A week after Dubai ask creditors for a "standstill" on paying back about $60 billion debt till May 2010, Dubai is trying to restructure $26 billion worth of debt from Dubai World but at the same time, it is now ring-fencing prized assets from their creditors.
In case you are confused on why the debt had suddenly lowered to $26 billion because you heard that Dubai has about $80 billion in debt and the "standstill" was for $60 billion, this is because the Dubai government is getting away with murder. Dubai is basically saying that Dubai World is an independent company and the Dubai government does not guaranteed Dubai World's debt, even though Dubai World is a government-owned company.
So Dubai is saying that it is only liable for the remaining $20 billion worth of debt, and not the $60 billion owned by Dubai World. In a bid to avoid economic meltdown, this move is seemingly being accepted by their neighbors. Regional support, or at least acceptance, for the move has been strong as no one want to see a collapse in Dubai. This means that if you are one of those who owe part of the $60 billion debt of Dubai World, you are not going to see your money ever again.
That is nothing short of bloody murder. First off, if the debt is truly $26 billion, Dubai's oil-rich neighbor, Abu Dhabi, would have ridden in as the white knight long ago. In fact, if the debt is truly $26 billion, Dubai wouldn’t have to ask for a standstill. Their assets are valued at around $50 billion, so they are more than capable of paying $26 billion. The fact that they ask for the standstill means that they know they are liable for the $60 billion. Why else would they ask for a standstill?
Does that matter now? Not really, especially when you can get away with it like Dubai.
Tuesday, December 8, 2009
Monday, December 7, 2009
A $1000 Note
Over the weekend, I read a most ridiculous incident in the newspaper. A man had to pay 80 cents for a cup of coffee. He had the correct change on him, but instead of paying for the coffee, he changed his mind and decided to use 5 cents coins to make the payment. Quite naturally, the cashier asked the man to pay using the correct change he had as he was holding up the line behind him. The man was angry and then pulled out a $1000 note and paid for the coffee using the $1000 note.
He received $999.20 in change.
What I truly do not understand is the tone of the article which suggested that this incident is a case of falling customer service level in Singapore. What fall in customer service level? I mean he had the exact change he needed, then decide not to use them, and then pull out a $1000 note? In what context is that the correct thing to do? The man was an ass! I don’t care about this ‘customer is always right nonsense’, customer is not always right, especially when he pull out $1000 to pay for a coffee that cost $0.80.
In fact, I’m shock that they accepted the $1000 note. Now, that’s good service.
He received $999.20 in change.
What I truly do not understand is the tone of the article which suggested that this incident is a case of falling customer service level in Singapore. What fall in customer service level? I mean he had the exact change he needed, then decide not to use them, and then pull out a $1000 note? In what context is that the correct thing to do? The man was an ass! I don’t care about this ‘customer is always right nonsense’, customer is not always right, especially when he pull out $1000 to pay for a coffee that cost $0.80.
In fact, I’m shock that they accepted the $1000 note. Now, that’s good service.
Saturday, December 5, 2009
The World Cup Draw
The draw is done and the groups for the World Cup are now known. This is the first time it is held in Africa, South Africa to be exact, and this is my breakdown of the groups.
Group A- 1. France 2. South Africa 3. Mexico 4. Uruguay
Yes, I know France was lucky against Ireland but with the players they have, you have to fancy them topping the group. As the host of the World Cup had always gone into the second round, I will give the second spot to South Africa. However both teams will have to be careful because Mexico is capable of springing a surprise or two.
Group B- 1. Argentina 2. South Korea 3. Nigeria 4. Greece
Argentina's coach Diego Maradona has made a total mess of the team but this is one of the easier groups in the tournament so they should top it. The second spot will be a toss-up between Nigeria and South Korea as I’m not that impressed with Greece.
Group C- 1. England 2. United States 3. Slovenia 4. Algeria
"BEST ENGLISH GROUP SINCE THE BEATLES," was the headline in England's The Sun. The English were overjoyed with being in arguably the easiest group of them all. The second spot is a total toss-up as the Americans, Slovenia and Algeria are all confident about their chances.
Group D- 1. Serbia 2. Germany 3. Ghana 4. Australia
Although most people would pick Germany, Serbia was very powerful in qualifying. Their defense was rock-solid and I personally think this current German team is a little over-rated. Still, both teams should on paper go through to the next round.
Group E- 1. Cameroon 2. Holland 3. Denmark, 4. Japan
I think this group is more difficult than most people thinks. Holland has a well-deserved reputation for choking on the big stage and while Ivory Coast may be the most talented Africa team, Cameroon is arguably the best African team in the draw. However both Demark and Japan are no pushovers and I think we might be in for a shock in this group.
Group F- 1. Italy 2. Slovakia 3. Paraguay 4. New Zealand
The Italians are the defending champion so they should go through. New Zealand is the worst team in the tournament so they are out. The second spot will be between Slovakia and Paraguay, and I have to pick Slovakia because of their good qualifying run.
Group G- 1. Brazil 2. Ivory Coast 3.Portugal 4. North Korea
The dreaded ‘Group of Death’ with Brazil, Portugal, and Ivory Coast all capable of having a good run in the tournament. All 3 teams have players who can turn games on their heads but I have to go for Brazil and Ivory Coast because Portugal was just terrible in qualifying. North Korea will need a miracle to have a chance in this group.
Group H- 1. Spain 2. Chile 3. Switzerland 4. Honduras
Spain has a reputation for choking on the big stage like Holland, but that was before they won Euro 2008. They have shown they are capable of winning a big title and barring injury, I pick Spain as my favorites to win the World Cup. Chile cruised through the South American group which is never easy, so they are my pick for second place while Switzerland and Honduras do not have the attacking threat to make much impact.
Group A- 1. France 2. South Africa 3. Mexico 4. Uruguay
Yes, I know France was lucky against Ireland but with the players they have, you have to fancy them topping the group. As the host of the World Cup had always gone into the second round, I will give the second spot to South Africa. However both teams will have to be careful because Mexico is capable of springing a surprise or two.
Group B- 1. Argentina 2. South Korea 3. Nigeria 4. Greece
Argentina's coach Diego Maradona has made a total mess of the team but this is one of the easier groups in the tournament so they should top it. The second spot will be a toss-up between Nigeria and South Korea as I’m not that impressed with Greece.
Group C- 1. England 2. United States 3. Slovenia 4. Algeria
"BEST ENGLISH GROUP SINCE THE BEATLES," was the headline in England's The Sun. The English were overjoyed with being in arguably the easiest group of them all. The second spot is a total toss-up as the Americans, Slovenia and Algeria are all confident about their chances.
Group D- 1. Serbia 2. Germany 3. Ghana 4. Australia
Although most people would pick Germany, Serbia was very powerful in qualifying. Their defense was rock-solid and I personally think this current German team is a little over-rated. Still, both teams should on paper go through to the next round.
Group E- 1. Cameroon 2. Holland 3. Denmark, 4. Japan
I think this group is more difficult than most people thinks. Holland has a well-deserved reputation for choking on the big stage and while Ivory Coast may be the most talented Africa team, Cameroon is arguably the best African team in the draw. However both Demark and Japan are no pushovers and I think we might be in for a shock in this group.
Group F- 1. Italy 2. Slovakia 3. Paraguay 4. New Zealand
The Italians are the defending champion so they should go through. New Zealand is the worst team in the tournament so they are out. The second spot will be between Slovakia and Paraguay, and I have to pick Slovakia because of their good qualifying run.
Group G- 1. Brazil 2. Ivory Coast 3.Portugal 4. North Korea
The dreaded ‘Group of Death’ with Brazil, Portugal, and Ivory Coast all capable of having a good run in the tournament. All 3 teams have players who can turn games on their heads but I have to go for Brazil and Ivory Coast because Portugal was just terrible in qualifying. North Korea will need a miracle to have a chance in this group.
Group H- 1. Spain 2. Chile 3. Switzerland 4. Honduras
Spain has a reputation for choking on the big stage like Holland, but that was before they won Euro 2008. They have shown they are capable of winning a big title and barring injury, I pick Spain as my favorites to win the World Cup. Chile cruised through the South American group which is never easy, so they are my pick for second place while Switzerland and Honduras do not have the attacking threat to make much impact.
Friday, December 4, 2009
Comics this week
Siege: The Cabal- After the disappointing ‘Civil War’, came the slightly more interesting ‘Dark Reign’. However whatever interest I had in Dark Reign had disappeared long, long ago. To me, ‘Dark Reign’ had lasted way too long and wore out its welcome long ago. For this reason, I am looking forward to ‘Siege’. Norman Osborn's (in)sanity and grasp on reality are showcased again as the Cabal officially breaks up. I have to say I never knew Dr. Doom to be such a firm allay of Namor, although his later comment that a war against Asgard was unwinnable was perhaps his real reason why he broke with Osborn. To me, this was an okay one-shot but the main ‘Siege’ series need to be a lot better to get me to buy it.
Nova #32- For the past few issues, Nova had been a little lost. A lot of this was due to the number of mega cosmic events that come one after another. The latest one is ‘Realms of Kings’ and Nova #32 is the tie-in. Yes, it’s another tie-in. After last issue, Nova and Darkhawk have been pulled into the Fault and now find themselves in a version of Egypt. They were led there by the classic villain, Sphinx, who also captured Mr. Fantastic, Black Bolt and Namorita. Yes, some of these guys are dead already. Nothing makes sense but it is intriguing. Hopefully, there will some good answer to all the questions.
Nova #32- For the past few issues, Nova had been a little lost. A lot of this was due to the number of mega cosmic events that come one after another. The latest one is ‘Realms of Kings’ and Nova #32 is the tie-in. Yes, it’s another tie-in. After last issue, Nova and Darkhawk have been pulled into the Fault and now find themselves in a version of Egypt. They were led there by the classic villain, Sphinx, who also captured Mr. Fantastic, Black Bolt and Namorita. Yes, some of these guys are dead already. Nothing makes sense but it is intriguing. Hopefully, there will some good answer to all the questions.
Thursday, December 3, 2009
Much Ado About Nothing
Singapore’s Prime Minister Lee Hsien Loong made the announcement that there will be an extra day of non-campaigning just before Polling Day. The deal was that this would act as a cooling-off period ahead of the General Election. The ‘proposed’ extra day of non-campaigning will also apply to a presidential election.
Now this isn’t new. A lot of countries have blackout days before the election itself, so it’s no big deal for Singapore to have one also. That unfortunately is my biggest gripe about the new rule. I am meeting this new rule with puzzlement because I fail to understand why this rule is needed in Singapore. For the past several elections, the Singapore opposition had been under the self-defeating by-election strategy (which doesn’t work by the way) so in over half of Singapore, there’s no voting!
Why do we need a cooling-off period when there's no voting in over half the country? PM Lee say the extra day “would give voters time to reflect rationally on issues, after the emotional high of election campaigning”. What emotional high? In other countries, elections are exciting; in Singapore, it’s boring.
With almost every Singaporeans believing this new rule is unnecessary, some had said that the ruling People’s Action Party (PAP) are putting in this rule to give them an extra day of campaigning. However I do not believe this to be true. Like I said earlier, most Singaporeans don’t care that much about elections that one lousy day of campaigning will make any difference. The PAP will not benefit from the extra day.
So in the end, how would this cooling-off period affect the General Election? It would affect absolutely nothing!
Now this isn’t new. A lot of countries have blackout days before the election itself, so it’s no big deal for Singapore to have one also. That unfortunately is my biggest gripe about the new rule. I am meeting this new rule with puzzlement because I fail to understand why this rule is needed in Singapore. For the past several elections, the Singapore opposition had been under the self-defeating by-election strategy (which doesn’t work by the way) so in over half of Singapore, there’s no voting!
Why do we need a cooling-off period when there's no voting in over half the country? PM Lee say the extra day “would give voters time to reflect rationally on issues, after the emotional high of election campaigning”. What emotional high? In other countries, elections are exciting; in Singapore, it’s boring.
With almost every Singaporeans believing this new rule is unnecessary, some had said that the ruling People’s Action Party (PAP) are putting in this rule to give them an extra day of campaigning. However I do not believe this to be true. Like I said earlier, most Singaporeans don’t care that much about elections that one lousy day of campaigning will make any difference. The PAP will not benefit from the extra day.
So in the end, how would this cooling-off period affect the General Election? It would affect absolutely nothing!
Wednesday, December 2, 2009
Debt That No One Owns
Worries over a possible default by the conglomerate, Dubai World, became a real possibility when the city-state said that while the conglomerate was government-owned, it was "established as an independent company" and the Dubai government does not guaranteed Dubai World's debt.
That has to be one of the most ridiculous thing I have ever heard from anyone, and when you consider the amount of nonsense sprouted by everyone since the financial crisis hit the world, that’s saying something. For nearly a decade, Dubai has been crowing about the success of their city-state and Dubai World was used as an example. Saying that Dubai has nothing to do with Dubai World now is like saying Temasek Holdings has nothing to do with Singapore. Absolute total nonsense!
What’s worse is that no one has a clear idea of just how much debt there is. In hindsight, that should not be a surprise. For months officials from Dubai had been telling investors that Dubai ‘do not have a problem’, then they released the debt news on the eve of Thanksgiving and Haj holidays, so why should anyone expect Dubai to come clean now?
Dubai has about $80 billion in debt with Dubai World holding about $60 billion of them. However it seems that even Dubai's oil-rich neighbor, Abu Dhabi, has been unable to get a clear picture of the amount of debt Dubai truly has and they are unwilling to step in to foot any bills until they do.
For the sake of Dubai, the U.A.E, and the world, I wish Abu Dhabi the best of luck.
That has to be one of the most ridiculous thing I have ever heard from anyone, and when you consider the amount of nonsense sprouted by everyone since the financial crisis hit the world, that’s saying something. For nearly a decade, Dubai has been crowing about the success of their city-state and Dubai World was used as an example. Saying that Dubai has nothing to do with Dubai World now is like saying Temasek Holdings has nothing to do with Singapore. Absolute total nonsense!
What’s worse is that no one has a clear idea of just how much debt there is. In hindsight, that should not be a surprise. For months officials from Dubai had been telling investors that Dubai ‘do not have a problem’, then they released the debt news on the eve of Thanksgiving and Haj holidays, so why should anyone expect Dubai to come clean now?
Dubai has about $80 billion in debt with Dubai World holding about $60 billion of them. However it seems that even Dubai's oil-rich neighbor, Abu Dhabi, has been unable to get a clear picture of the amount of debt Dubai truly has and they are unwilling to step in to foot any bills until they do.
For the sake of Dubai, the U.A.E, and the world, I wish Abu Dhabi the best of luck.
Tuesday, December 1, 2009
EPL this Month
As we edge closer and closer to the January transfer window, there are some teams that are desperate for reinforcements. The winners and losers of the month;
Top Teams this Month
Chelsea- This was what I wrote last month. “Like an unstoppable machine, Chelsea had taken over the top in the EPL. There had been a few bumps along the road but it will take nothing short of a miracle to stop manager Carlo Ancelotti’s men from claiming the title.” Nothing has changed!
Manchester United – Ryan Giggs got his 100th EPL goal, Wayne Rooney is scoring, and Antonio Valencia is finally coming good, but Man Utd are still 5 points behind the runaway train called Chelsea. Man Utd is winning but Sir Alex Ferguson must be praying that someone start taking points from Chelsea.
Tottenham. Hotspur- A 9-1 win and suddenly even the normally cautious Harry Redknapp is openly wondering if Spurs has what it takes to finish in the Top 4 this season. A lot depend on whether Jermine Defoe can keep putting away chances. If you go trough his history, there are times when he can run ice-cold. But this is a World Cup year and Defoe may be playing for his place in the England squad so Spurs’ fans can only pray.
Surprise Team this month
Man City- Played 7; Game Drawn 7. Manager Mark Hughes has made his team difficult to beat, but Man City is not winning. It’s amazing but drawing 7 straight games is ridiculous. They’re not playing badly, they’re not winning games; they’re not losing games; they’re just drawing games. It’s funny but when you consider that they got 7 points out of a possible 21, I don’t think Mark Hughes is laughing.
Disappointing Teams this month
Portsmouth- You got to feel for Paul Hart. As a manager, he was fired after his team failed to gather points in the league but it’s hardly his fault when the club has no money, the takeover of the club turned into an off-the-field saga, and his keeper David James got an injury. It seems nothing short of a miracle will keep Portsmouth up this season.
Arsenal- Just when it looked like they were coming on strong, Robin van Persie had to get injured. With their main striker out for the rest of the season, Arsenal has went 2 games without scoring; this after scoring in every game in the season before the injury to van Persie. Arsene Wenger can’t wait for the January transfer window to open.
Everton- Yes, I know the Joleon Lescott transfer saga did not help but manager David Moyes must be wondering how in the world is Everton hovering just above the relegation zone. Even with the bad start they had, with the players at their disposal, Everton has no business being as far down as they are in the league.
Top Teams this Month
Chelsea- This was what I wrote last month. “Like an unstoppable machine, Chelsea had taken over the top in the EPL. There had been a few bumps along the road but it will take nothing short of a miracle to stop manager Carlo Ancelotti’s men from claiming the title.” Nothing has changed!
Manchester United – Ryan Giggs got his 100th EPL goal, Wayne Rooney is scoring, and Antonio Valencia is finally coming good, but Man Utd are still 5 points behind the runaway train called Chelsea. Man Utd is winning but Sir Alex Ferguson must be praying that someone start taking points from Chelsea.
Tottenham. Hotspur- A 9-1 win and suddenly even the normally cautious Harry Redknapp is openly wondering if Spurs has what it takes to finish in the Top 4 this season. A lot depend on whether Jermine Defoe can keep putting away chances. If you go trough his history, there are times when he can run ice-cold. But this is a World Cup year and Defoe may be playing for his place in the England squad so Spurs’ fans can only pray.
Surprise Team this month
Man City- Played 7; Game Drawn 7. Manager Mark Hughes has made his team difficult to beat, but Man City is not winning. It’s amazing but drawing 7 straight games is ridiculous. They’re not playing badly, they’re not winning games; they’re not losing games; they’re just drawing games. It’s funny but when you consider that they got 7 points out of a possible 21, I don’t think Mark Hughes is laughing.
Disappointing Teams this month
Portsmouth- You got to feel for Paul Hart. As a manager, he was fired after his team failed to gather points in the league but it’s hardly his fault when the club has no money, the takeover of the club turned into an off-the-field saga, and his keeper David James got an injury. It seems nothing short of a miracle will keep Portsmouth up this season.
Arsenal- Just when it looked like they were coming on strong, Robin van Persie had to get injured. With their main striker out for the rest of the season, Arsenal has went 2 games without scoring; this after scoring in every game in the season before the injury to van Persie. Arsene Wenger can’t wait for the January transfer window to open.
Everton- Yes, I know the Joleon Lescott transfer saga did not help but manager David Moyes must be wondering how in the world is Everton hovering just above the relegation zone. Even with the bad start they had, with the players at their disposal, Everton has no business being as far down as they are in the league.
Subscribe to:
Posts (Atom)