LONDON - A flagship British government scheme to boost mortgage lending must not become permanent like in the United States, outgoing Bank Governor Mervyn King said on Saturday.
FRANKFURT - New solar installations reached a fresh record of 7.5 gigawatts (GW) in Germany in 2011, playing into the hands of advocates for steeper cuts in tariff subsidies to reduce growth of solar power and the resulting higher costs for consumers.
Dubai Holding unit delays loan repayment again
DUBAI (Reuters) - Dubai Holding's DUBAHC.UL main unit will delay repayment on a $555 million loan until November 30, the company said on Tuesday, the second time it has failed to meet a repayment deadline.
DHCOG, a unit of the conglomerate owned by the Gulf Arab emirate's ruler, took a big hit on its exposure to Dubai's property crash.
The company said in June it may resort to asset sales to deal with its debt after posting a $6.2 billion loss for 2009. Its assets include Jumeirah hotel group and business parks.
DHCOG was due to repay the $555 million loan on Tuesday, having already extended it for two months in July. Market participants had expected the move.
"The restructuring and rescheduling of debt is still in progress," Haissam Arabi, chief executive and fund manager at Gulfmena Alternative Investments said.
Concerns about the overall debt burden of Dubai's state-linked companies mounted after Dubai announced a standstill on repaying $26 billion in debt as it restructured conglomerate Dubai World DBWLD.UL. It unveiled a $9.5 billion rescue plan for the firm in March.
The $555 million revolving credit is the drawn part of a $1 billion loan that was agreed in 2007 via bookrunners BNP Paribas, Citi, RBS and Standard Chartered.
Dubai Holding, one of the emirate's three state-owned firms along with troubled conglomerate Dubai World DBWLD.UL and Investment Corporation of Dubai, has debt obligations estimated at $14.8 billion out of a total $109 billion owed by the government of Dubai and its related entities.
(Editing by Jason Benham; Editing by Erica Billingham)
(Reporting by Tamara Walid, Rachna Uppal and Jason Benham; Additional reporting by Nicolas Parasie)
- Tweet this
- Share this
- Digg this