[Smcgie]

Originally Posted by Really-Stressed

Reads like a horse racing thread.

Should be moved to gambling

[ranger4]

Dubai debt default prospect overdone and UEB said to be able to give support to banks-buisnesses, irishtimes.com Selloff overdone and we could see some upside this week.

[Idu]

You might wanna get your crystal ball checked - opened down nearly 5% according to Davy

[pocketdooz]

Originally Posted by ranger4

Dubai debt default prospect overdone and UEB said to be able to give support to banks-buisnesses, irishtimes.com Selloff overdone and we could see some upside this week.

The collective assumption is that Abu Dhabi will have no choice but to come tothe aid of its fellow Emirate; that Dubai has a reason to exist as the Gulf’s playground, shopping mall and financial hub, and that an aid package of some sort shall be pieced together sooner rather than later, after much inter-Emirate debate and concession granting, and that all shall be right with the world again soon.

I disagree that all will be right with the world, as much damage has been done to the psychology of the global capital market, but I do agree with the notion that even if Dubai were to wholly collapse and all of its debts were to be rendered worthless this many tens of billions of dollars is really not much more than drop of the global economy.

Abu Dhabi will pay Dubai’s debts. They’ve really no choice. But they will do so when their flashy, glitzy, super-modern, a-bit-too-westernized “sister” state has been properly humiliated publically, has apologized for its modernity, has swallowed its pride and has properly asked for help.

Always remember that at the core of all things Gulf is the chasm between Shi’ia and Sunni Islam. Without question, Shi’ia Iran gloats over the problems that the Sunni Emirates are going through.

Take our your atlases and look at the Saudi/Yemeni border on the far southern coast of the Saudi peninsula, and before so doing remember that the former South Yemen was once one of the most idiosyncratic, violent Marxist regimes in the world until the former Yemen and the Marxist People’s Democratic Republic of Yemen were reunited… forcibly … in 1990 with the “aid” of Saudi troops. Sporadic anti- union forces rebelled from time to time, but the country has remained united since.

Also, always remember that Yemen is the “ancestral” homeland of Osama bin Laden, and given its strategic location at the very terminus of the Red Sea/Suez Canal has been an important military port and redoubt through the ages, and it was for this reason that the USS Cole was stationed when it was attacked by Islamic terrorists in 2000.

Point being that to oversimplify anything in the Middle East is to risk missing the point, which (like it always is in the case of that region) is hidden behind layers of politics, religion and petro-power .......

And to try and work out any connection between the Dubai debt standstill and Bank of Ireland equity is just an exercise in futility.


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[displaced dub]

who would have thought that building homes etc in the desert that the locals couldnt afford would go bust??!!!

Also this is not good for liverpool fc who were hoping for DIC to buy a stake.

[rugbyman]

pocket dooz,

fine piece .

Rugbyman

[pocketdooz]

The Dubai government has said it will not guarantee the debt of Dubai World, which caused global panic because it cannot pay back creditors immediately.

The statement came after stock markets in Dubai and Abu Dhabi saw sharp falls. "Creditors think Dubai World is part of the government, which is not correct," said finance minister Abdulrahman al-Saleh.

Abu Dhabi's main stock market lost a record 8.3%, while Dubai dropped 7.3% - the most in a year. "Creditors need to take part of the responsibility for their decision to lend to the companies," ()Mr al-Saleh told Dubai Television. The central bank of the United Arab Emirates (UAE) has said it is setting up a facility to provide banks with extra liquidity, as it seeks to battle perceptions that Dubai cannot support its own companies.

Mr al-Saleh's statement caused some surprise in Dubai as people who invested in Dubai World effectively did so on the assumption that the government would guarantee them, BBC Middle East business reporter Ben Thompson said. There is a very grey area between business and government in Dubai, he added.

On the Dubai bourse, construction and financial stocks slumped nearly 10%. The debt-ridden Dubai World fell 15%.

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[ranger4]

Dubai restructuring its debt and markets like what they are hearing, Nice support with boi sp, I woint be panic selling my investment.

[Bullish]

You Will have plenty of time to panic Ranger...
My Advise would be Panic early and avoid the rush

[ranger4]

Originally Posted by Bullish

You Will have plenty of time to panic Ranger...
My Advise would be Panic early and avoid the rush

Ha, I laugh in the face of panic.

[Idu]

You're always talking about support these days, how come you never mention the equally obvious fact that the stock hasn't been able to break resistance at around 1.70 over the past few weeks either?

BOI should have been putting in a 5-10% upside today to match pace with other markets and banks. It was up 0.62%. Why was that?

[Bullish]

If this is a general open question
My answer would be that it is a POS and nobody is buying it,
A few retail investors pumping it up..

[Idu]

It was more at Ranger. I'm interested to know where the optimism is coming from. Besides blind ignorance

[ranger4]

Originally Posted by Idu

You're always talking about support these days, how come you never mention the equally obvious fact that the stock hasn't been able to break resistance at around 1.70 over the past few weeks either?

BOI should have been putting in a 5-10% upside today to match pace with other markets and banks. It was up 0.62%. Why was that?

I suppose potential investors are holding off buying at present sp Level as they feel sp could drop back on run upto possible rights issue during q1-q2 2010, also investors are still waiting for ire budget to pass and are watching closely any potential irish civil unrest with strike action etc, I still feel boi at present sp are a good med-longterm investment, even with an increased gov stake, they will not be fully nationalised and delisted, All this negativity and scaremongering common Lads you know we need a viable and non gov run banking system in ireland, gov already runs anglo and sure as hell doint want responsibility of running another bank or all of our banking system.

[Idu]

Originally Posted by ranger4

I suppose potential investors are holding off buying at present sp Level as they feel sp could drop back on run upto possible rights issue during q1-q2 2010, also investors are still waiting for ire budget to pass and are watching closely any potential irish civil unrest with strike action etc, I still feel boi at present sp are a good med-longterm investment, even with an increased gov stake, they will not be fully nationalised and delisted, All this negativity and scaremongering common Lads you know we need a viable and non gov run banking system in ireland, gov already runs anglo and sure as hell doint want responsibility of running another bank or all of our banking system.

Negativity and scaremongering!!! Come on man - you were throwing round that accusation when the price was €6 for god's sake.

You're right we do need a viable banking system but neither AIB or BOI are in any postition to provide it now and it's looking increasingly unlikely they will be in the future either.

As for the rest of that well it's just waffle really