Word: gulf
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...moreover, even if valuations in the U.S. financial sector get more appealing should the market rout intensify, there's another factor in play: governments in East Asia and the Gulf want their funds to help domestic companies, not foreigners. On Thursday, for example, Beijing's CIC announced it would make investments in three of China's biggest commercial banks - Industrial and Commercial Bank of China, Bank of China and China Construction Bank - that themselves are getting hurt by an economic slowdown and a real estate slump at home. "This is a significant policy initiative aimed at supporting China's leading...
...Baton Rouge, the state capital, is facing the worst electrical damage in its recorded history and isn't even mentioned. Ninety percent of the city was without power after Gustav hit. Thousands of homes were lost or suffered significant damage. New Orleans isn't the only city on the Gulf Coast. Sarah Glover, Baton Rouge, Louisiana...
...Baton Rouge, the state capital, is facing the worst electrical damage in its recorded history and isn't even mentioned. Ninety percent of the city was without power after Gustav hit. Thousands of homes were lost or suffered significant damage. New Orleans isn't the only city on the Gulf Coast. Sarah Glover, BATON ROUGE...
About three years ago, when Saddiq Khan finished college in Pakistan and began working for a real estate brokerage firm in Dubai, it seemed impossible not to make money. Foreign buyers from Europe and the U.S. were flocking to the Gulf to get a slice of the oil boom and take advantage of the region's loose tax laws and resort lifestyle. Developers competed to launched one headline-grabbing mega-project after another: a ski slope inside a shopping mall, luxury skyscrapers, condos on artificial islands shaped like a giant palm tree. "It was crazy," says Khan...
...jitters on Wall Street could sharpen the eyes of Arab regulators for the kind of irrational exuberance that got American investors in hot water. "The unscrupulous spending of the past will be slowed in the months to come, which will have a positive impact overall," says Sfakianakis. "Many Gulf economies were growing so quickly that they were on the verge of overheating...