Abu Dhabi gives $10bn to Dubai to service debts
Al Jazeera English
Transcript
due to open in less than a month Dubai's Burge Tower the tallest man-made structure ever built and a symbol of the Emirates ambition built with easy credit on the back of Tourism property development and financial services Dubai's rulers were eager for the city to set an example for both the region and the world bold modern and successful but 120 km away the uae's other Lar at Abu Dhabi was also on the development track it's attracted Prestige events like Formula 1 racing to the city though enjoying 90% of the uae's oil wealth in other areas it's been altogether more cautious Abu dhabi's ruler sought to put it on the map as a hub for culture and Innovation paris's Lou Art Museum and the gurgen Heim both planning satellite museums in the city its massive Sovereign wealth fund estimated to be more than $750 billion bought up large around the world then the crunch property and stock prices in Dubai tumbled and government linked investment company Dubai World admitted it couldn't repay $26 billion in debt Abu Dhabi had stepped in earlier in the year with $10 billion now it's done the same sending a clear signal of where the power Now lies the the dynamic uh in the United Arab Emirates itself will have changed of course because uh Dubai is now and not just financially but but um deeply politically in debt to Abu Dhabi for uh this financing uh but I don't think uh Abu Dhabi was ever going to let Dubai hang out to dry national pride and clear evidence on their national day earlier this month but what Abu Dhabi gets an exchange for the money is not yet clear the bailout though is certain to come with strings attached tck Beasley Al jazer
Obama Wants Bank Payback
CBS
Transcript
now that they're back on their feet we expect an inord extraordinary commitment from them to help rebuild our economy the president told the bankers they have an obligation to increase lending to small businesses so they can create jobs and to homeowners to help get the housing market out of the doldrums the bankers said the president was firm but positive the whole meeting was very productive it really was we were in this together they said there was none of the angry populist rhetoric the president showed just last night on cbs's 60 Minutes I did not run for office to be helping out a bunch of uh you know fatat Bankers on Wall Street I would characterize it as a a very candid businesslike conversation was there any resentment about his comments on 60 Minutes Bankers fat cats and saying they don't get it not that I heard he didn't call us any names and it was productive Bank of America promised to increase lending to small and medium-sized businesses by $5 billion next year but other than that the promises were vague we promise to take a look at all small business loan denials and give them a second look the president threw down the gauntlet on legislation now before Congress to tighten regulation of banks if they wish to fight Common Sense consumer protections that's a fight I'm more than willing to have the bankers responded with their strongest endorsement yet that's not a surprise we believe that the regulatory reform that is generally proposed generally makes total sense because we don't want another meltdown we don't want to go through this again but they said they also continue to oppose the centerpiece of that legislation a new agency to protect consumers from Banks the heads of three major Banks City Group Goldman Sachs and Morgan Stanley didn't even show up for the meeting and listened in by phone their commercial flight from New York was delayed by fog so will a meeting like this really make a difference or is it just all talk well remember last March many of these same Bankers came here to the White House and said the same thing that they would do everything in their power to increase lending since then lending by the big Banks has decreased steadily Katie chip read at the White House chip thank you