Word: britisher
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...negotiating table to be able to wring out payment. Dubai's on-balance-sheet debt seems to be about $80 billion (and some observers believer there could be a substantial amount of off-balance-sheet debt as well). About 40% of the official debt is held by British banks, 30% by E.U. firms, about 9% by U.S. institutions and 7% by Japanese ones. According to a source close to Dubai World, the city-state's representatives now wants to write off some $30 billion of its debt...
...tranche due in mid-December. Yet, with some 400 property projects already reportedly frozen in Dubai, the news raised the specter of a gigantic default that would sink exposed creditors around the world. "Inspired by Islamic artifacts," read the sheik's post on Twitter during a visit to the British Museum as share prices from Tokyo to New York City were about to plunge in response to Dubai's announcement. (See a story about Dubai's debacle and the global financial crisis...
...continent's most famous exploration, however, remains the race to the South Pole in the early 1900s between British naval officer Robert Falcon Scott and Norwegian explorer Roald Amundsen. Using 52 sled dogs and with four companions, Amundsen won the race - making it to the pole after a near two-month journey on Dec. 19, 1911. It took until nearly March for the team to reach Tasmania where they could send a telegram to let the rest of the world know of their feat. Scott later arrived on Jan. 17, 1912, just a month after Amundsen, but his entire team...
...signing of the Antarctic Treaty dedicated the continent entirely to research, from which have come a slew of discoveries about our planet. British scientists discovered the gaping, man-made hole in the ozone layer in the 1980s, while studies of Antarctic ice have contributed to our understanding of climate change - and increased concerns over catastrophically high sea levels if the continent's thick glaciers were to melt. One of the most integral aspects of Antarctic scientific study remains, surprisingly, meteorites: the continent is a collecting ground for them, preserved well because they naturally bury into the ice for thousands...
...feel sorry for the five British yachtsmen who set sail from the tiny Middle East state of Bahrain last week. First, a dodgy propeller apparently stalled their vessel's progress toward the nearby emirate of Dubai. Worse still, seemingly adrift in the Persian Gulf, their 60-ft. boat appears to have inadvertently coasted into the territorial waters of Iran. Duly halted by Iranian naval vessels on Nov. 25, the men - seasoned sailors who had planned to take part in a yacht race from Dubai the following day - were swiftly whisked into the uncertain fate of Iranian custody at a moment...