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Abu Dhabi comes to Dubai's rescue

Mon, 12/14/2009 - 21:40 by Inderjit Singh

Dubai -- Abu Dhabi said Monday it would rescue its neighbor, Dubai, with a $10 billion fund to cover a portion of a $59 billion in debt that needs restructuring.

Dubai World, the investment organization of the Dubai government, jolted stock markets in late November when it said it would need to restructure the massive debt. It was unclear until Monday how its oil-rich neighbor Abu Dhabi would react, although there was some expectation it would help bailout Dubai.

Both are part of the collection of seven small states called the United Arab Emirates.

The bailout allows Dubai to meet a $4.1 billion bond obligation due Monday, The New York Times reported.

Abu Dhabi's $10 billion magnanimity towards Dubai

Mon, 12/14/2009 - 17:11 by Jamie Anderson

Dubai, December 14 -- Thanks to Abu Dhabi, Dubai World (DBWLD.UL), the state-owned holding company at the center of a $26 billion debt storm, has some breathing space.

Perry says Tyler likely leaving Aerosmith

Sun, 11/08/2009 - 12:23 by shalini.bahadur

Boston -- Aerosmith guitarist Joe Perry says the U.S. rockers' lead singer, Steven Tyler, apparently bagged on the band after a United Arab Emirates show.

Speaking with the Las Vegas Sun Friday, Perry said he believes Tyler quit Aerosmith after a recent concert in Abu Dhabi and an online report appears to confirm his suspicion.

"Steven quit, as far as I can tell," Perry said. "I don't know anymore than you do about it. I got off the plane two nights ago. I saw online that Steven said that he was going to leave the band. I don't know for how long, indefinitely or whatever."

Perry told the Sun he would attempt to keep Aerosmith moving forward, even if Tyler part ways with his bandmates.

Abu Dhabi’s ATIC to buy Chartered for $2.5bn

Mon, 09/07/2009 - 15:51 by Jamie Anderson

Singapore, September 7 -- Abu Dhabi, through its investment company, Advanced Technology Investment Co (ATIC), has agreed to buy Singapore’s state-controlled Chartered Semiconductor Manufacturing Ltd (NASDAQ:CHRT) for a sum of $2.5 billion.

City snap up midfielder Barry

Wed, 06/03/2009 - 13:06 by Salinder Kumar

London, June 3: Manchester City has completed the 12-million-pound signing of midfielder Gareth Barry from Aston Villa.

The England international signed a five-year contract at City Tuesday, ending 12 seasons at Villa Park.

Barry almost joined Liverpool last summer, only for the move to collapse in a dispute over the fee.

It had widely been expected he would join Rafa Benitez's side this year, but City manager Mark Hughes stepped in to make him the first arrival of what is expected to be an influx of new talent at Eastlands, bankrolled by the Abu Dhabi consortium that owns that club.