Lunchtime Links: Biggish money to be made in Dubai in 2010
While the news is full of the opening of the Burj Dubai and the possible correlation between the construction of tall buildings and imminent economic collapse, the really interesting thing about the Emirate may be the restructuring fees on offer there this year.
The Financial Times reports today that fees of $100m or more could be generated from the restructuring of Dubai World's $22bn of debt. The beneficiaries are expected to include KPMG, Deloitte, Allen & Over, Ashursts, Rothschild, and Clifford Chance. With restructuring teams typically operating out of the UK, London should share in the good fortune, both in terms of jobs and fees. The chief restructuring officer for Dubai World, for example, is London-based Aidan Birkett, head of Deloitte's UK corporate finance practice.
ScotiaBank gets a licence to operate in the DIFC. (Gulf News)
BMO Capital markets wants to hire in China and India. (Reuters)
Staff at Goldman Sachs, Société Générale, BNP Paribas, HSBC and JP Morgan are all rumoured to have requested a move out of the UK because of The Tax. (The Times)
The UK government could easily earn more than 3bn from the bonus tax. (PestoWire)
Ex-RBS quantitative analyst finds joy in teaching. (PestoWire)
Sandy Weill, all alone with his regrets. (NYTimes)
Mating makes men indulge in conspicuous consumption, blatant heroics and social dominance. (New Scientist)
