Dubai World debt crisis upon exposure, i.e. the global trigger a series of chain reaction. From Taipei's commercial, to Sydney's builders, Munich Reinsurance company, some may be affected by this incident involved enterprises have to clarify or to refute rumors, related stock price also dives.
Banking the brunt by tie
As a result of Dubai World and its affiliates a large number of international loans, banking sector will undoubtedly become this breach potentially biggest victims, particularly Asian banks.
According to sources, the got into trouble for breach of the Dubai World's syndicated and bilateral lending exposures may be as high as US $ 12 billion, including the Dubai Government investment sector Nakheel and Istithmar outstanding loans.
As the Emirate of Dubai, Abu Dhabi, the brother of the banking industry is clearly could not escape the impact of this event. News disclosed, Dubai World may owe to the Abu Dhabi Commercial Bank 19 billion, which may be the latter become Dubai World in Dubai the largest creditors outside.
27, Asian markets, HSBC and Standard Chartered Bank in Hong Kong are listed on the stock price dropped by more than 6%. The two banks in the London listed stocks fell on Thursday also European banking stocks. CLSA analyst said Dubai this debt turmoil may pose to Asia's banks, "and the" real impact, HSBC, Standard Chartered, as well as Singapore DBS Group may be at risk, the largest bank. Goldman Sachs said, Dubai event will bring the HSBC and Standard Chartered has yet to meet the "impact".
In Chinese Taipei, also several financial institutions on debt event in Dubai, down. Taipei assets of the largest private financial holding company guotaijin control issued a statement saying, "some" and the Dubai debt-related exposures to dangerous parts of specific amounts are still OK, "may be less serious". According to another report, the subsidiaries controlled guotaijin Cathay Pacific Paul banks had as to the Dubai World global syndicated loans one of the members of the US $ 10 million loan to the latter. Guotaijin holding prices fell yesterday was once nearly 2%.
Taipei another financial enterprise CITIC gold control's Chief Financial Officer also disclosed that the company had previously loans to Dubai, is still in the statistics do not recover the amount of the loan. Taipei's sixth largest financial holding company, the first gold-also known as, a subsidiary of first commercial bank to Dubai provides approximately $ 25 million loan, and that the fear of this part of the "breach" may occur. Another large financial enterprise mega Friday also acknowledged that the holder and the Dubai debt-related exposures and dangerous parts, are further identified specific amount. The company's stock without a significant decline and not a drag on the date of the stock market in Taipei Shoudie 3.2%.
India's largest bank, State Bank of India has also forced to come forward to clarify yesterday, said the company did not and Dubai World-related loans, but also admitted in Dubai have "very small short-term exposure". Australia banking giants to Australia and New Zealand Banking said, no Dubai World major exposure, although there are a number of the row in the Middle East business relations.
While in Germany, Munich insurance and re-insurance company Hanover have come forward to express, no Dubai debt crisis for companies in the regions concerned have a significant impact on the business. Hannover reinsurance's spokesman said, it is expected that the Dubai debt issues to Bahrain subsidiaries capital investment business of extremely small, it is expected that it will only have to credit insurance business is small, approximately for millions of euros.
Also in Europe, Morgan reference Dealogic data pointed out that the Royal Bank of Scotland is Dubai World since January 2007, hosted the largest with a loan, but did not indicate whether a row will be affected by this incident.
Under the influence of the Dubai debt extension, European banks stocks fell to 5 months since the low point in the past few months, the Bank is rising the fastest one, because of plate investors think the financial crisis has hit the bottom.
In the United States, there is no clear evidence that the United States Bank in Dubai have more exposure. However, since Thursday is Thanksgiving holiday, this event is difficult to determine the actual effect also.
The construction industry may suffer from "LUCF"
Construction industry is also affected by the Dubai crisis impact larger industry. Asian stock market yesterday, from Seoul to Sydney's builders generally suffered heavy losses. Investors worried about, including the world's highest building, Dubai, large-scale construction project will be unable to pay the cost of construction. Australia builders Leighton Holdings Friday said some Dubai building project in arrears, but believe that they can return, the company's share price from the low of 4%. In Japan, Tokyo, construction enterprises, ohbayashi building stock tumbled nearly 9%, Daiwa Securities is of the view that the construction company in Dubai project may get less than the full amount of money.
In addition to business may be affected by the enterprise, with Dubai and other Gulf States have investment units have also been selling. Lunjiaosuo's stock price plummeted Thursday over 7%, UAE Exchange is currently the largest shareholder of lunjiaosuo. In addition, the United Kingdom Department store operators JSainsbury, Germany dealers Porsche and Daimler's share price has shown worry, market, Gulf States institutions and investors can sell shares to obtain cash for debt repayment.
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