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GCC financial system 'safe from AIG fallout'If American International Group (AIG) had been allowed to go bust, the scale and complexity of its operations would have had such a devastating effect on the global economy that even the Gulf would have felt the effects, an analyst said. B More… |
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Lehman to file for bankruptcy, plans to sell unitsLehman Brothers Holdings said it plans to file for bankruptcy protection, but the Chapter 11 filing will not include its broker-dealer operations and other units, including Neuberger Berman. Lehman is looking at selling its broker-dealer o More… |
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Financial havoc hammers dollar, stocksStocks and the US dollar tumbled on Monday as Lehman Brothers was expected to file for bankruptcy, leading to grave uncertainties about other banks and shaken confidence in the financial system, and sending safe-haven Treasury debt and gold prices More… |
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Abu Dhabi chamber warns on construction loansUAE banks should be more careful in lending to the construction sector due to fears it could be affected by a credit crunch similar to the US subprime crisis, the Abu Dhabi Chamber of Commerce and Industry (ADCCI) said. "Banks and other in More… |
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Merrill to sell $8.5bn stock after big write-downMerrill Lynch & Co has said it will take a $5.7 billion third-quarter write-down as it unloads huge amounts of risky debt, and will raise $8.5 billion by selling new stock. The Wall Street investment bank and brokerage announced its pl More… |
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Industrialised world faces triple shock: OECDUS economic growth will slow to a crawl this year, inflicting collateral damage on Europe and Japan, but the likes of China will escape the worst, the OECD said on Wednesday. 'OECD economies face a triple adverse shock as globalisation evo More… |
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Overseas developers eye UAE property dealsWith the subprime crisis taking its toll across the States, and the knock on effect also hitting Europe, overseas builders and agents are targeting the UAE property market to shift their residential and commercial property stock. Cityscape More… |
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Financial crisis 'may not end soon'JPMorgan Chase & Company does not expect the US financial crisis to end soon and will remain very cautious, its top executive said in comments published by a German weekly yesterday. "We can only speculate how deep and how long the rec More… |
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Citigroup sells $4.5bn stock, 50pc above planCitigroup Inc said on Wednesday it has sold $4.5 billion of common stock, 50 percent more than originally expected, at a discount to raise capital, a sale that dilutes the holdings of existing shareholders. The sale means the largest US ba More… |
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Subprime slows Dubai World investmentDubai World, the investment firm of the Dubai government, said on Tuesday it is holding on to US real estate assets amid a subprime housing crisis that has slowed its investment decisions this year. Dubai World, with a portfolio of over $2 More… |
