Word: dubai
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...Dubai's financial crisis may have calmed a bit now that the central bank of the United Arab Emirates has promised to stand behind the city-state's banks with fresh liquidity. After all, the U.A.E., to which Dubai belongs, has perhaps $700 billion accumulated from petroleum riches - a resource that Dubai, which is apparently stuck with tens of billions of dollars in debt, does not enjoy...
...question remains, if the central bank in Abu Dhabi decides it no longer wants to help out its construction-crazed, oil-bereft dependent, what assets would Dubai be able to offer up to the foreign banks who are owed billions? (Read about the Dubai debacle and the world financial crisis...
...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...
...That was made clear on Nov. 25 when the city-state of Dubai shocked the global investment community by asking creditors of its main corporate arm, ports-and-property conglomerate Dubai World, for a six-month payment standstill on its almost $60 billion of liabilities. The surprise hit stock markets in Asia and the U.S., while sending investors scrambling for safe havens like the U.S. dollar. Experts have since engaged in a rabid round of speculation over what the Dubai debt crisis might mean for the world economy. Some see the problem as little more than a big real estate...
...effect that could have on its struggling export sector. China "is like watching a duck swim," says Giles Chance, author of the recently published book China and the Credit Crisis. "On the surface it seems fine, but underneath it's quite chaotic." (Read "How Wall Street's Bust Threatens Dubai's Boom...