The German freighter, Beluga Fortune, has been captured by Somali pirates almost 2,000km off the coast of Kenya, authorities said 24 October. The raid comes a day after a Greek tanker ship was seized off the coast of Momabasa, Kenya with a crew of 17 aboard.
The Beluga Fortune was carrying a load from the United Arab Emirates to Richards Bay, South Africa when it was boarded. It was not immediately known how many crew members were on board.
Links to other sites: Press Association, RTT News
Major European stock markets are rebounding 1 December led by banking shares after troubled United Arab Emirates’ conglomerate Dubai World announced it was in talks with lenders to restructure $29 billion worth of debt. Bourses were relieved by Dubai World’s effort to contain the damage of a massive debt default, and by the lesser amount being restructured. Banks will need to agree rapidly on new terms to avoid default on a $3.5b bond by Nakheel, one of the companies owned by Dubai World, coming due 14 December.
Markets reacted badly at the end of last week when Dubai World said it was suspending debt payments on $60b worth of debt. A Dubai government official said the government was under no obligation to rescue banks from bad loans, Monday 30 November.
The government of Dubai announced a unilateral moratorium on the $59 billion debt mountain of its biggest corporate entity, Dubai World, a conglomerate that owns ports and real estate around the world, 26 November. The government says it has appointed DeLoitte LLP to advise it on restructuring Dubai World.
The news caused stock markets in Europe to decline sharply because of worries that Dubai’s massive investments in companies ranging from Porsche and Daimler to the London Stock Exchange may need to be liquidated. Banks were particularly hit. Rating agencies downgraded the debt of several Dubai government-run companies in response.
Dubai’s ruler, Mohammed Bin Rashid al-Maktoum, dropped several key aides involved in Dubai’s real estate boom 23 November, in order to assert closer control over a sprawling financial empire.
Links to other sites: Bloomberg, Reuters, Wall Street Journal
Where the race will be decided. ©NARAL
Geneva, Switzerland and New York, USA (GenevaLunch) – Team Alinghi, representing the Société Nautique de Genève in the 33rd America’s Cup race, has announced it will appeal the decision by Justice Shirley Kornreich of the New York Supreme Court to deny Alinghi the right to defend its title in Ras al-Khaimah (RAK), United Arab Emirates, in February 2010.
Kornreich had ruled 27 October that the race be held in the southern hemisphere or in Valencia, Spain, basing her decision on the terms of the “Deed of Gift” which stipulates that the race be held in the southern hemisphere between 1 November and 1 May.
Alinghi in less contentious waters. Photo: © Dinah Roberts
Geneva, Switzerland (GenevaLunch) – The oldest, most prestigious sailing competition may be decided in a New York courtroom instead of in the Persian Gulf waters off the Arabian peninsula. The defending team Alinghi, representing Geneva’s Société Nautique de Genève (SNG) put their huge catamaran into the water off Ras al-Khaimah (RAK), United Arab Emirates Saturday 17 October, but a New York judge must still decide whether the venue, traditionally chosen by the defender, may be allowed to stand.
On Saturday, Ernesto Bertarelli, the billionaire backer of Alinghi, called on the BMW-Oracle team to get down to business and start sailing.
The entire crew of an Air India flight from the United Arab Emirates to India was suspended pending an investigation after two suffered bruises after coming to blows inside the plane, early Saturday 3 October. Passengers became alarmed when an argument became physical while flying over Pakistan. A female flight attendant accused two pilots of harassment inside the cockpit. The pilots accuse the flight attendants of making up the story. The plane landed safely in Delhi. BBC, Guardian
