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The doomsday of Dubai’s economy is yet to come. The market is ok. It’s just a minor problem, says Bloomberg.
Dubai World said it began “constructive” talks with banks to restructure $26 billion of debt, including liabilities owed by units Nakheel World and Limitless World.
Debt from subsidiaries such as Infinity World Holding, Istithmar World and Ports & Free Zone World will be excluded from the negotiations because those companies “are on a stable financial footing,” Dubai World, one of the emirate’s three main state-related holding companies, said in a statement.
The company is seeking to delay payments on less than half its $59 billion of debt, damping concern that its potential default may set back the global financial system’s recovery from the credit crisis that sank the world economy into recession. Stocks erased losses in the U.S. after the announcement, sending the Standard & Poor’s 500 Index up 0.4 percent.
Continue Reading »Dubai it turns out not as glamorous as it seems. On paying debt in particular
DUBAI, United Arab Emirates — As world markets absorbed the shock of Dubai’s debt crisis, the ruler of the once-booming city-state left town for an important meeting in a desert palace. His hosts: the leaders of neighboring Abu Dhabi whose balance sheets are flush with oil revenue.
It’s not known what promises were made inside the halls in Al Ain during the parade of visitors for an important Islamic feast day on Friday. But their new relationship is clear. Abu Dhabi has the cash and cachet to be Dubai’s white knight — in a Gulf version of a too-big-to-fail bailout or to help calm markets with promises to intervene if Dubai’s fiscal mess deepens.
Continue Reading »Surprising to see Indonesia is less affected than Singapore (for the first time) by the global economy crisis. Compare this to 1998 economy crisis–which brought down Suharto-- in which Indonesia was the worst hit:
Indonesia’s economy probably grew at the fastest pace in Southeast Asia last quarter as buoyant local spending helped the nation fend off the global recession.
Gross domestic product expanded 4.3 percent in the three months to March 31 from a year earlier, compared with a 5.2 percent gain in the previous quarter, according to the median forecast of 19 economists in a Bloomberg News survey. The statistics bureau is due to release the data in Jakarta today.
Indonesia has been less affected than its neighbors by the worst global slump since World War II as it isn’t as reliant on exports as other Asian nations. Singapore’s economy shrank the most since at least 1975 in the first quarter and Thailand’s Finance Minister Korn Chatikavanij estimates a “pretty bloody” GDP contraction of as much as 6 percent in the same period.
Continue Reading »Japan’s industrial output has had its steepest fall in more than half a century while unemployment has hit a three-year high and household spending continues to slide, according to the latest raft of government data.
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