In Monday's Middle East papers

10 March 2008 04:30  [Source: ICIS news]

OMAN TRIBUNE

Juveniles to be held accountable
His Majesty Sultan Qaboos Bin Said has issued two Royal Decrees. Royal Decree No 30/2008 issues the juvenile accountability law. Article I says juveniles will be held accountable as per the attached law. Article II says all the cases, within its scope of jurisdiction as per the attached law, will be referred to the juvenile courts.

Construction industry hit by rise in cement prices
The 20% rise in the price of cement and 11% in that of steel have further added more to the woes of the construction industry and pressure on infrastructure projects.

Qalhat LNG bags award
Qalhat LNG bagged the ‘Best in Project Finance’ award at the 2008 Excellence In Energy Awards ceremony in Dubai on Sunday.

UAE economy grows 7.4% in 2007
The economy of the United Arab Emirates grew by 7.4 per cent in 2007 on the back of robust non-oil sectors and high oil prices, the economy ministry said on Sunday.

Pak oppositions agree to form new government, restore judges
Pakistan’s election winners have agreed to form a coalition government and promised that parliament will restore senior judges fired last year by President Pervez Musharraf in a bid to secure the US-backed leader’s continued rule.

New W Bank construction angers Palestinians
Israel approved housing construction in a West Bank settlement near Jerusalem, angering Palestinians and threatening a further setback to peace talks already reeling in the wake of an Israeli offensive in the Gaza Strip and a bloody Palestinian attack at a seminary in Jerusalem.

No deal yet with DIC, says Hicks
The battle for control of Liverpool, which appeared to be heading for a truce, took a dramatic turn yesterday when the co-owner of the English Premier League club Tom Hicks reportedly rejected a compromise formula that would enable Dubai International Capital (DIC) to acquire a 49% stake.

UAE economy soars 7.4% in 2007
The UAE economy grew 7.4% in 2007 on the expansion of the manufacturing and construction sectors, as well as oil and gas, the Gulf state's ministry of economy said yesterday.

Front Page

China's employment situation 'very severe': labour minister
China's labour minister admitted Sunday that the booming economy faced a 'very severe' unemployment situation as millions of new jobseekers join the market every year.

Afghan protesters burn Dutch, Danish flags
More than 2,000 protesters burned Dutch and Danish flags Sunday in the eastern Afghan city of Jalalabad, the latest of a wave of rallies against cartoons and a film they say insult Islam.

Gulf Bank profits swell 23%
Gulf Bank Chairman and Managing Director Bassam Y Alghanim told shareholders at the bank’s Annual General Meeting that the expertise and skills of Gulf Bank’s management team, a passion for excellence from its staff and a healthy economic environment helped the bank achieve an 8th consecutive year of outstanding profits and growth.

Opec under severe pressure
The Organization of Petroleum Exporting Countries (OPEC), in a meeting held in Abu Dhabi on Thursday, agreed not to act nor react to pressures from oil-consuming countries and postpone taking any tangible decision until its next meeting in Vienna on 1 February 2009.

Environment for creativity essential to achieve nation’s goals
On behalf of Custodian of the Two Holy Mosques King Abdullah, Minister of Education Saleh Al-Obeid, who is also the vice president of the King Abdulaziz and His Companions Foundation for the Gifted (KACFG), opened here yesterday Saudi Arabia’s first exhibition for inventors--Ibtikar 2008.

King Abdullah receives Faisal Prize
Custodian of the Two Holy Mosques King Abdullah received the King Faisal International Prize (KFIP) for his service to Islam at a ceremony held at the Prince Sultan Hall of the Al-Faisaliah Hotel last night.

Kingdom’s first reinsurance company formally launched
A new insurance company, Saudi Reinsurance Company (Saudi Re), was formally launched in Riyadh on Saturday, with its top officials being bullish about the local insurance industry.

Inflation: The end of cheap food era...
A new word has crept into economic terminology: agflation. It might sound cute, but beneath this new jargon lies a strong conflation of agriculture and inflation--two major factors that are spelling the end of a cheap food era as we know it today.

Iran ready to join campaign for total nuclear disarmament
Iran is prepared to join the global campaign for total nuclear disarmament and to help efforts to prevent the proliferation of nuclear weapons, nuclear negotiator Saeed Jalili said here on Sunday.

Marking International Day, UN urges greater investment in women
Achieving gender equality and empowering women is a goal in itself and it is also a condition for building healthier, better educated, more peaceful and prosperous societies, United Nations Secretary-General Ban Ki-moon said in a statement to mark International Women’s Day.

A global need for grain that farms can’t fill
Whatever Dennis Miller decides to plant this year on his 2,760-acre farm, the world needs. Wheat prices have doubled in the last six months. Corn is on a tear. Barley, sunflower seeds, canola and soybeans are all up sharply.

German industrial output rises, led by construction
German industrial production growth unexpectedly accelerated in January as mild temperatures fueled the biggest gain in construction output in almost two years.

Pakistan rivals to share power
Nawaz Sharif, Pakistan's former prime minister, has agreed to join the late Benazir Bhutto's party in a coalition government. Bhutto's Pakistan People's Party (PPP) won the most seats in a February 18 general election, but not enough to rule alone.

Chavez accused of secret Farc ties
New documents from a slain Colombian rebel's laptop allege that Hugo Chavez, the Venezuelan president, maintained "secret, confidential relations" with Colombian rebels, repeatedly sending senior police officials to meet the group.

US reports massive job losses
The US has announced the loss of 63,000 jobs in February, the biggest monthly decline for five years, amid fears that the US economy is about to slip into recession.

Gazprom and Ukraine reach gas deal
Gazprom, Russia's state gas company, has said it has reached a deal with Ukraine over a $600m debt dispute. The company has fully resumed its service to Ukraine after Gazprom had originally cut supplies to its neighbour by 50% over the last two days.

Lebanon set to delay presidential vote again
Both government and opposition MPs said Sunday that they expect Lebanon's oft-postponed presidential vote, scheduled to take place in Parliament on Tuesday, to be delayed for a 16th time.

Ban informs Siniora preparations under way for Hariri tribunal
UN chief Ban Ki-Moon informed Prime Minister Fouad Siniora during a phone conversation Saturday that preparations for the international tribunal to try suspects in the assassination of former Lebanese Prime Minister Rafik Hariri were under way.

New study says Beirut property market offers plenty of bargains
Beirut ranked 83rd globally in the average monthly rent for an apartment and the average per-meter cost for an apartment purchase, according to the Global Property Guide's annual report on real-estate investment trends worldwide.

Islamic financial products soak up growing share of Gulf money
The market for Islamic finance and banking is growing rapidly in the oil-rich Gulf thanks to burgeoning wealth and attractive financial instruments. Studies have put the total value of Islamic equity funds in the Gulf at around $30bn, said Khaled al-Masri, partner in asset management at Dubai-based Rasmala Investments.

Baby abandoned near rubbish bin
A newborn baby was found abandoned in a cardboard box next to a municipality garbage bin in Hamad Town, it emerged yesterday. The boy, believed to be a few days old, was discovered near Roundabout Seven by garbage collectors in the early hours of Saturday.

Nuclear ships 'threat to Gulf'
The region is at a serious risk of a major catastrophe due to military nuclear-powered and armed ships and submarines entering Gulf waters, an expert warned yesterday.

UAE economy grows 7.4% on manufacturing boom
The UAE economy grew 7.4% last year on the expansion of the manufacturing and construction sectors, as well as oil and gas, the Gulf state's ministry of economy said yesterday.

Forum to push for e-transaction laws
The Gulf region accounts for only 2% of the world's e-commerce market, it was revealed yesterday.Experts say this is because of the absence of laws or the lack of implementation of the existing ones.

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