Dubai Bond Prices Signal Economic “Depression,” ING Says
Jan 1st 2009, 10:23 pm
#17
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Re: Dubai Bond Prices Signal Economic “Depression,” ING Says
Looks like a bigger 'loan' needs to come from AD soon then!!
Jan 1st 2009, 11:39 pm
#18
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Posts: 3,287
Re: Dubai Bond Prices Signal Economic “Depression,” ING Says
And glorrrrriously new to bloomberg, that published the story on 31 dec.
Seriously you have a habit of embarrasing yourself which makes me think I shouldnt hesitate to embarrass and insult you. Its fun even so just keep giving me a reason.
The link is an interesting story. I havent spun it but rather said its likely overblown. For people that are not in the financial industrty, me included, its interesting and relevant here.
Dubai's economic model is fairly unique in the ME if not the world and is just as interesting as a bust time story as it is in a boom time story.
Seriously you have a habit of embarrasing yourself which makes me think I shouldnt hesitate to embarrass and insult you. Its fun even so just keep giving me a reason.
The link is an interesting story. I havent spun it but rather said its likely overblown. For people that are not in the financial industrty, me included, its interesting and relevant here.
Dubai's economic model is fairly unique in the ME if not the world and is just as interesting as a bust time story as it is in a boom time story.
its old news, you are the one that keeps coming on here purporting to give 'new news'. We live here..
Jan 2nd 2009, 3:25 pm
#19
need a new teeshirt
Joined: May 2008
Location: Bahrain
Posts: 170
Re: Dubai Bond Prices Signal Economic “Depression,” ING Says
The financial markets are frozen and all markets are not functioning. There are hundreds of financially sound companies trading at extremely distressed prices now. The fact of the matter is investors are extremely risk adverse and it was year end coupled withe hedge fund forced liquidation. GCC bonds are trading at ridiculous levels..This is not new news its been that way for almost 12mos. This story is filler crap. Crawl back in your hole..
Jan 2nd 2009, 6:43 pm
#20
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Posts: 219
Re: Dubai Bond Prices Signal Economic “Depression,” ING Says
The financial markets are frozen and all markets are not functioning. There are hundreds of financially sound companies trading at extremely distressed prices now. The fact of the matter is investors are extremely risk adverse and it was year end coupled withe hedge fund forced liquidation. GCC bonds are trading at ridiculous levels..This is not new news its been that way for almost 12mos. This story is filler crap. Crawl back in your hole..
It may have started 12 months ago but it has not been that way for 12 months nor is it old news.
Its a developing current story that has some way to go.
Why not go and whine to Bloomberg if its so old. Have a little tantrum at gulf news who just now published this ...
http://www.gulfnews.com/business/Ban.../10271960.html
Including this development in december
"In December, Moody's Investors Service announced that it had revised downwards the outlooks on the ratings of four local banks. While Abu Dhabi Commercial Bank, First Gulf Bank, and Dubai Islamic Bank were changed to "negative" from "stable", the rating outlook on Dubai Bank was changed to "stable" from "positive".
"The rating action reflects the mounting liquidity pressures in the short to medium term; the growing downward pressures on asset prices; and the anticipated profitability pressures from rising funding costs derived from increasingly scarce liquidity and loss of confidence," says John Tofarides, an analyst in Moody's Financial Institutions Group. "
So I guess we are all into "old news" or you are a monumental fool - and we all know its the latter.
In fact someone should send you to some backwater like Bahrain so you cant do any real harm with that stupidity.
Jan 2nd 2009, 6:49 pm
#21
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Posts: 3,287
Re: Dubai Bond Prices Signal Economic “Depression,” ING Says
It may have started 12 months ago but it has not been that way for 12 months nor is it old news.
Its a developing current story that has some way to go.
Why not go and whine to Bloomberg if its so old. Have a little tantrum at gulf news who just now published this ...
http://www.gulfnews.com/business/Ban.../10271960.html
Including this development in december
"In December, Moody's Investors Service announced that it had revised downwards the outlooks on the ratings of four local banks. While Abu Dhabi Commercial Bank, First Gulf Bank, and Dubai Islamic Bank were changed to "negative" from "stable", the rating outlook on Dubai Bank was changed to "stable" from "positive".
"The rating action reflects the mounting liquidity pressures in the short to medium term; the growing downward pressures on asset prices; and the anticipated profitability pressures from rising funding costs derived from increasingly scarce liquidity and loss of confidence," says John Tofarides, an analyst in Moody's Financial Institutions Group. "
So I guess we are all into "old news" or you are a monumental fool - and we all know its the latter.
In fact someone should send you to some backwater like Bahrain so you cant do any real harm with that stupidity.
Its a developing current story that has some way to go.
Why not go and whine to Bloomberg if its so old. Have a little tantrum at gulf news who just now published this ...
http://www.gulfnews.com/business/Ban.../10271960.html
Including this development in december
"In December, Moody's Investors Service announced that it had revised downwards the outlooks on the ratings of four local banks. While Abu Dhabi Commercial Bank, First Gulf Bank, and Dubai Islamic Bank were changed to "negative" from "stable", the rating outlook on Dubai Bank was changed to "stable" from "positive".
"The rating action reflects the mounting liquidity pressures in the short to medium term; the growing downward pressures on asset prices; and the anticipated profitability pressures from rising funding costs derived from increasingly scarce liquidity and loss of confidence," says John Tofarides, an analyst in Moody's Financial Institutions Group. "
So I guess we are all into "old news" or you are a monumental fool - and we all know its the latter.
In fact someone should send you to some backwater like Bahrain so you cant do any real harm with that stupidity.
Give it up Mantronic, it's actually quite boring, though it's obviously really exciting for you.
Go buy a train set or some lego or something..
Jan 2nd 2009, 6:50 pm
#22
need a new teeshirt
Joined: May 2008
Location: Bahrain
Posts: 170
Re: Dubai Bond Prices Signal Economic “Depression,” ING Says
Yes the rating agencies are all on top of there game..They rated the toxic waste that caused this mess AAA.. They just lowered rating on U.S banks two weeks ago too..More new news..U.S banks may have problems..
Jan 2nd 2009, 6:55 pm
#23
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Joined: Aug 2007
Posts: 3,287
Re: Dubai Bond Prices Signal Economic “Depression,” ING Says
and the other very nearly funny thing, is that despite telling us that we are 'brainwashed', he now uses a gulf news article as evidence..
just give it up man, everyone is laughing at you..
just give it up man, everyone is laughing at you..
Jan 2nd 2009, 6:58 pm
#24
need a new teeshirt
Joined: May 2008
Location: Bahrain
Posts: 170
Re: Dubai Bond Prices Signal Economic “Depression,” ING Says
Yes..Gulf News..cutting edge
Jan 2nd 2009, 9:10 pm
#25
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Posts: 23,434
Re: Dubai Bond Prices Signal Economic “Depression,” ING Says
Instead of talking about the past, can you kids talk about future forecasts for a change???
Jan 2nd 2009, 10:06 pm
#26
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Posts: 3,287
Re: Dubai Bond Prices Signal Economic “Depression,” ING Says
nobody in their right mind would invest in dubai stock or real estate for the next 2 years, unless they are taking a very long term view of the market.
My guess is that the next 6 months is when the damage will really start to appear, with many thousands of redundancies, especially in the most affected industries.
A figure.. 30-40,000 western style expat jobs will disappear, along with about 150,000 'cheap' jobs, by mid 2010. So a nett reduction in the dxb population of up to a couple of hundred thousand..
Rental values will take time to come down - September 2009 I think will start the creep down.
As for real estate sales, it really depends how long the large investors are willing to sit on empty properties...
I don't see too much changing in ABD, just a little slowing..
Jan 3rd 2009, 1:12 am
#27
need a new teeshirt
Joined: May 2008
Location: Bahrain
Posts: 170
Re: Dubai Bond Prices Signal Economic “Depression,” ING Says
Look the whole world is f**kd..Yes The mid east may be a year behind the west..I came out here the same time Mantronic interviewed..Yes it was hot and miserable..I was offered a good job and took it..Yes we know it not as pretty as the internet pictures. After 5 months I really enjoy the mideast. It takes a little getting used to, but I also have lived all over the world and can adapt.My guess he flew out hear from his womb and didn't get the job..Don't really need to hear the BS about what a great decision he made...Oz is F**d also..Wait till his s-t contact runs out..
Jan 3rd 2009, 3:56 am
#28
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Joined: Apr 2005
Location: Melbourne
Posts: 4,553
Re: Dubai Bond Prices Signal Economic “Depression,” ING Says
Look the whole world is f**kd..Yes The mid east may be a year behind the west..I came out here the same time Mantronic interviewed..Yes it was hot and miserable..I was offered a good job and took it..Yes we know it not as pretty as the internet pictures. After 5 months I really enjoy the mideast. It takes a little getting used to, but I also have lived all over the world and can adapt..
I think the point is not so much about adapting than it is where would you like to be in the event of a crisis (e.g. job loss, problem with debts, death of family member in accident...etc).
After personally seeing what people have been through in the past couple of weeks (all of the above) I know I would never want to be in Dubai if I were in their shoes. I guess as long as people are aware/mindful of such risks and know how to manage them, they should be OK.
Jan 3rd 2009, 8:19 am
#29
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Posts: 390
Re: Dubai Bond Prices Signal Economic “Depression,” ING Says
As usual no one, expats or otherwise seems to grasp the fact that Dubai is a part of a country with enough wealth to wipe out any debt/liabilities..despite knowing that it´s so.
The fact that the Al-Maktoums would rather avoid having to ask Abu Dhabi for money because their Al-Nahyan cousins would grin and tell them to drop their pants first doesn´t change the fact that Abu Dhabi will do so if necessary.
"Moodys downgrade four gulf banks.." Big deal, have you seen their motivation?
"Because of the possible exposure to the property sector"..that´s rich coming from a country where banks lend 7 dollars for every one they get deposited.
Given that banks like First Gulf have loans in total to 87% of deposits I´d rather trust them than any government.
The fact that 60% of the bank is owned by six prominent members of the Al-Nahyan Royal family doesn´t make a default looks imminent..
The fact that the Al-Maktoums would rather avoid having to ask Abu Dhabi for money because their Al-Nahyan cousins would grin and tell them to drop their pants first doesn´t change the fact that Abu Dhabi will do so if necessary.
"Moodys downgrade four gulf banks.." Big deal, have you seen their motivation?
"Because of the possible exposure to the property sector"..that´s rich coming from a country where banks lend 7 dollars for every one they get deposited.
Given that banks like First Gulf have loans in total to 87% of deposits I´d rather trust them than any government.
The fact that 60% of the bank is owned by six prominent members of the Al-Nahyan Royal family doesn´t make a default looks imminent..
Jan 3rd 2009, 1:59 pm
#30
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Joined: Aug 2007
Posts: 3,287
Re: Dubai Bond Prices Signal Economic “Depression,” ING Says
As usual no one, expats or otherwise seems to grasp the fact that Dubai is a part of a country with enough wealth to wipe out any debt/liabilities..despite knowing that it´s so.
The fact that the Al-Maktoums would rather avoid having to ask Abu Dhabi for money because their Al-Nahyan cousins would grin and tell them to drop their pants first doesn´t change the fact that Abu Dhabi will do so if necessary.
"Moodys downgrade four gulf banks.." Big deal, have you seen their motivation?
"Because of the possible exposure to the property sector"..that´s rich coming from a country where banks lend 7 dollars for every one they get deposited.
Given that banks like First Gulf have loans in total to 87% of deposits I´d rather trust them than any government.
The fact that 60% of the bank is owned by six prominent members of the Al-Nahyan Royal family doesn´t make a default looks imminent..
The fact that the Al-Maktoums would rather avoid having to ask Abu Dhabi for money because their Al-Nahyan cousins would grin and tell them to drop their pants first doesn´t change the fact that Abu Dhabi will do so if necessary.
"Moodys downgrade four gulf banks.." Big deal, have you seen their motivation?
"Because of the possible exposure to the property sector"..that´s rich coming from a country where banks lend 7 dollars for every one they get deposited.
Given that banks like First Gulf have loans in total to 87% of deposits I´d rather trust them than any government.
The fact that 60% of the bank is owned by six prominent members of the Al-Nahyan Royal family doesn´t make a default looks imminent..
The banks here are safe, providing they do get bail out funds if necessary, but that won't stop the recession here in Dubai.
