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...reports a relatively small $1.2 billion quarterly loss and says it will start repaying $50 billion in federal...
Supporters expect the project to mean great things for the Land of Enchantment. With site tours and a museum planned, organizers hope to welcome 1 million visitors annually. An independent study has forecast up to 5,000 new jobs and a $1 billion boost to the region's economy as Virgin Galactic and other aerospace companies move from tourism into commercial spaceflight like low-cost satellite launches...
Dubai, the Arab world's glittering, golden embodiment of capitalism, is broke. On Nov. 25, the emirate announced it would postpone payments on some of its $80 billion in debt, sending markets into a tailspin...
...Dubai's heavily leveraged business ventures couldn't withstand the ever souring economy. In 2008, real estate prices dropped 50%; new construction all but stopped. Sheik Mohammed has downplayed the rising debt, which some estimate to be more than 100% of GDP. Despite a $15 billion bailout from Abu Dhabi, the bills are still mounting. Unless they're paid off, it looks as if Dubai's vision of becoming a desert Singapore may be just a mirage...
...housing crisis, too, is a political sore point. Last week Treasury announced the initial results of its program to rewrite troubled residential loans. So far, of the more than 3 million past due loans at banks participating in the government's $75 billion loan-modification program, just slightly more than 30,000 have been permanently adjusted so the mortgage holders can make lower, government-subsidized payments. That means millions of troubled homeowners and millions of potential bad loans still on banks' books, perpetuating the uncertainties and fears that can undermine any economic recovery. Obama wants the banks to move faster...