WHAT ASSETS COULD DUBAI BE FORCED TO SELL? November 29, 2009 DP WORLD: The P&O owner is one of the world’s largest port operators and among the crown jewels of Dubai. STANDARD CHARTERED: Istithmar World Capital (IWC) bought a 2.7 per cent stake worth about $1bn (£606m) in October, 2006. MGM MIRAGE: In 2007, Dubai World invested about $5bn in casino operator MGM by buying shares [...]
EXPATS WHO’VE MADE IT IN DUBAI BUSINESS November 29, 2009 DAVID ELDONCHAIRMAN DUBAI INTERNATIONAL FINANCIALCENTREEldon, 64, has been working on and off in Dubai since 1968.He has an illustrious career in banking, having spent 37 years at HSBC.He spent more than a decade working for the bank in the Middle East before moving to Asia, where he went on to become chairman.Eldon joined DIFC, which [...]
HOW THE DUBAI CRISIS UNFOLDED November 29, 2009 Friday 20 NovemberUpheaval in Dubai’s financial elite begins as three key figures are removed from the state’s holding company, the Investment Corporation of Dubai. One of those to go is Sultan Ahmed bin Sulayem, chairman of Dubai World. Sunday 22 NovDubai’s ruler, Sheikh Mohammed bin Rashid al-Maktoum, arrives in London on a state visit to [...]
Emerson slips into the red November 29, 2009 EMERSON Group, one of the largest private housebuilders in the UK, halved the number of homes it built in the year to April due to depressed demand from first-time buyers. The company said it decided not to follow other industry players in offering discounts of up to 30 per cent on new properties, instead completing [...]
Consumer confidence wanes as economic worries remain November 29, 2009 CONSUMER confidence dipped slightly in November – the first time in over a year that the index has fallen – after recording the highest level of consumer confidence in a year and a half only last month, GfK NOP will today report. Four out of five measures of consumer confidence experienced a marked downturn: confidence [...]
John Lewis experiences week of record sales as Christmas looms November 29, 2009 SALES are soaring at John Lewis, according to sales figures released by the department store this weekend. Figures released for the week ending 28 November show increases in electrical and home technology sales. Sales for the week reached a total of £91.79m reached, 22 per cent more than the same time last year. Televisions, coffee [...]
COUTURE CRISIS November 29, 2009 The outlook for fashion house Christian Lacroix looked bleak yesterday as potential buyers failed to submit financial guarantees ahead of tomorrow’s bankruptcy court hearing. The loss-making French couture label had attracted interest from an Emirate sheikh and a French firm. The court will decide whether to accept the liquidation plan submitted by the company’s owners, [...]
House prices post fourth monthly gain November 29, 2009 UK House prices rose for a fourth consecutive month in November driven by continued rising demand, according to housing intelligence business Hometrack. The 0.2 per cent increase in prices pushed up the average house price in England and Wales to £156,700, up by £300 from last month’s average price. The rise brings the year-on-year rate [...]
Plush London homes rise in price as City money returns November 29, 2009 The CITY’S bankers are beginning to splash out again on prime property, according to the latest survey by estate agent Knight Frank, which reported that prices rose in November by 1.2 per cent. The lift means prime property homes – situated in the desirable postcodes of Mayfair, St Johns Wood and Kensington and over the [...]
China reaffirms that it wants to ensure a balanced yuan currency November 29, 2009 CHINESE premier Wen Jiabao yesterday restated the country’s long-standing position that the yuan currency’s exchange rate should be kept at a reasonable, balanced level. State television in China on Sunday showed Wen meeting a trio of top economic officials from the euro zone, who were making the case for a strengthening of the Chinese currency. [...]
