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nakheel posts

Dubai World to meet with creditor panel to discuss debt crisis

Posted Dec 2nd 2009 4:30PM by Connie Madon (RSS feed)
Filed under: Major Movement, International Markets, Rumors, Press Releases, Middle East, Market Matters, Headline News, Financial Crisis

The Dubai crisis is not going away. Government owned Dubai World has scheduled a meeting with creditors to discuss the possible settlements.

What is most troubling is that the government of Dubai has refused to guarantee Dubai World's debt. That creates an international situation. While it has not been confirmed, it is believed that Standard Chartered Bank, HSBC, Lloyds, Royal Bank of Scotland and local lenders Emirates NBD, Abu Dhabi Commercial Bank are key creditors.

Continue reading Dubai World to meet with creditor panel to discuss debt crisis

Closing Bell: Dubai sends jitters throughout the market (S, BBY)

Posted Nov 27th 2009 1:00PM by Tobias Buckell (RSS feed)
Filed under: Sprint Nextel Corp (S), Best Buy (BBY)

While the day after Thanksgiving in the US is usually a light trading day, thanks to people being on vacation, traveling, Black Friday shopping, and their being more concerned about being with family, today's market has been active with people reacting to recent troubling news coming out of Dubai.

Dubai, Wednesday, announced that it was asking to delay payment on billions of dollars of debt owed to Dubai World and Nakheel, a major developer in Dubai (you may remember those large palm shaped islands off Dubai for celebrities and the ultra-rich). Fear about Dubai writedowns has affected the price of oil, despite large supplies. Investors are worrying that the ripple effect of Dubai's debt problems will spread to other banks, creating another crisis.

Here were today's unofficial closing bell levels:

Dow 10,309.77 -154.63 (-1.48%)
S&P 500 1,091.47 -19.16 (-1.73%)
Nasdaq 2,138.44 -37.61 (-1.73%)

Continue reading Closing Bell: Dubai sends jitters throughout the market (S, BBY)