Showing posts with label collapse. Show all posts
Showing posts with label collapse. Show all posts
May 23, 2009
THE TELEGRAPH: Britons who invested hundreds of thousands of pounds in unbuilt property during Dubai's boom years face losing the money after a collapse in the market.
An 800-strong group of investors, from individuals who put deposits on holiday flats to property brokers, says hundreds of millions of pounds is at risk.
Work has slowed or stopped on swathes of building sites, including on a second "Palm Island". The city was planning a series of artificial peninsulas in the shape of palm trees packed with seafront holiday villas, but only one is finished.
Of all the world's property crashes, Dubai's has been among the most spectacular. According to an estimate from Morgan Stanley, projects worth £165 billion have been delayed or cancelled across the United Arab Emirates. Prices in Dubai have fallen by more than 40 per cent since September.
As prices soared, many investors bought off-plan, either because it was cheaper, in the case of small-time buyers looking for a home in the sun, or because they could "flip" or sell on for a quick profit without ever having to pay the full value.
Investors on the end of a chain of "flippers" have been hit particularly hard as prices fell while building was put on hold. But even those who bought from developers now face the dilemma of whether to keep paying or cut their losses. >>> By Richard Spencer in Dubai | Saturday, May 23, 2009
January 16, 2009
THE TELEGRAPH: America may be forced to intervene in Mexico to prevent the country's "rapid and sudden collapse" at the hands of organised crime and drug cartels, according to the US army.
A report on the "Joint Operating Environment", compiled by the army's high command, places Mexico alongside Pakistan as a possible failed state of the future. America, which shares a 2,000 mile border with Mexico, would be the obvious destination for massive refugee flows if its neighbour descended into civil war.
President Felipe Calderon has deployed Mexico's army in a new offensive against organised crime. This battle against four major drug cartels, along with a myriad of local syndicates, claimed the lives of 5,367 members of the security forces or suspected criminals last year alone.
"Two large and important states bear consideration for rapid and sudden collapse: Pakistan and Mexico," reads the US army's report. >>> By David Blair, Diplomatic Editor | Friday, January 16, 2009
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The Dawning of a New Dark Age – Paperback, direct from the publishers (US) >>>
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