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Markets News Afternoon: Bank shares fall in Dublin; Dubai says "lenders should bear part of the responsibility'" for Dubai World's $59bn in liabilities
By Finfacts Team
Nov 30, 2009 - 5:20:34 PM
Bloomberg reports that Dubai’s government said it hasn’t guaranteed the debt of Dubai World, the state-controlled holding company struggling with $59 billion in liabilities, and that creditors must help it restructure.
“It is correct that the government owns Dubai World, but the decision when it was set up was that it should receive financing based on the viability of its projects, not on government guarantees,” Abdulrahman Al Saleh, director general of the emirate’s Department of Finance, said in an interview with Dubai TV, when asked whether the government was backing the debt. “The lenders should bear part of the responsibility.”
Dubai’s government said Nov. 25 that Dubai World would seek a standstill agreement with creditors and an extension of loan maturities until at least May 30, 2010. The announcement led to the biggest declines in Asian shares in three months last week and Europe’s worst rout since April. Investors were concerned the proposal risks triggering the biggest sovereign default since Argentina in 2001.
India's Economy Grows 7.9%
India's economic growth grew in the third quarter at a much faster pace than expected, increasing odds that the central bank will raise interest rates to head off inflation.
Dubai's government finally broke its silence saying it was not responsible for Dubai World's debt. The director of the country's finance department said creditors needed to take responsibility for their lending decisions. Turker Hamzaoglu from BAS-Merrill Lynch and James Barty from Arrowglass Capital Partners discuss.
US markets
The Dow Jones is down 38 points in New York to 10,272.
The Nasdaq is off 0.75% and the S&P 500 is down 0.42%.
Chicago purchasing managers' index showed today that businesses in the Chicago region were expanding in November, with business activity rising to its highest level since August 2008.
A slew of important US economic data is coming out this week, with John Silvia, Wells Fargo chief economist:
Oil
On the New York Mercantile Exchange, oil for January 2010 delivery is trading at $76.15 up 10 cents from Friday's close. In London, Brent crude for January delivery is trading at $77.24 a barrel.
Currencies
The euro is trading at $1.4986 and at £0.9083.
For live currency updates, check the right-hand column of the Finfacts home page.The dollar traded at a record low $1.6038 per euro on July 15, 2008.
