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	Why the banks won't price their toxic assets
	Dubai: What goes up must come down
	Continental plane crash ends remarkable aviation safety streak
	Stocks picks and pans: MCD, CPB, CLH, POT, KO, VZ, TIF, HNZ ...

Boeing (NYSE:BA) delayed the launch of its 787 Dreamliner four times. That certainly allowed some customers to ask for penalties and it even may have allowed some airlines to cancel orders without financial consequences. Boeing has already reported a bad quarter due to weak sales and a worker strike. The recession in air travel and Boeing's tardiness in getting its new aircraft out the door may be about to exact a very large pound of flesh from the U.S. firm.

According to The Wall Street Journal, "A Dubai-based aircraft-leasing company called LCAL -- set up specifically to handle the Boeing 787 Dreamliner -- has decided to cancel 16 of the 21 jetliners it had on order."

Sometimes in a recession, it's worth watching the little things for signs that the economy is getting worse.

Dubai is, by most measures, part of one of the richest countries in the world. It has vast supplies of oil, even though it is a small country Dubai is small geographically.

Yesterday, the news came out that a government-owned investment fund had fired 10% of its employees. According to the AP, "Istithmar World said Sunday it is cutting the 13 jobs because of 'external market conditions' and to match its resources with its current needs."

Granted, the price of oil has fallen, but the news may have a broader meaning. Middle East sovereign funds have provided investment capital to the West, including making large investments in some of the world's largest financial firms.

The U.S. government is still hoping that private capital will come into troubled U.S. banks so the the taxpayers are not the only investors. At the very least, the Treasury would like to see some of the money it has put into financial firms purchased by private equity operations sometime in the next year or two.

For now, it looks like the federal government won't get much help from formerly flush investors like the ones in Dubai.

Douglas A. McIntyre is an editor at 247wallst.com.

In the wake of Wall Street's recent tumble, several cities have started vying for New York's position as the center of worldwide finance. In Shanghai, for example, some investors have noted that, in spite of the city's relative inexperience in the world of high finance, it is swimming in cash. Tokyo, meanwhile, is working on rearranging its regulatory structure in an attempt to make its markets more attractive to international investors.

Perhaps the most interesting competitor for the throne of worldwide financial center is Dubai. Currently in the middle of a massive construction boom, the city has taken a variety of steps to make itself attractive to foreign workers, including relaxing Islamic law and creating so-called "free zones," where taxes are greatly reduced. On the other hand, Dubai has a mean humidity of over 60% and several months where the average temperatures top 100° F. Of course, if everything was based on climate, the worldwide financial center would probably be in the South of France!

While it's hard to imagine New York ceding its position at the heart of worldwide finance, the same could once have been said of Venice or London. The one constant in world history is that nothing lasts forever, and countries that fail to remain competitive do so at their peril. While we wait to see the future of New York, I'm going to try to imagine Jim Cramer in a keffiyah!

Wall Street has a habit of riding its booms a bit too long. And that leads to collapse, layoffs, and hand wringing about the future. But it looks like Wall Street is already moving forward. And that means exporting its future by taking its finance franchise to cash rich countries and out of the canyons of Wall Street.

Wall Street's boom and bust cycles tend to eclipse a decade. In the 1980s, junk-bond fueled takeovers created massive amounts of wealth -- and also led to the collapse of junk-bond issuer Drexel Burnham. Wall Street licked its wounds for a few years and by the mid-1990s it had reinvented itself as the headquarters for Internet initial public offerings. That bubble burst in 2000. Then the Fed cut rates to 1% and Wall Street reemerged as a packager of mortgages -- along with servicing hedge funds and private equity moguls.

That all ended last August and the collapse of that bubble led to the demise of Bear Stearns and Countrywide and the loss of about $8 trillion worth of wealth. The New York Times reports that the latest collapse has cost 80,000 finance jobs as well. But Wall Street is already mapping out its future by following the money. And the Times pinpoints where Wall Street thinks that money resides -- based on the growth in the number of Wall Street people moving to various global money centers.

MAJOR PAPERS:

• According to senior industry sources, the Financial Times reported that the Ministry of Defense could ask General Dynamics Corporation (NYSE: GD) to provide the vehicle design for a new generation of armored vehicles for the army. It is unclear whether General Dynamics, in competition with Nexter and Artec, will be awarded the contract or will be named the preferred bidder.
• Following the collapse in March of The Bear Stearns Companies Inc (NYSE: BSC), the Financial Times also reported that the SEC will soon require Wall Street banks to publicly disclose more details about liquidity and capital positions. Cox also urged lawmakers to pass legislation that would allow the SEC, or another regulator, the "explicit mandate to supervise" investment banks.

OTHER PAPERS:

• According to the New York Times, Citigroup Incorporated (NYSE: C) will move senior investment banker Alberto Verme to Dubai by the end of the month in the hopes of establishing a stronger foothold in the region, a crucial area for global banks.
• The New York Times also reported that several large oil companies, including BP Plc (NYSE: BP), ConocoPhillips (NYSE: COP) and Chevron Corporation (NYSE: CVX), agreed to pay nearly $423M in cash in order to settle a lawsuit that alleged water contamination from methyl tertiary butyl ether, a gasoline additive. Under the terms of the deal, the oil giants also agreed to pay 70% of the future cleanup costs for the next 30 years. Exxon Mobil Corporation (NYSE: XOM) and several other companies named in the suit did not agree to the deal.

MAJOR PAPERS:

• The Wall Street Journal's "Heard on the Street" reported that VCG Special Opportunities Master Fund, a $58M asset hedge fund which is owned by an investment firm that also owns a Puerto Rican investment bank, is separately suing Citigroup Incorporated (NYSE: C) and Wachovia Corporation (NYSE: WB) for requiring it to pay money from "credit default swaps" as the value of mortgage backed bonds fell.

OTHER PAPERS:

• In an attempt to cut back its growth plans due to higher fuel costs, AirTran Holdings Inc (NYSE: AAI) CEO Bob Fornaro said the Orlando-based airline will sell two jets next month. The Orlando Sentinel reported that record fuel costs could also impact AirTran's negotiations with its pilots union.
• Fnac is in talks with Apple Inc (NASDAQ: AAPL) to sell the iPhone in France, Le Figaro reported. The head of PPR SA's Fnac Chain, Denis Olivennes, said France Telecom's (NYSE: FTE) exclusivity rights for the iPhone in France are "inadmissible."

WEB SITES:

• Bloomberg reported that the head of Dubai International Capital, Sameer al-Ansari, said that as losses increase from the subprime mortgage market turmoil, Citigroup may need additional capital from outside investors.

Citigroup (NYSE: C) may need more cash. The head of Dubai International Capital told Reuters that it would take "a lot more money" to rescue Citigroup following investments from Abu Dhabi, Kuwait and Saudi Arabia's Prince Alwaleed.

The statement has the benefit of probably being true. Citi is almost certainly faced with more subprime losses and its derivative holdings of credit cards and munis plus LBO paper could lead the bank to have to write-off billions more in losses from these.

The question is where will the big bank go. Sovereign funds may not have an appetite for putting up more capital. US private equity firms may find the deal too risky. Things may get bad enough that the Fed will have to step in and give Citi a huge loan to keep its balance sheet solid enough for the bank to remain solvent.

The "a lot more money" may come from taxpayers.

Douglas A. McIntyre is an editor at 247wallst.com

Dubai World, a state owned investment company, announced that it has increased its ownership in MGM Mirage (NYSE: MGM) to 6.5% by purchasing an additional five million shares of stock in the company.

Following the announced purchase, Lawrence Klatzkin of Jefferies & Co. told his clients that MGM is one of his top three picks and maintains a "buy" rating. According to Klatzkin, investors can expect to see Dubai World continue to add to its MGM holdings. This will continue to help keep the stock strong and definitely minimize any sort of downside risk.

Dubai, which has been swimming in money since the oil boom brought billions into the economy, has been moving fast over the past decade to branch out in its revenue streams. Seeing the end of the country's oil reserves in the near future, the country has been working hard to become one of the world's top tourist destinations, and moving into Las Vegas gaming is just one more step in the country's strategy to remain a relevant world player once the oil runs dry.

Michael Fowlkes has worked as a stock trader for seven years and spent the last four years working as an analyst for the online investment advisory service Investor's Observer.

BloggingStocks readers and AOL Money & Finance visitors have spoken, and below are the Best & Worst of 2007. (See the individual posts for full results.)

Company of the Year: Google, internet search provider turned diversified services giant, received 51% of the vote, beating such strong contenders as Apple and Coca-Cola.

Hottest Gadget of the Year: After all the hoopla surrounding the launch of the iPhone, it's no big surprise that it tops this category, with 47% of the vote, besting second place finisher the Nintendo Wii.

Dumbest Celebrity Feud: Rosie O'Donnell's squabbles with Donald Trump (and also with Elizabeth Hasselbeck) garnered 66% of the vote, easily beating out the back-and-forth between Britney Spears and her ex, Kevin Federline.

Hottest Car of the Year: The Cadillac CTS led with 43% of the vote, easily beating the BMW M3 and others in this category.

Dumbest Moment in Business: JetBlue's stranding of passengers on a cramped, grounded airliner for hours netted 51% of the vote.

We recently took a look at the Best & Worst of 2007 in sixteen categories and asked you to vote for your favorites, as well as sharing the reasons for your picks and any other contenders we may have overlooked. And voting is off to a strong start, with more than 100,000 votes in each category so far.

Some categories have shaped up to be close races. Chuck Prince, Bill Ford, and Bob Nardelli each have a little less than a third of the vote for Best CEO Departure of the Year. Britney Spears and Michael Vick are neck and neck as the Celebrity Most Likely to Lose It All, while Lindsey Lohan's relatively low profile recently has garnered her just 6 percent of that vote. In the Most Shameless Attempt at Cashing in on '15 Minutes', Sanjaya Malakar has a slim lead over Howard K. Stern/Larry Birkhead, but poor Chris "Leave Britney Alone!" Crocker has gotten no respect with a mere 6 percent of the vote. McDonald's has a small lead as the Hottest Chain Restaurant, thought Chipotle isn't far behind with more than a quarter of the vote. And while the iPhone has the lead now as the Hottest Gadget of the Year, it and the Nintendo Wii have been trading places as the front runner.

This post was part of the AOL Money & Finance Best & Worst of 2007 feature. The voting has now closed and readers have chosen the Dubai as the breakout city of the year. Be sure to let us know in the comments if you are pleased with this result.

What are breakout cities? Cities that seemed to pop up in news stories with uncommon frequency, that have developed a cachet, that appear on the itinerary of early adopters. For your consideration here are four outstanding, very different candidates for this honor. Which whets your travel appetite?

Dubai City, U.A.E.
Nothing helps build a city quicker than petrodollars and a monarchy devoted to world-class projects. Dubai has all of that and more. The city that calls itself the "City Built For Tourism" is known as the home of the world's largest free-standing hotel, the Burj Al Arab. This ultra-ultra-luxury, 1,000-ft. tall hotel with a profile evoking billowing sails has quickly become the symbol of Dubai.

Under the vision of the ruler Mohammed bin Rashid Al Maktoum, Dubai has used its free-trade zone status to also develop into a world center for business. Having the world's largest manmade harbor and an airline that serves as a hub for the Persian Gulf region (with a new one under construction) helps, too. Dubai's acceptance of other culture's mores has helped turn it into a popular tourism destination, as well.

Perhaps each household in Dubai will end up with its own PlayStation 3 console. The country's investment arm, Dubai International Capital, says that is has bought a "substantial" piece of Sony (NYSE: SNE), according to The Wall Street Journal. Cash-rich funds from several Arab countries have started investing in companies in the US and Europe.

The move makes a great deal of sense. Sony trades at about $49, down from a 52-week high of almost $60. Its LCD business did well in the last quarter and should show strong holiday results. The company's studio business has been solid.

That only leaves the Sony's game console business. The old PS2 video game platform still sells well, and there is some early evidence that the newer PS3 is selling better since Sony lowered its price. Nintendo's Wii has been outselling the PS3 in almost every market around the world.

Sony is not likely to be the last investment by Dubai. With the stock markets running down, there are plenty of promising companies with stock available at attractive prices. If someone has a lot of cash.

Douglas A. McIntyre is an editor of 247wallst.com.

Boeing (NYSE: BA)'s announcement Monday that it had won an order for 100 planes valued at $13.7 billion from Dubai Aerospace Enterprise caps a superior year for the aerospace giant, and provides solid momentum heading into 2008.

Dubai Aerospace, the Persian Gulf emirate's entity aimed at establishing a large airport and aviation-services company, said it ordered 70 Boeing 747 Next Generation planes, 15 787 Dreamliner plane, 10 777-300ERs and five 747-8 freighter planes. (Earlier, Dubai Aerospace also announced an order for Airbus aircraft valued at $13.5 billion: 70 A320s and 30 A350 XWBs.)

The Boeing order helps cap a very good year for the Chicago-based company. Boeing booked orders for 966 planes through Nov. 6. The latest contract win is somewhat of a surprise, as many analysts had expected global orders to begin to slow; so far, there's little indication of slowing demand from emerging market regions in Asia, Latin American and the Middle East. Boeing's shares fell 80 cents to $93.41 in Monday morning trading.

Further, a considerable portion of that demand is coming from Middle East sources. For example, with its order, Dubai Aerospace, through its capital arm, hopes to become a world-class aircraft leasing business based in Dubai.

The New York Times [registration] reports that the Carlyle Group and the NASDAQ Stock Market, Inc. (NASDAQ: NDAQ) are selling out to one of the countries -- United Arab Emirates -- from which two 9/11 hijackers -- Marwan al-Shehhi and Fayez Benihammad -- hailed.

Specifically, the government of Abu Dhabi, United Arab Emirates' capital, will buy 20% of Carlyle Group, valuing it at $20 billion. While yesterday, NASDAQ announced that is was selling 19.9% of itself to Borse Dubai, the Dubai government-controlled exchange.

But not a peep of protest is emerging from the White House. And why should it protest? This is the decade where it's better to be a barrel of oil -- or a country that sits on oil -- than to be an American. After all, the price of oil is up 242% to a record $82 a barrel since its January 2001 price of $24 a barrel. Meanwhile, since 2001, the median family income adjusted for inflation has stagnated. Bernanke's bailout has slashed the dollar to record low levels against the Euro -- and since oil is traded in dollars -- that means people who drive will be paying more than ever.