Thursday, Nov 26, 2009

I want a bike for Christmas...i aint bloody getting it though.

Sky News: Dubai Wants Billion-Dollar Debt Suspension

"Dubai is asking creditors to accept a six-month suspension on debt repayments for its severely cash-strapped conglomerate Dubai World."
Dont they lock up debtors in Dubai and punish them severely ?
Pay back the money you borrow.
If not, suffer the consequences.
Dont squeal like a rat. It's your own fault.
Classic quote thoughL
"This has really hit confidence. Bankers are very concerned now, they just don't know what to believe."
Believe this...you are done for. Welcome to Skid row, the real recovery has begun.

Posted by thecountofnowhere @ 01:16 AM (2267 views)
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21 Comments

1. estrader said...

"But most believe Dubai will have to abandon its flamboyant economic model, which focuses on heavy real estate investment and inflows of foreign capital."

Interesting...isn't this the same model the money printing masterminds in the U.K are relying on? Isn't this the very same model that is allegedly keeping house prices in the UK afloat? I keep hearing the London houseprices are driven by foreign investors...let me guess...this isn't Japan or Dubai or any other country in which the policies we are following failed...this is the U.K so they will work...simples!

Thursday, November 26, 2009 09:22AM Report Comment
 

2. mountain goat said...

Why don't they secretly give them taxpayer bailout money like in more advanced countries?

Thursday, November 26, 2009 09:28AM Report Comment
 

3. the number cruncher said...

Read this enlightening article by Johann Hari in the Indie, titled 'The Dark Side of Dubai'

Locking up debtors is the least of the offences of their 'legal' system.

http://www.independent.co.uk/opinion/commentators/johann-hari/the-dark-side-of-dubai-1664368.html

Thank of a

Thursday, November 26, 2009 09:42AM Report Comment
 

4. estrader said...

@2 They won't have too, I'm sure Super Gordon will give them a few of the spare printed £Billions he has hidden under the BOE's mattress. It wasn't long ago when I used to believe a £Billion was a LOT of money. It is meaningless now. Watching Bloomberg they rattle it off $£ Billions and even ($£100’s of Billions) in the way most ordinary people talk of pennies. Billions in bail out's here and there, Billions in losses here and there, Billions in debt here and there, and the presenters speak about it while maintaining a happy, almost optimistic expression...vacuous is probably more apt. Where are these Green shoots?...Honestly? The world is weaning itself off cheap credit and replacing it with printed money, how long can it last?

Thursday, November 26, 2009 09:48AM Report Comment
 

5. mountain goat said...

Timing of this statement is interesting too, after markets closed in New York last night. US markets closed for Thanksgiving today. Very clear who calls the shots in the debt markets around the world, and who said enough is enough in Dubai. The same people who drove share prices to their peak for the year in New York last nigh.

Thursday, November 26, 2009 09:53AM Report Comment
 

6. mark said...

what is even more interesting is if you wanted an extension to a personal debt in Dubai you would have to watch how you pick the soap up from the prison shower floor

Thursday, November 26, 2009 10:01AM Report Comment
 

7. mark wadsworth said...

Glorious, I love it. I have nothing to add to Estrader's fine summary at comment 1.

Thursday, November 26, 2009 10:20AM Report Comment
 

8. icarus said...

Payback time, not only for financial irresponsibility but also for vulgarity and hubris.

Doesn't seem to stop 'em forking out millions to buy racehorses though. In for a penny......

Thursday, November 26, 2009 10:54AM Report Comment
 

9. timmy t said...

"There are concerns regarding the extent of the exposure of the UK banks to Dubai..." - And they won't even be able to claim the 35quid back for the letter! Any bets on the size of the next bailout cheque?

Thursday, November 26, 2009 11:05AM Report Comment
 

10. mountain goat said...

Speaking of vulgarity this story is getting better by the minute:

Times: The most extravagant parties of the year - Sol Kerzner threw a bash last month that cost £15m. The credit crunch has not stopped the super-rich from having a ball....At the £20m launch party for the Atlantis Hotel in Dubai in November last year, Richard Branson described the event as “probably the last party of the decade”. With the credit crunch starting to bite, many were inclined to agree. But fast-forward a year and Sol Kerzner, the owner of the Atlantis, was doing it again, spending £15m to fly 1,500 guests to Casablanca for the launch of the Mazagan Beach Resort. Among the belly dancers and fire-eaters were women on stilts wearing dresses made entirely of fresh flowers, while trained monkeys handed out Moroccan roses to all the ladies — Lindsay Lohan, Yasmin Le Bon and Naomi Campbell among them.

FT Alphaville: Dubai: the Kerzner International connection One of the big names associated with Dubai’s Palm development is Kerzner International — the hotel and gaming group part-owned by South African magnate Sol Kerzner and Nakheel, the government-owned developer arm of Dubai World....

Thursday, November 26, 2009 11:12AM Report Comment
 

11. mountain goat said...

I’m a celebrity, get me out of Dubai!

FT Alphaville
Presenting a list of the more colourful names understood to have invested in Nakheel’s Dubai Palm development (Source: tabloids and press).

* David Beckham (footballer, international fashion icon)
* Michael Owen (footballer)
* David James (goalkeeper)
* Joe Cole (footballer)
* Andy Cole (retired footballer)
* Kieron Dyer (footballer)
* Brad Pitt and Angelie Jolie (actors)
* Michael Jackson (king of pop)
* Naomi Campbell (model)
* Denzel Washington (actor)

Britons, meanwhile, accounted for about 25 per cent of the buyers with the rest from 75 different nationalities, including several Americans, according to the Daily Mail....

Thursday, November 26, 2009 11:22AM Report Comment
 

12. cynicalsoothsayer said...

London next?

Thursday, November 26, 2009 11:23AM Report Comment
 

13. Cast Iron Dubai said...

I know of a few people who bought apartments in Dubai back in 2002. They all bailed out in 2006 with hefty profits as they saw the bubble was going to burst. Why do the 'experts' always seem to be so incompetent and hang on too long ? Beckham was reported to have got his house on Palm Island for free as a thank you for introducing lots of footballers. Joe Cole bailed out and made £2million a couple of years ago.

Thursday, November 26, 2009 11:34AM Report Comment
 

14. alan said...

@ Denzil,

Maybe the markets react next? The dollar just hit a 14-year low against the yen and gold peaked at a new record high....or were they going in that direction anyway?

ps:.....I thought the Islamic bonds were fireproof unlike the unclean western variety?

Thursday, November 26, 2009 11:48AM Report Comment
 

15. letthemfall said...

Trouble at Gulf?

"David Beckham (footballer, international fashion icon)
* Michael Owen (footballer)
* David James (goalkeeper)
* Joe Cole (footballer)
* Andy Cole (retired footballer)
* Kieron Dyer (footballer)"

Those clever old footy investors. Over 'ere son. On me 'ed.

Thursday, November 26, 2009 11:58AM Report Comment
 

16. will said...

Footballers - like taking candy from a baby.

Thursday, November 26, 2009 12:06PM Report Comment
 

17. icarus said...

Pictures of Labour leader Brown with Sheikh-Em-Down. Are they talking about (a) the benefits of globalisation and flexible labour forces or (b) the need to end slave labour?

Thursday, November 26, 2009 12:21PM Report Comment
 

18. letthemfall said...

Mind you, who advised the footballers to stick their dosh in Dubai? Did they think one day as they walked off the pitch covered in mud, Why don't I bung a few mill' in Dubai. Or did some astute and wise "wealth manager" think it a great idea (possibly good commission there).

Boot it, Dave, boot it.

Thursday, November 26, 2009 12:26PM Report Comment
 

19. jack c said...

This appeared in the FT at the start of the month

Kevin Neal, managing director of Kevin Neal Associates, and Rob Lee, former midfielder at Newcastle United tell Melanie Trigham about their bold new adventure: to break up the relationship between footballers and unscrupulous financial advisers, by launching Fortress Wealth Management. Financial advisers do not generally have a good reputation in the footballing world. There is a long history of bad advice, shoddy investments and a certain lack of ethics when it comes to their relationships with football agents. However, an IFA and former premiership footballer have gone into partnership to try to rectify this.

Full story @ www.ftadviser.com/FinancialAdviser/Advisers/Industry/IFAFirms/Features/article/20091105/b2134fc8-bfd7-11de-8a16-00144f2af8e8/Firing-Line-Rob-Lee--Kevin-Neal.jsp

Thursday, November 26, 2009 12:43PM Report Comment
 

20. letthemfall said...

"have a good reputation in the footballing world. There is a long history of bad advice, shoddy investments and a certain lack of ethics"

Their passing is rubbish too. Except when it's the buck.

Game of two halves.

Thursday, November 26, 2009 12:46PM Report Comment
 

21. mountain goat said...

I love footie don't get me wrong, but it seems somehow appropriate that footballers' ridiculously lavish rewards will get lost in the desert sands of Dubai.

Thursday, November 26, 2009 12:52PM Report Comment
 

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