and win the Great Ethiopian Run for Freedom, Democracy and Human Rights. Let us not be fooled by their 10-kilometer run. Our course will be much more challenging; we will have to climb the great hills and descend the treacherous canyons and gorges and crisscross the low deserts and the highlands. And those who can't or choose not to run with us should ready themselves to take a long walk...

CHICAGO — Former NBA All-Star Antoine Walker is apologizing for "unacceptable" living conditions at Chicago buildings owned by his companies.

Walker told the Chicago Tribune he wants to "humbly apologize" to everyone who's been affected by the failings of his companies, Walker Ventures LLC and AW Realty LLC.

One building has been described as a slum nuisance by the city. A broken sewer pipe filled the basement with feces and debris, and bricks tumbled from the building's facade.

Over a dozen lawsuits have been filed against Walker's companies over poor management and unpaid debts.

Walker is also facing criminal charges over gambling debts to three Las Vegas casinos.

Walker played for Boston, Dallas, Atlanta, Miami and Minnesota during his 12-year career.

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CHICAGO — Former NBA All-Star Antoine Walker is apologizing for "unacceptable" living conditions at Chicago buildings owned by his companies.

Walker told the Chicago Tribune he wants to "humbly apologize" to everyone who's been affected by the failings of his companies, Walker Ventures LLC and AW Realty LLC.

One building has been described as a slum nuisance by the city. A broken sewer pipe filled the basement with feces and debris, and bricks tumbled from the building's facade.

Over a dozen lawsuits have been filed against Walker's companies over poor management and unpaid debts.

Walker is also facing criminal charges over gambling debts to three Las Vegas casinos.

Walker played for Boston, Dallas, Atlanta, Miami and Minnesota during his 12-year career.

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ABU DHABI (Reuters) - Abu Dhabi, wealthy capital of the United Arab Emirates, will "pick and choose" how to assist debt-laden neighbor Dubai, a senior official said on Saturday, after fears of a Dubai default sent global markets reeling.

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The nation's shoppers took advantage of deals on toys and TVs with some renewed vigor in stores and online on Black Friday after a year of concentrating their spending on basic necessities.

Though the first numbers won't be available until Saturday, early reports indicated bigger crowds than last year, with people buying more and even throwing in some items for themselves.

It was an encouraging sign for retailers, which have suffered through a year of sales declines, and perhaps also for the broader economy, which could use a kickstart from consumer spending.

In Chicago, Dan Montgomery and his wife carted bulging Macy's bags, proclaiming the department stores had "killer deals." Their favorite buy? A set of two skillets for $19.99, marked down from $100.

Still, mall operators said more shoppers were sticking to making purchases in cash and debit cards instead of credit. "I like cash because when you're out of cash, you're out of cash. And you don't have the hangover in January," Montgomery said.

Worries about jobs clearly were on shoppers' minds. Most people buying for themselves were picking up practical things that were deeply discounted such as pillows, pajamas and coffee makers, according to stores and analysts.

"With the layoff there have been a few cutbacks, but with the great sales they're offering this year, I think it's, overall, going to be a great Christmas for my two granddaughters," said Ernest Bell of Marietta, Ga., who was laid off in April from his job as an information technology support representative and was at the local Walmart on Friday.

The nation's retailers ushered in the traditional start of the holiday shopping season with expanded hours and deep discounts in hopes of getting people to spend.

Online, Walmart.com, Amazon.com and other online retailers also grabbed for a piece of the action, pushing deals on Thursday and even earlier in the week. Several large retailers, including Walmart and many Old Navy locations, even opened on Thanksgiving.

Those stores now have to figure out how to keep people coming back through Dec. 25.

Though there were isolated reports of squabbles, the pre-dawn crowds were generally calm. Stores took extra precautions to control the throngs after a Walmart worker on Long Island was trampled to death last year on Black Friday.

Analysts monitoring the malls said shoppers were less frenetic, having researched deals before going shopping. Extended hours also gave shoppers more time to grab deals both online and in stores than a year ago. Most Walmart stores were open on Thanksgiving to prevent the mad dash of shoppers for its Friday 5 a.m. specials.

ShopLocal, a subsidiary of publisher Gannett Co., on Friday said traffic was up 27 percent at top retailers' online sites featuring their Black Friday ads.

Stores were encouraged that shoppers appeared to be a little freer with their spending. Best Buy, Sears Holdings Corp. and Mall of America, as well as mall operators Taubman Centers and Simon Property Group, offered signs people were buying more than last year.

An average of about 1,000 people were in line for midnight openings at Toys R Us stores, CEO Gerald Storch said. After setting aside 100 Zhu Zhu Pets hamsters for each location, Toys R Us came back with several shipments of the hot toy for several of its stores Friday.

Even luxury stores, which generally aren't the big attractions for Black Friday, had brisk traffic, according to analysts.

More than 5,000 people were at Macy's Herald Square store in New York early Friday, slightly more than last year, Macy's CEO Terry J. Lundgren said. Among the most popular items were Tommy Hilfiger $99 bomber jackets, marked down from $450.

Dondrae May, a manager at a Best Buy in Framingham, Mass., said shoppers started lining up at 4 p.m. Thursday – 13 hours before opening. He said shoppers were filling their baskets with more items than a year ago, when they were shellshocked after the financial meltdown. The biggest draws were laptops, TVs and GPS systems, he said.

The chain had sold out of all of its early morning specials within two hours of the 5 a.m. opening, spokesman Scott Morris said.

While Black Friday is not a bellwether for the season, analysts are studying Friday's receipts to better understand the mindset of shoppers like Laura Frankito, a nurse who found herself at Kohl's outside Cleveland buying a Snuggie blanket-robe for her aunt and Tony Hawk T-shirts for her nephew.

She's only giving money to her two children, and she pointed out her newfound practicality by saying she wouldn't get a $12.99 canine version of the Snuggie for her sister's dog.

"There would have been a year when I would have gotten that," she said.

___

Associated Press Writer Lisa Cornwell in Cincinnati, AP Writer Kate Brumback in Atlanta and AP Retail Writers Betsy Vereckey and Mae Anderson in New York City, Ashley Heher in Chicago, Emily Fredrix in Cleveland, and Vinnee Tong in San Francisco contributed to this report.

(This version CORRECTS to "Simon Property Group" instead of "Simon Properties.")

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The Dow Jones industrial average closes down 154 points, a slight recovery from earlier losses. World markets react strongly to Dubai's announcement that it would freeze its debt repayments.

Stock markets sank in the U.S. and Asia on Friday as investors scrambled to determine whether a debt crisis in the Middle Eastern emirate of Dubai would infect credit markets around the globe.