DUBAI

Sovereign defaults top 2010 risk hitlist for WEF

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The risk that deteriorating government finances could push economies into full-fledged debt crises tops a list of threats facing the world in 2010, according to a report by the World Economic Forum.

Sovereign defaults head 2010 risk hitlist for WEF

International Business Times Logo
The risk that deteriorating government finances could push economies into full-fledged debt crises tops a list of threats facing the world in 2010, according to a report by the World Economic Forum.
International Business Times Logo

UAE banks in no rush to use foreclosure law

Banks in the UAE, heavily exposed to the region's ailing real estate market, can use a local foreclosure law to reclaim assets, but a sharp increase in reposessions is unlikely for now, lenders and analysts said.
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Dubai World says debt revamp plan some time away

Dubai World, the state- owned holding company seeking to restructure its debt, moved to quell speculation it could present its restructuring plans to creditors on Thursday, as reported by an Arabic-language newspaper.
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New Japanese finance minister calls for weaker yen

Japan's new finance minister called for a weaker yen on Thursday and said he would work with the Bank of Japan to achieve an appropriate level, prompting a sharp slide in the currency against the dollar.
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Asian consumers most upbeat, American sentiment dips

Consumer confidence is strongest in emerging Asia, Brazil and Australia, but weakened slightly in the United States in the fourth quarter as Americans worried about job security, a survey showed on Wednesday.
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Oil, currencies drive DGCX volumes up in 2009

The Dubai Gold & Commodities Exchange (DGCX) has recorded 31.6% growth in volumes in 2009 as the Exchange recorded 1.5 million contracts valued at US $79 billion at the end of 2009. Surpassing the 2008 total volume of 1.142 million contracts, DGCX said that this is the highest annual volume to be achieved since inception.
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Indebted Dubai puts on brave face for tower opening

Dubai opened the world's tallest structure in a glitzy ceremony meant to put a brave face on crushing debt woes, leading some to wonder whether the tower is the emirate's crowning glory or its last hurrah.
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Dubai's Emaar to shift focus after tower opening

Dubai's Emaar Properties (EMAR.DU) opened the world's tallest tower on Monday, marking the completion of the last of its big local landmark projects and the start of a new strategy which is expected to focus on overseas projects, hotels and hospitals.
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World's tallest building opens in Dubai

Dubai's ruler inaugurates the world's tallest building on Monday, in a testament to the emirate's still strong ambitions to become a global business hub despite the debt problems that have dampened investor optimism.
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Nigeria says inclusion on U.S. screening list unfair

Nigeria described on Monday as unfair its inclusion alongside Afghanistan, Pakistan and Yemen on a list of countries whose air travellers will face tighter screening on journeys to the United States.
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Indebted Dubai puts on brave face for tower

Dubai opened the world's tallest structure in a glitzy ceremony meant to put a brave face on crushing debt woes, leading some to wonder whether the Burj Dubai is the emirate's crowning glory or its last hurrah.
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Dubai's superscraper makes history in hard times

Started at the height of the economic boom and built by some 12,000 laborers, the world's tallest building will open on Monday in Dubai as the glitzy emirate seeks to rekindle optimism after its financial crisis.
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Dubai panel set up to solve Amlak, Tamweel disputes

Dubai's ruler set up a panel to protect creditors of troubled mortgage lenders Amlak AMLK.DU and Tamweel TAML.DU on Wednesday, whose long-planned merger is slated to occur in early 2010.
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U.S. plane bomber wanted to study sharia in Yemen

The Nigerian charged with trying to blow up a U.S. airliner planned to study Islamic law in Yemen, the Arabian peninsular state which is fighting a local branch of al Qaeda, the Nigerian government said on Tuesday.
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UAE to sell nuclear power, free more oil to export

A $40 billion deal by the United Arab Emirates to acquire nuclear reactors puts it ahead in a drive to meet fast growing power needs among its Gulf neighbors, while also allowing it to export more of its oil.
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Dubai Properties culls top execs, including CFO

Dubai Properties Group, owned by the ruler of Dubai's holding company, replaced several executives including its chief financial officer on Sunday and pledged better corporate governance to improve operations.
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South Korea wins landmark Gulf nuclear power deal

A South Korean group won a landmark deal to build and operate four nuclear reactors for the United Arab Emirates, beating more favored U.S. and French rivals to one of the Middle East's biggest ever energy contracts.
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S.Korea wins Gulf nuclear power deal

A South Korean group won a landmark deal to build and operate four nuclear reactors for the United Arab Emirates, beating more favoured U.S. and French rivals to one of the Middle East's biggest ever energy contracts.
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S.Korea wins $40 billion UAE nuclear deal

A South Korean consortium won a $40 billion deal to build and operate four nuclear reactors for the United Arab Emirates, beating U.S. and French rivals to one of the Middle East's biggest ever energy contracts.
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Dubai's Deyaar says not in merger talks

Dubai developer Deyaar said it is not in merger talks, and said it remained focused on exploring growth opportunities in the United Arab Emirates and other markets.
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Dubai seen pressing for time in hopes of market recovery

Dubai World is likely to press for more time to restructure its $22 billion debt so markets can recover, which will ease credit conditions and enable it to sell assets at higher prices, bankers and analysts said.
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DFM's bid for Nasdaq Dubai hits Nasdaq pockets

Dubai Financial Market DFM.DU(DFM) bid $121 million for Nasdaq Dubai, hitting New York-based Nasdaq OMX's (NDAQ.O) pockets, as well as the idea that international investor flows matter much in the Emirates.

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