Tuesday, 15 December 2009

Abu Dhabi gives Dubai $10 bln bailout

Abu Dhabi has bailed out neighbouring Dubai with $10 billion in surprise aid for debt-laden The World of Dubai, which said it would use $4.1 billion of it to return its Nakheel unit's Islamic bond maturing on Monday.

Dubai's government held a conference call on Monday to debate the deal with a government source taking questions.

Abu Dhabi and Dubai are undoubtedly working as partners here to find a good, fair solution to the The World of Dubai situation. The key part is buying time to allow The World of Dubai and creditors the chance to come together on mutual restructuring.

There are no conditions. This is a government-to-government fund, the terms of that fund are internal to the government of Abu Dhabi and Dubai. These funds are specifically for The World of Dubai.

I will not go into specifics. There is no conditionality. Abu Dhabi has made it serene it is there to support Dubai, The World of Dubai and I will not go into specifics of how the money is being handed. What's momentous is we have two partners that will help each other and help the UAE (United Arab Emirates).

Dubai's government has been in consultation for some time with bankruptcy professionals and international judges to develop a framework that is transparent, fair and acceptable to all parties.

The recent UAE bankruptcy laws are largely untested and (their) administration by Dubai courts poses certain challenges and problems for a big and complex bankruptcy of this size.

These (new) laws should allow The World of Dubai, should it choose it to use the laws to reach its restructuring and remaining obligations should it not find a mutual restructuring with its creditors.

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Tuesday, 8 December 2009

Copenhagen climate - whats happening

It's a massive jamboree, with tempers on both sides of the issue running hot and no final deal in sight.

But even so, we had better pay care to what transpires here, the effect of action or inactivity may be massive.

Starting Monday, 15,000 people are expected in Copenhagen, Denmark. Through the next two weeks they're supposed to be hashing out a successor to the Kyoto Treaty, the world deal regulating greenhouse gases that expires in 2012.

Among them will be more than 100 world leaders, including President Obama and half his cabinet.

Hundreds of environmentalists are also expected, some protesting outside the massive convention center. With the world's best scientists saying world warming is provoked by humans and that swift action is needed to avoid devastating outcome, the environmentalists will be pushing for cuts in greenhouse gases that go far beyond what most nations are proposing.

They will question the science behind world warming, holding up recently hacked e-mails from prominent climate scientists. The e-mails apparently show the scientists, frustrated with a small but vocal group of world warming skeptics, trying to save dissenting opinions out of prominent journals and attempting to hide inconsistencies in the overall data.

Most independent analysts say the hacked e-mails do not modify the nature of the discussion - the e-mails, however irrelevant, do not undermine the assent of hundreds of scientists that have been studying this problem for many years.

Still, might there be strife among the believers and skeptics at the convention? "It's a good question," said Kyle Ash, a legislative representative for Greenpeace who's already in the city. "I'm excited to see what happens."


Wednesday, 2 December 2009

Kylie Bisutti victoria secret is the new angel in town

VS had a competition for who will be the next Victoria's Secret Runway model. 10K young girls tried out, but 10 gorgeous women were chosen for the final round.

Earlier in the month we talked the Victoria’s Secret Fashion Show when it was announced that Heidi Klum would be hosting this year’s show.

We now know who the two finalists are for the "Secret Angel" honors–who are the company's most visible (and well paid) models. The both finalists for the fan voted spot are Kylie Bisutti and Jamie Lee Darley.

Jamie was an athlete and played for her college volleyball team. She is currently working as a bar maid.

Kylie dances and also does scuba diving. She has lately married and told that if it had not been for the Victoria’s Secret, She would have been spending time to fix with her husband. She is also 19 years old.

Who won?

Kylie Bisutti! She has a great modeling career ahead of her! We all hope her husband will be understanding! :)

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