Briefs
Sydney Morning Herald
Tuesday December 15, 2009
EMIRATESDubai rescueAbu Dhabi has provided $US10 billion ($10.9 billion) to help Dubai World, the state-owned holding company, meet its debt obligations, including $US4.1 billion needed to repay an Islamic bond maturing today for the country's embattled property developer Nakheel. Dubai will use the rest of the money to pay "trade creditors and contractors, as well as meet interest expenses and company working capital through April 30, 2010", the Dubai government said yesterday.Markets€” Page 7RESOURCESBC Iron ventureAn iron ore joint venture at Nullagine in Western Australia between BC Iron and Fortescue Metals looks set to go ahead, after trial mining exceeded expectations.PROPERTYPrimelife go-aheadLend Lease has received approval to acquire the units in Lend Lease Primelife, a retirement homes and aged care provider, that it does not already own for 35c per share.DRUGSChemGenex dealCancer drug developer ChemGenex has struck a deal with Hospira Inc to license, develop and commercialise ChemGenex's compound to treat chronic myeloid leukaemia.MARKETSTraffic IPO shelvedTraffic solutions provider The Traffic Group has cancelled plans to list on the stockmarket after failing to raise the minimum $2.5 million in capital.MININGPolaris takeoverMineral Resources has claimed victory in its takeover battle for Polaris Metals, beating off Lion Asia Resources. Mineral Resources said it now controls 51.29 per cent of Polaris.
© 2009 Sydney Morning Herald
