LONDON - British-based emerging markets bank Standard Chartered said on Wednesday that it did not expect material charges arising from the Dubai debt crisis -- and forecast record profits this year. With regard to recent developments in the Unit
Standard Chartered has played down its exposure to the financial crisis in Dubai, saying that any resultant loan impairments would not be material.The Asia-focused bank is one of several UK-listed financial institutions understood to have loaned mon
The credit downgrades of Dubai’s government-owned companies have triggered an accelerated payment clause on a $2bn debt issued by the emirate’s utilities provider.Dubai Electricity and Water Authority’s $2bn securitisation programme, Thor Asset Purc
Investor sentiment took a knock on Tuesday after the Dubai government said talks to restructure a troubled state-backed conglomerate at the centre of the emirate’s financial crisis could drag on beyond a previously requested deadline.Abdul Rahman al
Dubai’s finance chief insisted on Tuesday that a troubled state-backed conglomerate has sufficient assets to meet its obligations but said it would take more than six months to work out a restructuring plan.Abdul Rahman al-Saleh, the head of the dep
A group of international and regional banks met Dubai’s struggling conglomerate, Dubai World, for the first time on Monday as talks began on the company’s request to restructure debts of $26bn.People familiar with the process said it was a “kick off
DUBAI, United Arab Emirates - Dubai World, the indebted conglomerate at the heart of this sheikdom's credit problems, may sell off assets it acquired during a multiyear building and buying spree to raise cash, according to a senior government offici
Dubai World may be forced sell overseas assets as part of its restructuring process, a top Dubai finance official conceded on Monday, but said the government would not divest businesses to support the holding company. Abdulrahman al-Saleh, director
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