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...climate change conference was obviously a waste of time. World leaders have obviously - or conveniently - forgotten the meaning of the word consequence. But isn't it strange that the worst weather in decades to hit Europe and the eastern U.S. occurred immediately after the conference? Could this not be a message to those same world leaders? Ian Vincent, NAIROBI
Industrial properties are just one segment of the commercial market - the others being offices, retail sites, apartment buildings and hotels. But the problems Bonney showed me apply across the board. First, commercial mortgages are about to hit a refinancing wall. Deutsche Bank's Parkus estimates that more than 65% of the loans that have been packaged into commercial mortgage backed securities won't qualify for refinancing when they come due. Second, banks are already facing painful choices about what to do with short-term land and construction loans that will never be paid off in full. Finally, the vulture investors...
...upside of this approach is that it gives banks time to work out problem loans in an orderly fashion. It also averts a big hit to the FDIC's empty insurance fund. The downside is that it drags out the correction for years, delaying any rebound. "The smart money, and there is plenty on the sidelines, is waiting for the bottom to materialize," says Bonney. It may still be waiting a year from...
...films. Fox Star CEO Singh says he hopes to start making up to five Indian films a year. He is betting on the studio's first Indian co-production My Name Is Khan, to be released globally next month. It has all the right ingredients: Bollywood screen royalty, a hit director and the requisite hype. And if it clicks, it could be the script for the ultimate Hollywood-Bollywood love story...
...meantime, the U.S. has been pounding it with missiles. A pair of missiles hit a house in the Mishta area of South Waziristan on Friday, the 10th such attack in roughly two weeks in Pakistan's tribal belt bordering Afghanistan. Two intelligence officials told The Associated Press that the two people killed were suspected militants. The officials spoke on condition of anonymity because they did not have the authority to make such disclosures to the press...