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GLOBAL CRISIS TO HIT GULF ECONOMIES ON THREE FRONTS: REPORT

Article from: The Hindustan Times Article date: November 06, 2008

Report from Indo-Asian News Service brought to you by HT Syndication.

Dubai, Nov. 06 -- (IANS) The global financial crisis is about to hit the economies of the Gulf nations on three critical fronts, slowing the region's pace of growth, according to a new report.Lower crude oil prices, the drying up of foreign capital flows and declining demand for the region's energy-intensive industrial and building materials will slow down the growth of the Gulf Cooperation Council (GCC) states, according to the GCC Economics and Strategy Report for the fourth quarter of 2008, released by leading Islamic ...

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Starbucks Helped Brew Meltdown—Just Check a Map

Posted Oct 21, 08 3:48 PM CDT in US,  Business,  Opinion 

Starbucks Helped Brew Meltdown—Just Check a Map
Source: AP Photo

(Newser) – A simple tool could hold the key to predicting where the financial crisis will strike next, Daniel Gross writes on Slate: Starbucks’ Internet store locator. “Having a significant Starbucks presence is a pretty significant indicator of the degree of connectedness to the form of highly caffeinated, free-spending capitalism that got us into this mess.”

That Starbucks’ spread could be seen as an index of globalization isn’t too shocking, but Gross describes a correlation between a financial capital’s concentration of stores (New York City's 256, say) and the country’s financial health. Starbucks provided “the caffeine that enabled deal jockeys to stay up all hours putting together offering papers for CDOs, and helped mortgage brokers work overtime processing dubious loan documents.”

Source: Slate

More about:  credit crisis • Starbucks • globalization • global economy • economic slowdown • financial meltdown • chain stores

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Vindicated in 2008, Some Experts Foresee Gloomy '09

A few who called last year's calamities correctly see grim days ahead

Wall Street Journal Wall Street Journal Jan 2, 09 10:52 AM CST
(Newser) - Labeled overly pessimistic for years, a few Wall Street prognosticators became the oracles of 2008 by correctly predicting the unwinding of the global economy, the Wall Street Journal reports. The doomsayers correctly anticipated bank failures, stock market declines, and the housing market collapse of the second half of 2008. As for 2009, don’t expect things to get any rosier, they say. More »

More about:  Financial Crisis • stock market • credit crisis • housing crisis • global economy • housing bubble • financial meltdown • bonds

Russia Tycoons Seek $78B Kremlin Bailout

Looming foreign debt forces oligarchs to return power to state

Bloomberg Bloomberg Dec 22, 08 10:33 AM CST
(Newser) - A dozen years after bailing out the Soviet government, Russia’s oligarchs are seeking $78 billion in Kremlin handouts to weather the credit crunch, Bloomberg reports. Russian businesses have racked up some $110 billion in foreign debt due in 2009. The one-year loans, sought by more than 100 companies, would likely shift control of some industries back to the state. More »

More about:  Financial Crisis • Russia • bailout • credit crisis • economy • global economy • financial meltdown • Oleg Deripaska • Roman Abramovich

ANALYSIS

How Iceland Went From Codfish to Meltdown

Country built a huge financial bubble based on a vulnerable currency

Wall Street Journal Wall Street Journal Dec 27, 08 11:18 AM CST
(Newser) - How did a chilly nation of cod fishermen play a key role in the world's crumbling financial markets? Seeking to avoid the boom-and-bust of fish catch, Iceland started by privatizing banks in the mid-1990s. It built a colossal banking system on a puny currency and attracted international deposits with high returns. Then the country went on a shopping spree. "I didn't really worry about money," said one banker, who is now laid off. More »

More about:  Financial Crisis • credit crisis • banking • bank failure • Iceland • financial meltdown • krona

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