Business

The Power of the Information...
by Milota Sidorova

That’s the power of the information. The wrong information of Mr. Morgan caused the first financial crisis on the Wall Street in the beginning of the last century. The situation nowdays is no different. The world banks and market stunned over the lonely message from the Middle East. Dubai World, the Government-owned corporation asked creditors for a six month period to delay its debt of its property subsidiaries Limtless and Nakheel. The fact the information came just before its national feasts and Thanksgiving Day makes no surprise. More likely it remains the situation of September 11th. The Wall Street that was before the collapse was closed for 24 hours. The offi! cial version says it was because of the terrorist’s attack. The truth is, when market opened the other day, the numbers pointed into the better direction. We all know the old saying – time is money. Well, right now Dubai states a report lacking fundamental informations and shuts down for four days. Wall Street shuts down for Thanksgiving day, London Stock Exchange reports three and half hour computer crash and try to imagine the consequences. Mass hysteria and panic. The six biggest banks in the world report decades of percent loss and everyone is producing hypothetical theories about Dubai’s creditors, the Governmental attitude and deepening financial crisis. Monday statement is not less shocking – The government of Emirates washes the hands of the debt. The quotes of $80 billion debt is increasing to $100 billion. The (dis)information process is not finished. One stands clear – symbols of such great development as Dubai may not be as stable ! as they seem to be. However, there’s still too much poli! tics, oi l and grey powers behind. We’re exposed the the partial information today, but the real consequences won’t take long to take.

related story (sgx16048): http://business.timesonline.co.uk/tol/business/markets/the_g...

by Milota Sidorova for PocketNews (http://pocketnews.tv)

PocketNews is a new real-time news broadcaster delivering the latest and hottest news right to your pocket ! With global clients who want to be kept up to date, PocketNews is everyone's way of keeping in touch with the World.

posted by Blog TechSource @ 12:14 PM