Source Pravda.Ru

CSFB Loses $3.5 Billion UAE Contract

Credit Suisse First Boston, the fifth most successful bank at raising money for the oil industry this year, lost a contract to help arrange financing for the United Arab Emirates on a $3.5 billion plan to import natural gas.

One of four CSFB bankers on the project was laid off in April, said Michael Powell, head of project finance at CSFB for Eastern Europe, the Middle East and Africa. Powell himself will leave the bank “shortly,” though will stay on as a consultant. A spokesman for the project, Dolphin Energy Ltd., said the departures contributed to the split.

The loss highlights the difficulties investment banks face in keeping clients as they eliminate jobs. Credit Suisse has eliminated about 2,900 investment banking jobs. It's a setback as well for the project, which is a year behind schedule in its bid to fuel growth in energy demand in the United Arab Emirates.

Finding a new adviser ``may delay the project a bit, but not stop it,” said Muhammad-Ali Zainy, a senior energy analyst with the London based Centre for Global Energy Studies. “A financial adviser can be replaced.”

Several years ago, a prominent Indonesian businessman who now resides in Canada, insisted on meeting me in a back room of one of Jakarta's posh restaurants. An avid reader of mine, he 'had something urgent to tell me', after finding out that our paths were going to be crossing in this destroyed and hopelessly polluted Indonesian capital.

Capitalism reduced Indonesian cities to infested carcases

Several years ago, a prominent Indonesian businessman who now resides in Canada, insisted on meeting me in a back room of one of Jakarta's posh restaurants. An avid reader of mine, he 'had something urgent to tell me', after finding out that our paths were going to be crossing in this destroyed and hopelessly polluted Indonesian capital.

Capitalism reduced Indonesian cities to infested carcases
Comments
USA to ruin Russian-Japanese relationship with the help of Aegis Ashore system
USA to ruin Russian-Japanese relationship with the help of Aegis Ashore system
Russia to rebuild its former Soviet naval base in Syria's Tartus
Russia to rebuild its former Soviet naval base in Syria's Tartus
North Korea is not a threat to the US
North Korea is not a threat to the US
North Korea is not a threat to the US
Capitalism reduced Indonesian cities to infested carcases
Capitalism reduced Indonesian cities to infested carcases
Capitalism reduced Indonesian cities to infested carcases
Capitalism reduced Indonesian cities to infested carcases
Donbass without militia will be worse than Srebrenica - Putin
Putin: Russian servicemen return home from Syria as victors
Kim Jong-un's tactic of hard power teaches USA lesson of obedience
Kim Jong-un's tactic of hard power teaches USA lesson of obedience
Putin to Sobchak: We will never let them turn Russia into another Ukraine
Putin to Sobchak: We will never let them turn Russia into another Ukraine
Putin to Sobchak: We will never let them turn Russia into another Ukraine
Putin to Sobchak: We will never let them turn Russia into another Ukraine
Putin to Sobchak: We will never let them turn Russia into another Ukraine
Kim Jong-un's tactic of hard power teaches USA lesson of obedience