Westpac Rate Rise

Dubai Debt Restructure

Dubai World plans to restructure about $US26 billion of debt out of the estimated $US59 billion it owes, reassuring investors and helping global markets edge higher.

A spokesmen for Dubai World stated that "Initial discussions have commenced with the banks of Dubai World and are proceeding on a constructive basis. When it comes to construction I mean trust us we made that hotel that looks like a giant yacht and that one like the map of the world. Construction, Reconstruction, Deconstruction...sorry forget that last one trust us, the big hotels remember, yep the new one like a giant palm tree. Construction."