Pak Halim:
"Membesar keliatannya mbah... bursa yg buka ancur ancuran, Dow Fut minus 317.."
Asian stocks tumble amid Dubai fears, dollar slump
Asian stocks tumble after European rout amid Dubai debt fears; dollar slumps against yen
* By Jeremiah Marquez, AP Business Writer
* On 2:43 am EST, Friday November 27, 2009
HONG KONG (AP) -- Asian stock markets tumbled Friday, with Hong Kong and South Korea down about 5 percent, as fears mounted over the fallout from Dubai's massive debt problems and the dollar continued its slide against the Japanese yen.
AP - A money trader work at a dealing room the U.S. dollar rate against Japanese yen on the Foreign ...
AP - A money trader work at a dealing room the U.S. dollar rate against Japanese yen on the Foreign ...
It was the region's second day of losses and followed a rout in European markets. Oil, meanwhile, dived to near $74 a barrel.
Investors cut back their riskier bets on equities and commodities after Dubai World, the emirate's main development engine, announced it was asking creditors to delay paying back its $60 billion debt.
The news triggered fears of a massive default and a wave of heavy losses at banks and companies exposed to its debt that could cause more financial pain just as the global economy is starting to recover.
Also dampening the mood was the slumping dollar, which weakened to a new 14-year low below 85 yen, dragging down shares of Japanese exporters like automaker Nissan and electronics maker Sharp.
"Investors were searching for shelter against the increased volatility and falls in risky assets," Dariusz Kowalczyk, chief investment strategist for SJS Markets in Hong Kong, said in a note. "Many chose to opt for the Japanese yen."
In Tokyo, the Nikkei 225 stock average fell 301.72 points, or 3.2 percent, to 9,081.52. Hong Kong's main index dived 1,111.28, or 5 percent, to 21,099.13.
Elsewhere, South Korea's Kospi benchmark plummeted 4.7 percent to 1,524.50 and Australia's index dropped 2.9 percent. China's main Shanghai stock measure was off 2.4 percent.
Certain banks got hit especially hard amid jitters about any losses they might suffer from their exposure to Dubai World. In Hong Kong trade, HSBC tanked 6.1 percent and Standard Chartered fell 5.8 percent; both British-based banks have substantial Middle East operations.
Uncertainty over the ripple effects from Dubai World's financial woes sent European markets plummeting Thursday, with benchmarks in Britain, Germany and France all losing more than 3 percent.
U.S. markets were closed Thursday for the Thanksgiving holiday. But Friday was likely to be a rough session on Wall Stree with futures pointing sharply lower. Dow futures were down 327, or 3.1 percent, to 10,115.
Oil prices retreated in Asian trade, with benchmark crude for January delivery falling $3.87 to $74.06 a barrel.
The dollar was lower at 86.05 yen from 86.54 yen after swooning as low as 84.81. The euro fell to $1.4850 from $1.5021.
Dubai: Imam Semar sudah bilang dari februari
Sunday, February 15, 2009
http://ekonomiorangwarasdaninvestasi.blogspot.com/2009/02/dubai-calon-kota-hantu.html
ini yg kemaren:
Thursday, November 26, 2009
http://ekonomiorangwarasdaninvestasi.blogspot.com/2009/11/serangan-krisis-kredit-menghantam-dubai.html
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European shares continue to fall on Dubai fears
FRANKFURT, Nov 27 (Reuters) - European shares extended their steep fall on Friday, after suffering their biggest one-day drop in seven months a day earlier, as concerns about debt problems in Dubai continued to dent appetite for risky assets.
By 0806 GMT, the FTSEurofirst 3000 .FTEU3 was down 1.4 percent at 974.94 points, having fallen 3.3 percent on Thursday.
Japan's Nikkei .N225 hit a 4-month closing low on Friday after Dubai, part of the oil-exporting United Arab Emirates, earlier this week said it would ask creditors of state-owned Dubai World and Nakheel to agree to a standstill on billions of dollars of debt. [ID:nGEE5A02FN]
"We are facing day one after the 'Dubai-shock', but unfortunately this effect seems not to be over yet," said Roger Peeters, strategist at Close Brothers Seydler.
"The unknown: How will the U.S. market as the worldwide most important market place react on the development in the Middle East. Perhaps the answer on this question will not be given today," he added.
U.S. stock markets were closed on Thursday due to the Thanksgiving holiday, and the trading session on Friday will end early at 1 p.m. local time (1800 GMT).
In Europe, banks took most points off the FTSEurofirst 300, with Natixis (CNAT.PA), HSBC (HSBA.L), Deutsche Bank (DBKGn.DE) and UniCredit (CRDI.MI) falling between 2.1 and 3.8 percent.
France's CAC .FCHI, Germany's DAX .GDAXI and Britain's FTSE 100 .FTSE were down between 1.5 and 1.7 percent.
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http://www.khaleejtimes.com/biz/inside.asp?xfile=/data/business/2009/November/business_November611.xml§ion=business
DP World and Jafza not Included in Restructuring
Rocel Felix
27 November 2009
DUBAI — DP World Ltd. and Jebel Ali Freezone will not be included in the financial restructuring of their parent firm, Dubai World, officials said on Thursday, after credit-rating agencies Standard & Poor’s and Moody’s Investors Service downgraded some Dubai government-run companies once the restructuring plan became public.
Dubai World, saddled with $59 billion in debts, surprised markets on Wednesday by stating that it would ask its creditors to accept a delay in all repayments until the end of May, 2010. The government-owned group said it would seek a “standstill agreement” extending the maturities of debts owed by its member companies, including a $3.52 billion Islamic bond that its property subsidiary Nakheel PJSC is obliged to repay on December 14.
In a filing to Nasdaq Dubai, DP World, the fourth-biggest operator of container ports worldwide, said it would not be part of the restructuring effort at Dubai World.
A person knowledgeable about the restructuring effort said that Jebel Ali Freezone, or Jafza, also would not be included in the restructuring. Jafza operates a 48-square kilometre free zone adjacent to Jebel Ali port and Dubai’s planned Al Maktoum International Airport.
Dubai World’s logistics units, including port operations and the free zone, are believed to be among its most financially sound businesses.
It was not clear whether any other Dubai World member companies would be excluded from the financial restructuring. Officials at Dubai World did not immediately respond to requests for clarification.
Standard & Poor’s, acting late last night Dubai time, cut its debt ratings for several Dubai government-owned and related companies, including DIFC Investments, Dubai Holding Commercial Operations Group and Emaar Properties, as well as DP World and Jebel Ali Free Zone.
“The rating actions are the result of the announcement on November 25 of the restructuring of the debt obligations of Dubai World and Nakheel. Such a restructuring may be considered a default under our default criteria, and represents the failure of the Dubai government to provide timely financial support to a core government-related entity,” S & P said in a statement.
Moody’s downgraded DP World, Jafza, Dubai Electricity & Water Authority, DIFC Investments, Dubai Holding Commercial Operations Group and Emaar Properties. Moody’s doesn’t rate Dubai World or Nakheel.
International financial markets reacted negatively to Dubai World’s announcement, and credit-default swaps — a form of insurance against default by an issuer of debt — rose sharply across the Gulf region.
Five-year credit-default swaps in the Gulf were trading at 550 to 600 basis points and were likely to stay high, said Luis Eduardo Costa, a London-based emerging market debt strategist at Commerzbank.
“In terms of pricing implications, we believe Dubai risk is poised to remain elevated,” Costa said in an emailed statement. “We expect further pressure on the Dubai credit-default swap side.”
Shakeel Sarwar, the head of asset management at Bahrain-based Securities & Investment Company, or Sico, said that the Dubai government might risk “a technical default” if creditors balked at the debt standstill.
“The important question is what happens after six months? How will Dubai World raise the money? Borrowing from the international markets under the current situation is difficult,” he said.
Dubai World’s announcement left open the possibility that it might need to ask for a further delay in payments beyond May 30.
Sarwar said that Dubai’s overall debt burden may force it to rely more heavily on neighbouring Abu Dhabi for support. Dubai’s government-related entities owe a total of nearly $50 billion in payments that are due over the next three years.
“It takes years to rebuild trust, as we’ve seen in the case of Argentina,” Sarwar said.
DUBAI — DP World Ltd. and Jebel Ali Freezone will not be included in the financial restructuring of their parent firm, Dubai World, officials said on Thursday, after credit-rating agencies Standard & Poor’s and Moody’s Investors Service downgraded some Dubai government-run companies once the restructuring plan became public.
Dubai World, saddled with $59 billion in debts, surprised markets on Wednesday by stating that it would ask its creditors to accept a delay in all repayments until the end of May, 2010. The government-owned group said it would seek a “standstill agreement” extending the maturities of debts owed by its member companies, including a $3.52 billion Islamic bond that its property subsidiary Nakheel PJSC is obliged to repay on December 14.
In a filing to Nasdaq Dubai, DP World, the fourth-biggest operator of container ports worldwide, said it would not be part of the restructuring effort at Dubai World.
A person knowledgeable about the restructuring effort said that Jebel Ali Freezone, or Jafza, also would not be included in the restructuring. Jafza operates a 48-square kilometre free zone adjacent to Jebel Ali port and Dubai’s planned Al Maktoum International Airport.
Dubai World’s logistics units, including port operations and the free zone, are believed to be among its most financially sound businesses.
It was not clear whether any other Dubai World member companies would be excluded from the financial restructuring. Officials at Dubai World did not immediately respond to requests for clarification.
Standard & Poor’s, acting late last night Dubai time, cut its debt ratings for several Dubai government-owned and related companies, including DIFC Investments, Dubai Holding Commercial Operations Group and Emaar Properties, as well as DP World and Jebel Ali Free Zone.
“The rating actions are the result of the announcement on November 25 of the restructuring of the debt obligations of Dubai World and Nakheel. Such a restructuring may be considered a default under our default criteria, and represents the failure of the Dubai government to provide timely financial support to a core government-related entity,” S & P said in a statement.
Moody’s downgraded DP World, Jafza, Dubai Electricity & Water Authority, DIFC Investments, Dubai Holding Commercial Operations Group and Emaar Properties. Moody’s doesn’t rate Dubai World or Nakheel.
International financial markets reacted negatively to Dubai World’s announcement, and credit-default swaps — a form of insurance against default by an issuer of debt — rose sharply across the Gulf region.
Five-year credit-default swaps in the Gulf were trading at 550 to 600 basis points and were likely to stay high, said Luis Eduardo Costa, a London-based emerging market debt strategist at Commerzbank.
“In terms of pricing implications, we believe Dubai risk is poised to remain elevated,” Costa said in an emailed statement. “We expect further pressure on the Dubai credit-default swap side.”
Shakeel Sarwar, the head of asset management at Bahrain-based Securities & Investment Company, or Sico, said that the Dubai government might risk “a technical default” if creditors balked at the debt standstill.
“The important question is what happens after six months? How will Dubai World raise the money? Borrowing from the international markets under the current situation is difficult,” he said.
Dubai World’s announcement left open the possibility that it might need to ask for a further delay in payments beyond May 30.
Sarwar said that Dubai’s overall debt burden may force it to rely more heavily on neighbouring Abu Dhabi for support. Dubai’s government-related entities owe a total of nearly $50 billion in payments that are due over the next three years.
“It takes years to rebuild trust, as we’ve seen in the case of Argentina,” Sarwar said.
