Arselifters get ready to kiss their arses goodbye! Dubai and Abu Dhabi markets set to fall on debt woes. LOL!
Dr. Sir John Howard, AC, WSCMoF
Stock markets in Dubai and neighbouring Gulf emirate Abu Dhabi were set to open
sharply lower on Monday as investors in the United Arab Emirates finally get
their chance to react to Dubai's debt crisis.
The exchanges have been closed for the four-day Muslim holiday of Eid al-Adha
since the once-booming city state announced that its main Dubai World holding
company was seeking to suspend payments on its debt.
The trend on the two UAE bourses is expected to reflect the sharp falls in Asia
and Europe on Thursday and the United States on Friday, while some analysts
predict the Dubai index may plunge by its one-day limit of 10 percent.
"I expect Gulf bourses to dive like the September crash last year," following
the Lehman Brothers bankruptcy, predicted Saudi economist Abdulwahab Abu-Dahesh.
However, the UAE central bank on Sunday tried to limit the impact of the crisis
by saying it was pumping more liquidity into the banking system.
"This is a step aimed to calm investors... Markets should be calmer (than
feared) tomorrow," Emirati financial analyst Nasser bin Gaith said on Sunday.
He said he expected the decision to have no real immediate impact on Dubai's
debt problem, pointing out that Dubai World is largely indebted to foreign banks.
"On practical level, there is no direct impact... Local banks have limited
exposure to Dubai World, unlike foreign banks," he said.
British banks reportedly have a total exposure of 30 billion US dollars to Dubai
World.
The central bank said the UAE banking sector stands stronger and more liquid
than a year ago, and that it enjoys a "strong base of stable deposits."
Other Gulf stock markets have also been on holiday since Thursday for Eid
al-Adha, sparing them an immediate impact from Dubai's announcement.
However, the news sent shock waves throughout other markets around the world on
Thursday and Friday as investors feared a possible default by Dubai and its
state-owned businesses, which together owe 80 billion US dollars.
Dubai and Abu Dhabi will be the only Gulf stock markets to open on Monday.
Kuwait follows on Tuesday and Saudi Arabia's financial market, the largest Arab
bourse in capitalisation, will remain on holiday until Saturday.
Sheikh Ahmed bin Saeed al-Maktoum, head of Dubai's Supreme Fiscal Committee,
said on Thursday: "Further information will be made available early next week."
Dubai does not have big oil reserves, unlike Abu Dhabi which sits on around 95
percent of the UAE's crude deposits and runs the world's largest sovereign
wealth fund valued by analysts at 400 to 500 billion US dollars.
Two Abu Dhabi-controlled banks subscribed to Dubai bonds worth five billion US
dollars in a deal announced a few hours before Dubai revealed its debt problems.
The UAE central bank, backed by the coffers of Abu Dhabi, previously scooped up
Dubai bonds worth 10 billion US dollars in February, earmarked to help solve the
debt problems of Dubai entities.
But doubts have been growing about Abu Dhabi's commitment to buoy Dubai, whose
growth came to a screeching halt amid the global credit crunch before going into
reverse gear.
Property prices in the once-booming desert city have slumped by 50 percent from
their peak, and the Dubai stock market index is already down by two-thirds from
its high around two years ago.
The International Monetary Fund welcomed Sunday the decision by the United Arab
Emirates central bank to pump liquidity into its banking sector.
"The United Arab Emirates is a strong resource-based economy and we welcome
today's announcement by the central bank of the UAE making available to banks a
special additional liquidity facility," a statement from the IMF said.
British bank Standard Chartered, which has huge operations in the Middle East,
said the UAE central bank had acted "decisively and pragmatically" in moving to
pump more liquidity into the sector.
"Their support for the banking system will underpin consumer and market
confidence in the economy," said Standard Chartered chief executive Peter Sands.
--
http://www.youtube.com/watch?v=_ipvdBnU8F8
- KRudd at his finest.
"The Labour Party is corrupt beyond redemption!"
- Labour hasbeen Mark Latham in a moment of honest clarity.
"This is the recession we had to have!"
- Paul Keating explaining why he gave Australia another Labour recession.
"Silly old bugger!"
- Well known ACTU pisspot and sometime Labour prime minister Bob Hawke
responding to a pensioner who dared ask for more.
"By 1990, no child will live in poverty"
- Bob Hawke again, desperate to win another election.
"A billion trees ..."
- Borke, pissed as a newt again.
"Well may we say 'God save the Queen' because nothing will save the governor
general!"
- Egotistical shithead and pompous fuckwit E.G. Whitlam whining about his
appointee for Governor General John Kerr.
"SHUT THE FUCK UP YOU DUMB CUNT!"
- FlangesBum on learning the truth about Labour's economic capabilities.
"I don't care what you fuckers think!"
- KRudd the KRude Rat at his finest again.
"We'll just change it all when we get in."
- Garrett the carrott
Al Nakba
\"@yahoo.com .">
wrote:
> http://news.smh.com.au/breaking-news-world/dubai-and-abu-dhabi-market...
> - KRudd at his finest.
>
> "The Labour Party is corrupt beyond redemption!"
> - Labour hasbeen Mark Latham in a moment of honest clarity.
>
> "This is the recession we had to have!"
> - Paul Keating explaining why he gave Australia another Labour recession.
>
> "Silly old bugger!"
> - Well known ACTU pisspot and sometime Labour prime minister Bob Hawke
> responding to a pensioner who dared ask for more.
>
> "By 1990, no child will live in poverty"
> - Bob Hawke again, desperate to win another election.
>
> "A billion trees ..."
> - Borke, pissed as a newt again.
>
> "Well may we say 'God save the Queen' because nothing will save the governor
> general!"
> - Egotistical shithead and pompous fuckwit E.G. Whitlam whining about his
> appointee for Governor General John Kerr.
>
> "SHUT THE FUCK UP YOU DUMB CUNT!"
> - FlangesBum on learning the truth about Labour's economic capabilities.
>
> "I don't care what you fuckers think!"
> - KRudd the KRude Rat at his finest again.
>
> "We'll just change it all when we get in."
> - Garrett the carrott
Sunna or later, Shi'ite happens! Allahu fubar!
Dr. Sir John Howard, AC, WSCMoF
I'm too sexy for a shiite!
http://www.youtube.com/watch?v=AIpdC0o3mdM
--
cornholio
\"@yahoo.com .">
wrote:
> http://news.smh.com.au/breaking-news-world/dubai-and-abu-dhabi-market...
>
I believe a few years ago, a Dubian sheikh was going to buy the
largest
port on the West Coast of the USA (@ San Pedro, CA) -- he was stopped
due to the security
implications some people recognized.
Krudd the Dud
<""noujwas\"@yahoo.com ."> wrote:
>Stock markets in Dubai and neighbouring Gulf emirate Abu Dhabi were set to open
>sharply lower on Monday as investors in the United Arab Emirates finally get
>their chance to react to Dubai's debt crisis.
Soon to heard - Kanga squawking that this is a plot controlled by Israel
with help from CIA!
Bawahahahahahahahahahahahahahahahahahaha
Dr. Sir John Howard, AC, WSCMoF
Unfortunately, that's not the case in Australia. Dubai Ports now owns and
operates a large number of Australian ports.
Dr. Sir John Howard, AC, WSCMoF
Ah, yes, the CIA in cooperation with the international jew cabal control the
whole world.
Al Nakba
> - KRudd at his finest.
>
> "The Labour Party is corrupt beyond redemption!"
> - Labour hasbeen Mark Latham in a moment of honest clarity.
>
> "This is the recession we had to have!"
> - Paul Keating explaining why he gave Australia another Labour recession.
>
> "Silly old bugger!"
> - Well known ACTU pisspot and sometime Labour prime minister Bob Hawke
> responding to a pensioner who dared ask for more.
>
> "By 1990, no child will live in poverty"
> - Bob Hawke again, desperate to win another election.
>
> "A billion trees ..."
> - Borke, pissed as a newt again.
>
> "Well may we say 'God save the Queen' because nothing will save the governor
> general!"
> - Egotistical shithead and pompous fuckwit E.G. Whitlam whining about his
> appointee for Governor General John Kerr.
>
> "SHUT THE FUCK UP YOU DUMB CUNT!"
> - FlangesBum on learning the truth about Labour's economic capabilities.
>
> "I don't care what you fuckers think!"
> - KRudd the KRude Rat at his finest again.
>
> "We'll just change it all when we get in."
>
> - Show quoted text -
Not you mate! It pertained to the savage arselifters..
Dr. Sir John Howard, AC, WSCMoF
Er, check that YouTube link again!
http://www.youtube.com/watch?v=AIpdC0o3mdM
--