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ap Dubai gets $10B from Abu Dhabi to cover debt

DUBAI, United Arab Emirates (AP) -- Dubai got a $10 billion lifeline from oil-rich Abu Dhabi to save one of its prized companies from imminent default Monday, calming fears for now about the city-state's shaky finances. Dubai's main stock market spiked more than 10 percent on the news.

AP - FILE - In this Sept. 7, 2009 file photo, a train is seen during a trial session two ...

Dubai World -- a sprawling conglomerate with assets ranging from the oceanliner Queen Elizabeth 2 to luxury retailer Barney's New York -- had been up against a Monday deadline to repay a pile of loans from its Nakheel property division. Some $4.1 billion of the emergency funds will be used to pay off those bills. The rest will go to shore up Dubai World itself.

Dubai officials' reluctance to fully stand behind Dubai World's $60 billion in debts had raised serious concerns about the emirate's creditworthiness, and the move by Abu Dhabi appeared aimed at quashing those worries before they undercut confidence in the United Arab Emirates as a whole. The two emirates share control of the UAE, a federation of seven semiautonomous city-states.

Authorities also softened their stance Monday, vowing that the city-state was committed to "transparency, good governance and market principles." Officials outlined a legal framework that promised to increase openness and protect creditors in future dealings with the conglomerate, offering lenders further reassurance in a country where formal bankruptcy proceedings are largely untested.

"We are here today to reassure investors, financial and trade creditors, employees and our citizens that our government will act at all times in accordance with market principles and internationally accepted business practices," Sheik Ahmed bin Saeed Al Maktoum, chairman of the Dubai supreme fiscal committee, said in a statement.

The bailout is the latest by Abu Dhabi. The emirate which controls the UAE's presidency has directly and indirectly provided Dubai with $25 billion over the past year, mostly by buying Dubai bonds. In all, Dubai owes more than $80 billion -- roughly equal to its total economic output last year. The full extent of its liabilities is unknown, however, with some analysts putting the total at $100 billion or more.

The aid package is key for Dubai, the second-richest of the UAE's city-states but which has little of the oil wealth held by Abu Dhabi. Dubai's ruler is the UAE's vice president and prime minister.

Dubai created Dubai World -- which has interests in seaports, real estate, tourism and retail -- to diversify its economy and boost its international clout. Much of the growth was fueled by easy credit. As the bills came due, Dubai struggled to repay as its economy was battered by the global economic downturn.

Dubai said the rest of the funds provided by Abu Dhabi will be used to cover the conglomerate's interest expenses and general business needs through the end of April, and to pay bills owed to "existing trade creditors and contractors."

Bankers said the last-minute cash injection signaled a national approach to tackling Dubai's problems rather than leaving the struggling emirate to fend for itself.

"This is a very significant development," said Marios Maratheftis, head of regional research at Standard Chartered Bank. "It shows once again there is a one-country approach in dealing with the crisis, which is positive."

Investors cheered the news, which provided some clarity in a crisis that erupted late last month when the conglomerate unexpectedly said it was seeking new terms on repaying roughly $26 billion of its debts.

The Dubai Financial Market's main index shot up 10.4 percent at the close. Abu Dhabi's stock market jumped 7.9 percent. Stocks in Asia rebounded from earlier losses after Dubai's announcement.

Fahd Iqbal, a Dubai-based analyst at Middle East investment bank EFG-Hermes, said the rally was to be expected but urged caution.

"This announcement constitutes a specific bailout of Nakheel, suggesting that as an entity (it) was deemed to be 'too big to fail,'" he said. "It does not, however, constitute a bailout of Dubai Inc. or Dubai World as a whole and this is important to highlight."

Nakheel is a property developer and hotel operator best known for building manmade islands in the shape of palm trees and a map of the world off Dubai's coast.

Standard & Poor's, which along with other credit rating agencies has aggressively cut its outlook on Dubai state-run companies, called Monday's move "a step towards rebuilding confidence," but warned that the government's ability to bail out other firms remains uncertain.

Dubai World said in a separate statement it welcomed the financial support, which will provide "funding and a stable basis" for a restructuring the company announced last month.

The conglomerate said it is pushing ahead with talks to convince lenders to agree to a "standstill" -- effectively a delay -- on repaying some of its debt.

"As long as a standstill is successfully negotiated, Dubai World has assurances that the government of Dubai ... will provide financial support to cover working capital and interest expenses to ensure the continuity of key projects," the company said.

To further reassure the market, the UAE's central bank, based Abu Dhabi, said it remains committed to standing behind the country's banks, including those with exposure to Dubai World and Nakheel.

Dubai was also looking to salvage the sheikdom's reputation.

Officials said the emirate plans to introduce a reorganization law that could be used in case Dubai World is "unable to achieve an acceptable restructuring of its remaining obligations."

A person close to the Dubai government said the new law provided a legal framework for addressing corporate debt, though it did not mean a bankruptcy filing by state-owned companies was certain.

"The current bankruptcy law is untested," the person said. "Dubai World needed a legal process to go through. The government was very focused on creating something that would be fair and transparent to everybody."

He insisted on anonymity as a condition for briefing reporters on a conference call.

It was not immediately clear what, if anything, Abu Dhabi would expect in exchange for Monday's funding. Analysts had said an Abu Dhabi bailout could result in it exerting greater influence on high profile neighbor going forward.

But the individual close to the Dubai government said the money came with no strings attached.

"Let me be clear: Dubai has not given anything up. There have been no conditions on the funding," he said.

The individual said it was premature to discuss what assets Dubai World might be willing to sell to pay additional bills, though he added that "all options will be discussed."

http://finance.yahoo.com/news/Dubai-gets-10B-from-Abu-Dhabi-apf-3358167649.html?x=0

Weekly Global Media Outreach Prayer Letter

But all around the world, we don’t need a special holiday to do this; we can give thanks to God each and every day. Just think of some of the things we can thank God for:

Thank God for sending His Son Jesus Christ to die on the cross for our sins
Thank God that He loves us
Thank God that He is gracious and merciful and kind and loving
Thank God for the air that we breathe and the food that we eat
Thank God for family and friends
Thank God for financial provision
Thank God for health
Thank God for sending His Holy Spirit to live in our lives as Christians
Thank God for forgiving our sins when we accept Christ as our Savior
Thank God for the gift of eternal life in Jesus Christ our Lord
Thank God for the church and for other Christians
Thank God for being able to worship Him

“Enter His gates with thanksgiving and His courts with praise; give thanks to Him and praise His name.” We have so much to thank God for. So, this week, let us join together and

• Thank God for the gift of Jesus

• Thank God for the gift of loved ones

• Pray that God will bless and protect your loved ones and our staff here at Global Media Outreach

WE ARE THANKFUL FOR YOU! When you join with us in prayer, we are linked together as brothers and sisters in Jesus Christ. May God bless you this Thanksgiving season and always

May God bless you,

Your friends at Global Media Outreach

CEBU CITY

Cebu City is the capital of Cebu Island. With somewhere between 1.0-1.4 million inhabitants it's one of the three biggest cities in The Philippines. Cebu City lies almost central in The Visayas. The Visayas is a large cluster of islands roughly sketched between Siquijor, The Romblon Islands and Samar. Cebu City is an ideal place to get your things organized and it's got transport links to other destinations in The Philippines.

The Mactan Bridge - everytime we pass here, feeling ko CEBU is waiting for me

HILTON HOTEL - i love it more than plantation bay.. The pool and the BEACH is perfect! Nice architectural design.. Good place for relaxing!

Basilica Minore del Sto. NiÑo - Amazing! i can't believe that this entire open-building church is always jam-packed >RAIN or SHINE! superb BIG! The real basilica church is just infront of it... (they can't use it for sunday's mass because it might colapse) haha

Magellan's CROSS - still at the same place.. I didn't know that it isn't the real cross, i thought it was.. The painting was marvelous!

SIMALA sibonga - The first place we went to.. I was shocked because i saw BIG mama mary.. haha They say,when you have something to ask just go here and PRAY.. Lot'sa MIRACLE happened to people who kneeled here. (it's not wrong to believe that) IT is sacred... really! -better wear proper dress when you go here!

Tambuli beach resort - a so so Resort.. I just love when we went here because we ate merienda for FREE! haha It's very hushed resort!
Magellan and Lapu-Lapu's place - is it PORT SANTIAGO? i forgot! haha I was not superb interested here.. but you shouldn't miss it..

TAOIST TEMPLE - another HOLY place.. but i hated it because the GODDESS never let me say something.. haha All i want is to go back here any time soon!

Kawasan Falls and Moalboal - im scared to swim here because i know there's a lot of the ANOTHER's but i still did! Super kaduper C-O-L-D as in like when you leave your drinks in the water and get it after 10 minutes it's like you put I-C-E on it! But be sure to hold the rope when you swim.. Many people died here.. SCARY!
Moalboal - all i can say is a BEACH. big waves. and KANTILADO that's why i really didn't swim..

Ayala Center - The everyday mall for them.. The picture is ugly.. haha Is a walking distance to everything.. From call center to GYM, to HOTEL and coffee shop, to bank and the mall. I also love SM northwing.. -I LIKE THE FRESHLY BAKED COOKIES from RUSTAN's-

The TOPS - a scenic view! As if you're in HEAVEN.. I really really LOVE it here because you can relax and reflect -LMAO! No corkage but there is an entrance fee! You should bring your jacket and camera.. I just hate going here because it's ZIGZAG!

Larsian - The well-known bbq foodcourt in Cebu! You should really eat here! The bbq and the rice wrapped in banana leaf is so delicious! BUT don't go here if you're going somewhere else after because mangangamoy USOK ka talaga and KAMAYAN ito that's why masaya.. And the funny thing here is USE A PLASTIC(provided by them) coz' you can't wash your hands after eating..NO FAUCET! so cowboy! hailavet! :)

CASA VERDE - the super jam-packed restaurant! ten thumbs up for the FOOD especially their Ribs/Steak! And Better try the GREEN-iced-TEA!

SPICE FUSION - where we ate dinner for my last night in THE CITY.. i really love the food.. Super yummy and sulit ang pera mo.. SWEAR! i would always love to eat here..

CEBU CAPITOL - The White House! haha im not telling you to go here, BUT you can't miss passing here.. It's nice at night because of the lights!


22nd ST. - A comedy bar! It's interesting coz when you enter the building it doesn't looked like a bar.. it's like nothing.. Super FUNNY,kaya nga comedy bar e.. haha BUT beware and paalala "DON'T SIT INFRONT kung ayaw mong ma-chaka" hahaha I tried their bailey's blush and it was OH-LA-LA! haha

LOFT - bar.. im pretty at home here.. hehe i love the sound system,really BOOM and BOOM! HOUSE music pa.. I also like the food and the cool thing here is,they are open as a restaurant in daytime and a BAR at night!
VUDU - another cool bar.. but the entrance fee is way too much.. haha A bar for elite people.. right? Linyahan toh that's why kapagod... but still NICE!
FORMO - i love it because COOL ang music.. When we went there,the theme was modern classic (classic songs then they made it lively like house).. But what i don't like is mga ergwang mga party people here (mga mapera). tsk! It is also a restaurant(same as LOFT) and i love it because no DOORS, white curtains lang which is nice coz the light is reflecting...



COLON - i remember walking alone here.. and making tawid ever, huhu do you know the feeling na parang mamamatay ka na sa takot? haha Colon Street, the oldest street in The Philippines. Unfortunately from personal experience I can tell you: watch your pockets and backpack! Everywhere in Cebu, you really should be careful of everything..



TABO-AN MARKET - coz the dried fish is TA-bundok ever! harhar! Diang.. For most Filipino's a true delicacy and daily food. Mostly caught and dried by local fishermen and exported to the cities. I had heard about this market before so I was prepared for the mountains of dried fish or daing that was displayed before my eyes. What I wasn't prepared for was how much we would reek of fish even hours after leaving the market with our purchases vacuum-sealed in plastic and wrapped in newspaper and packed into a box. Every fiber of my being carried the stench of the sea, my hair, my clothes and my body. Super kadiri the amoy but i was really excited to eat the daing and get some for the pasalubong. Be ready also coz mauubos pera mo dito even if grabe nang "TAWARAN".. And even if you go shower after here, NAKU.. hindi matatanggal yung amoy.. tsk! BUT CEBU wouldn't be complete without DAING!

I'M LOOKING FORWARD OF COMING BACK... TO THE CITY!

BRACE FOR IMPACT

WARNING/PAALALA: yaan nyo na akong mag TAG-LISH kasi baka wrong gramming ako u knew?! hahaha

HAVE YOU EVER THINK OF ANOTHER LIFE? ONE MORE CHANCE? HAVE YOU EXPERIENCE BEING WITH GOD AND HELL? HAVE YOU TRIED THINKING OF YOU DYING?

LIFE IS SHORT.. MAKE THE BEST OUT OF IT BEFORE YOU RUN OUT OF TIME...

HUDSON RIVER PLANE CRASH (AMAZING TALES OF SURVIVAL)
I was shocked when i first saw the video of the plane floating because it's too cool to be true.. haha Kung ako nandun,naku..mamamatay ako sa takot!

The pilot was calm and very intelligent, HE is indeed a HERO!

FROM PEOPLE MAGAZINE:

"When he speaks, you listen" says Joe Green (pilot chesley friend)

After his engines shut down,hero pilot CHESLEY SULLENBERGER III miraculously landed his crippled jet on the frigid Hudson River in New York City, saving the lives of all 155 aboard.

HERE ARE THEIR STORIES:

DAVA SANDERSON - The pilot said "BRACE FOR IMPACT". He wasn't yelling. It was a command. He was in control.

ARMY CAPTAIN ANDREW GRAY - I turned to my fiancee and kissed her and told her I loved her. And we started to pray that we would be able to get out of it alive. You could hear the murmurs of people saying their last rites. Some people were making phone calls or texting. Nobody was screaming. In fact, the plane was eerily quiet.

JOE HART - What goes through your head is almost like in the movies:
"OH MY GOD,are my kids going to be okay? Did i pay the insurance bill this month? Then i got my wits about me. I thought. "I had a good life. There's nothing i can do about it."

BARRY LEONARD - When the plane hit the water it was such a jolt. I honestly don't know how it held together. I took off my seat belt and the first thing i did was remember that scene from

GHOST -- when Patrick runs away and comes back and sees himself dead-- and I kind of looked back to make sure that wasn't the case. I know that sounds weird, but you don't know what's happened here.

GRAY - I think people were in shock that they were still alive.

SANDERSON - It was controlled chaos.
"While flight attendants were yelling for passengers to leave their belongings and get off the plane, one woman was trying to get her purse and suitcase. Another gentleman and myself were at an exit door and kept yelling at her to get off the plane. The other guy was screaming, "GET ON THE LIFEBOAT" She wouldn't listen; she had to have her purse and her bag. We got her on the wing and she slipped and her suitcase and purse went in the river. I grabbed her purse and threw it in the lifeboat.

SHANKO - My wife and i are expecting our first child in the spring. I would love to meet the pilot and shake his hand and thank him that i still have the chance to see my baby.
"I TOLD THE PILOT, "you save my life" He just said "YOU'RE WELCOME"...

"LIVE LIFE TO THE FULLEST" and BE HAPPY!

make LOVE not WAR

NAUNSA KA?

you are so nonsense!

pampasikip ka lang sa UTAK ko actually..

Whatever you think, whatever you feel, I know it's your problem and not mine.

Taking things personally is the maximum expression of selfishness because we make the assumption that everything is about "ME" or i should say "YOU"..

Nothing other people do is because of YOU..
"not everything is about YOU for your INFORMATION"

ayon sa THE FOUR AGREEMENTS
When you take things personally, then you get offended, and your reaction is to defend your beliefs and create conflicts. You make something big out of something so little, because you want to be right and make everybody else wrong.

so whats the POINT?

you better be enjoying the GOOD life DEAR..

The dream of second ATTENTION... pasabta kuh nimu please!

It's not just weird meat in a can...it's also annoying behavior!

DO YOU REALLY THINK YOU'RE GOOD AT EVERYTHING?

STOP ACTING AS IF YOU'RE INNOCENT coz it's FUNNY...so much!

FIRST THINGS FIRST..

I DON'T CARE AND I DON'T CARE!
GO and MULTIPLY your goodness..

"this is reality, that is fantasy; this is possible, YOU ARE impossible.."
mean na kung mean.. this is HOW i express... so don't think that i am so BITCHY coz this is just a B-L-O-G! DON'T TAKE THINGS SERIOUSLY -my advice bow..

message for a LOST friend

(a message for KLO from unknown speaker of dolphins)

-the message-

klo!

ako ni.. wala na daw ka g-uban sa dolphins? nanu mana? wala pud daw ka gtxt/paramdam? chaka kaau ka!
anyway fine apple! for the go! ikaw na ged nah.. haha wala man, ikaw bahala.. everyone's wondering..before..pero wala naman karon.. fine oh fine nalang! well BE HAPPY nalang klo and be happy uli.. haha wala na koy masulti.. ingat KA!!! bye!

ano? ano? ano masasabi mo?