Quote of the Week

"It's the best time to win something in gold."

Overheard at this year's Oscars ceremony

"Difficult times. But is increasing payment terms a fair course of action?"

At a seminar yesterday, it was noted that many established and larger players are imposing new payment terms on their suppliers retrospectively, and without warning. This may be an increase from 30 days to 45 days, but in some cases longer, even 120 days. The result is that huge pressure is being placed on smaller companies, asking them to virtually act as a bank.

Facts of the week

Abu Dhabi bails out Dubai

• Dubai has launched a $20 billion bond programme, and the UAE Central Bank has taken up the first $10 billion tranche paying four percent over five years.
• However, that's only part of the story. Corporate to bank deposits are still too high, while interbank interest rates are too high compared with the rest of the region.
• Relying on Abu Dhabi to bailout Dubai is perhaps false logic.
• The Emirate already injected cash into its own banking system earlier this month.
• Just like Dubai (Abu Dhabi), is heavily dependent on incomes sourced from a foreign labour pool, something which would risk severe contraction if projects were scrapped.

http://ftalphaville.ft.com/blog/2009/02/23/52757/one-emirate-for-all-none-for-one/

Allen Stanford again….

Each year World Finance chooses its Man of the Year

This year our nominating committee used the following criteria to determine our finalists:

• rationalisation strategies;
• innovative financial structures;
• use of sport for the good of community development;
• leadership and proven successes;
• proof of development and continued progression;
• within communities;
• positive media coverage;
• level of transparency and good governance;

The finalists were:

• Ed Zander
• Philip Green
• Sir Allen Stanford
• Sir Richard Branson
• Geoff Immelt
• Lakshmi Mittal

World Finance's 2008 Man of the Year award was bestowed upon Sir Allen Stanford as he clearly stood out.......

http://worldfinance.com/magazinearticles/article488.html

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