Word: oiled
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...tied up and shut in the cellar," says economist Marc Touati, director general of research and strategy group Global Equities in Paris. Touati adds that recent developments - including American and European bail out plans for banking and financial systems valued together at over $4 trillion and the drop in oil prices and value of the euro - have given markets lots of reason to be bullish big time. "But they're are acting like spoiled kids throwing a tantrum: They've gotten gifts and excessive daily attention, but they just rant harder. Let's leave them a bit to work through...
...markets altering their view of the economic glass as half full or empty almost daily. When investors eventually return to reasoned trading, some observers think, the wider picture won't be as dark as many people expect. Touati notes, for example, the rescue plans, rate cuts, drop in oil prices, and fall of the euro are all positive developments for businesses. The downward pressure on stock prices across the board, meanwhile, suggests speculative markets are already factoring in anticipated declines in company results as the economy slow down. In other words, Touati says, a lot of the pain now being...
...world. Stock markets have plunged, banks have stopped lending to one another, and central bankers and treasury secretaries appear daily on television looking worried. Many economists have warned that we are facing the worst economic crisis the world has seen since 1929. The only good news is that oil prices have finally started to come down...
...critics, the plan smacks of oil-fueled excess, an attempt to one-up rivals on the mad dash across the Arabian Peninsula to build the tallest, biggest, glitziest structures. Their coffers bulging with surpluses, many Persian Gulf states are turning their desert into one giant construction site. There's the City of Silk project in Kuwait, Dubailand in Dubai and any number of ports, airports, universities and giant residential and industrial complexes abuilding in Qatar, Abu Dhabi, Bahrain and elsewhere. KAEC "is not a vanity project, but there is definitely a statement being made," says a Riyadh businessman who asked...
...cities are the centerpiece of Saudi Arabia's plans to diversify its economy from oil and gas and to boost its manufacturing sector, especially in energy-intensive industries like aluminum and steel. KAEC, for instance, will have a $5 billion smelter built by the United Arab Emirates firm Dubal, one of the world's largest aluminum manufacturers. Another Emirates firm, Emaar, is the city's main developer; there's scarcely any government investment or involvement in the construction. Other companies that have signed up to invest include France's Total, Sweden's Ericsson and U.S. firm Capri Capital, which...