HEADLINE NEWS

Abu Dhabi's assistance to Dubai helps Asian markets rebound
Asian markets benefited from news that Abu Dhabi, United Arab Emirates, will provide Dubai with $10 billion in financing. Japan's Nikkei 225 cleared early losses to close flat, Hong Kong's Hang Seng gained 0.8% and Australia's S&P/ASX 200 added 0.4%. New Zealand's NZX 50 dropped 0.9%, South Korea's Kospi Composite climbed 0.5% and Taiwan's Taiex rose 0.3%. In late trading, Singapore's Straits Times had advanced 0.2% while India's Sensex had gone up 0.7% The Wall Street Journal (14 Dec.)

Abu Dhabi provides $10 billion in aid to Dubai
Abu Dhabi, United Arab Emirates, said it will provide $10 billion to help neighbor Dubai cope with its debt crisis. The capital injection heads off a default on $4.1 billion in bonds by Dubai World. "The government of Abu Dhabi has agreed to fund $10 billion to the Dubai Financial Support Fund that will be used to satisfy a series of upcoming obligations on Dubai World," the Dubai government said. Maktoob/Reuters (14 Dec.)

Job creation is Obama's No. 1 priority, advisers say
Creating jobs is the top priority of the Obama administration, two of the president's economic advisers said. The soaring budget deficit must be faced, but only after recovery takes hold and unemployment is falling, said Lawrence Summers, director of the White House National Economic Council, and Christina Romer, chairwoman of the White House Council of Economic Advisers. They said the U.S. economy should be creating more jobs by spring. Google/The Associated Press (13 Dec.)

High loan-default rate found in students of for-profit schools
Data from the U.S. Department of Education indicate a higher level of default on student loans from those who attended a for-profit school. The overall rate of default within three years is almost 12% for those who started repayment in fiscal 2007. For students who attended for-profit colleges, the rate is 21.2%. The Washington Post/The Associated Press (14 Dec.)

Initiative to deliver clean-energy tech to developing countries
The U.S. will lead a five-year, $350 million program to make clean-energy technology available to developing economies. The U.S. will put $85 million into the initiative, with the balance coming from other developed nations. The basic strategy is to make clean-energy technology inexpensive enough to receive wide application Africa and Asia. The project is independent of a larger energy-financing plan the U.S. is expected to announce at the climate-change summit in Copenhagen. The Washington Post (14 Dec.)

Beijing Automotive buys some Saab assets from GM
General Motors sold some assets of Saab to China's Beijing Automotive Industry Holding. The Chinese company acquired intellectual property and some manufacturing equipment that will allow it build two older Saab models. The deal permits GM to sell other parts of Saab to others, sources said. Financial Times (tiered subscription model) (14 Dec.)