Dubai shocked investors on November 25, 2009 by asking investors for a debt standstill (including Nakheel’s USD 3.5 billion bond maturing on December 14, 2009) for a period of six months at Dubai World – the holding company of Nakheel (Dubai’s major real-estate developer), DP World etc. The move has shocked investors who were witnessing signs of a recovery in the economy. The news came in when two Abu Dhabi Government-controlled banks, National Bank of Abu Dhabi PJSC and Islamic lender, Al Hilal Bank bought USD 5.0 billion of bonds from Dubai Government. The bond yields reacted negatively with the Nakheel Dec 2009 bond dropping to 70.0 cents in one day from 110 cents. Moody’s cut ratings on some government-related entities to junk status; while S&P cut ratings on some entities to one level above junk on the same day.
16th Dec '09
27th Nov '09
After much frenzy and fanfare surrounding Google’s plans to develop a new Operating System (OS), the Chrome OS preview was finally released on November 19, 2009. The preview was eagerly awaited by millions of tech enthusiasts as it would have provided a new alternative to Microsoft’s stranglehold over the OS markets.