Word: crediteers
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...school grad moved to the Gulf city-state and quickly co-founded property developer Universal Canlink Inc. By 2006, the firm was turning over $15 million a year as its brochures lured foreign investors with tales of "meteoric" growth in the Dubai real estate market. Now, as the global credit crisis spirals from Wall Street to the Middle East, Ahmed is coming back down to earth. There's still interest, he explains, but the buying frenzy in Dubai is gone. "Before, people were buying blindly without asking much about the details," says Ahmed, a Canadian. "Now such risk takers have...
...Dubai officials insist that they can meet their debt obligations for the next two years. Analysts point out, however, that the credit squeeze compounds a growing challenge to Dubai's revenue streams. The most obvious is the halving of the price of oil from $147 per bbl. to $70 per bbl. since July, sending Middle East stocks tumbling and rendering regional investors increasingly cautious. Likewise, a global recession is likely to tighten the belts of the international investors and holiday makers that Dubai relies on for its real estate and tourism developments. Even before the global crunch, banks...
...doom and gloom, however. The UAE government has funneled $33 billion into the country's banking system to calm the nerves of depositors and investors, promising coverage to foreign as well as local institutions. If the credit crunch shakes out speculators, known as "flippers," from Dubai's real estate market, that could help stabilize wildly inflationary conditions. "I am not necessarily thinking we are in a crash scenario," EFG-Hermes managing director Hashem Montasser tells TIME. "There is still genuine demand. Economies here are still growing. Overall, the economic situation is still very sound. We will see a deceleration...
...Nick Hartigan took two overtime periods to rush for 115 yards on Sept. 24, 2005 has a Harvard opponent racked up over 100 yards on the ground.“That means that they did a good job, and we’ve got to give them credit on that,” Murphy said. “I thought our guys did a good job, but we’ve got a lot to work on.”If the defense had the game-changing plays, the offense continued its consistent production: Harvard has scored at least...
...trillion, or more - factoring in some $705 billion in interest payments in recognition of the fact that the war is being funded with borrowed money. (Nations typically increase taxes in order to finance protracted military conflicts; the Bush Administration, having cut taxes, has had to rely on the credit of others to wage its wars.) The current credit crisis and economic slowdown will considerably raise the pressure on the U.S. national debt, which had already grown from around $6 trillion in 2001 to near $10 trillion today...