In Wednesday's Middle East papers

02 April 2008 04:30  [Source: ICIS news]


Front Page

McCain seeks to distance from Bush legacy
John McCain on Tuesday struck away from the political legacy of President George W Bush, as he sought to plot an obstacle-strewn course back to the White House for the Republicans.

Malay parties join hands to form ‘credible’ opposition
Malaysia’s opposition parties agreed on Tuesday to form a coalition in an effort to present themselves as a credible alternative to the governing party, while the main ruling party sank deeper into dissent.


Renaissance announces strategic divestment of technology group
Renaissance Services SAOG today announced its acceptance of a definitive, binding offer from the Oman based Services & Trade/Sobha Group, to acquire the Technology Group business--IMTAC and its subsidiaries - for approximately $41m.

Macki heads delegation to Sanaa
Ahmed Bin Abdulnabi Macki, Minister of National Economy and Deputy Chairman of the Financial Affairs and Energy Resources Council, left for Sanaa on Tuesday to chair the Sultanate’s delegation taking part at the annual joint meetings for the Arab financial institutions, scheduled to commence on Wednesday.


Front Page

UAE to stay with dollar
His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said yesterday that the UAE "will stay" with its dirham-dollar peg.

NATO to bridge gulf over Georgia, Ukraine
NATO leaders will struggle Wednesday to bridge differences over the future candidacies of Georgia and Ukraine, and rally international efforts to help drive the Taliban out of Afghanistan.


UAE won't change its peg without GCC agreement
The UAE won't change its currency's dollar peg without the agreement of its GCC members. "If there is any change about the dollar peg, it has to be done at the GCC level," UAE Central Bank Governor, Sultan Nasser Al Suwaidi said at a seminar in Abu Dhabi.

Inflation set to hit 8%: IMF
International Monetary Fund (IMF) yesterday feared inflation in the Gulf region could climb to 8% this year, up from 7% registered last year as rising rents, food prices and public spending are pushing the tally up.


Front Page

Ads with an agenda: Lebanon's battle of the billboards
Hours after Hezbollah commander Imad Mughnieh was killed, huge billboards of his burly face stencilled like the iconic Che Guevara portrait or a photo of him in battle fatigues were printed and ready to display all over Lebanon.

Stolen Aboriginal art found in Australian bushland
Seven historic Aboriginal paintings were found in bushland in the northern Australian city of Darwin, several hours after they were stolen from a Northern Territory art gallery, police said on Tuesday.


Kuwait credit, deposit growth slows in February
In its latest economic brief on monetary developments, National Bank of Kuwait (NBK) reports that money supply (M2) expanded by 1.1% in February after growing by 5.2% in the previous month.

NBK plans Swiss Islamic bank
National Bank of Kuwait plans to set up an Islamic lender in Switzerland aimed at Gulf investors, the Financial Times reported on Monday, citing NBK’s chief executive officer.


Front Page

Adopt Islamic economics: Jeddah conference
Research over the past 30 years has shown that Islamic economics is the panacea for many problems facing humanity and that Muslim governments should take the lead in introducing it in their countries, said delegates attending an international conference on the subject.

CNN lauds King’s call for Interfaith dialogue
CNN has commended Custodian of the Two Holy Mosques King Abdullah for his call for interfaith dialogue and said the king became a history-maker by taking this important initiative, the Saudi Press Agency reported yesterday.


UAE not to de-peg
United Arab Emirates Prime Minister Sheikh Mohammad ibn Rashid Al-Maktoum said yesterday a committee was studying the country’s dollar peg, although it would be retained for now.

New accord signed to protect consumers in Islamic nations
The Islamic Chamber of Commerce and Industry (ICCI) yesterday signed a memorandum of understanding with Jeddah-based Hemaya Universal (HU), which is expected to step up consumer protection strategies in the Islamic and Arab countries and spread awareness among consumers in the Islamic World.


Front Page

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Front Page

Speculation rife over Mugabe fate
Although Zimbabwe is still waiting for official results from last week's presidential elections, speculation is rife that Robert Mugabe is preparing to step down after after 28 years in power.

Kirchner demands end to protests
Tens of thousands of demonstrators have been bussed in from all over Argentina to the streets of Buenos Aires in a show of support for the president, as Cristina Kirchner demanded that farmers striking against food tax increases end their crippling roadblock protests.


Japan business confidence wanes
Confidence at Japanese manufacturers has dropped to a four-year low under pressure from the plunging dollar, soaring fuel prices and fears of a US slowdown.

Iraq airline signs deal with Boeing
Iraq has signed a contract worth $5.5bn with US aircraft manufacturer Boeing to buy 40 new aeroplanes, with an option to buy another 15.


Front Page

Hizbullah accuses Riyadh of 'bias' against opposition
Hizbullah chastised Saudi Arabia's foreign minister, Prince Saud al-Faisal, on Tuesday, accusing him of unfairly blaming the oppositon for the failure of efforts to resolve the political impasse in Lebanon.

Geagea insists US policies favor Lebanon's interests
Lebanese Forces chief Samir Geagea said on Tuesday that US policy in the region was in the interest of the Lebanese and aimed at creating "a strong unified nation."


(no news updates)


Front Page

Saudi cuts import tariffs
Saudi Arabia said it is cutting import tariffs on food and building materials from yesterday, after inflation almost doubled in the six months to February.

Suicide squads 'to target Games'
China yesterday accused Tibetan independence forces of planning to use "suicide squads" to carry out bloody attacks, an allegation immediately denied by supporters of Tibetan leader, the Dalai Lama.


$15bn bumper assets
Assets managed by Bahrain's mutual fund industry surged nearly 73% to more than $15bn during last year, according to Central Bank of Bahrain (CBB) statistics.

Bahrain eyeing lucrative stakes in foreign firms
Bahrain is planning to snap up a number of lucrative stakes in high-profile foreign firms through its investment arm Mumtalakat, the company's chief executive said yesterday.

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