Go Back   Team-BHP > Around the Corner > Shifting gears


Reply
 
Thread Tools Search this Thread
Old 27th November 2009, 09:07   #1
Senior - BHPian
 
sandeepmdas's Avatar
 
Join Date: Feb 2005
Location: Varkala
Posts: 1,093
Thanked: 507 Times
Default Financial "2012" from Dec 14?

Guys, there could be another financial meltdown starting from Dec 14. Dubai World, one of the Persian Gulf emirate’s flagship conglomerates, with total debt of about US$59-billion, about twice the size of the gross domestic product.

On Wednesday the Dubai government asked for permission to postpone payment on part of the debt, sending lenders scurrying to try to get a better understanding of the situation.

The nightmare scenario is that a default by Dubai World could set off a “cascading effect” as banks across the world buckle from losses, in the same way that the failure of Lehman Brothers Holdings Inc. last year nearly collapsed the global financial system.

This time it is the European banks that are in the block. HSBC alone has an "exposure" of over $15 billion....

There are so many links. A Google search would be more ideal:
dubai default - Google Search

Last edited by sandeepmdas : 27th November 2009 at 09:12.
sandeepmdas is offline   Reply With Quote
Old 27th November 2009, 09:22   #2
BHPian
 
MutantX's Avatar
 
Join Date: Sep 2009
Location: Madras
Posts: 868
Thanked: 87 Times
Default

I fear the same. The meltdown might not have a great effect as it did when Lehman brothers collapsed. But let us wait and see. With this news going around all asian, american and european markets tanked.
MutantX is offline   Reply With Quote
Old 27th November 2009, 09:25   #3
Senior - BHPian
 
shishir_bn's Avatar
 
Join Date: Nov 2009
Location: Bangalore
Posts: 1,191
Thanked: 104 Times
Default

Holy Cow. Already people have suffered so much due to US tragedy and now another one waiting to unleash from UK side. This will be devastating. If it happens(90% chances are true) then the 2012 which was predicted might happen this year itself in the corporate world rather. this is really bad news for all
shishir_bn is offline   Reply With Quote
Old 29th November 2009, 14:09   #4
BHPian
 
Join Date: Jul 2007
Location: mysore
Posts: 99
Thanked: 64 Times
Default dubai economy- how will it affect fellow indians in dubai?

hi all
what could be the impact of a dubai crisis on most of immigrant indians in dubai. heard my neighbour saying that most of the saving accounts have been frozen and people are finding it difficult to withdraw cash from fridays itself? how could all this happen just so fast? any lessons to be learnt? what about exports to dubai and subsequent payments?
nutmello is offline   Reply With Quote
Old 29th November 2009, 14:16   #5
Senior - BHPian
 
stanjohn123's Avatar
 
Join Date: Oct 2008
Location: TN 75
Posts: 1,049
Thanked: 360 Times
Default

Dubai is literally screwed.better not have any business deals there.There will definitely be many lay off's soon.It will affect NRI money coming into India.Thats all i guess.
stanjohn123 is offline   Reply With Quote
Old 29th November 2009, 15:25   #6
Senior - BHPian
 
kiku007's Avatar
 
Join Date: Apr 2005
Location: Brisbane
Posts: 1,595
Thanked: 1,198 Times
Default

Big brother Abu Dhabi will be ready to help out. Dubai is the crown jewel of the UAE and they wouldn't risk it bitting the dust!
kiku007 is offline   Reply With Quote
Old 29th November 2009, 21:04   #7
Senior - BHPian
 
NetfreakBombay's Avatar
 
Join Date: Jan 2008
Location: Bombay
Posts: 1,375
Thanked: 315 Times
Default

Quote:
Originally Posted by nutmello View Post
heard my neighbour saying that most of the saving accounts have been frozen and people are finding it difficult to withdraw cash from fridays itself?
That is just a rumor. There is NO issue with Dubai's commercial banking system. All banks are fully operational.
NetfreakBombay is offline   Reply With Quote
Old 29th November 2009, 22:07   #8
Senior - BHPian
 
aaggoswami's Avatar
 
Join Date: May 2007
Location: Vadodara
Posts: 4,628
Thanked: 1,318 Times
Default

If Indians return from Dubai to India, this will lead India into Recession.

There is something called BlackSwan concept. According to this, by mid 2010 we will hit another recession that will be even bigger than what we have seen. This was a research analysis by some American Company and read this in an email. I am not sure of authenticity of this grapevine.
aaggoswami is offline   Reply With Quote
Old 29th November 2009, 22:43   #9
Senior - BHPian
 
srishiva's Avatar
 
Join Date: Nov 2006
Location: Bengaluru
Posts: 3,466
Thanked: 692 Times
Default

Quote:
Originally Posted by aaggoswami View Post
If Indians return from Dubai to India, this will lead India into Recession.
Why would it? I don't think the Dubai Indians fund many businesses in India nor they are major investors in Indian companies.
srishiva is online now   Reply With Quote
Old 29th November 2009, 23:10   #10
Senior - BHPian
 
NetfreakBombay's Avatar
 
Join Date: Jan 2008
Location: Bombay
Posts: 1,375
Thanked: 315 Times
Default

Quote:
Originally Posted by NetfreakBombay View Post
That is just a rumor. There is NO issue with Dubai's commercial banking system. All banks are fully operational.

Confirmed by mainstream news.

Quote:
Central Bank has issued a notice to UAE banks and branches of foreign banks operating in the UAE, making available to them a special additional liquidity facility linked to their current accounts at the central bank, at the rate of 50 basis points above the 3 months EIBOR (Emirates interbank offered rate)
Source : Dubai Central Bank to Provide Liquidity to Banks - Economy * Europe * News * Story - CNBC.com

So, regardless of state of economy money in banks is safe.
NetfreakBombay is offline   Reply With Quote
Old 30th November 2009, 09:40   #11
BHPian
 
Join Date: Jan 2009
Location: Bangalore
Posts: 67
Thanked: 2 Times
Default Dubai layoffs have begun...

An acquaintance of my father-in-law who had been living in Dubai for the last 25 years has been asked to leave. They would be returning to India sometime around 16th December 2009.

Another one who had come down to India for a short trip to India has received an email from his Dubai employer saying that he has been sacked and need not come back. All his dues would be sent to India to his Indian address.
coolfyre is offline   Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search


Similar Threads
Thread Thread Starter Forum Replies Last Post
"Cayenne" we "XC-eed" in our "Endeavour" to "Safari"? Taking powerful metal off-road SS-Traveller 4x4 Excursions 55 10th November 2016 22:56
Vintage Car Drive to Mahabaleshwar - 2nd Edition (Nov/Dec 2012) the mole Vintage Cars & Classics in India 64 8th August 2013 15:38
Indian races at BIC, Noida from 30 Nov - 2 Dec 2012 wanderhermit Indian Motorsport 2 26th November 2012 02:33
Bangalore - Mysore (21st Dec-24th Dec) in our '06 Civic! suhaas307 Travelogues 9 27th December 2009 18:36


All times are GMT +5.5. The time now is 14:03.

Copyright ©2000 - 2017, Team-BHP.com
Proudly powered by E2E Networks