Who will Insure my Insurance?????

hmmm, i looked at my bank fund notes, and it is insured by AIG. i looked at my life plan and pension plan, and both are insured by AIG... "It is better to take refuge in the LORD than to trust in man. It is better to take refuge in the LORD than to trust in princes." Ps 118:8-9

************************************

Sept. 16 (Bloomberg) -- A collapse of American International Group Inc., the insurer seeking to raise as much as $75 billion, would have consequences for financial firms around the globe, analysts and investors said. Wall Street's top firms, and the biggest companies in Europe and Asia, have bought protection on $441 billion of fixed-income assets from AIG to guard their investments against potential bankruptcies. A failure by New York-based AIG may result in $180 billion of losses to financial institutions, RBC Capital Markets analyst Hank Calenti said in a report today.

``It is certainly a big number,'' Calenti said in an interview. ``AIG is ubiquitous.''

AIG, with $1 trillion in assets, piled up net losses totaling $18.5 billion in the past three quarters on writedowns tied to the collapse of the U.S. subprime mortgage market. It insures some of the largest assets in the world, doing business in more than 100 countries.

``If AIG goes under, there could be a domino effect,'' said Andrea Cicione, a credit strategist at BNP Paribas SA in London. ``AIG is very connected to the financial system and it is very connected to the real economy.''

AIG is the largest corporate insurer in the U.S. It sells protection against some of the biggest risks, insuring planes and commercial shipping and providing coverage against terrorist attacks.
AIG Global Real Estate's portfolio includes over 53 million square feet of property in more than 50 countries, the company said on its Web site.

Lehman Brothers Holdings Inc.'s London landlord, Songbird Estates Plc, said rent payments on the bank's offices in the Canary Wharf financial district are insured by AIG. The insurer is committed to paying up to four years of rent in the event of a default, Songbird said in a statement today.

AIG is the second-largest property and casualty insurer and the seventh-largest life insurer in the U.S., according to 2007 data compiled by A.M. Best Co. The company insures high-end homes through its Private Client Group and sells auto coverage online through AIG Direct.
More than 40 percent of AIG's revenue comes from property and casualty customers. AIG provides coverage for offshore oil drilling platforms in the Gulf of Mexico, warrantees for televisions in Brazil, and insurance that complies with Islamic law in Bahrain.

AIG's insurance businesses have enough money to pay claims, said David Neustadt, a spokesman for Eric Dinallo, the New York State insurance superintendent.

``AIG's problem is not that it is short of capital, unlike some other institutions,'' Neustadt told reporters today. ``It's a liquidity problem.

``We're ensuring that the new assets that come in will protect policyholders,'' he said. ``That's our job.''

New York Governor David Paterson said Wall Street is ``stunned'' by the AIG's struggles. The executives at U.S. financial firms ``aren't totally aware'' of the scope of the crisis, he said today in a Bloomberg Radio interview.

Goldman Sachs Group Inc. and JPMorgan Chase & Co. are working with AIG to determine how much the insurer needs, said two people familiar with the matter and declined to be identified because negotiations are private.

``AIG poses a systemic risk because it's a large counterparty in the financial system,'' said Prasad Patkar, who helps manage the equivalent of $1.8 billion at Platypus Asset Management in Sydney. ``It's too big to be allowed to fail.''

Without outside help from the U.S. government or investors, AIG will be forced into bankruptcy, said Maurice ``Hank'' Greenberg, its former chairman and chief executive officer. Greenberg, who controls the largest stake in the insurer, saw his holdings decline by $3.1 billion last week.
AIG would be able to sell assets to raise the funds it needs ``given some time,'' Greenberg said on CNBC today. Allowing it to fail would create a ``systemic'' issue, he said.

Crazy Rent! Crazy Construction! Crazy Traffic!

that's the three things i dislike about dubai (and sharjah)... let me tell you why...

can you imagine bedspacing for AED 600/ month or $163 or P 7,500???? that is bedspace in a room with six to eight other girls, double deck. or can you imagine renting a modest 2BR flat for AED 10,000/ month or $ 2,700 or P 125,000??? and if this isn't bad enough, yearly they can increase their rent to as high as 100%! landlords can pull off the biggest surprise of your life when they offer you your lease renewal. and since many cannot afford living in a flat of their own, they would do sharing between 2-3 families, each family occupying one room. and when we thought again that that was the end of the misery, there comes the municipality driving people out saying that sharing is not legal, cutting electricity and water services if they do not comply. and man, if you only know the hassle of transferring here and there, it'd really drive you crazy!

as to construction, maybe this is one thing we'd have to embrace as long as dubai is in its teenage state of progress. it used to be nice when the world all over was hailing dubai for its construction wonders and having almost 90% of the world's cranes. but it comes to a point that it is not so cute anymore, especially if week after week, you'd go thru your normal route just to be blocked by a sign that says "constuction. detour ahead". it's like a daily puzzle to me as a driver. i like the adventure, but it is just too much to handle for now.

and yes, as a consequence of the constructions, detouring, more people owning cars and avoiding Salik toll gates--> traffic congestion! i admire the patience of people coming from sharjah going to dubai who brave thru the 1 to 2 hours traffic of what used to be just a 15-min drive! and yes, the patience too of all others living in this place who have to face this toil everyday, sometimes even to the tune of a 48-degrees-centigrade weather! good thing, gas is cheap (AED 6.25/gal or $ 1.70/gal or P 20/liter).

but then again, no amount of complaining nor whining can achieve reversal of all of these. so everyday, i just ask God for enough grace to sustain me the whole day thru ;)

CnC: Christ's Network of Compassion

as the title says, that's how i see CnC in one aspect-- a network of Christ's compassion. even if our official meetings usually happens only on sunday evenings at EBs place, i should say that daily, there is a flow of compassion running thru each one's veins...

CnC is short for college and careers, a ministry of EBCI. it's just been a couple of months since i have been immersed here (see may march entry "Evenings with CnC guys), yet i can say i have been truly blessed! praise God! the people whom i barely knew months back, now seem like friends for life!

...i have felt how it is to rejoice with them when our prayers are answered... i have seen how we worked together when someone is sick... i have witnessed how we mobilize when someone is in need... i have seen how each one has given themselves unselfishly when others sought for help... i have experienced many giving their valuable time when people looked for company... i have increased in knowledge when some wants to study more His word... suffice it to say that i have experienced a foretaste of heavenly fellowship with them! i believe that God uses them as ministering angels to the brethren...


whether at bible studies, at prayer times, at casual fellowships, at fun meal times at homes or at the malls, at AWANA and 180 ministries, at hospital beds, at fun birthday celebs, at offices, at big group activities or smaller intimate coffee talks, at carpooling around dubai, or mere phone calls, i have seen them all do their own sweet part in accomplishing Christ's display of love among His people. each one has been given their own unique gifts of generosity, gift of talents, gift of encouragement, gift of time, gift of financial provision, gift of wisdom, gift of big heart, gift of smiley face, gift of godly rebukes, gift of service, and other gifts that abound.



we see each other on fridays, on friday lunches, friday evenings, saturday evenings, sunday evenings, and thursday evenings. sometimes i think, i see them soooo often. will i get tired of them? i think not. as long as we sow love, and seek spiritual growth, we will not get quenched, instead we'll keep seeking for more. plus the fact that almost every month new people joins, and this adds to the dynamics of this growing circle! i wish to know more of them and i pray that we continue to seek His presence and blessing in all our gatherings. to Him be the glory!

As what John 13:34-35 says
"A new command I give you: Love one another. As I have loved you, so you must love one another. By this all men will know that you are my disciples, if you love one another."

and i leave 1 Cor 15:58 as an encouragment:

"Therefore, my dear brothers, stand firm. Let nothing move you. Always give yourselves fully to the work of the Lord, because you know that your labor in the Lord is not in vain."

Crossroads

would you have thought that one of the most prevalent problem here in dubai is----- crossroads??? nah, i'm not talking about two intersecting physical roads, but i am talking about the point in one's life when you are in the middle of different paths in your life, and you do not know what to do, what you want and where to go.

when i had mine some months ago, i cherished every moment of it. maybe it's because i really like adventures or simply because i have no choice. but now i understand why. it is because God would use me to help out friends and brethren who are experiencing it now (and i didn't know there would be a handful of them... they just would not talk until you hit the right button!)

crossroads usually happen when we (1) actively look for other options, or (2) when an option is thrown our way, or (3) when we simply want a way out of our daily routine. routine is something our parents did not have to worry about then. you can see more of them doing the same job for 20-30 years! but our generation is so restless! restless with uncertainties! restless with options! restless with routines! restless with controlling the future! i believe what really is so daunting about this period is that we do not know what lies ahead. we hate not knowing what will happend. we hate not knowing the answer. we just hate it when we thought that we are too smart not to see our plans carried out as we want it. it is at this period when i humble down and confer with Him who is all-knowing ;)

so how do i deal with crossroads? firstly, i check what really is the root of it. is it the unquenchable desire for more, more, more? the answer is stop, stop, stop. or is it the desire to shift lanes and go to a more peaceful path? the answer is pray for acceptance of this seemingly simple road. or is it a desire to try other options beyond what i nornally do. the answer is to pray for courage to face this new path.

identifying this will help me solve how i want to deal with it. along the way, i always talk to our Father, pray over it, sometimes just for a couple days, sometimes, months, it depends. i sometimes even struggle with Him. i also ask prayers and opinions from people i am really close with and who can understand my struggles. do not underestimate the wisdom and encouragement of others. and when i reach to the point when i am at peace with my decision, i just let Him surprise me with His masterplan.


As what Proverbs 2:6-10 says

"For the LORD gives wisdom, and from his mouth come knowledge and understanding. He holds victory in store for the upright, he is a shield to those whose walk is blameless, for he guards the course of the just and protects the way of his faithful ones. Then you will understand what is right and just and fair—every good path. For wisdom will enter your heart, and knowledge will be pleasant to your soul."

Sisses

isn't it amazing how God provides for us in so many little miraculous ways? i will tell you a prayer request of mine, which to others might seem a small request, but for me, it is a big deal.

when i stepped into UAE years ago, i've prayed for a sister who'll keep me companied coz i know how difficult it is to be home away from home. i only asked for just even one. and true to His promise, God has wonderfully interwoven the times when my sisses will come in and out of my life...

first was SHEY who used to be my flatmate. we shared almost 3 years together, and God opened up her eyes to His salvation. and then she got married, and she has to start her own life with jude... and then while shey was slipping away from my life (i mean, just physically), He gave me RIZA, who became my housemate too. she's the younger sis of my friend malou from our church in manila, and she has been a wonderful officemate and friend to me. we've shared christian struggles together and both of us have indeed grown in Him more... then, before she decided to move to another company and out of our villa, MANO came into the picture (see A Sister, A Confidante, A Friend). she was a collegemate back in the philippines, and God also opened her heart to His teachings... after almost 2 years, she has to move out of UAE, and then out of seemingly impossible providences, God gave me MONIQUE, who is a very good sister of mine wayback in the philippines...

but this is the most exciting of all--> in addition to monique, He gave me so many more such as kate, constance, icel, valerie, mommy sally, everlyn, kitty, narmi, nine, lea, mitch, melody, mona, beth, rhoda, alecks, and so many other sisters that i think i am spoilt for choice now! ;) and i'm really lovin' it!

each time i see them, i can't help but be amazed at how He takes care of my needs. truly nothing is impossible with Him. He may not give everything that we want, but i am pretty sure that He will give everything that we need. just keep your eyes open for all of it....

Serenity of Ramadan

wow, it has been two months since my last entry? i can't believe it! just when i said that i'd write more frequently, it's then that i started to lag behind. slacker. haha!


but then, it happened for a valid reason ;) i've been out and about for the past 2 months with so many things happening to me in a blur!


first off, it was the peak season of our business here in Adventureland last july. this is the time when so many guests come in and out of our center, almost everyday! next, was my bday last month. need i say more about that? when it is your bday-- you must be busy ;) and lastly, was my trip to US for 3 weeks! will tell you more about that in a separate blog/s...

and now, coming back here to dubai during ramadan is such a nice transition point from a very eventful vacation time. no hitting the ground running. during ramadan, we have fewer working hours, our center is closed during the day so we at the office experience our once-a-year treat of serenity....no roller coaster noise, no shrieking of kids, no jamming of the log jam, no nothing, except peace and quiet. but then again, it may be peaceful too in the office, because, everyone is working on their............... 2009 Budget, hehe. and more than that, we do our annual thorough preventive maintenance of our rides. and i saw other centers doing that too.

i love this period when the world seems to stop for a while. living in the big city, i think we need this pause... for my mental sanity, it is like my preventive maintenance.