Dubai debt crisis: Now British banks face fresh crisis after investing billions
Barclays, RBS and HSBC face losing billions
Wall Street plummets by 2 per cent after late opening
FTSE falls by 1.5 per cent before stabilising
Banks see £14billion wiped off market value in one day
Dubai may consider selling QE2 to tackle debt
British banks were teetering on the brink of a fresh meltdown today after it
emerged they had invested heavily in crisis-hit Dubai.
An $80billion debt default in the emirate has already reawakened the spectre of
a global 'double dip' - that the first shoots of recovery could be wiped out by
a second wave of recession.
But the level of exposure that the crippled British banking sector faces is now
under renewed scrutiny.
The crisis was prompted by Dubai World, the development company behind three
palm shaped islands as well as an off-shore replica of the globe , defaulting
on its debt.
Today it emerged that:
Royal Bank of Scotland (RBS) was Dubai World's biggest loan arranger since
January 2007, according to JP Morgan
HSBC has an estimated £9.6billion in loans and advances to UAE customers
Barclays has an exposure of around £3billion
Another bailout? Gordon Brown (right) meets Dubai's ruler Mohammed bin Rashid
Al Maktoum at Downing Street earlier this week
Under construction: While the world's tallest tower the Burj Dubai nears
completion, many ambitious building projects have come to a standstill
Abandoned: A filthy car left behind at Dubai airport after its owner became one
of many ex-pats who fleeing the country after the bubble burst
Stock markets around the world have endured another turbulent 24 hours.
Enlarge
Emirati traders react as they monitor data on screens at the Dubai Financial
Market yesterday
A man in front of a Korea Composite Stock Price Index in Seoul this morning
Much of the debt default falls on Dubai World, which owns property developer
Nakhell.
Tokyo traders have already dubbed the development Financial Crisis Part II.
'The panic button's been hit again,' said Francis Lun, general manager of
Fulbright Securities in Hong Kong.
Standard Chartered and lure fund managers with the promise of a tax-free
lifestyle.
Bursting the bubble: The launch of Atlantis hotel (above), on one of the palm
islands (below) last November was an extravagant celebration of Dubai's
ambitions
Iconic: Dubai's seven star sail-shaped hotel, the Burj Al Arab, was one of the
first prestigious projects to give the emirate an international profile.
America calls Vietnam to restore Cambodia Independence .
President Reagan's address to the 43d Session of the United Nations General
Assembly in New York, New York,September 26, 1988.
"Mr. Secretary-General, there are new hopes for Cambodia, a nation whose
freedom and independence we seek just as avidly as we sought the freedom and
independence of Afghanistan. We urge the rapid removal of all Vietnamese troops
...." As of today,Cambodia is still occupied by the Vietnamese troops despite
the call from the US president to Vietnam to cease her occupation of Cambodia
since 1988.
Cambodia needs Independence from Vietnam and the Vietnamese invaders.
Bury
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