Middle East
RBS Led Dubai World Lenders, HSBC Has Most at Stake in UAE, JPMorgan Says Royal Bank of Scotland Group Plc was
the biggest underwriter of loans to Dubai World, the state
company seeking to reschedule debt, while HSBC Holdings Plc has
the most at risk in the United Arab Emirates, according to
JPMorgan Chase & Co.
Dubai Woes May Escalate to `Major Sovereign Default,' Bank of America Says Dubai’s debt woes may worsen to
become a “major sovereign default” that roils developing
nations and cuts off capital flows to emerging markets, Bank of
America Corp. said.
U.S. Stocks, Commodities Slide as Bonds, Dollar Gain on Dubai Debt Crisis U.S. and emerging-market stocks
slumped and commodities dropped as Dubai’s attempt to delay debt
repayments unnerved investors. Treasuries and the dollar rose
while credit-default swaps surged.
Dubai Debt May Exceed $80 Billion on Off-Balance Sheet Liability, UBS Says Dubai, the Persian Gulf emirate
whose state-run companies are seeking to defer debt payments,
may owe more than the $80 billion to $90 billion in liabilities
assumed by investors, UBS AG analysts said.
Mobius Sees a `Correction' From Dubai Crisis as Das Predicts Risk Aversion Dubai’s attempt to reschedule debt
may spur a “correction” in emerging markets, according to Mark
Mobius, while the global slump in equities shows government
spending alone won’t protect financial markets, Arnab Das of
Roubini Global Economics said.
Abu Dhabi Commercial Bank Is Said to Be Owed $1.9 Billion by Dubai World Abu Dhabi Commercial Bank PJSC may be
owed $1.9 billion by Dubai World, making it the largest creditor
outside the emirate to the state company seeking to reschedule
debt, said two people familiar with the companies.
Nakheel Bonds Plunge on Dubai Request to Reschedule Payments: Chart of Day Bonds sold by Nakheel PJSC, a real-
estate developer controlled by Dubai, plunged more than 50
percent after the Gulf state sought to delay debt payments.
India Studying Effect of Dubai's Debt Delay Plan on $1.2 Trillion Economy India, the world’s top recipient of
migrant remittances, is examining the effect Dubai’s attempt to
delay debt repayments may have on Asia’s third-largest economy,
central bank Governor Duvvuri Subbarao said.
Crude Oil Tumbles to a Six-Week Low as Dubai Debt Delay Rattles Investors Crude oil in New York fell as
Dubai’s attempt to reschedule its debt bolstered the dollar and
prompted investors to sell commodities.
Murray & Roberts Says It's Confident of Being Paid for Dubai Airport Work Murray and Roberts Holdings Ltd.,
South Africa’s largest construction and engineering company,
said it is “confident of its rights” in being paid for its
share of $1 billion of work at Dubai’s airport. It’s stock fell.
Sheikh Khalifa of Abu Dhabi Receives Sheikh Mohammed of Dubai to Mark Eid The ruler of Dubai, the United Arab
Emirates sheikhdom seeking to delay repayment of its debt, met
Abu Dhabi’s leader for religious and national day festivities
after Abu Dhabi government-run banks loaned $5 billion to Dubai.
Iran Censured by UN Atomic Agency for Concealing Nuclear Enrichment Plant The United Nations atomic agency
censured Iran for concealing a uranium enrichment plant,
repeating calls for the government in Tehran to suspend nuclear
activities and cooperate more fully with investigators.
Abu Dhabi Prepares for Louvre With Giant Gorilla, Picasso, Beirut Jigsaw A three-meter gorilla made of wire
boosted Abu Dhabi’s art fair this week, as the city prepares to
open offshoots of the Louvre and Guggenheim.
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