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26 Nov 09
11:24
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Date Joined:
05 Apr 06
http://news.bbc.co.uk/1/hi/business/8380607.stm
Related to this...?
http://news.bbc.co.uk/1/hi/business/8380105.stm
Related to this...?
http://news.bbc.co.uk/1/hi/business/8380105.stm
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Replies: 11
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First on the scene with the Breaking Financial News as ever!
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So, is this the beginning of the end?
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Grey Thursday innit
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Dubai's financial health has come under scrutiny after a major, government-owned investment company asked for a six-month delay on repaying its debts.
Dubai World, which has total debts of $59bn (£35bn), is asking creditors if it can postpone its forthcoming payments until May next year. Dubai World has also appointed global accountancy group Deloitte to help with its financial restructuring. The company has been hit hard by the global credit crunch and recession. It was due to repay $3.5bn of its debts next month. The request for a delay in repayments led to major credit ratings agencies downgrading a number of state-backed companies. Following six years of rapid growth, the Dubai economy has slumped since the second half of 2008. |
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Ben Thompson, business reporter, Dubai
Financial markets and businesses are closed here for the Eid holiday - some suggest that's why the announcement was made when it was. It's sparked real shock that things have come to this. Just 12 months ago, few could have believed the city would find itself asking for this lifeline. It seems Dubai is now paying the price for living on borrowed money. Of course, everyone knew the boom couldn't last forever, but no-one expected it to collapse when, or as suddenly, as it did. Property prices have more than halved over the past year and investors have fled. The official figure for Dubai's debt is $80bn, but talk to anyone here and the feeling is the figure is much higher. Unpaid bills, abandoned cars and empty buildings are all too obvious. Some analysts put the real figure at close to $160bn. |
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obviously a disgruntled ex-betfair employee now working at the LSE
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Of course, everyone knew the boom couldn't last forever, but no-one expected it to collapse when, or as suddenly, as it did
makes you wonder if these people ever learnt about markets. Surely they know that bubbles burst and when they do they dont go slowly. |
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If it,s anything like the kick off when an footie match doesn,t go in-play........ :)
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Good prediction for the sky scraper index
http://www.moneyweek.com/news-and-charts/economics/a-recession-indicator-thats-hard-to-miss.aspx |
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Do not worry.
They will soon replace the current system with a Sri Lankan one. http://www.computing.co.uk/computing/news/2251489/london-stock-exchange-completes |
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I think looking for patterns that aren't really there is perhaps why we are in this situation in the first place!
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