Posted on 11/30/2009 5:57:45 AM PST by EBH
DUBAI, United Arab Emirates – A top Dubai finance official says heavily indebted Dubai World is not guaranteed by the emirate's government.
Abdulrahman al-Saleh, director general of Dubai's Finance Department, says lenders to the conglomerate bear some responsibility for the current crisis. (snip)
Al-Saleh said while Dubai owns Dubai World, it has been known since the conglomerate was established that it was independent and that it "is not guaranteed by the government."
(Excerpt) Read more at news.yahoo.com ...
DUBAI, United Arab Emirates – A top Dubai finance official says heavily indebted Dubai World is not guaranteed by the emirate's government.
Yep! Time to bail.... :-)
They ain’t gonna have a chance now.
Dive, Dive, going down.........................
They are probably applying for US stimulus funds as we speak...
Yup.
>> lenders to the conglomerate bear some responsibility for the current crisis.
Now there’s a novel concept.
Give it some time. You’ll be able to buy your own arid island paradise for pennies on the dollar soon.
Sounds like Dubai is more capitalist than America.
I read Citi gave them 8 Billion a couple weeks ago after getting billions from our fed.
It’s okay to lie to the infidel.
Investors have the full backing of Dubai World, one of the largest holding companies in the world as its ultimate parent holding company. Investors can expect high returns on their investments. Investment risks are also mitigated significantly by a widely-diversified investment portfolio that stretches across many geographies and industries.
Dubai World owns and invests in companies that are the driving force behind World-class projects such as ‘The Palm’, ‘The World’ and DP World which is the 3rd largest marine terminal operator in the world. It is a class leader in many markets and industries.
Dubai World is committed to all its stakeholders - investors, shareholders, employees, customers and vendors.
http://www.dubaiworld.ae/en/Investments/Index.html
U.S. stock futures up on Dubai containment hopes
http://www.marketwatch.com/story/us-stock-futures-up-on-dubai-containment-hopes-2009-12-01
What fantasy world are these folks living in? Even the comments below the article reflect the LACK of constainment hopes.
They are only going to restructure half their debt? Half now and default on the other half when?
Last week I tracked through one of their companies that they handle a lot of employee medical benefits here in America. The Senate opens debate on medical/insurance reform this week and Dubai World is looking for the white knight to restructure? C’mon I burnt my tinfoil hat up on this. Who in our leadership has holdings in Dubai World or one of the affiliates?
Broker insurance, medical insurance, banking insurances....
Debt from subsidiaries including Infinity World Holding, Istithmar World and Ports & Free Zone World will be excluded from the negotiations, Dubai World, one of the emirate’s three main state-related holding companies, said in a statement.
http://www.bloomberg.com/apps/news?pid=20601013&sid=aXO4dShSSWes
You’d think that eventually all this daisy-chained financial tomfoolery would start to weigh down the world economy, no?
I mean, don’t you eventually have to sell products that the buyer values more than money?
I agree one would think something would unravel from all this tomfoolery. What I do see in reading the comments sections on some of these articles though is people are not being fooled. It seems a lot of folks realize the jig is up and are simply waiting for the final turn.
What we’re watching though is the slow deflation of the capitalist macroeconomics and replacing it with Keyesian. Many expect inflation to be right around the corner, but it won’t be for some years out yet. The deflation is being felt in areas like jobs and basic economic growth, but we’re not seeing the prices on many goods fall to stable new levels.
Last year we witnessed the offloading of heavy inventories, this year the selections are slimmer and price deals are not so easy to come by. Recall last year you could almost walk into any store and name your price. I work retail and our inventory selection is much slimmer this year. Items with lowered prices are actually last years clearance items. Prices on regular items have not come down in the deflationary cycle this time. So that makes it hidden inflation?
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