International lenders did not disclose specificities, but said it was part of global cost-cutting plansNovember 26, 2015 11:32
The secret life of… Dr. Fye Nantial Krycis
Millions have suffered financial losses due of his underhanded dealings. Meet Dr. Fye Nantial Krysis, the man behind the world's worst economic meltdown.
March 2, 2009 3:43 by Dana El Baltaji
And Krycis’s influence doesn’t stop there. In addition to bringing the world’s economies to their knees, and depriving billions of people of their right to work, one Kipp commentator claims that the doctor has also sapped creativity from the region. Saad Hakim, who works as marketing, PR and events executive at a bank wrote that Krycis has “killed” his department’s budget: “It killed the marketing and communications activities, thus killing the creativity that comes with it. For example, it will be very rare to see new locally made TV ads. Producing a TV commercial is a big investment, approximately around AED 1 million, if you don’t go wild in your creative. It will be hard to ask a local company to invest such an amount while they are trying desperately to keep the jobs of its own staff.”
On the flipside, Jihane sees the fall in marketing spend to be a good thing. According to her comment, she feels Krycis forced media prices to come down. She’s also happy “to see some famous publications that were unfriendly in their approach feel it a bit and learn from the experience.
On a personal level, I hate to say it (as many of my friends have lost their jobs) but I can’t help [be] happy for the outrageous inflation to be stopped… Dubai used to be a market [of] owners and now it is finally a market of consumers.”
Jihane’s perspective is one that may not be of comfort to those who have defaulted on loans, stand to lose their homes, or have just lost their jobs, but it is one to consider. Before the doctor trotted along, Dubai’s explosive boom prompted unprecedented inflation rates. Prices across the board shot through the emirate’s plastic roofs, making everything from tomatoes to houses unaffordable to thousands. Well, maybe it is a good thing that Krycis made found his way into the Gulf.
Actually, we take that back. We’d rather he never came at all. Especially since, like John, we feel that the “impact of the financial crisis in the gulf has not fully materialized yet… Losses on European and American markets, associated with bad loans, [and the] lack of capital at home have created a financing vacuum. Banks like ADCB, Mashrek bank, Dubai Islamic Bank are in huge trouble.”
We shudder to think what Krycis will do next. The problem, of course, is that it’s possible that we won’t which corporation will suffer his wrath next, or how many employees may be fired from a company reeling from Krycis’s underhanded ways; unfortunately, most corporations would rather keep quiet about such things.
But at least now we know what the doctor looks like.
We can only hope that those affected by Krycis will come forward with more stories about what the economic meltdown has done to the corporations they work (or worked) for.