(PTI): Abu Dhabi has started to bailout fellow UAE member Dubai by spending $10bn, of which $4.1bn has been allocated to state conglomerate Dubai World to meet urgent obligations. Nakheel, the property development arm of Dubai World, known as Dubai’s main investment
Dubai Receives $10bn bailout to ease debts
Published in December 14th, 2009
Posted by The Business Time in Business
No Comments
US fighter jets attack Yemeni fighters’
Published in December 14th, 2009
Posted by The Business Time in World
(PTI): Yemen’s Houthi fighters say the US fighter jets have launched 28 attacks on the northwestern province of Sa’ada. The US has used modern fighter jets and bombers in its offensive against the Yemen fighters, Houthis said in a statement. According to the statement, the US fighter jets have launched
Foreign banks’ set up in Iran nears approval
Published in December 13th, 2009
Posted by The Business Time in Business
(PTI): The economic committee at Iran’s Majlis (Parliament) has approved the principle issues of a bill concerning the establishment of foreign banks in Iran. “The main issues of the establishment of foreign banks in Iran via a joint investment by natural or legal persons
Dubai shares continue to plummet
Published in December 9th, 2009
Posted by The Business Time in Business
(PTI): Dubai shares have fallen to their lowest level in almost five months on continuing concerns about the ability of leading companies including Dubai World to restructure debt. The Dubai index tumbled 4.7%, after closing down almost 6% on Monday. Earlier this month, Dubai World, the government-owned investment company behind Dubai’s rapid
UK banks’ exposure at Dubai World is $5 bn
Published in December 4th, 2009
Posted by The Business Time in Business
(PTI): UK banks have a total of $5 billion exposure at Dubai World, making them the largest foreign creditor group of the troubled Dubai corporation. A week after the news came out regarding Dubai’s financial turmoil, it is now clear that many UK banking
“Iran is not trying to produce nuclear weapons”: Putin
Published in December 4th, 2009
(PTI): Russia’s Prime Minister Vladimir Putin has declared that there is no evidence to indicate that Iran is trying to produce nuclear weapons. “We have no information that Iran is working on the creation of a nuclear weapon,” Reuters quoted Putin
