Word: sectoral
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...Dubai's biggest risk is its reliance on debt to drive its breathtaking building boom. Moody's has estimated that Dubai's government and public-sector company debt was at least $47 billion, a staggering 103% of the emirate's 2006 GDP. The rating agency said it expected debt to outpace GDP for an additional five years, making Dubai very exposed to financial and geopolitical risks...
...reason for the relative lack of panic so far is that Dubai real estate remains a financial haven for wealthy individuals from less stable countries like Iran and Pakistan. What's more, Dubai's property sector is dominated by a handful of companies--collectively dubbed Dubai Inc.--that are directly or indirectly owned and controlled by the government. Some argue that Dubai's authorities could thus avert a bubble burst by keeping finished projects off-line until conditions improve. Also, in the event of a systemic threat, Dubai can probably rely on superrich Abu Dhabi for a bailout...
...reasons known only to these contributors, the traditionally Republican defense sector is supporting a Democratic presidential candidate who may be bad for business," says Massie Ritsch of the independent Center for Responsive Politics, which came up with the numbers after analyzing Federal Election Commission data for the 2008 election cycle released October 27. "Defense contractors know that contributions lead to access, and that access can lead to government contracts." And they're going to keep coming if Obama wins Tuesday. "I don't see defense spending declining in the first years of an Obama Administration," one of the Democrat...
...Analysts say government officials are trying to keep a wave of business failures in the property sector from engulfing the larger domestic economy. Commercial and residential real estate markets in Japan are slumping, and with banks reluctant to lend, developers, contractors and other property companies are increasingly in peril. On Oct. 9, New City Residence Corp., a real estate investment trust, went bust, becoming the first REIT to fail since the trusts were allowed to sell stock to the public. "Property developers could face more bankruptcies if banks continue their severe attitude," says Masahiro Mochizuki, a REIT analyst at Credit...
...factory jobs to transition to manufacturing higher value-added products and jobs in the service industry. "In a way, the crisis could work out well for China. It has the potential to help in rebalancing the economy away from production" to the creation of more jobs in the service sector, says Dollar. If GDP growth slows further to 8%, the government still can hit its job creation targets, but the speed with which the adjustment happens will be critical, he says. "We're going to learn just how well the capital and labor markets work in China. The concern...