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Thread: Dark side of the Dubai dream

  1. #11

    US stocks dive on Dubai financial problems

    Saturday, Nov 28th, 2009

    US stocks dived Friday as investors confronted the fallout from Dubai’s debt problems that have rocked global markets.

    The Dow Jones Industrial Average plunged 183.35 points (1.75 percent) to 10,281.05 at 1500 GMT.

    The tech-heavy Nasdaq composite slid 44.40 points (2.04 percent) to 2,131.65 and the broad-market Standard & Poor’s 500 retreated 22.52 points (2.03 percent) to 1,088.11.

    “The Dubai debt debacle will dominate trading today, overshadowing news flowing out of the retail sector regarding Black Friday — the first major barometer of holiday consumer spending,” Briefing.com analysts said in a client note.

    Full article here


  2. #12
    UHF JUNKIE UHF Moderator Rank ricklbert's Avatar
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    Jan 2009
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    UAE push to head off debts damage(Video)

    UAE push to head off debts damage(Video)

    By Simeon Kerr and Andrew England, FT.com

    November 29, 2009

    Watch Video here......

    (FT) --
    The United Arab Emirates on Sunday stepped in to shore up its banks and head off any potential capital flight as the nation's federal authorities attempted to counter concerns over Dubai's debt problems.

    The UAE central bank set up an emergency liquidity facility to ease fears about its banking system, but investors remained nervous about the short-term impact on local markets as regional traders digested the global sell-off caused by the announcement that one of Dubai's flagship entities -- Dubai World -- was seeking a standstill deal with creditors until May.

    Because of an Islamic holiday, stock markets in Dubai and Abu Dhabi open on Monday for the first time since Dubai World's shock statement on Wednesday. Some brokers predict that stocks in Dubai and Abu Dhabi will drop to their limits, with banks likely to be particularly hard hit.

    The UAE central bank said it would provide lenders with access to fresh liquidity and pledged to stand behind UAE banks and branches of foreign groups. "The central bank stated that the UAE banking system is more sound and liquid than a year ago," a statement said in the first federal response.

    Meanwhile, Dubai World is preparing to persuade bondholders of Nakheel, its real estate unit, to roll over that maturity while the government is planning a charm offensive to repair damage caused by a standstill call that followed months of officials downplaying concerns over Dubai's ability to meet obligations on its $80bn (£48bn) debt pile.

    UAE authorities were in talks with Dubai officials over the weekend to formulate a response to investor fears and limit damage to the UAE economy.

    Nakheel is due to pay $4bn on its Islamic bond next month, while the parent company has total liabilities of $59bn.

    Bankers have been waiting to see if Abu Dhabi, the wealthy capital that bankrolls the central bank and is key to Dubai's financial well-being, will intervene. But Abu Dhabi has always insisted that such issues have to be dealt with at a federal level.

    Abu Dhabi officials have also said that while they would support all members of the seven-emirate federation, Abu Dhabi would not simply write Dubai a blank cheque.

    Reaction to the central bank's statement was mixed.

    Marios Maratheftis, Gulf economist at Standard Chartered, said the move was positive, with the central bank acting proactively to send "a signal to banks and the world that they are behind the banks".

    Raj Madha, banking analyst at EFG-Hermes, welcomed it as a first step, but said the central bank might have to do more.

    “How is freedom measured, in individuals as in nations? By the resistance which has to be overcome, by the effort it costs to stay aloft. One would have to seek the highest type of free man where the greatest resistance is constantly being overcome: five steps from tyranny, near the threshold of the danger of servitude.”

    Friedrich Nietzsche

  3. #13

    Beijing official urges gold, crude-oil purchases

    Chris Oliver
    November 30, 2009

    China should use the shockwaves created by the Dubai crisis as an opportunity to buy gold and oil, a senior Chinese official who helps oversee some of the nation’s biggest enterprises was quoted as saying Monday.

    Ji Xiaonan, chairman of the supervisory board for large firms at State-Owned Assets Supervision and Administration Commission (SASAC), said the purchases could be funded by China’s foreign exchange reserves, although it wasn’t clear how much prices for these commodities would be affected by the crisis.

    “Though it’s not known how much the Dubai crisis will affect the global and domestic economy, it’s going to at least last for a while, and this may give China an investment opportunity, to use part of its foreign reserves to buy gold and oil reserves,” Ji was cited as saying in a Dow Jones newswire report, which cited comments in the mainland’s state-controlled The Economic Information Daily.

    Read entire article


  4. #14

    U.A.E. Removes Sunday London Times From Newsstands

    Wall Street Journal
    Monday, November 30, 2009

    DUBAI — The Sunday London Times newspaper was removed by authorities from shelves in the United Arab Emirates on Sunday amid intensive reporting of Dubai’s debt problems, an executive at the paper said.

    The National Media Council ordered the paper blocked by distributors without providing a reason, an executive at the paper in Dubai told Zawya Dow Jones.

    The Sunday Times edition available in the U.A.E. on Nov. 29 featured a double-page spread graphic illustrating Dubai’s ruler Sheik Mohammed bin Rashid Al Maktoum sinking in a sea of debt. The Times wasn’t given a reason for the block, or a timeframe when it will be lifted, the executive said.

    A government official in Abu Dhabi, the capital of the U.A.E., said that the picture of Sheik Mohammed, which accompanied a story entitled: The sinking of Dubai’s dream, was “offensive.”

    Under the U.A.E.’s media code, publications are prohibited from criticizing the sheikdom’s rulers. Local media and government officials have criticized international press coverage of Dubai’s debt crisis. Markets around the world fell last week after the government requested a debt standstill for one of its biggest conglomerates.

    Full story here.


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