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Many people are dazzled by the opportunities in Dubai. Like ants that approached the sugar, the other Arabs flocking to Dubai. Unfortunately, the current situation has turned around.

Not a few migrant workers who were forced to leave beloved Dubai as the financial crisis that hit Dubai. Friends Mahmoud Tamimi said that as a syndrome of Dubai. Tamimi (31) has a nice apartment and a job in Dubai. Luxury apartment, a salary of 3700 U.S. dollars per month or about USD 35 million. The amount is tens of times more than the salary he received in his hometown, Jordan.

The situation is reversed last year. The financial crisis makes Tamimi lost their jobs. Because the apartment must be returned to the company when he was dismissed, Tamimi had to get out of the apartment.

Currently she huddled in a small apartment with his wife and two children and seven other family members in the slum area in Amman, Jordan. He is now looking for a job whose salary is obviously much smaller than he received in Dubai.

Fall Dubai not only affect the situation in the country town. Big promises the people in the financial sector of the financial miracle of Dubai is also increasingly in doubt. In fact, before the financial crisis on Dubai, engorgement of economic growth in Dubai has forced migrant workers, such as Tamimi, returned to his hometown.

Back to the country of origin for re-Tamimi is a small salary and face employment shortages in the country.

Shipments declined

The situation is affecting families in the Middle East is highly dependent on transfers from migrant workers in the Persian Gulf region and keemiratan like Dubai.

Of course, bad news from Dubai is also bad news for the Arab world is experiencing economic stagnation, high unemployment and low wages that have been frustrating the youth there.

According to World Bank estimates, money transfers from abroad who send migrant workers or remitansi expected to decline by seven percent this year across the Middle East and Arab countries in North Africa. This decrease is the first in the last decade.

In some countries, the situation is even worse. Remitansi from migrant workers to Egypt has been reduced to only a quarter of last year compared with the previous year. This report from the International Monetary Fund (IMF), last October.

Arab workers work everywhere, including to Europe. However, the Gulf countries have become rich remitansi source to the Middle East. Dubai is one of the driving machine.

Dubai is built from the booming tourism trade and the fruits of migrant workers, such as Tamimi. Only one in 10 inhabitants of Dubai who numbered 1.5 million is a native of Dubai.

Impact everywhere

Not only the Arab expatriates who have been affected by the economic decline in Dubai. The impact is also felt by blue-collar workers from India and South Asia are generally low-paid work in the field of construction, such as the construction of the world’s tallest tower, Burj Khalifa. Philippines people who fill many jobs in service sector also felt the impact. They all lose their jobs in Dubai. In fact, workers who are still alive and living in Dubai is expected to send less money to his hometown. Thus the World Bank economists estimate, Dilip Ratha.

Tamimi now can only remember the beautiful days in Dubai.

admin | Bank | 02 8th, 2010 | No Comments »

-made automotive sector as one of the focus in credit growth in 2010. That’s because the credit is always the automotive sector grew significantly in recent years.

Per 30 September 2009, for example, the number of loans that have been disbursed for a motor vehicle loans Rp 7.5 trillion, an increase of 25 percent compared to the same position the previous year. This amount contributed 33 percent of the total credits Retail Bank Niaga.

Thus disclosed Business Banking Director, CIMB Niaga Handoyo signing Soebali dealer financing cooperation with PT Mazda Motor Indonesia (MMI) Monday (1/2/2010). In the cooperation, CIMB Niaga helping working capital needs of Mazda dealers in the purchase of vehicles from the MMI as Sole Agent Brand Holder (ATPM).

For MMI, this funding helps dealers mazda to stay focused on increasing population and vehicle sales to provide certainty of payment to MMI. As for CIMB Niaga, this cooperation is expected to increase the loan portfolio to the automotive sector and strengthen its position in the automotive value chain.

“We are optimistic that vehicle sales in 2010 better than 2009. Belief is supported by several factors, such as Indonesia’s economy improved and increased purchasing power,” said Handoyo Soebali. According to him, similar k erjasama will continue to be developed with other ATPM in Indonesia.

In the meantime, Yoshiya Horigome, President of MMI said, Indonesia’s automotive industry remains one of the potential and strong in facing the challenges the automotive market compared to other Southeast Asian countries.

admin | Credit & Loan | 02 8th, 2010 | No Comments »

Indonesia’s export value in December 2009 is the highest in recorded history of Indonesia reached 13.33 billion U.S. dollars or an increase of 23.69 percent compared to November 2009.

“This is the highest exports in Indonesian history.’ve Never reached the top 13.33 billion,” said Head Statistics Rusman Heriawan during a press conference at the BPS Office, Jakarta, Monday (1/2/2010).

According Rusman, December exports soaring because the contribution of export value of some commodity vegetable oil, copper, and coal. “Three things that are helping our exports and almost all export destination countries increase exports to December,” Rusman said.

The increased value of exports in December, according to Rusman, is a signal that the world economic recovery of Indonesia’s export surged along with the ability to buy a subscription that country also increased. Increasing exports is caused also by the non-oil exports increased by 28.30 percent and increased exports of oil and gas, although only 7.07 percent compared to November 2009

admin | Finanace | 02 1st, 2010 | No Comments »

Barack Obama once again made a breakthrough. This time refers to the thoughts of former Central Bank governor Paul Volcker. Thought is not far from the Banking Act of 1933 which is better known as the Glass-Steagall Act. Act was sponsored by Carter Glass and Steagall B Hendry.

Law was out in 1933 after the Great Depression. Core of the Glass-Steagall Act that prohibited commercial banks collaborate with brokerage firms or participating in investment banking activities. This law created to protect depositors from the additional risk from securities transactions.

At that time, the bank, for example, could be the issuance of stock underwriters. If the shares they do not sell jajakan, they bought using funds from the depositors. Often it without the knowledge of the depositor. Transactions for the sake of the bank is known as prop trading.

However, the Act was abolished in 1999. Consequently, the difference between commercial banks and securities increasingly blurred. Finance minister when the post was held by Lawrence Summers. The new law allows commercial banks, securities, and insurance united. According to Summers, this way the U.S. financial industry can grow and compete better.

With the new law, born of financial giants like Citigroup, a combination of commercial bank Citicorp and Travelers Group insurance company.

This mixing triggered conflicts of interest and is considered as one of the roots of the financial crisis.

Not heard

For months, Paul Volcker proposed a plan to fix Wall Street, which is making a clear boundary line between commercial banks and investment banks. Since the revocation of Glass-Steagall Act, which allowed institutions to collect funds allowed third parties to produce benefits not only from the old ways, shed credit and charge interest, but running hedge funds and speculative ways of others.

Volcker said that since their insured deposits of the central government, large banks may take risks that ultimately must be borne by the taxpayers. He insisted that the incentives are structured, totally unfair and the root of the crisis. It needs to be done for the U.S. banking system is to improve incentives to avoid a similar crisis.

For months, Volcker also ideas not heard by Obama administration. Both reform proposals from the government and the parliament based on the approach “too big to fall”. Approach translated by way of increasing capital requirements, making mechanisms of government bailouts and improve supervision of systemic risk.

U.S. financial system seems to minimize such risks. One reason for the perception that some financial firms “too big to fall”. Under Volcker rule, only commercial banks are not too risky just to enjoy that status. Investment banks, hedge funds and private equity firms have to rely on ourselves. Commercial banks may not engage in the activities of hedge funds and private equity funds because of conflict of interest in normal banking relationships.

admin | Bank | 02 1st, 2010 | No Comments »