Dubai debt crisis raises financial turmoil fears

MaxShimba

MaxShimba

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Apr 11, 2008
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By JEREMIAH MARQUEZ, AP Business Writer Jeremiah Marquez, Ap Business Writer – 1 hr 43 mins ago

HONG KONG – The fallout from Dubai's debt crisis rippled across the globe Friday, raising concerns of another wave of financial turmoil and showing how vulnerable the world economy remains despite signs of recovery.

As global stock, commodity and currency markets went into a tailspin, the possible spillover effects from Dubai surfaced from London to South Korea, with banks big and small drawing concern for any losses they could suffer as a result of their exposure to the massively debt-laden emirate.

A year after the global slump derailed Dubai's explosive growth, the city-state's main investment arm, Dubai World, revealed this week it was asking for at least a six-month delay on paying back its $60 billion debt.

Major credit agencies responded by slashing debt ratings on Dubai's state companies, saying they might consider the plan a default.

More here
http://news.yahoo.com/s/ap/20091127/ap_on_bi_ge/dubai_debt_fallout
 
Haya ndiyo matatizo ya kudili na Mayahudi. Dubai mmeshaingizwa mkenge now they pay the price. Hayo mambo ya kulipa interest rate hayatakiwi ktk hizo nchi hizo. Dubai kumbuka where you came from. Conservative Islamic law ndiyo way to go from now, stop this bul***.
 
Wadau, si suala la kuingizwa mkenge na Wayahudi.... walikuwa na mikakati ya kufanya maajabu katikati ya jangwa bila kuzingatia kwamba maendeleo yeyote yana gharama...na yanatakiwa yawanufaishe wananchi. Luxury Resorts, Viwanja vya michezo ya barafu/theluji jangwani na majumba mithili ya yale ya nchi ya kufikirika .. na kuwa kitovu cha biashara cha mashariki ya kati na dunia.

Vyote hivi vilitegemea kuwavuta matajiri toka pembe zote za dunia kuja kutanua na kuleta pesa nyingi na pia wafanya biashara kuja kununua mali kwa wingi lakini kwa mtikisiko wa uchumi duniani hii ndoto ilikuwa ni ya muda mfupi na wakati wa kuzinduka ndio umewadia.

Hii ina maana Dubai kupitia wadau wake na waliotamani kujitajirisha waliwekeza kwa fujo kwa matumaini makubwa. Dubai ikaomba isaidiwe kutimiza ndoto yake na Abu Dhabi kwa kuwapa pesa zaidi za ndoto zake za maendeleo ya miundo mbinu.

Makampuni yaliyopata tenda za kujenga miundo mbinu zikaajiri wafanyakazi wahamiaji wengi wanaofanya kazi ngumu kwa ujira wa kijungu jiko na kuishi katika mazingira duni sana. watu kumi kuishi chumba kimoja ili mradi wapate pesa za kuwapelekea ndugu zao bara Asia, Afrika na kwingineko.

Matajiri wengine walinunua majumba ambayo hawajui wayafanyie nini huko baada ya soko la nyumba kuanguka na uingiaji wa wawezekaji nchini Dubai kuthibitiwa sana.
"Ni fahari mama wa ujinga" ndo iliyopelekea hali hii na Dubai na nchi nyingine za Falme za Kiarabu wanaweza kujifunza kwamba kutumia pesa usiyokuwa nayo si jambo jema pamoja na dhamana ya utajiri wa mafuta waliyo nayo!
 
BabuK said:
Wadau, si suala la kuingizwa mkenge na Wayahudi.... walikuwa na mikakati ya kufanya maajabu katikati ya jangwa bila kuzingatia kwamba maendeleo yeyote yana gharama...na yanatakiwa yawanufaishe wananchi. Luxury Resorts, Viwanja vya michezo ya barafu/theluji jangwani na majumba mithili ya yale ya nchi ya kufikirika .. na kuwa kitovu cha biashara cha mashariki ya kati na dunia.

Vyote hivi vilitegemea kuwavuta matajiri toka pembe zote za dunia kuja kutanua na kuleta pesa nyingi na pia wafanya biashara kuja kununua mali kwa wingi lakini kwa mtikisiko wa uchumi duniani hii ndoto ilikuwa ni ya muda mfupi na wakati wa kuzinduka ndio umewadia.

Hii ina maana Dubai kupitia wadau wake na waliotamani kujitajirisha waliwekeza kwa fujo kwa matumaini makubwa. Dubai ikaomba isaidiwe kutimiza ndoto yake na Abu Dhabi kwa kuwapa pesa zaidi za ndoto zake za maendeleo ya miundo mbinu.

Makampuni yaliyopata tenda za kujenga miundo mbinu zikaajiri wafanyakazi wahamiaji wengi wanaofanya kazi ngumu kwa ujira wa kijungu jiko na kuishi katika mazingira duni sana. watu kumi kuishi chumba kimoja ili mradi wapate pesa za kuwapelekea ndugu zao bara Asia, Afrika na kwingineko.

Matajiri wengine walinunua majumba ambayo hawajui wayafanyie nini huko baada ya soko la nyumba kuanguka na uingiaji wa wawezekaji nchini Dubai kuthibitiwa sana.
"Ni fahari mama wa ujinga" ndo iliyopelekea hali hii na Dubai na nchi nyingine za Falme za Kiarabu wanaweza kujifunza kwamba kutumia pesa usiyokuwa nayo si jambo jema pamoja na dhamana ya utajiri wa mafuta waliyo nayo!
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Dubai ilitegemea mikopo kutoka Western countries, halafu walikuwa wanataka waifanye Dubai World Financial Center! kitu ambacho ni impossible. Miji kama London, na NY ilikuwa inajua kabisa Dubai ni threat ktk uchumi wao. Sasa hivi kitu utackachokiona kutoka Wastern ni kuincrease interest rate, halafu kuifanya Dubai ilipe hiyo mikopo ktk muda mrefu. Sasa kama si mkenge ni nini? Usifanye biashara na Mayahudi kama hujui the outcome. Next day, utasikia Dubai imecolapse!! Kazi kwao..
Dubai go back to your history (Islam Way) and stop act like your Western.
 
Matatizo madogo tu haya ..so big deal..media has taken it out of proportion,

look mtu akisema mimi umenikopa naomba uniongezea muda wa kulipa na tuangalie upya huu mkopo ..kwenye business deal ni kitu ya kawaida..sana..I get give you number of american and UK firms wanaofanya hivyo...

washabakia wanaopenda na wasiopenda (competative cities)wa dubai growth watakuwa wamecheza vizuri sana na media kuwa-fanya investors wawe scared...

It is up to Dubai world..to calm the situation and improve investors level of confidence, let wait and see.

Msishabakie kwa muelekeo wa or them arabs or muslims or hiyo kitu itahit vibaya sana karikoo.siyo nzuri kwa TRA.
 
MaxShimba said:
Dubai got to work hard to clear this cloud.
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The way I see wame-media has taken it out of proportionate nikisoma kwenye source..maana what is strange ku-negoatiate bill payments modalities in financing a project..we do this in every project we take everyday!

Na benki wakiringa unahama vilevile kwasababu wao kazi yao ni kukupa fedha ufanye kazi..so wakiambiwa wasubiri miezi sita na tubadilishe bill payment modalities inakuwa issue??NO idon't think so

Nafikiri Dubai world waangalie competative wao..wanaweza kuwa na wanacheza na media..ili ku-scare investors..the speculatins..ndiyo inayoimaliza US kwa sasa..
 
tatizo hapo ni western banks ndio zitakula hasara
HSBC haijawahi kuwa bailed out tokea financial crisis ianze lakini wao wanaidai dubai $17bn. hii wa ki default lazima uk wawape mkopo HSBC na hichi kitu serikali haitaki. kwa hiyo hapa dubai wana advantage ya ku renegotiate na ya kupewa mda kulipa taratibu.
 
Sasa waisrael wameingiaje hapa? Hii itachangia mafuta kushuka bei.
 
Tumain said:
Fafanua mafuta yatashukaje bei..kutokana na hili just curious?
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Soma chini hapa

Chris Skinner, chairman of the Financial Services Club, said: "We're very heavily interlinked. Dubai is the key financial centre in the Middle East."

Any knock to economic confidence could lower global demand for a whole range of commodities, including oil.

Oil prices dropped sharply. US crude fell about 5% to $73.64 a barrel and London Brent Crude was down $1.56 to $75.31.
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