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ABU DHABI (Reuters) - Abu Dhabi, capital of the United Arab Emirates and one of the world's top oil exporters, will "pick and choose" how to assist its debt-laden neighbor Dubai, a senior Abu Dhabi official said on Saturday.
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Brad DeLong
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J. Bradford DeLong
Dubai: Why, Yes, Our Collateral Is Underwater. Why Do You Ask?
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Paul Krugman is judicious and sober: Rashomon in the desert : Dubai or not Dubai — that is the question. Dubai’s sorta-kinda default (a state-owned enterprise seeking a rescheduling of its debts) is, by itself, not that big of a deal. But who else looks like Dubai? What kind of omen is this for the next stage in the financial crisis? ...
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Chicagotribune.com
Dubai debt woes ripple through markets
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Investors had little to be thankful for Friday, as shock waves from the Dubai debt crisis drove stocks down throughout much of the world.
StarTribune.com Business
Dubai debt crisis rattles markets
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..the UAE government keeps most of their foreign assets in US dollars. It's probably no coincidence that they are defaulting. This is … read more unfortunate, because it will be another reason for oil producing countries to move away from the dollar as the currency of choice. Not good for the US.
Tim
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The Mess That Greenspan Made
The Dubai debt comes due
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Who would have ever thought that debt in Dubai would someday be a problem? In a story that sounds all too much like that of a U.S. real estate agent who, after a couple of good years in the middle of the decade decided to get levered up to the maximum banks would allow rather than paying down their debt only to watch things come crashing down ...
MarketWatch.com
Metals Stocks: Gold drops on Dubai, but off earlier lows
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Gold futures fall but trade off their lows as Dubai World's debt woes fuel a sell-off in commodities and stocks, while the U.S. dollar gains against rival currencies, also getting factored into the metals action.
Yahoo! News
Jobs data eyed, but Dubai is the wild card
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Reuters - Dubai, jobs data, Black Friday results and a chance for Congress to throw fireballs at Fed chief Ben Bernanke: The U.S. stock market's path to glory is fraught with peril next week.
Tobias Buckell
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BloggingStocks
Closing Bell: Dubai sends jitters throughout the market
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Filed under: Sprint Nextel Corp (S) , Best Buy (BBY) While the day after Thanksgiving in the US is usually a light trading day, thanks to people being on vacation, traveling, Black Friday shopping , and their being more concerned about being with family, today's market has been active with people reacting to recent troubling news coming out of ...
Latest Business Headlines
Stocks Tumble on Fears over Dubai Debt
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Investors Worried that Default in Dubai over $60B in Debt Payments Could have Ripple Effect in World Markets
USATODAY.com Money
Dubai crisis jolts markets, but early fears ease
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Dubai's debt crisis rattled world financial markets Friday, raising concerns that some banks could further tighten lending and ...
MarketWatch.com
U.S. banks less exposed to Dubai than Europe
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U.S. banks are probably less exposed than European rivals to a potential debt default by Dubai World, but it's still difficult to know which institutions are ultimately exposed, analysts say.
By BARBARA SURK
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SFGate
Dubai debt problems cast shadow over region
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For years, Dubai seemed unstoppable, an oasis of excess boasting indoor ski slopes and manmade islands, the world's tallest tower and dreams that reached even higher. Now the bills are coming due, and the emirate's debt problems are tarnishing a place built... Dubai - List of tallest buildings and structures in the world - United Arab Emirates - ...
India Business News
'Dubai ripple won't rock India'
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The government stepped in to quell panic in financial markets and said the payments crisis facing two of Dubai's state-owned companies will not rock India's economic boat.
Latest stock market news from Wall Street
Oil sinks on Dubai debt concerns
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Oil futures sank more than 2% Friday as investors worried about Dubai World's debt woes and moved into safe-haven assets including the dollar.
Latest stock market news from Wall Street
Dollar gains on Dubai debt concerns
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The dollar gained ground against major rivals Friday as investors cut exposure to risky assets and high-yield currencies after Dubai's state-owned finance arm sought to suspend debt repayments.
Latest Business Headlines
Video: Dubai Debt Sparks Uncertainty
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An embattled Wall Street now faces concerns over debts plaguing the once-prosperous city of Dubai. As Hari Sreenivasan reports, Dubai's setbacks have caused fears of a new potential credit crisis.
BBC News
US shares slide over Dubai fears
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US shares fall on worries over Dubai's debt problems, but European markets recover from earlier falls.
Finance and Business. Latest breaking news
Prime Minister stays upbeat on Dubai 'setback'
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Gordon Brown has moved to calm global markets by claiming Dubai's debt crisis will not have a widespread impact.
India Business News
Dubai debacle likely to hit workers, remittances
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Despite the brave front put up by India, the debt crisis that has enveloped Dubai World threatens to hit the struggling Indian overseas labour market that is largely dependent on short-term Middle East job contracts.
Business Line
Market cuts losses after Govt allays Dubai fears
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The domestic stock market buckled for the second consecutive day on Friday fearing the Dubai World debt crisis might lead to a repeat of last year's Lehman Brothers' episode that sent world markets
Finance and Business. Latest breaking news
FTSE 100 rebounds as Dubai jitters ease
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Dubai's liquidity-fuelled real estate and tourism binge in the last decade has triggered a debt crisis. Inside the aquarium tunnel at the Dubai Mall. Photo: AP
Www.calculatedriskblog.com
Northern Trust on Dubai
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James Pressler at Northern Trust provides an overview of the Dubai situation: Dubai’s Latest Mega-project – A Massive Default? (pdf) A few excerpts: The complexities of the UAE’s governmental structure make the situation difficult to grasp at first glance, but the problem can be captured by a few basic points. First, Dubai is ...
Oxbury
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The Money Blogs
Dubai Concerns Continue To Weigh On Risk Appetite
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G10 Advancers and Decliners vs USD JPY 0.59 EUR -1.06 CHF -1.24 GBP -1.41 The slump in equities continues today as further details of Dubai World’s debt burden come to the f read more »
Business Line
Dubai crisis rocks realty stocks in the morning session
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The roller-coaster movement of the Indian realty stocks on Friday can be attributed to mixed investor sentiment on account of the debt crisis in Dubai, said
RTÉ Business
Dubai debt delays revive fear of crisis
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Investors have dumped shares in Asian banks, fearing a Dubai debt default could reignite financial turmoil.
TIME.com Top Business Stories
Will Dubai's Financial Problems Spread Around the Globe?
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Dubai's government announced Thursday it would halt its debt repayments ahead of a $4 billion bill due in a couple of weeks. Is this the beginning of the next crisis? Maybe not
Inquirer Business
Dubai effects in U.S. may be limited
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WASHINGTON - The Obama administration said yesterday it was monitoring developments in a looming debt default by the Persian Gulf emirate of Dubai, whose efforts to fend off creditors sent stocks skidding around the globe amid fears of new bank losses.
The Seattle Times
Dollar touches low against yen amid Dubai crisis
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The dollar fell briefly to its lowest level in 14 years against the Japanese yen Friday but rallied against the euro and other currencies as Dubai's debt problems roiled currency markets.
The Seattle Times
Treasurys rally amid concern about Dubai debt
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Treasury prices rallied in holiday-shortened trading Friday as investors flocked to the safety of government-backed debt amid concern about financial trouble in Dubai.
Financial Armageddon
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Pfblogs.org
The Debacle in Dubai
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I was a guest on two shows, BBC News' "World News Today" and Fox Business News' "Cavuto," where I discussed the fallout from news that Dubai will delay repayments on $60 billion of debt from its investment company, Dubai World... ...
Mark Thornton
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Mises Economics Blog
Delay in Dubai
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Dubai is delaying payment on its debts and that has sent stock markets around the world lower. This could be a trigger that reverses the remarkable bear market rally that has taken place since March. Dubai was also the location of the crisis signal in the Skyscraper Index in August 2007. Things have become increasing less optimistic in what was ...
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Should we use taxes to deter financial speculation? Yes, say top British officials, who oversee the City of London, one of the world’s two great banking centers. Other European governments agree — and they’re right.
discussions
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Thehill.com
Democrats push $150B stock tax on Wall Street
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Under a bill being drafted by Democratic Reps. Peter DeFazio (Ore.) and Ed Perlmutter (Colo.), the sale and purchase of financial instruments such as stocks, options, derivatives and futures would face a 0.25 percent tax.
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discussions
In order to download Charlie Rose podcasts to iTunes for transfer to an iPod, you must have iTunes installed. If you do, please click the following link to download the podcast for this interview:
discussions
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MyMoneyBlog
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Pfblogs.org
Taleb’s Thanksgiving Turkey
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[image credit] I’m still in a tryptophan coma, but here’s a timely mention of the story of the turkey from Nassim Taleb’s book The Black Swan which I am (supposed to be) reading. The following excerpt is taken from the transcript of a Charlie Rose interview. —— CHARLIE ROSE: And what is the story of the turkey? ...
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LANDON THOMAS
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NYT
Dubai’s inability to repay its debt is fueling concern that other countries and institutions, and not just in emerging markets, could be in trouble too.
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Msnbc.com
Dubai’s debt woes cast shadow over region
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For years, Dubai seemed unstoppable, an oasis of excess boasting indoor ski slopes and manmade islands, the world's tallest tower and dreams that reached even higher.
Report On Business
DUBAI'S DEBT CRISIS: THE AFTERMATH
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From Saturday's Globe and Mail Published on Saturday, Nov. 28, 2009 12:00AM EST Last updated on Saturday, Nov. 28, 2009 3:45AM EST The Canadian market slid 1.7 per cent on Thursday in the wake of the news from Dubai. But as some market players concluded the previous dayís sell-off may have been excessive, stocks rose on Friday, led by ...
MarketWatch.com
Stocks and commodities spooked by Dubai worries
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Investors’ confidence is shaken by worries about Dubai’s debt woes, precipitating a sell-off in commodities and equities, while the dollar, the Japanese yen and U.S. debt find safe-haven buyers.
MarketWatch.com
Futures Movers: Oil closes 2% lower as Dubai fears moderate
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Crude futures drop as much as 7% to their lowest levels in seven weeks, as investors spooked by Dubai’s debt troubles sell assets perceived as risky, including commodities from oil to metals.
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By EUGENE HOSHIKO
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SFGate
A Zimbabwe cargo plane crashed as it took off from Shanghai's main international airport Saturday, killing three crew members and injuring four others after it veered off the runway and burst into flames. The aircraft's tail struck the ground on takeoff,... Shanghai - Zimbabwe - Xinhua News Agency - State media - China
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LLC.
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Financial Services
China YiBai Wins Two Industrial Awards
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DALIAN, China, Nov. 27 /PRNewswire-FirstCall/ -- China YiBai United Guarantee International Holding Inc. (Pink Sheets: CBGH) (hereafter referred to as "China YiBai"), has recently won two industrial awards in Asian Financial Industry leaders Summit held in Sanya, Hainan Province China. Two awards were "One of the most promising Guarantee ...
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SFGate
First civil lawsuit starts in China milk scandal
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A court is hearing the country's first civil lawsuit by a man whose child was sickened in China's vast tainted milk scandal, state media reported Saturday. At least six children died last year after drinking contaminated baby formula and more than 300,000... China - Infant formula - State media - 2008 Chinese milk scandal - Health
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Fool.com
Will China Buy All the World's Oil?
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Nearly a year ago, as we bid adieu to 2008, we might have expected the members of Big Oil to take off on a shopping spree. As it turned out, though, demand for energy has come from a completely different place: China.
Reuters
Russian train crash kills 39, attack suspected
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UGLOVKA, Russia (Reuters) - At least 39 people were killed and nearly 100 injured when a Russian express train was derailed late on Friday in what the head of the national railway company said could have been a bomb attack.
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Many wait for hours to buy giant flat-screen TVs and other 'door-buster' bargains. But whether all the foot traffic translates into strong sales is yet to be determined. Shoppers stormed Southland malls Friday in a quest for discounted merchandise, some getting into fights as they rushed to nab cheap electronics and video games.
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Baltimoresun.com
Black Friday shoppers out in force
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Linda Wilson, right, of Perry Hall, and daughter Jennifer Michael, left, the first two in line, started the line for the Best Buy store at 2:30 p.m. on Thanksgiving Day. Thousands of shoppers woke up before sunrise to take advantage of "doorbuster" deals typical of Black Friday.
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The Independent
Stephen Foley: Retailers relax as shoppers return on Black Friday
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US Outlook: If you are the head of a retail chain in the US, you'll have been talking for months now about the continuing cautious state of the consumer, the prudent approach you are taking to planning for the holiday season and your limited expectations for the coming, critical weeks of trading. Don't be fooled.
Latest Business Headlines
Shoppers Seek out Black Friday Bargains
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Early Reports Suggest Renewed Holiday Spending Vigor as Retailers Offer Expanded Hours and Deep Discounts
Online
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Detnews.com
Black Friday's deals lure Metro shoppers in droves
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Metro Detroiters filled local malls and shopping centers Friday for the traditional start of the holiday shopping season, but some experts warn that traffic may not remain brisk through the weekend, despite ongoing discounts, or for the rest of the season.
Noreply
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Mish
'Black Friday' Lures Shoppers; Frugality Hits Videogames
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Aggressive Bargains Lure Hordes of Shoppers, but They're Still Slow to Open Wallets says the Wall Street Journal in 'Black Friday' Tests Economy Retailers succeeded in enticing deal-hungry shoppers into their stores on Friday, but at the checkout lines many people were sticking to the most deeply discounted items. That may prove to be a ...
NPR Topics
'Black Friday' Shoppers Buy But Spend Less Green
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This year retailers did their best to lure consumers to open their wallets with lots of early-morning specials. But while the economy has shown some signs of an improvement, analysts say the high rate of unemployment is weighing on people's willingness to spend.
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France will have a stronger hand in recasting Europe’s post-crisis banking and financial services sector over the next five years after its nominee for the European Commission, Michel Barnier, snagged the internal market portfolio.
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STEPHANIE ROSENBLOOM
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NYT
On the nation’s most high-octane shopping day, tighter security was evident at Wal-Mart stores.
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Show 271 of The Engaging Brand leadership and marketing podcast is ready just for you. To subscribe or listen on your PC now - both for free, you don't need to download anything - all explained at the end of...
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Five of the big six energy firms are still overcharging for pre-pay meters, despite new rules from Ofgem, it has been claimed.
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China will come under renewed pressure this weekend to begin strengthening its currency when three of Europe’s most senior economic policymakers visit the country.
REAL DECRETO por el que se modifica el Real Decreto 1040/2009, de 29 de junio, por el que se desarrolla la estructura orgánica básica del Ministerio de Política Territorial y se modifica el Real Decreto 438/2008, de 14 de abril, por el que se aprueba la estructura orgánica básica de los departamentos ministeriales.
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All content on FT.com is for your general information and use only and is not intended to address your particular requirements.In particular, the content does not constitute any form of advice, recommendation, representation, endorsement or arrangement by FT and is not intended to be relied upon by users in making (or refraining from making) any ...
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It was almost a convincing show. The message to the City of London from Dubai was that the city-state had not only weathered the global economic crisis but was now destined to benefit as more financial groups escaped the high tax regimes and mounting regulatory restraints of more established centres.
The global crisis prompted more than the loss of a string of financial institutions. It also inflicted collateral damage to the economic ideology that had sustained the rich world, or at least the US – that of finance capitalism.
... Read more
Amid a plunge in many overseas stock markets prompted by the Dubai debt crisis, there's mounting concern that investors are rushing overseas too aggressively. Manny Mashhoud has done well investing in U.S. stocks for two decades, but the Glendale insurance executive fears that the country's economy could be restrained for several years by high ...
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RTÉ Business
6pm Markets Update
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Global stock markets reacted for a second day over investor alarm about the potential for a widespread default after Dubai's shock demand to suspend the debt of a key state company.
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Here are some interesting thoughts from Stop Acting Rich: ...And Start Living Like A Real Millionaire : Why do so many people hyperspend? Prior to the economic reversals we have recently encountered, most people had similar sets of beliefs about the positive relationship between spending on products and happiness. But in reality, increased ...
BETTINA WASSENER
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NYT
The country’s finance minster has become increasingly vocal about the yen’s strength, fueling talk that the government may artificially weaken it.
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