» 11/30/2009, 00.00
India grappling with inflation above 15%, record gold process and the crisis in Dubai
The rise in prices, especially for basic necessities, creates broad discontent among the population and a trading of accusations between political parties. The state buys gold, but says it still has confidence in the dollar. Major impacts from the real estate crisis in Dubai.
Beijing: local governments should talk with the people to resolve problems
The local authorities are told to pay attention to social problems, and resolve them. But experts say that intervention is needed in corruption and abuse of power. Meanwhile, hundreds of people take to the streets in Shenzhen and Chongqing, against "ordinary" injustices by governments and businesses.
10/03/2009 UNITED ARAB EMIRATES
Dubai: massive projects wind down, immigrants return home
The economic crisis is affecting the construction industry most of all. In 2009, 45% of the workers in the sector will lose their jobs. The Dubai Economic Council is earmarking 10 billion euros to confront the crisis. Hundreds of cars have been abandoned at the Dubai airport by foreigners fleeing from debts after losing their jobs.
Dubai World announces deal with creditors
The real estate giant says 99 per cent of its lenders have agreed to its debt-restructuring plan, estimated at US$ 24.9 billion. Faced with a cash flow crisis, the company, which built a palm-shaped group of islands, was forced to ask for a debt moratorium.
In 2009, property sales reach 4.4 trillion yuan
Property prices are rising non-stop, especially in the big cities, favoured by easy bank loans. The government is concerned about speculation, which excludes many people, because it could cause huge losses in the financial markets.
Chinese inflation remains high, economic growth slows
Inflation at 7.1% in June, while producer prices increase 8.8%, a more than 10-year record. China faces the dilemma of containing inflation without impairing production too seriously. Meanwhile, the worst energy crisis in years approaches.
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