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Dubai in serious trouble

While Japan is taking in those loss, meanwhile ATHENS (AFP) The finance crisis in Greece loomed large over EU http://sg.news.yahoo.com/afp/20091211/tts-finance-economy-greece-c1b2fc3.html

http://www.theedgesingapore.com/the-daily-edge/business/10212-dbs-says-dubai-exposure-is-18b.html
Global markets were roiled last week after Dubai World, the Arab emirate’s state-controlled holding company struggling with US$59 billion ($81.6 billion) in liabilities, asked creditors for a standstill on its debt and extension of loan maturities until at least May 30. Property arm Nakheel PJSC, the builder of palm tree-shaped islands, has a US$3.52 billion Islamic bond due on Dec 14.
Analysts at Nomura Holdings Inc. said the exposure could hurt DBS’s earnings. DBS says Dubai exposure is $1.8b

“While Dubai World exposure remains fluid, potential restructuring and/or a debt haircut is likely to necessitate provisioning expense during this quarter,” Yang-Myung Hong wrote in an e-mailed note to clients. “DBS has been posting quarterly pre-provision operating profit. DBS said the situation is manageable as a substantial portion of its exposure is to “Dubai-owned companies operating in Asia that are sound, such as Labroy and South Beach, which is collateralised,”

The statement said of around $1 billion, and such one-off provisioning is likely to be a drag on the bottom line for the fourth quarter.”
“As of today, the only credit that is captured under the standstill notice is a $558 million bilateral loan to Dubai World Finance, which represents 0.2% of DBS’s total balance sheet,” DBS said in a statement to the Singapore stock exchange today.

Singapore’s central bank, the Monetary Authority of Singapore, said earlier it was “closely monitoring” developments of Dubai World and the United Arab Emirates and that the country’s banking industry’s total exposure was “well below” 1% of total banking assets.

DBS Group Holdings, the largest bank in Southeast Asia, said its exposure to the city state of Dubai is about $1.8 billion, with the entire Middle East accounting for about 2% of its balance sheet.

“We do not expect developments in Dubai to adversely affect Singapore’s financial stability,” it said in a statement today.

 

Dude, it's Japan.
What rippling effect?
If SG has greater exposure, then we ring alarms.

 

http://www.channelnewsasia.com/stories/afp_asiapacific_business/view/1024302/1/.html

Dubai reportedly owes Japanese firms US$7.5b (teeth53 tot - more rippling effect and bad dept) Posted: 12 December 2009 1121 hrs     Photos 1 of 1 A banner of Dubai's property giant Nakheel flutters on a main road in Dubai.           TOKYO: Japan's non-financial firms had some 7.5 billion dollars in uncollected bills from the Dubai government and its affiliated firms as of the end of October, the Nikkei business daily reported on Saturday. The data, excluding bank loans, was derived from a total of 18 projects worth about 15 billion dollars and involving Japanese general contractors, trading houses and electric machinery manufacturers, the daily said. The figures include public works projects commissioned by the Dubai government, such as subway and road construction, it added. About one billion dollars of the accounts receivable have gone unpaid past their due dates, with some of them more than a year overdue, the newspaper said, quoting Japanese government officials. While the Japanese firms expect to recover some of the accounts receivable depending on how negotiations proceed, they may give up collecting others, which will force them to end up sustaining losses, it said.

 

http://sg.news.yahoo.com/afp/20091207/tts-uae-economy-dubai-stocks-c1b2fc3.html

DUBAI (AFP) - The main stock exchanges in the United Arab Emirates fell in early trading on Monday, with Abu Dhabi dropping by 0.79 percent and Dubai Financial Market fell to 1,776.76 points, a 4.12-percent fall, a day after a rise of 1.18 percent from last week.

teeth53 tot: another volatile day in Dubai bourse

teeth53      ( Date: 06-Dec-2009 16:36) Posted: Another wonderful crafting... http://www.channelnewsasia.com/stories/afp_world_business/view/1021811/1/.html Dubai ruler says "roll up your sleeves" to support economy and ask his people's to do so, while been the biggest horse owner in England, he is asking for (Dubai World's debt) US$26 billion payment extended....hummm. Speaking to reporters, he stressed that the Dubai government and debt-laden Dubai World are not one and the same, then and then.... In his first public statement since Dubai World said it plans to halt payments for at least the next six months on its 59 billion US dollars of borrowings, Sheikh Mohammed said: "Today our economy is one of the largest economies of the world in terms of power and stability." teeth53 tot: so far no clearer picture appear on how to save this ship, uncertainty remain to been seen

 

There is one very big trouble brewing each and very day here, the ever widering of INCOME gap between the very rich and the very poor. This is one time bomb that must be treat with care on how to close the ever widering INCOME gap. short term solution is training, more skill training and upgrading, while long term solution hav't been found yet, it is always evolving.

teeth53      ( Date: 06-Dec-2009 22:52) Posted: Imagine if the same happened in Singapore.  Thus from our forefather and into future generation (after the departure of PRs, foreigners and New Citizens), "Roll up your sleeves, work hard and take initiatives", a few will come from PRs, some foreigners and New Citizens. It has proven many time, We R doing thing right, since financial crises happened in 1997 and long B4 Dubai incident, calling on all three parties to work  and has been very successuful applied by all concern. That the work of our PM Lee to oversea dark cloud that often hoovering over the horizon and ripple effect from constant storm raining on our home. Our workers knew somewhat, we has to price itself to has a premium in it product produce in our goods and services and remain to be competitive all the time.

 

Imagine if the same happened in Singapore. 

Thus from our forefather and into future generation (after the departure of PRs, foreigners and New Citizens), "Roll up your sleeves, work hard and take initiatives", a few will come from PRs, some foreigners and New Citizens.

It has proven many time, We R doing thing right, since financial crises happened in 1997 and long B4 Dubai incident, calling on all three parties to work  and has been very successuful applied by all concern.

That the work of our PM Lee to oversea dark cloud that often hoovering over the horizon and ripple effect from constant storm raining on our home.

Our workers knew somewhat, we has to price itself to has a premium in it product produce in our goods and services and remain to be competitive all the time.

 

Wah!!! Looks like nowaday v popular in Blog eh!!! I hv found tis Blog v interesting too... Read tis;

"6 mths ago, I was dot dat I can own a 2nd hand nice & cheap Evo X fm my friend. He's Tom's same blood bro name called "Rick". Tom & myself was v proud of Rick cos he has an expensive Evo X wif alot of monies spend on modifications. E.g. Fujitsubo Twin Exhaust, DriftRacing Coilover, HKS Cold Air intake, 20' Sports Rims (offset 25mm) & GoodYear F1 Tyres.(20/30/265) & so... He likes his car v v v much & his car's show room's conditions, even Tom & myself like his Evo X too.

6 mths ago he was jobless & cnt afford 2 hv his Evo X instalmt pymt. All our hm twn pple were surprised. Nobody can help him, even Tom & myself cos we hv our own commitments. But Tom & myself were really dot dat he can sell 2 either 1 of us his Evo X @ cheaper price since he's facing finacial problems.

Guess wat? I met him tis morning & wif his Evo X. He has found a stable job & still can manage 2 pay his car's mthly instalmt. He spend alot of times & effords on his Evo X. Nowonder he rather chose 2 die oso dun sell 2 us..."

('',)

 

Roll up your sleeves?  After the expensive expatriates and foreign talents left Dubai? 

Imagine if the same happened in Singapore and the Prime Minister pleads to the citizens of Singapore (after the departure of PRs, foreigners and New Citizens), "Roll up your sleeves, work hard and take initiatives".

teeth53      ( Date: 06-Dec-2009 16:36) Posted: Another wonderful crafting... http://www.channelnewsasia.com/stories/afp_world_business/view/1021811/1/.html Dubai ruler says "roll up your sleeves" to support economy and ask his people's to do so, while been the biggest horse owner in England, he is asking for (Dubai World's debt) US$26 billion payment extended....hummm. Speaking to reporters, he stressed that the Dubai government and debt-laden Dubai World are not one and the same, then and then.... In his first public statement since Dubai World said it plans to halt payments for at least the next six months on its 59 billion US dollars of borrowings, Sheikh Mohammed said: "Today our economy is one of the largest economies of the world in terms of power and stability." teeth53 tot: so far no clearer picture appear on how to save this ship, uncertainty remain to been seen

 

Short term ...Okk. lahh, if one got at least two to hold.....buy hi-sell higher.

Repost from (IPO-Forum) CapitalMalls Asia

1st wk, it went to a high of $2.39 and they after (2nd wk) it hit a new hi of $2.62 B4 it settled at $2.55. BBs is vested, For those looking for $2 or less, oni another Lehman incident may help.

Just sharing my tot. It needed BBs a third round of more money to push it to it orginal grey of $2.80 and may stretch for amother 2 week or more. Merry X'mas.

CapMallsAsia

2.480

2.550

+0.050

+2.0

Vol:80,147,000

358,000

2.540

2.550

203,000

2.620

2.470

PROP

SGD

--

JS8

JS8_R

R

teeth53      ( Date: 21-Nov-2009 23:05) Posted: My quick estimation is 5-10% profit of $2.12ct, good for a start for one week oni, which is so much better then bank rate. oni for BBs to vest

Bon3260      ( Date: 06-Dec-2009 16:35) Posted: Huh!!! So sm pple hv bot CapMallsAsia @ abv 2.61 - 2.62 last Fri'll start 2 worry liao lor??? teeth53      ( Date: 06-Dec-2009 16:07) Posted: http://business.asiaone.com/Business/My%2BMoney/Property/Story/A1Story20091201-183314.html Asset bubbles all over Asia,..............and   'When the tide starts to go out again, you will see where the rocks are.'

 

Another wonderful crafting...

http://www.channelnewsasia.com/stories/afp_world_business/view/1021811/1/.html

Dubai ruler says "roll up your sleeves" to support economy and ask his people's to do so, while been the biggest horse owner in England, he is asking for (Dubai World's debt) US$26 billion payment extended....hummm.

Speaking to reporters, he stressed that the Dubai government and debt-laden Dubai World are not one and the same, then and then....

In his first public statement since Dubai World said it plans to halt payments for at least the next six months on its 59 billion US dollars of borrowings, Sheikh Mohammed said: "Today our economy is one of the largest economies of the world in terms of power and stability."

teeth53 tot: so far no clearer picture appear on how to save this ship, uncertainty remain to been seen

 

Huh!!! So sm pple hv bot CapMallsAsia @ abv 2.61 - 2.62 last Fri'll start 2 worry liao lor???

teeth53      ( Date: 06-Dec-2009 16:07) Posted: http://business.asiaone.com/Business/My%2BMoney/Property/Story/A1Story20091201-183314.html Asset bubbles all over Asia,..............and   'When the tide starts to go out again, you will see where the rocks are.'

 

http://business.asiaone.com/Business/My%2BMoney/Property/Story/A1Story20091201-183314.html

Asset bubbles all over Asia,..............and  

'When the tide starts to go out again, you will see where the rocks are.'

 

Just wondering..?. how great Dubai can be painted and how rich can be...after watching Mediacorp CNA showing Middle East-Business kingdom, teeth53 tot: The 1st and only one (Hopefully) Property bubbles is just beginning to show it ugly side or rather it beautiful tall and big building site after defaulting US$60B w/o a guaruntee. It going to show it ripple effect to those who vested in...

 

If one has to lose a dollar, others win a dollar, so one has to win for others has to lose.

 

AMAZING -  WHAT YOU HAVE JUST SAID

ONE DAY, A HUGE PORTION OF THE MONEY WILL GO TO THE CHURCH

 

Great...so you are the one...I was wondering who is the lucky person...I have lost $250K since march 09...and I think I am going to lose one million......now I know where did my loss go to.

 

soloman      ( Date: 01-Dec-2009 21:22) Posted: CORRECT MAN, ALREADY MAKE OVER $250,000 SINCE MARCH 09 WAITING TO MAKE 1 MILLION ...............

 

ACTUALLY I LOST ABOUT $80,000 BEFORE MAR 09

I INVESTED ANOTHER APPROX. $140,000 BEFORE MAKING THE $250,000 PROFIT

STILL HOLDING SOME OF THOSE SHARES AS i TOOK SOME PROFIT ALREADY

THIS IS TRUE STORY FROM ME, NO BULLSHITING - HOPE ANYONE CAN LEARN FROM IT

WHEN I LOST $80,000,  I KNEEL DOWN EVERYDAY AT 6.00 AM TO PRAY FOR WISDOM FROM THE LORD

Richman      ( Date: 02-Dec-2009 09:12) Posted: Congratulations! Hulumas      ( Date: 02-Dec-2009 09:04) Posted: CONGRATULATIONS

 

soloman      ( Date: 01-Dec-2009 19:19) Posted: I think some of the SPORE private companies went to DUBAI THEY WERE ENCOURAGE LAST FEW YEARS TO DO SO TO INVEST SOME OF THESE COMPANIES WILL COLLAPSE ....  DUBAI WILL BE LIKE THAILAND DURING ASIAN FINANCIAL CRISIS IN A NUMBER OF YEARS FUNDS ARE PULLING OUT OF THEIR MKTS, NO ONE WANTS TO LEND ANYMORE

 

Congratulations!

Hulumas      ( Date: 02-Dec-2009 09:04) Posted: CONGRATULATIONS! soloman      ( Date: 01-Dec-2009 21:22) Posted: CORRECT MAN, ALREADY MAKE OVER $250,000 SINCE MARCH 09 WAITING TO MAKE 1 MILLION ...............

 

CONGRATULATIONS!

soloman      ( Date: 01-Dec-2009 21:22) Posted: CORRECT MAN, ALREADY MAKE OVER $250,000 SINCE MARCH 09 WAITING TO MAKE 1 MILLION ...............