最近はまっているKylie Minogue - Showgirl




Dubai Debt May Be Higher Than $80 Billion, UBS Analysts Say

By Anthony DiPaola and Chris Bourke

Nov. 27 (Bloomberg) -- Dubai, the Persian Gulf emirate whose state-run companies are seeking to defer debt payments, may owe more than the $80 billion to $90 billion in liabilities assumed by investors, UBS AG analysts said in a note.

“Perhaps Dubai’s debt includes sizeable off-balance sheet liabilities that imply a total debt burden well above the $80 billion to $90 billion markets have estimated so far,” real estate analyst Saud Masud wrote in a note yesterday. “This could imply that the debt issued by Dubai in recent weeks is insufficient to meet upcoming redemptions.”

Dubai, which has said it will raise as much as $20 billion selling bonds to repay borrowings, said on Nov. 25 that state- run Dubai World, with $59 billion of liabilities, would ask creditors for a “standstill” agreement as it negotiates to extend debt maturities.

The request to delay debt repayment “came as a major shock” to investors, Masud and analyst Reinhard Cluse wrote in the note. Dubai World property unit Nakheel PJSC has $3.52 billion of Islamic bonds due Dec. 14.

Dubai accumulated $80 billion of debt by expanding in banking, real estate and transportation before credit markets seized up last year. The second biggest of seven sheikhdoms that make up the United Arab Emirates formed a fund to help reorganize state firms and sold $10 billion in bonds to the national central bank in February.

It borrowed an additional $5 billion from Abu Dhabi government-controlled banks Nov. 25, half the $10 billion in bonds that Dubai ruler Sheikh Mohammed Bin Rashid Al-Maktoum said he planned to raise by yearend.

Repayment Delay

Seeking a repayment delay may indicate that Abu Dhabi, the U.A.E.’s largest sheikhdom, may not want to support Dubai further financially until the smaller emirates addresses internal problems at government-run companies, UBS wrote.

The request could also suggest that Abu Dhabi and Dubai have decided to seek to bolster long-term confidence in the market by forcing weaker parts of government businesses to take responsibility for bad decisions, Masud and Cluse wrote. That could involve defaults at some Dubai firms, they said.

Dubai property developers may be liable for an estimated $11 billion required to build 40,000 homes that they have started, said Masud in an interview yesterday. That amount represents the off-balance sheet cost, or “funding gap” required to complete and hand over the properties, on which investors are now defaulting, by the end of 2010.

Nakheel’s share of that funding gap is about $2 billion, estimated Masud. Around half of the investors in the 40,000 unfinished homes may default by the end of next year, he said.








  韓国国防省報道官によると、28日午前7時15分に引き上げた。監視レベルは5段階で、レベル2は軍事的緊張が高まった場合に適用される。北朝鮮が1回目 の核実験を実施した2006年10月以来のことで、今回で5回目となる。いちばん高い「1」はこれまで発令されたことがない。









90度F=32.2度C 真夏のようです!

Windy...sunny. Highs 85 to 90. South winds 15 to 30 mph.


Great song!











バーナンキ インタビュー



GIC 330億ドルの損失


Tuesday, 17 February 2009

Costas Paris
Dow Jones

The Government of Singapore Investment Corp. saw an investment loss of around 50 billion Singapore dollars (US$33 billion) in 2008 as a result of tumbling asset prices around the world, two people familiar with the situation said.

"The loss on the investment portfolio last year is estimated at around S$45 billion to S$50 billion," one of the people said. "But GIC has no thoughts to sell down any of its major investments. They'll wait until they recover."

A second person said GIC's investment loss last year was "recently estimated to be similar to Temasek's."

Temasek Holdings Pte. Ltd., Singapore's other sovereign wealth fund, saw its investment portfolio fall 31%, or S$58 billion, to S$127 billion in the eight-month period ended Nov. 30, Senior Minister of State for Finance Lim Hwee Hua said last week.

GIC spokeswoman Jennifer Lewis said the sovereign wealth fund won't comment on individual investments.

GIC, whose portfolio is more than US$200 billion even after the losses, has invested heavily in distressed financial institutions Citigroup Inc. and UBS AG, expecting that in the long term the two banks would provide substantial returns.

In January 2008, it invested US$6.88 billion in convertible preferred securities of Citigroup, which at the time would have given it a 4% stake in the bank if converted to common stock.

According to a U.S. Securities and Exchange Commission filing in late January, GIC owns a beneficial 5.3% stake, or 303.8 million shares, in Citigroup. These include preferred shares that can be converted into 261.1 million common shares. Based on Citi's US$3.49 last closing price Friday, the stake is worth US$1.06 billion.

Beneficial ownership entitles GIC to all the benefits of Citigroup stock, such as dividends, rights and proceeds from a sale, regardless of whether it is the registered owner.

In December 2007, GIC invested 11 billion Swiss francs (US$9.47 billion) in UBS mandatory convertible notes for a 9% stake in the Swiss bank. Since then UBS' shares have fallen around 75%.

According to a July SEC filling, GIC owned 7.9% or 240.2 million shares of UBS. The stake includes 228.8 million common shares that would result from the conversion of the notes.

Based on the 12.88 Swiss franc closing price Monday, that stake, if current, would be valued at 3.1 billion Swiss francs.

"Right now, these investments look very unfortunate but SWFs have the luxury of looking at the very long term," the second person said.

GIC, which manages Singapore's foreign-exchange reserves, has 34% of its portfolio invested in the U.S., 35% in Europe and 23% in Asia, according to its web site. Equities make up 44% of the portfolio, bonds 26% and real estate, private equity and venture capital 23%.

The first person said that, despite falling asset prices globally, GIC has no plans for a major investment anytime soon. "Apart from some investments in real estate not much is going on. They want to see the bottom first and there is no indication we are close to this point."


S&Pの予想PERはP/E 58倍らしい

Equity Chart of the Day: S&P Corporate Earnings

Here's a cool S&P earnings chart sourced at Bob Bronson Capital Management.


Hello, Moto

America’s first sake brewpub debuts in Minneapolis

Photo by Terry Brennan

Wine connoisseurship has its dark side: You can devote a decade to the subject and still find yourself at the tip of the iceberg, even after you’ve acquired a financially imprudent fascination with age-worthy Bordeaux. Beer connoisseurship also has its dark side: Go down that path and you will invariably find yourself in the company of people who have strident feelings about shareware. You’ll also end up drinking things that taste like salted, carbonated molasses.

What’s a would-be connoisseur to do? You could become a sake expert—and you could accomplish this with a single visit to Moto-i in south Minneapolis, America’s first and only sake brewpub.

As far as owner Blake Richardson knows, there is only one other sake brewpub in the world, and it is, of course, in Japan. Why is drinking sake that’s brewed on-site a big deal? Because sake is a living, breathing thing—in the same way beer or yogurt is a living thing—and pasteurizing or bottling it to make it shelf-stable and fit for a long journey from Japan to America kills a lot of its flavors and nuances.

What’s that? You didn’t know sake had flavors and nuances? Well, settle in for a quick-course on sake connoisseurship. (I promise it will be quick.)

First, good sake is meant to be served cold. When chilled, the smell of alcohol is tamped down, allowing all sorts of beautiful scents—cucumber, melon, minerals—to emerge. (This is the same reason why wine is supposed to be served at cellar temp-erature; if served too warm, the scent of evaporating alcohol dominates the nose.)

Second, you need to understand that there are only three real variables in sake production: The rice, the yeast, and the water. Sake rice is different from table rice. Each grain is a little heavier and contains a “starch pocket” in its center. Once sake rice is milled to achieve the right ratio of solids to starch, you turn the starch into sugar, which is done with the help of one of the world’s most venerated molds: koji-kin. Then, any one of a number of yeasts turn the sugar into alcohol (just as the sugar in grape juice or beer mash turns into alcohol in wine or beer). Because each of these yeasts creates a slightly different flavor profile, they are very important—so important that at the beginning of the last century, Japanese brewers codified them numerically. Yeast number 7, for instance, is prized for its elegance, while yeast number 14 creates the fragrance of pears and apples.

Water is the final variable. Pure, clean water is utterly necessary for sake, while other elements in the water (minerals and such) impact the yeast and create final flavors.

So, there you go! If you read the above paragraphs and then go and taste one of Moto-i’s sakes, you will be a bona fide sake connoisseur. (Of course, you could go totally nuts and learn the Japanese words for sake-making terms—like nama, for instance, which means unpasteurized—but if you did that you wouldn’t have anything to learn from Moto-i’s lovely place mats.)

Photo by Terry Brennan

And I heartily recommend a trip to Moto-i. In fact, I am adding Moto-i to the list of places you must take visitors when they visit Minneapolis. When you go, you’ll find a large, spare room painted in many wood-colored tones. There are wooden booths, wooden slats covering the windows, and glass screens overhead, topped with long branches and gauzy fabric. Somehow, the overall feeling is one of being in Portland. I don’t know why, other than it seems too spacious to be San Francisco, too dark to be Minneapolis or Los Angeles. So I’m sticking with Portland. When you go, you’ll also find a menu of little bar snacks and casual eats in the model of a Japanese izakaya, a drinking-snack-and-casual-eats bar.

What should you eat at Moto-i? Definitely the house-roasted peanuts, which are complimentary with a full glass of sake (they’re also available on their own). These peanuts, served in their red skins, are roasted with minced Thai chiles and pulverized kaffir-lime leaf, resulting in a smoky, spicy, dusky, devourable little drinking snack. The mussels, steamed in a bit of sake, garlic, and mint, are served with a bowl of rice, like a Japanese versionof the French bistro classic moules frites. A lively little plate of cold soba noodles in a zesty sesame sauce is another treat, and you absolutely shouldn’t miss the rice buns. Each is a sweet, pillowy, admirably tender pancake of rice folded around pickled vegetables and your choice of filling (sweet hoisin pork, less-sweet hoisin chicken, or fried tofu). If you subscribe to the like-goes-with-like wine pairing theory, nothing makes more sense than pairing a rice pancake with a rice beverage. If you subscribe to the all-drinking-goes-well-with-fried-chicken theory, be sure to try the karaage: boneless morsels of soy-marinated chicken dipped in batter and fried till they’re
shatteringly crisp.

Of the big plates, I recommend the truly spicy green coconut curry, with a choice of chicken or mock duck, which adds good flavor to the fire. Of the desserts, the can’t-miss treat is the Okinawan doughnuts: four little piping-hot, fresh-from-the-fryer nuggets of sweet goodness made vaguely Asian by a tiny bit of five-spice powder in their sugar-coating. I defy you not to burn your tongue when presented with hot doughnuts after a night of drinking. I double-dog defy you.

I tried a number of other dishes at Moto-i that left me underwhelmed: unremarkable dumplings, underseasoned ramen, dull Singapore noodles. But even those misses did nothing to diminish my enthusiasm for this utterly novel place. It’s dinner, it’s drinking, it’s smart, it’s inexpensive—what more could you ask from a bar?

Izakayas have been all the rage on the coasts the last few years, and while coast-dwellers get all zany deciding which izakaya is truer to its mission (because it has charcoal grills or whatnot), I really like that we have, in pure Minnesota-eccentric style, leapfrogged ahead of them.

The Minnesota eccentric in question is Richardson, the owner of both the Herkimer brewpub and, now, Moto-i. “When Fuji-Ya opened around the corner from us, I became fascinated with sake,” says Richardson. His idea to open a sake brewpub was only reinforced after a series of trips to Japan, tours of sake breweries, and an apprenticeship at the Japanese sake brewery Momokawa. This led to three years of petitioning the state for permission to open a sake brewery, which he received after cutting though a mountain of red tape. Will Minneapolis fall in love with sake the way Richardson and I have? “A lot of people thought I was crazy to think this would fly here,” Richardson says, “but I studied how much sake people drank in Uptown.” How does one study sake consumption in Uptown? Evidently, you go to Chino Latino, Sushi Tengo, Fuji-Ya, and Azia, and tip well. “I think once people taste the nama-ness, the unpasteurized-ness, the liveliness, the fragrance, the zing, they’ll love it as much as I do,” Richardson says. And they’ll tell their friends in other cities, which will make them jealous. What more could you want in connoisseurship?

Dara Moskowitz Grumdahl is a senior editor at Minnesota Monthly.

2940 Lyndale Ave. S., Minneapolis
Lunch and dinner served daily.








  • V字回復を伴うgarden-variety recessionとは違いlonger and deeperである。
  • 財政出動は有効であり必要だ。
  • 日本において財政出動が有効でなかったのは、公共事業に予算が配分されて行く宛のない道路を造ったりする土木工事中心だったからである。
  • 連銀(および財務省)の施策は現状を打開するために様々な工夫がなされている。ただし、すべてがうまく行くとは実証されていない(experimental)

麻生総理大臣 年頭所感