In Monday's Middle East papers

05 May 2008 04:30  [Source: ICIS news]

OMAN TRIBUNE

Gunmen kill Iraqi journalist
Gunmen shot dead an Iraqi reporter on Sunday after hauling her out of a taxi in Mosul. Police said Serwa Abdul Wahab, in her mid-30s, was on her way to work when gunmen shot her in the head.

No hard evidence of Iran support for militia: Iraq
Iraq said on Sunday it has no evidence that Iran was supplying militias engaged in fierce street fighting with security forces in Baghdad.

Microsoft withdraws Yahoo bid
Microsoft has yanked its proposal to acquire Yahoo, saying the struggling Internet pioneer refused to budge on price despite the software giant upping its offer to nearly $50bn.

Financial Affairs and Energy Resources Council meets
The Financial Affairs and Energy Resources Council held its second meeting of the year on Sunday under the chairmanship of HE Ahmed Bin Abdulnabi Macki, Minister of National Economy and Deputy Chairman of the Financial Affairs and Energy Resources Council.

Rice presses Israel on West Bank roadblocks
In an effort to spur peace talks, US Secretary of State Condoleezza Rice demanded that Israel do more to ease life for Palestinians in the West Bank by removing roadblocks.

China's Hu to find friendly terrain in Japan
Under fire in the West over Tibet, Chinese President Hu Jintao heads Tuesday to Japan, where experts say he can count on a friendly welcome despite a history of antagonism.

UAE drives $2,800bn ME boom
With projects worth $931bn currently under way, the UAE is a key driver, along with Saudi Arabia, of the $2,800bn Middle East construction boom, a new research reveals.

Pakistan to accelerate privatisation process
Pakistan's Privatisation Commission (PC) has been asked by the new government to accelerate the privatisation process to collect $3bn by 30 June 2009 with a view to improving the fast depleting foreign exchange reserves.

Malaysia angers women with travel-restriction idea
Malaysian women's groups reacted with outrage on Sunday to a government proposal to impose restrictions on woman planning to travel overseas on their own.

Bills seek punishment for use, display of fake weapons
Concerns that realistic-looking toy weapons are confusing police and threatening safety have led 15 states to try going beyond gun control and cracking down on fake firearms.

Riyadh cuts reverse repo
Saudi Arabia, which pegs its currency to the dollar, reduced its reverse repurchase rate by 25 basis points on Saturday after a US interest rate cut this week, but left its benchmark lending rate steady.

Shell, Repsol seek way out of Iran gas deal
European oil groups Royal Dutch Shell and Repsol YPF are under pressure from the US to end talks with Iran about a multi-billion dollar natural gas deal, the Expansion newspaper reported Saturday.

OIC to revamp Islamic news agency
The International Islamic News Agency (IINA), the media wing of the 57-member Organization of the Islamic Conference (OIC), will soon undergo a major face-lift in order to play an effective role in highlighting Muslim causes and bolstering Islamic unity.

Rice tells Israel to halt settlements
US Secretary of State Condoleezza Rice yesterday pressed Israel to ease travel restrictions on Palestinians and called Jewish settlements in the occupied West Bank particularly problematic.

FTSE forecasts huge growth for Islamic equity
FTSE, one of the world's largest equity index providers, is projecting a huge growth in Islamic equity products over the next few years including sophisticated value-added off the index products such as exchange traded funds (ETFs).

The Fed: into uncharted territory
The US Federal Reserve, under its new Chairman Ben Bernanke, took the markets by storm, when in January it cut interest rates twice to 3%, followed by a 75 basis point emergency cut in March and another 25 basis points in April to take US interest rates to a 45 year low of 2%.

Iran offers to share nuclear technology with Indian Ocean states
Iran has offered to share its knowledge of nuclear technology, industry, and agriculture with the Indian Ocean countries in a bid to help provide social welfare for the region.

Algerian Cultural Week underway in Niavaran
Algerian Cultural Week is underway here in Tehran’s Niavaran Cultural Center featuring several programs including film screening, music performances, displaying traditional handicrafts, and holding visual arts exhibitions.

Iran to unveil National Engine at Engine Expo 2008
The Iran Khodro Powertrain Company (IPCO) will unveil its most advanced dual-mode hybrid engine, the National Engine, on the first day of Engine Expo 2008, which is being held in Stuttgart, Germany from 6 May to 8 May.

Japan, S Korea, China mull $80bn reserve pool
Japan, South Korea and China are discussing creating a pool of $80bn in Asian foreign-exchange reserves to be tapped by nations in case they need to protect currencies, Japan’s Finance Minister Fukushiro Nukaga said.

Myanmar cyclone toll exceeds 350
Several regions in Myanmar have been declared disaster zones after a tropical cyclone, with winds of up to 190kph, destroyed thousands of houses and knocked out electricity. At least 350 people have been officially confirmed dead since Cyclone Nargis hit Yangon, the commercial capital, at about 5am local time on Saturday.

Asian bank unveils food aid plan
The Asian Development Bank (ADB) has announced emergency funding to help poor countries struggling with rising food costs. The bank said at its annual meeting in Madrid, the Spanish capital, on Sunday that food prices could keep rising and stifle economic growth in Asia.

US gets Grameen micro-credit bank
Grameen Bank, the micro-credit financier initially set up to help the poorest in Bangladesh, has opened its first branch in the US. The Bangladesh-based outfit known as the poor people's bank plans to hand out loans to the less well-off in one of the most ethnically-diverse neighbourhoods in the US.

Microsoft withdraws Yahoo offer
Microsoft has ended its $44.6bn attempt to take over Yahoo, the internet pioneer. The decision came after Microsoft's attempt to increase its offer price to $33/share was rejected by Yahoo for not meeting the asking price of $37/share.

Jumblatt accuses Hizbullah of bid to take over Beirut airport
Progressive Socialist Party leader Walid Jumblatt called over the weekend for a ban on flights from Iran to Beirut's airport, accusing Hizbullah of flying in arms from the Islamic Republic. At a news conference on Saturday, the outspoken MP also called for the expulsion of Iranian Ambassador Mohammad Reza Shibani

Hariri insists Arab initiative begins with election of Suleiman
Parliamentary majority leader Saad Hariri urged Syria on Sunday to facilitate the election of the head of the Lebanese Armed Forces, General Michel Suleiman, as Lebanon's new president.

Business

Azour stands by plans to open up Beirut's airport
Finance Minister Jihad Azour on Saturday defended the full liberalization of air transport at Beirut's Rafik Hariri International Airport, adding that this step would help create thousands of jobs. Speaking on the second day of the Arab Economic Forum organized by Al-Iktissad Wal Alamal magazine, Azour stressed that there is no reason.

Damascus raises salaries for civil servants to cushion blow of end to fuel subsidies
Syria on Saturday increased public sector salaries by 25% just hours after slashing the subsidies on gas oil substantially, tripling the price of this item. Syrian President Bashar al-Assad issued a decree increasing public sector salaries by 25% to compensate for rising prices, state-run SANA news agency reported.

Deadly cyclone hits Myanmar
A cyclone killed more than 400 people in Myanmar, ripping through Yangon and the Irrawaddy delta where it flattened more than two towns, officials and state media said yesterday.

Halt settlements Rice tells Israel
Israel must halt expanding settlements on Palestinian lands, US Secretary of State Condoleezza Rice said last night. Facing mounting Palestinian frustration at the pace of peace talks, the US leaned on Israel yesterday to lift restrictions that chafe West Bank residents and stifle an already limping economy.

Ras Al Khaimah planning $2bn Islamic bonds sale
Ras Al Khaimah (RAK) plans to sell up to $2bn of Islamic bonds to fund infrastructure projects, a person with direct knowledge of the issue said yesterday.

Gulf inflation 'to surge past 9%'
Inflation in Gulf countries will probably increase to at least 9% this year as rents and global commodity prices surge and falling interest rates spur lending, a poll showed.

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