Word: banke
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...Scary stuff, indeed, but so far, that worst-case scenario doesn't appear to be materializing. The central bank of the United Arab Emirates promised on Sunday to stand behind the country's banks with fresh liquidity, causing stock markets in Asia to rebound on Monday. Nevertheless, the Dubai debacle is just the kind of dangerous unknown that can still arise out of the financial crisis, even while a general recovery is under way. Financial crises change the rules of the game, especially when it comes to determining how money flows, and where and to whom. Perceptions of risk among...
...problems, new ones are appearing as well. Fears continue to mount that the loose monetary policies put in place by central banks worldwide are creating potentially destabilizing increases in property and stock prices. "Asset bubbles could be the next fragility as the world recovers, threatening again to destroy livelihoods and trap millions more in poverty," World Bank President Robert Zoellick recently wrote in the Financial Times. Property-market analyst Nicole Wong at brokerage CLSA argues that Hong Kong may inevitably be heading for "another boom and bust" in its real estate sector, due to a combination of tight supply...
...rest of the world, the dispute presented a golden opportunity. The Middle East didn't waste time, stepping in with loans and development projects - or as one Western observer put it, "a rain of dollars." In June, the Islamic Development Bank - a lender in which Saudi Arabia, Libya and Iran hold the three largest stakes - agreed to build a railroad connecting Turkmenistan and Iran, the first direct rail link between the Islamic Republic and Central Asia. "As of today, our relations with the Islamic bank have really been activated," Tuvakmammed Japarov, the country's deputy prime minister for the economy...
...According to a 200-page CBI report, Satyam insiders forged board resolutions to secure $260 million in bank loans which were diverted for personal use, and over several years generated fake customer identities and account statements to inflate Satyam's revenues by millions of dollars, boosting the company's share price and making its books look far healthier than they were. Investigators following the paper trail have discovered that embezzled funds were channeled into 1,065 properties valued at $74 million, including some 6,000 acres of land, 40,000 sq. yd. of housing plots...
...Shelby wants to impose strong regulation on financial firms to prevent them from getting "too big to fail." He agrees with Dodd that there should be a consolidated regulator for banks, though perhaps not the single supervisor Dodd envisions. But Shelby opposes Dodd's plans for eventually doing away with the 150-year-old division of regulation between state and nationally chartered banks. And he also opposes Dodd's plans for a systemic risk council, which he sees as redundant since bank regulators already are tasked with curtailing overall risk...