Dubai exchange nosedives as trading resumes

[notesdev]

DUBAI, United Arab Emirates (AP) -- Dubai's main stock exchange has dropped nearly 6 percent on the first day of trading since officials went public with the city-state's huge debt crisis.

Shares in debt-ridden Dubai World were off more than nearly 15 percent in early trading Monday when the market opened..

The drop mirrored the turmoil on world markets after Dubai officials last Wednesday announced that Dubai World, the emirate's investment and development engine, would seek a six-month delay in paying creditors on nearly $60 billion in debt.

Dubai financial markets have been closed since last week because of an important Islamic holiday. Once-booming Dubai has become the main victim of the global recession in the Gulf.


http://finance.yahoo.com/news/Dubai-exchange-nosedives-as-apf-3112706511.html?x=0&sec=topStories&pos=main

[FrenchieCat]

1. What's the deal with them? I've been too busy to keep up.

Isn't Dubai World a corporation who's having problems with paying their loan payments due or something like that due to defaults on Commercial real estate via their clients?

[notesdev]

2. They had a spectacular default on Friday

This is the first market session since that hit the news.

[FrenchieCat]

4. I read that in the article posted.....

There is trouble with commercial real estate all over. If that's Dubai chief product, real estate and speculation on such, then they are in a heap of trouble unless someone bails them out....
which seems to be what may happen....but I'd have to believe that this will not help their stock one bit......certainly.

[DJ13]

3. ......

[notesdev]

5. Uh...

ok you gotta explain how that plane got in that position without being smashed to bits

[DJ13]

6. I dont know, I found it on a photo search

[cliffordu]

7. Bad landing, nose dug in and it stood right up.

Or King Kong spiked it like a football in the end zone.

[aquart]

8. Can I pick option 2?

To keep the dream alive.

[cliffordu]

10. Yep - Everyone needs something to believe in.

I'm gonna go with number 2, also....

[pscot]

11. Ground loop

I knew the pilot.

:rofl:

[westerebus]

9. Tiger Woods was driving. n/t