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Dubai Denies Neighbors Fuel as City Struggles to Pay Off Debt: Arab Credit

June 28 (Bloomberg) -- Jason Schenker, president of Prestige Economics in Austin, Texas, talks about oil. The International Energy Agency announced June 23 that it will open emergency oil stockpiles as the loss of exports from Libya sends prices to levels that endanger global economic growth. Schenker also discusses the outlook for the U.S. economy, Federal Reserve monetary policy, and municipal bonds. He speaks with Susan Li on Bloomberg Television's "First Up." (Source: Bloomberg)

Dubai, the second-largest of seven sheikhdoms in the United Arab Emirates , has stopped supplying gasoline to its neighbors as subsidies on fuel prices squeeze the city’s ability to service and repay debt.

Emirates National Oil Co., a Dubai government-owned refiner and operator of service stations, closed filling points in neighboring Sharjah and restricted supplies to other northern emirates last week. Dubai has $16 billion of publicly held debt maturing later this year, International Monetary Fund data show. The emirate plans to cut “subsidies and transfers” by 50 percent to 2.67 billion dirhams in 2011 from a year ago, according to a government forecast.

“Below-market retail prices -- without a way to make up the losses -- is an unsustainable situation,” said Rachel Ziemba, a Middle East analyst at Roubini Global Economics LLC in London . “The Dubai government continues to be cash-strapped, and this is one of the reminders that just because its companies are restructuring, it doesn’t mean that Dubai Inc. is out of the woods yet.”

Dubai borrowed at least $129 billion to turn itself into a tourism, trade and financial services hub, according to Credit Suisse Group AG. It had to seek help from neighboring Abu Dhabi after the global credit crunch pushed property prices down by more than half from their peak in 2008 and forced some state- owned companies to seek changes to payments.

The yield on Dubai’s 7.75 percent dollar bond maturing October 2020 climbed 16 basis points this month to 7.02 percent yesterday, according to prices on Bloomberg.

Last week’s move came after authorities in the federal capital Abu Dhabi, wary of stoking discontent amid popular uprisings in the Middle East this year, refused to let gasoline retailers raise prices. ENOC said last month it may have to spend 2.7 billion dirhams ($740 million) this year to cover the cost of selling gasoline and diesel at below-market prices. Oil prices have risen to the highest since peaking in 2008.

Director Operations / Client Services / Project Management (SoHo ...

EXECUTIVE SUMMARY:

Dynamic Operations and Business Strategist with an extensive track record executing complex and high profile programs while propelling operational growth and profitability. Delivered continuous improvement in process, cost, and productivity. Drove major projects, programs, and initiatives from planning through tactical execution; mastered advanced methodologies, processes, and technologies and aligned change efforts with business goals. Fluent in English and German with strong international background. Talented in the development and management of marketing programs, resulting in revenue growth and driving brand awareness.

SPECIALTIES:

- Account/Client Management As the most widely deployed rich media ad platform for mobile, Medialets helps publishers, developers, advertisers and agencies tap into the full mobile opportunity by enabling the most engaging and measurable mobile rich media ads across different devices.

* Director of Operations

Manage internal operations: oversee and lead the Integration/Implementation, Client Services/Account Management & Ad Operations groups. Work closely and collaboratively with the Sales, Business Development, Product Management, Creative and Engineering teams to deliver best of breed customer service.

• Ensure all deliverables produced by the operations team meet customer expectations, are error free and completed on time and lead, motivate and encourage a lean dedicated team under significant time pressures A division of Radio One, #1 online destination for African Americans with 140 staff members and $20M in annual revenue. Interactive One LLC acquired Community Connect Inc in 2008.

* Director of Sales Operations (2008-2010) / Director of Sales Marketing (2007-2008)

Directed all sales operations services from account management and traffic, through production, affiliate management, and revenue fulfillment. Managed workflow, revenue risk, and post sales process. Improved customer expectation, monetized traffic, improved products and services. Provided direction to team of Ad Operations for clients, which included order and billing administration and loss prevention. Supported client requirements and track campaign effectiveness to ensure accurate delivery of planned objectives. Handled all operational aspects of direct sales, which include strategic alliances, performance deals, behavioral targeting, and audience extension. Designed and implemented new sales marketing strategies and cross platform program development for media channels, including online, radio, and television.

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