2010年1月31日日曜日
2010年1月23日土曜日
2010年1月3日日曜日
2009年12月6日日曜日
2009年11月27日金曜日
ドバイ
リスクを見落としていた？楽観視し過ぎた？いいえ。
事態が大きすぎて誰も処理したく無いだけでしょうね。
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.
事態が大きすぎて誰も処理したく無いだけでしょうね。
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.
2009年10月30日金曜日
2009年7月3日金曜日
2009年5月28日木曜日
黄海緊張
【ソウル＝水沼啓子】北朝鮮が２回目の核実験や短距離ミサイルの発射に加えて韓国との軍事衝突も辞さないとする姿勢を示したことを受けて、米韓連合軍司令部は２８日、北朝鮮情報の監視態勢を上から２番目のレベル２に１段階引き上げた。
これにより偵察機による情報収集や分析要員の増員など北朝鮮を監視する態勢が強化され、南北間の緊張が高まっている。
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。
報道官は「北朝鮮の挑発を抑止するため、軍事的な態勢に万全を期している。挑発的な行為は決して容認できないことであり、断固として強力に対応する」と述べた。
この措置に先立ち、韓国国防省は２５日、北朝鮮の核実験実施が明らかになった直後、全軍に警戒態勢を強化し、軍事境界線や黄海上での北朝鮮による軍事的挑発に備えるように指示を出している。
一方、北朝鮮は２７日、韓国が大量破壊兵器拡散防止構想（ＰＳＩ）への正式参加を決めたことを「宣戦布告と見なす」とし軍事衝突の可能性を示唆する声明を発表した。とくに、声明では黄海上にある韓国領の延坪島など５島の法的地位や周辺海域での米韓艦船などの安全な航海を担保できないと警告した。
北朝鮮は今年１月から、１９５３年に設定された黄海上の軍事境界線「北方限界線（ＮＬＬ）」を認めないという立場を強調。北朝鮮が海岸部に配備している火砲の訓練回数が増加するなど、黄海上での緊張が高まっていた。こうした北の動きに対し、韓国の李相喜国防相は２月に開かれた国会で、黄海で北朝鮮が韓国側の船舶に先制攻撃を加えれば、砲撃した火砲や誘導ミサイルの発射地点に対して反撃を加えると述べるなど、南北間で“前哨戦”がエスカレートしていた。
黄海上では１９９９年６月と２００２年６月の２回、激しい軍事衝突があった。この時期はワタリガニ漁の最盛期で、この海域では南北それぞれ大量の漁船が操業している。いずれの衝突も漁船を監視する名目で、北朝鮮の警備艇が南下し、韓国の高速艇を先制攻撃したのが原因だ。
韓国メディアによると、韓国軍はこの海域に駆逐艦１隻を配備したほか、白●（＝領の頁を羽の旧字体に）島と延坪島にも対空ミサイルを増強配備し、北朝鮮の火砲攻撃にも備えているという。
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