Friday, October 31, 2008
Dubai buys Barclays ! Well nearly
Sovereign funds have secured key positions in high profile U.K. assets. Barclays announced today that it will raise 7.3 billion pounds ( No that is not a typo) by selling securities to investors including funds in Abu Dhabi and Qatar to restore capital without entering the U.K.'s bailout plan. The shift in power is clear. It has happened in the U.S.A. The powerful West goes cap in hand to the Middle East and China. There will be a re-bound but not as you may expect. The wealth of Western share holders is being diluted ...but not to the usual culprits. Australia is next maybe.....but what is worth buying? Plenty!