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PHEW !!! Asian markets rebound as Dubai debt fears recede AFP - Monday, November 30 HONG KONG (AFP) - – Asian shares rebounded Monday after a heavy sell-off in global equities last week, as the United Arab Emirates central bank moved to bolster its banking sector and calm fears over Dubai's debt problems. Hong Kong's Hang Seng index surged by more than three percent in morning trade, recovering some ground after Friday's tumble of nearly five percent, to stand at 21,833.75. In Seoul the benchmark KOSPI was up 2.47 percent intraday after falling 4.69 percent Friday while Sydney surged 2.77 percent as of 0315 GMT. After concerns "over the risks of a Dubai debt default becoming a global systemic event, there appeared to be a little more comfort", Philip Borkin, economist at ANZ bank in Wellington, told Dow Jones Newswires. In Tokyo, shares rose 2.39 percent with confidence also buoyed by a rise in factory output and government plans for an extra stimulus of 31 billion dollars this fiscal year to tackle the surging yen and weak equities. Chinese shares rose 0.65 percent Monday after the government said last week it would continue its loose monetary policy next year, dealers said. However, the region's markets had yet to recoup all of Friday's losses, and the recent volatility was "an important reminder that all is not yet well in the global economic and financial system", said Borkin. Sentiment was boosted by the UAE central bank decision to pump more liquidity into its banking sector, amid fears that Gulf stock markets may plunge when they reopen later Monday after a four-day Islamic festival. Related article: UAE markets set to fall The intervention came after last week's shock announcement that state-controlled conglomerate Dubai World wants to halt payments to creditors until at least May next year. The news had sent jitters throughout world stock markets, stoking fears of a possible default by Dubai and its state-owned businesses, which together owe 80 billion dollars. The International Monetary Fund welcomed the UAE central bank's move. "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," an IMF statement said. The central bank gave no figures for the amount of liquidity being made available, but its step helped boost confidence in Asia. In Hong Kong, shares in the two banks with the largest exposure to Dubai perked up. HSBC was 3.9 percent higher at 90.35 Hong Kong dollars, after plunging 7.6 percent Friday. Standard Chartered was up 5.3 percent at 195.40, after sliding 8.6 percent in the previous session. HSBC's Middle East arm was by far the single biggest foreign lender in the UAE with outstanding loans of 17 billion US dollars at the end of last year, according to the Emirates Banks Association. Standard Chartered was next with 7.8 billion dollars owed at the end of 2008. The dollar lingered in a 14-year trough against the yen in Asian trade Monday ahead of a slew of US economic data that could raise fresh concerns surrounding growth in the world's top economy. However with the greenback flat at 86.74 yen in Tokyo morning trade, up from a nadir of 84.82 last week, there was some comfort for exporters. Commodities also recovered ground in the broader market recovery. Oil was higher in Singapore with New York's main contract, light sweet crude for January delivery, gaining 49 cents to 76.52 dollars a barrel. Hong Kong gold opened higher at 1,175.00 US dollars an ounce. Markets were also waiting for interest rate decisions in Europe and Australia later this week.

AVA bid to improve pet shop standards via compulsory pet care course Channel NewsAsia - Monday, November 30 SINGAPORE: From next year, pet buyers can expect better service when they go to pet shops. And instead of just getting help to choose a pet, customers can turn to pet sellers for continued guidance on animal care and ownership. This will be possible when a bid to raise standards in the industry takes effect in January. Unlike now, all pet shop operators will be equipped henceforth with certifiable skill sets, through a compulsory pet care course taught by Temasek Polytechnic and supported by the Pet Enterprises and Traders Association and the Workforce Development Agency. Shop owners and staff who have worked for more than six months will bone up on regulatory requirements, animal care and business ethics, among other topics, Parliamentary Secretary (National Development) Mohamad Maliki Osman announced on Sunday. The Agri—food and Veterinary Authority (AVA) expects about 120 pet shops and farms selling small mammals such as dogs, cats, rabbits and hamsters — out of the 277 in total — to sign up in the first half of next year. All operators should eventually do so when they renew their annual licences. "I believe the new compulsory training programme will be well received by the pet retail industry, as well as by discerning customers who patronise shops that maintain a high standard of animal care," said Dr Maliki at the finale of a series of Responsible Pet Ownership roadshows. The roadshows, organised by the AVA, come as the number of dog attacks have risen this year. The attacks, numbering 65 so far, have involved not just bigger dogs such as rottweilers and dobermans, but also smaller ones such as shih tzus and Jack Russell terriers. Last week, a businessman was charged in court after his two rottweilers bit two people in the Toh Tuck Road area. When asked how the new course will increase pet owner responsibility, Dr Maliki said that improved pet shop standards means that pet buyers get better "after—sales service". "We want pet shops to have responsibility to ensure that pet owners understand what their roles are as far as pet ownershp is concerned, and therefore, create that awareness and ensure that skills to manage pets when they are at home (are passed down)," he said. In an ongoing public consultation exercise, there have also been calls for dog owners to buy insurance and for dogs to be categorised according to their breeds, said Dr Maliki. Mr Owen Sim, a master trainer of dogs and who breeds Siberian huskies in his Telok Kurau shop, welcomed the course, as there were pet shop operators who are like the "blind leading the blind". He recalled a customer telling him that another pet shop owner had advised him to reach into his puppy’s mouth and pull its tongue if it was naughty and wanted to nibble him. "I told him there was no logic behind it," said Mr Sim, who described some pet shop operators as "businessmen ... motivated by profits", not pet experts. "Having the course would be a boost for the industry, but we need to know what will be taught and how the course will really benefit us." The lessons, which can be done intensively or part time, include 16 hours of lectures and eight hours of workshops as part of TP’s veterinary technology diploma, covering areas of laws, animal health, occupational health and client education. There will be a fee subsidy of up to 90 percent under the Skills Programme for Upgrading and Resilience. Society for the Prevention of Cruelty to Animals (Singapore) education executive Selina Sebastian said: "We’re very heartened, and this is definitely a step in the right direction. Hopefully, the course will have a knock on effect on owners and owners—to—be." She added that SPCA has received dogs dumped by owners who were frustrated because the pets were disobedient. "In fact, the first thing you should do when you get a dog is to sign up for an obedience course," she said. Dr Maliki also announced Sunday that as a result of risk management measures such as rabies vaccines, blood testing and microchip identification for animals, the AVA will waive quarantine requirements from January 1 for pets imported from countries with minimal rabies risk. This means dogs and cats imported from places such as Japan, Hong Kong and Norway can enter Singapore without the need for quarantine. Currently, pet dogs and cats imported from countries other than Australia, New Zealand, the United Kingdom and the Republic of Ireland are quarantined for 30 days. TODAY/yb

Dubai looks to oil-rich neighbor for possible aid By BRIAN MURPHY,Associated Press Writer - Sunday, November 29 DUBAI, United Arab Emirates – As world markets absorbed the shock of Dubai's debt crisis, the ruler of the once-booming city-state left town for an important meeting in a desert palace. His hosts: the leaders of neighboring Abu Dhabi whose balance sheets are flush with oil revenue. It's not known what promises were made inside the halls in Al Ain during the parade of visitors for an important Islamic feast day on Friday. But their new relationship is clear. Abu Dhabi has the cash and cache to be Dubai's white knight _ in a Gulf version of a too-big-to-fail bailout or to help calm markets with promises to intervene if Dubai's fiscal mess deepens. The direction Abu Dhabi takes will likely set the tone for the coming week as analysts try to sort out what banks and institutions have the most at stake in the money crunch _ which has suddenly shifted Dubai's image from a desert dream factory of indoor ski slopes and a "seven-star" hotel to a reckless spender sideswiped by the recession and unable to pay its bills. Just this month, Dubai's ruler, Sheik Mohammed bin Rashid Al-Maktoum, assured international investors that all was well with Dubai's finances and told media critics to "shut up." "Depleting market confidence in Dubai carries serious risks for Abu Dhabi," said Hani Sabra of Eurasia Group, a U.S.-based research firm that assesses political risk for foreign investors in Dubai and the Gulf. "Differences between the two city-states remain on how to approach the economy and the financial crisis," Sabra added. "But now Abu Dhabi is obviously the more dominant emirate." Dubai's empty pockets _ mostly drained by collapsing real estate prices and over-ambitious development plans _ touched off panic selling across world markets on fears that the reckoning from the global recession is not over. In a surprise announcement Wednesday, Dubai said it seeks a six-month delay in paying creditors on nearly $60 billion in debt held by its main development arm, Dubai World, whose holdings range from port operations around the world, Dubai's iconic palm-shaped island and the luxury retailer Barneys New York. The next tranche was a $3.52 billion bond due Dec. 14 by Dubai World's troubled real estate division, Nakheel. On Friday, the Dow Jones industrial average suffered its biggest drop in nearly a month _ closing down 154.48, or 1.5 percent, to 10,309.92, in a shorted trading day because of the Thanksgiving break. Asian exchanges fell sharply for a second day, but European markets bounced back on confidence the Dubai damage would not spread to other Gulf economies. Dubai and other Middle East financial markets reopen Monday after an Islamic holiday. But much attention will remain on Abu Dhabi's response. It stepped in earlier this year with a $10 billion bailout for Dubai when the first blast of the recession hit. Dubai ruler Sheik Mohammed has stressed the close bonds between the two most powerful emirates in the UAE, which celebrates its national day on Wednesday and offers a perfect forum to display unity. An editorial in The National newspaper _ which is bankrolled by Abu Dhabi and closely reflects the opinions of its rulers _ said Dubai's infrastructure is sound and pointed out General Motors' revival after receiving a U.S.-backed bailout in comments that suggested an unchecked Dubai meltdown could harm the entire country. "Confidence is a fragile commodity," said the Friday editorial. Yet Abu Dhabi's largesse may be reaching some limits. On the same day that Dubai announced its debt payment "standstill," two Abu Dhabi-controlled banks bought $5 billion in Dubai bonds for a stopgap cash infusion, but went no further. "I guess Abu Dhabi is saying there will be no blank check for Dubai," said Jane Kinninmont, a London-based specialist on Gulf economies at the Economist Intelligence Unit. What Abu Dhabi could get for their money, however, is greater long-term influence over Dubai's development policies. That would essentially mean giving the wealthy and more conservative rulers in the UAE's capital the task of trying to rein in Dubai after years of living beyond its means. Dubai crash landed about a year ago as the global economic downturn ended a sizzling property boom, which saw prices skyrocket and investors lining up for new projects. The state-backed Dubai World led the charge with a catalog brimming with ever-bigger ideas and the bold motto: "The sun never sets on Dubai World." Some were completed before the bubble burst, such as the Palm Jumeirah island that included a Hollywood A-list opening of the Atlantis resort in November 2008. But dozens of major projects, including entire mini-cities in the desert, have been shelved. Abu Dhabi has moved ahead with more caution _ comfortable in the fact it has vast oil wealth that Dubai does not enjoy. Its rulers have concentrated on what they see as attempts to gain global stature as hub for culture and innovation: funding an alternative energy research center and building satellite museums for the Louvre and Guggenheim. The Abu Dhabi sovereign wealth fund is constantly on the hunt for new investments, including U.S. companies such as Citigroup Inc. Abu Dhabi's strategists are expected to dig deeper into Dubai World's books before deciding their next move, analysts say. Dubai officials said plans to restructure Dubai World will not include its profitable ports management division, DP World, which has a presence in nearly 50 facilities around the world. The main retooling will be to Dubai World's battered real estate units, led by Nakheel. A report from Goldman Sachs said the lenders HSBC Holdings PLC and Standard Chartered PLC could have the most exposure to Dubai debt, but the potential credit losses appeared relatively small. The deeper risks could directly hit Emirates' banks and investment firms. Christopher Davidson, an expert in Emirate affairs at Britain's Durham University, wondered if Abu Dhabi wanted to become too deeply involved in lifting Dubai from its fiscal wreckage. "There is no point throwing good money into Dubai's black holes," Davidson said. "These are mistakes of Sheik Mohammed and he needs to deal with them." Associated Press Writer Barbara Surk contributed to this report.

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Dubai as finance hub faces first test AFP - Sunday, November 29 NICOSIA (AFP) - – Dubai's ambitions to become an international financial centre are in doubt after the shock announcement that its main state-owned firm wants to suspend debt payments, analysts said on Sunday. "What happens next and, more pertinently, how critical decisions are disclosed will cement its continuing credibility and its place as a financial centre," said Cubillas Ding, senior analyst at Celent research and consultancy group. "Dubai's untested financial legal system is now facing its first real test in relation to how it deals with the international community. No one wants to play in a playground where the rules are unclear," he said. Dubai International Financial Centre, a 110-acre (44.5 hectare) free trade zone which opened in 2004, prides itself on its website as "the world's fastest growing international financial centre." And "it aims to develop the same stature as New York, London and Hong Kong." Among businesses based there are the local stock exchange Dubai Financial Market and international sister market Nasdaq Dubai. Related article: Dubai dream turns to nightmare Borse Dubai, majority shareholder in both operations, also holds 22 percent in the London Stock Exchange and 19.9 percent in Nasdaq OMX, owner of New York's mighty Nasdaq exchange and several stock markets in European countries. "As the world economy goes through fundamental change and realignment, DIFC is poised to emerge as a major global player in the coming years," David Eldon, chairman of the DIFC authority, said at celebrations this month to mark the fifth anniversary of the centre's launch. The DIFC said at that time, without giving details, that the business cluster in its financial district had registered an annual growth rate of 127 percent. But the performance of the DFM Index, the main indicator for the emirate's stock market, tells a different story. It peaked above 6,000 points two years ago then began to fall, tumbling sharply during the global credit crunch late last year and dropping below 1,500 points. It closed its latest trading day on Wednesday at 2,070.89, up more than 40 percent from the start of the year but still down by two-thirds from its all-time high. Dubai authorities chose the evening before the start of a four-day holiday for the Muslim festival of Eid al-Adha to make the shock announcement that its massive Dubai World holding company wants to suspend debt payments for six months pending a restructuring of the conglomerate. The loss of confidence in Dubai by international investors was compounded by the difficulty of obtaining information about what Dubai plans to do to resolve the debt crisis. "The predictability of decision-making processes and the lead up to decisions is a major concern," Celent's Ding said. "Transparency is important. With the manner the sequence of events has been managed, this has not been forthcoming." The contract most directly affected by the moratorium is the redemption due in December of a 3.5-billion-dollar (2.9-billion-euro) Islamic bond issued by Dubai World construction business Nakheel, the company behind Dubai's iconic Palm Jumeirah tree-shaped artificial island. Dubai has an estimated debt mountain of 80 billion dollars, as large as the emirate's entire gross domestic product. Dubai World's group debt of 59 billion dollars comprises three-quarters of the total. Sheikh Ahmed bin Saeed al-Maktoum, head of Dubai's Supreme Fiscal Committee, issued a statement on Thursday seeking to reassure investors. "The government is spearheading the restructuring of this commercial operation in the full knowledge of how the markets would react. We understand the concerns of the market and the creditors in particular," he said. "Further information will be made available early next week." But the lack of detail merely served to alarm investors further. Kit Juckes, at London-based currency trading group ECU, said: "To my mind, (he) simply fails to answer any of the questions the market is asking. "Everyone will speculate about whether the request to re-schedule debt will succeed or lead to default, what other Dubai-based entities could suffer a similar fate, whether it could prove more widely contagious and which banks globally are most exposed." Oliver Bell of Swiss bank Pictet thinks the Dubai World crisis is a "disaster" for Middle East and North Africa equity markets that will trigger a big sell-off, he told the UK's Citywire financial news website. When news of Dubai World's problems first broke, he "hoped it was a miscommunication," but Sheikh Ahmed's statement confirmed Bell's worst fears. "This was more alarming as it suggests it has been carefully planned and they knew markets would be very concerned. Now we are in a vacuum of no news again," he said. "If all news stays as it is, the UAE market will sell off very sharply when it reopens (on Monday) after the Eid" holidays, Citywire quoted him as saying.

Investors dump stocks over Dubai scare AFP - Saturday, November 28 LONDON (AFP) - – Investors dumped shares in alarm on Friday, sending markets plunging as fears of debt defaults bred fresh concern for the world economy after Dubai's shock request to suspend major loan repayments. Investors "headed for the exit door" after the Dubai government's investment vehicle Dubai World sought to suspend debt payments for six months, IG Markets analyst Ben Potter said. Asian, European and US stock markets fell sharply as investors were spooked by the news, analysts said. The price of oil slumped to a seven-week low point close to 72 dollars and the dollar struck a 14-year low against the yen. "The news of Dubai World raises some serious questions about where the global economy truly is at the present time and, most importantly, the effect this will have on market sentiment," said Chris De Pury of specialist property law firm Berwin Leighton Paisner. It has "reminded people that the underlying fundamentals have not changed, but it should not come as a surprise and it won't be the last such large scale default," he added, in a note. "The question now is the extent of the drag on the wider global economy." Hong Kong slumped almost five percent by the close and Wall Street indexes fell more than two percent at the open. Tokyo dived 3.22 percent, hit also by the yen striking a fresh 14-year high point against the dollar, which is bad for Japanese exporters. Europe's major stock pulled up in late London trading after earlier extending the losses of Thursday, when they had plunged by more than three percent in shock at the Dubai request. In late afternoon European trading, London's benchmark FTSE 100 index of leading shares was up 1.18 percent at 5,255.45 points, one day after falling by its sharpest amount since March. Frankfurt's DAX 30 added 1.24 percent to 5,682.77 points, and in Paris the CAC 40 rose 1.46 percent to 3,733.01, pulling back from a drop of almost two percent shortly after the open. Analysts said the news from Dubai was a major blow to the emirate's image but would have little lasting impact on other Gulf states, and others played down the impact on major banks with loans in the region. But jittery investors Friday dumped stock in the two foreign banks with the heaviest exposure to Dubai -- HSBC and Standard Chartered -- as ripples from a feared debt default spread worldwide. In Hong Kong trading HSBC dropped 7.6 percent to 87.00 Hong Kong dollars (11 US dollars) and Standard Chartered fell 8.6 percent to 185.90 Hong Kong dollars. The Financial Times described Dubai's shock announcement as a "serious misjudgment or, more likely, a breathtaking cXock-up." The financial daily said the Dubai government's decision "leaves a trail of unanswered questions that has done real damage to its reputation." Related article: Foreign banks in the firing line "Of all the glitzy emirates on the western shore of the Gulf, Dubai is easily the brashest. With the grenade it has just lobbed into the capital markets by calling for a six-month creditor standstill for Dubai World, it is effortlessly living down to that reputation," the FT said. Analysts at Exane BNP Paribas said that "so far the situation in Dubai seems contained, but a rise in government bond yields due to a higher risk premium because of soaring budget deficits is one of the main risks" for 2010.

Wall Street braces for Dubai debt fallout, jobs data AFP - Saturday, November 28 NEW YORK (AFP) - – Wall Street braced for repercussions of the Dubai debt crisis to unfold and for looming key economic data, after winding down a turbulent holiday-shortened week. The Dow Jones Industrial Average edged down 0.9 percent on the week to 10,309.92, snapping a three-week streak of gains for blue chips. The technology-heavy Nasdaq composite tumbled 3.5 percent to 2,138.44 and the broad-market Standard & Poor's 500 index was flat, slipping 0.01 percent to 1,091.49. Closed Thursday for the Thanksgiving Day holiday, Wall Street reopened for an abbreviated session in the midst of a global market rout triggered by news that Dubai is seeking a debt moratorium. The Middle Eastern city state announced late Wednesday that its state flagship conglomerate, Dubai World, wanted a six-month standstill on 59 billion dollars in debt, sending markets into a panic over fears of a debt default. The news wiped out the Wall Street gains made earlier in the week. "It's not a default yet, it's a small financial crisis, but what we've learned from history is that small financial crises can become bigger financial crises," said Hugh Johnson of Johnson Illington Advisors. "I wouldn't be surprised to see this situation take more time to be resolved than you might expect -- it does create so many questions," he said, adding that the crisis comes "at a time when some would argue that the market is overvalued." David Kotok at Cumberland Advisors warned that the Dubai World debt crisis carries "contagion risk." "Insolvency cannot be permanently papered over by excess liquidity, not in the Middle East nor, for that matter, in America," he said. The Dow, which had closed Wednesday at its highest level since October 2008, shed only 1.48 percent Friday, although the movement could have been exaggerated amid thin volume as many traders took the day off. "The real test will be on Monday," said Peter Cardillo of Avalon Partners. The week began with a roar as investors welcomed a series of economic reports, which "continue to point in the right direction, although most are weakly pointing in the right direction," said Gregori Volokhine of Meeschaert New York. "As long as the recovery outlook holds, the market will continue to rise or be supported," he said. "One cannot think about a correction when one has the notion that things are going to get better." Among the positive data, the market in particular appreciated a fall in the weekly number of initial unemployment insurance claims, to below 500,000 for the first time since September 2008. Analysts said the Dubai crisis would likely be the main topic in the marketplace, as earnings season has ended. Investors will have a full economic calendar to digest, including the ISM manufacturing index and construction spending on Tuesday, and the Federal Reserve's Beige Book on the economic outlook on Wednesday. The key monthly unemployment rate and payrolls data caps the week Friday. Most analysts expect the November jobs data to show the unemployment rate held steady at 10.2 percent, a 26-year high hit in October, with the economy shedding 114,000 jobs, down from 190,000, amid recovery from recession. The labor report comes as the year-end holiday shopping season shifts into high gear and traders are expected to pore over the numbers for clues on the direction of consumer spending, which drives two-thirds of US economic activity. "We do not expect an imminent recovery in employment, but the rebound in business profits suggests that labor market deterioration is in its final stages, barring a relapse in financial conditions," said Joseph Brusuelas of Moody's Economy.com. Bonds gained for the week. The yield on the 10-year Treasury bond fell to 3.211 percent from 3.356 percent a week earlier and that on the 30-year bond dipped to 4.209 percent from 4.295 percent. Bond yields and prices move in opposite directions.

Prepare for another 'crisis' soon !!! Dubai blackout over debt plans to hit Gulf markets AFP - Sunday, November 29 NICOSIA (AFP) - – A lack of details on how Dubai plans to pay off its 80-billion-dollar debt mountain will hit Gulf stock markets sharply this week when they trade for the first time since news broke of the emirate's problems, analysts predict. "It's a very serious and severe problem that is likely to shake up the Gulf financial system as a whole. I expect Gulf bourses to dive like the September crash last year" following Lehman Brothers' bankruptcy, warned Saudi economist Abdulwahab Abu-Dahesh. Abu Dhabi, Dubai's oil-rich neighbour in the United Arab Emirates, is widely expected to use some of its wealth to rescue Dubai, but speculation is rife about what conditions it might impose. "Abu Dhabi could quite easily resolve the problems for Dubai if it wanted to but the question is how and at what price," said economist Jan Randolph, director of sovereign risk at the IHS Global Insight consultancy. "Part of this price now seems to involve the creditors that are effectively being asked to share in the restructuring efforts." Dubai World, a state-controlled conglomerate whose businesses include global ports operator DP World and construction giant Nakheel, announced on Wednesday that it was seeking to suspend debt payments for six months while the group is restructured. The contract most directly affected is the redemption due in December of a 3.5-billion-dollar (2.9 billion euro) Islamic bond issued by Nakheel, the company behind Dubai's iconic Palm Jumeirah tree-shaped artificial island. The emirate's borrowings are the equivalent of a full year's gross domestic product, and Dubai World's overall debt of 59 billion dollars comprises three-quarters of the emirates' total debt. Dubai's government chose to unveil the shock debt moratorium request immediately before a four-day break for the Muslim holiday of Eid al-Adha, giving regional stock exchanges no chance to react. European markets partly recovered on Friday after sharp falls a day earlier, but analysts expect the Dubai and Abu Dhabi markets to weaken on Monday when they reopen. Elsewhere in the Gulf, investors must wait even longer -- the Kuwait and Qatar bourses resume trade on Tuesday, Bahrain on Wednesday and Saudi Arabia on December 5. Oliver Bell of Swiss bank Pictet thinks the Dubai World crisis is a "disaster" for Middle East and North Africa equity markets, and is braced for a big sell-off, he told the UK's Citywire financial news website. When news of Dubai World's problems first broke, he "hoped it was a miscommunication," but a later statement from Sheikh Ahmed bin Saeed al-Maktoum, head of Dubai's Supreme Fiscal Committee, confirmed Bell's worst fears. "This was more alarming as it suggests it has been carefully planned and they knew markets would be very concerned. Now we are in a vacuum of no news again," he said. "If all news stays as it is the UAE market will sell off very sharply when it reopens after Eid," Citywire quoted Bell as saying. On Thursday, Sheikh Ahmed said "further information will be made available early next week," but Randolph said Dubai World's announcement has raised many questions that will be hard for Dubai to answer. "This was a crisis waiting to happen; all the tell-tale signs were there. Many creditors assumed that the Dubai government/sovereign would support their investment and invested companies -- this is now in question," the analyst said. Randolph pointed out that Abu Dhabi has the "all-important" oil wells and still generates trade surpluses from its exports. "Abu Dhabi is virtually debt-free and has huge assets -- including the largest Sovereign Wealth Fund in the World with 400 to 500 billion dollars in assets and at least four other smaller SWFs and finally foreign exchange reserves at about 33 billion dollars," he said. But the economist believes Dubai needs to face up to its difficulties rather than rely completely on help from its richer neighbour. "It is necessary that Dubai goes through this restructuring, to sort out the good assets from the bad, that which has an economically viable future and that which does not," Randolph said. The Financial Times said on Saturday: "Dubai must sort this mess out. It will not now be able to restore confidence in its solvency without support from Abu Dhabi." "For its part, Abu Dhabi should give whatever help is needed to bring this episode of incompetence to a close. Abu Dhabi allowed it to be believed that it was backstopping Dubai, so it should make good its promises. "This will require a public guarantee of Dubais debts -- and soon. The reputation of the whole UAE depends upon it." The Dubai market's DFM Index closed on Wednesday at 2,070.89, up more than 40 percent from the start of the year but still down by two-thirds from its peak of 6,253.10 two years ago. Rules stipulate that it cannot fall by more than 10 pct in one day.

Premier League - Rooney hat-trick sees off Pompey Eurosport - Sat, 28 Nov 16:58:00 2009 A Wayne Rooney hat-trick helped Manchester United to a 4-1 win against Portsmouth in an eventful encounter at soggy Fratton Park. The England striker converted two disputed penalties and finished off a superb counter-attack, before Ryan Giggs netted his 100th Premier League goal with a late free-kick. Kevin-Prince Boateng found the net for the home side - also with a controversial spot-kick. So Avram Grant's career picked up where it left off: losing on penalties to United in the rain. Eighteen months ago, the Israeli was sacked as Chelsea boss after an epic Champions League final shootout defeat in Moscow. In his first game in charge of the Premier League's bottom side, United again prevailed but needed some questionable decisions from referee Mike Dean to help them. Tomasz Kuszczak was surprisingly picked in goal for United, with England's Ben Foster on the bench and Edwin van der Sar absent entirely - still suffering the after-effects of a knock to the knee last weekend. After a nervous start, the Pole excelled himself, making a superb close-range save from Aruna Dindane and an even better one to tip Jamie O'Hara's volley over. But Dean proved the central figure. First he pointed to the spot when Rooney stumbled past Michael Brown and made the most of minimal contact on 25 minutes. While not an outright dive, it was a soft penalty and the England man stepped up to place the kick into the right corner past Asmir Begovic, standing in for the injured David James. If Pompey felt aggrieved, the sentiment did not last long. Just after the half-hour mark, Kuszczak leapt to punch clear a high ball into the area and Dean mystifyingly awarded a spot-kick. Neither side had any idea what the supposed infringement was, but a forensic examination of replays shows Nemanja Vidic and Frederic Piquionne were indulging in some mild mutual shirt-tugging. It was still a baffling decision, since Piquionne was just as guilty as Vidic, but Boateng duly converted from 12 yards. Sir Alex Ferguson watched the game from the stands, serving the first match of a touchline ban - for which the fourth official's eardrums must be very grateful. Both sides poured forward. First Paul Scholes dragged one of many long-range efforts just wide, then Dindane headed wide at the culmination of a rapier-like Portsmouth counter-attack. The first half ended with a scuffle, as Darren Fletcher and Boateng grappled on the turf after the Scot tackled overzealously. Within three minutes of the restart, United were back in front after a counter-attack that showed them at their incisive best. Darren Fletcher lofted a pass down the right channel for Giggs, who squared for Rooney and the striker finished low past Begovic. Then, on 54 minutes, Rooney grabbed his third. Piquionne half-tripped, half-barged Giggs over just inside the box in an innocuous position. While hardly a stone-waller, it was the clearest of the three penalties. Rooney again found the right corner with minimal fuss. Grant's Portsmouth put on a spirited display and showed signs they may yet beat the drop. Boateng was especially lively, and tested Kuszczak again from the edge of the box following a Vidic slip, while John Utaka hit the bar with a late volley. Three minutes from time, Giggs capped an accomplished display with a clever goal, curling a low free-kick around the outside of the wall and into the left corner past the unsighted Begovic. United rode their luck, but these fixtures are often an exercise in banana skin avoidance, and - without performing at their best - they nimbly dodged a costly slip-up. Alex Chick / Eurosport

An Essential Guide To Buying Your First Car By iFAST Editorial Team We've all heard about how buying a car is not one of the smartest financial moves to make. A car is after all, a depreciating asset. But we can't deny that having a car brings other intangible benefits - convenience, accessibility, freedom etc. Damien Fong, from Singcapital Pte Ltd., tells potential car buyers what they need to know before signing on the dotted line for a new car purchase, and offers tips on how to source for a suitable car loan. iFAST: What are the main factors to take into consideration when deciding whether to purchase a car? DF: Many car owners around in the world, and especially in Singapore, do not have a full understanding of the financial implications of one's car purchase. In Singapore, it is important for a potential car buyer to note that there are some very specific factors that affect the value of a car and the overall cost of ownership. As Singapore is still one of the most expensive places in the world to buy and maintain a car, it is well worth one's time to understand the basic elements that make up the costs of owning a vehicle here. OWNING A VEHICLE IN SINGAPORE The 2 main factors that impact the cost of car ownership in Singapore are: The vehicle tax regime including import duties, additional registration fees (ARF) and road tax.The Vehicle Quota System which limits the vehicle population growth in Singapore to approximately 3% per annum. The tool which is used to limit the number of cars registered in Singapore is the Certificate of Entitlement or COE. Each vehicle registered in Singapore must have an accompanying COE which is "attached" to the vehicle throughout the vehicle's lifespan. For more information on the Vehicle Quota System and COEs, please visit www.lta.gov.sg (The Land Transport Authority) and www.onemotoring.com.sg. RECURRING MAINTENANCE COSTS In addition to incurring the cost of acquiring a vehicle, there are other costs associated with keeping the vehicle on the road. Here are some of those costs: COMMON MISCONCEPTIONS One of the most common misconceptions on the affordability of a car is the "low monthly installment" syndrome. This happens when prospective buyers are enticed into buying a car on the premise that the monthly installment is low. However, many consumers do not factor in other "costs" and can end up in a horrendous situation from a financial perspective. Many car buyers also do not take enough time to consider their length of ownership and therefore do not make the best purchase decisions from a financial perspective. Unlike a property, a car is usually a liability as its value depreciates the moment you purchase the car. Therefore, when buying a car, it is important to take time to consider how much it will cost you overall, your intended ownership period and of course, your motoring needs. iFAST: If an individual were to purchase a car, what would be the maximum percentage of the individual's salary that should be allocated for the monthly installments and other related expenses? DF: To work out your Income and Expenses when deciding on a car purchase, one will need to work out his/her Debt Servicing Ratio (DSR) which is often used by banks to assess whether a loan application can be approved. DSR is the percentage of the borrower's total monthly financial commitment (including car loan, home loan repayment, and other financial commitments such as unsecured borrowing, etc) against his monthly income and it will determine the loan quantum to be granted. The acceptable DSR varies from bank to bank, but is usually between the region of 40% to 50%. SOURCING FOR A SUITABLE CAR LOAN There are three basic factors to think about when sourcing for a new car loan: interest rate, loan principal and loan period. Knowing these three items will enable you to understand how much loan you are able to obtain. Using these to make your loan calculation will help you establish your budget for making the monthly payments. It will be good to bear in mind that most lenders will want you to take out as much loan as you can possibly afford, since they will make more money, the larger the loan amount is. Therefore, always check the terms and conditions for the car loan before you commit to a loan. Below are the key items one needs to take note of, when it comes to car loans. The Loan Principal Loan principal is a term used in finance that refers to the original amount of the debt or the original amount of money borrowed. Your total interest charges at the end of the loan period depend on the amount of the loan principal and the loan period. The higher the principal amount you borrow, the more money you will ultimately be paying back over the course of the loan. Interest Rate The interest rate is usually expressed in percentage terms and is referred to as the amount of money charged outside the loan principal amount. There are two common car loan interest schemes, i.e. the flat interest rate and the monthly rest schemes. Flat inter¬est charges are also known as "flat add-on rate". The interest rate is fixed throughout the loan period and it uses simple interest calculation. This means the total interest payable for the whole loan period is already added into the principal loan amount at the beginning. Borrowers pay equal monthly installments over the period of the loan. Currently, most car loans in Singapore are based on this scheme. Monthly rest schemes are repayment schemes with floating interest rates. These rates are usually pegged at a certain percentage below or above a benchmark rate, such as the lender's prime lending rate or board rates. The interest is calculated on a monthly rest basis, meaning that the principal amount is reduced every month as the monthly installment is paid. The monthly instalments are a fixed amount, but the reduction in the principal and the interest payment vary according to changes in the interest rate. Loan Period The loan period refers to the life cycle of the loan. The longer the loan, the more expensive the loan will be. Car loan calculation is an important part of sourcing for the right car loan. You can determine how much your loan is going to cost, by utilising good car loan calculation. By regulation, car loans have a maximum repayment period of 10 years and a financing limit of 100% of the car purchase price or market value, including COE, whichever is lower. The loan period added to the age of the car cannot exceed 10 years. Terms and Conditions - Default For hire purchase loans, if you default on the monthly installments, the lender has the right to repossess the vehicle. Upon the sale of the vehicle, you have to pay for the shortfall between the sales proceeds and the loan outstanding, including the costs arising from the repossession. Late Fees and Penalties Different lenders charge different fees for late payment of installments. Make sure you check out all these fees before you commit to the loan. iFAST Central provides services to more than 50 financial advisory companies, exempt financial advisers and financial institutions, and over 2,500 financial adviser representatives. Damien Fong is Financial Advisor Director at Singcapital Pte Ltd, a financial advisory company.

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