In Wednesday's Middle East papers

13 August 2008 05:30 [Source: ICIS news]

Front page

Palestinians reject offer on W Bank
Palestinian President Mahmoud Abbas has rejected an Israeli peace proposal because it does not provide for a contiguous Palestinian state with Jerusalem as its capital, Abbas’s office said on Tuesday.

14 killed in Kashmir firing
Police shot dead at least 14 people in Kashmir on Tuesday as Muslim protests against what they said was an economic blockade by Hindus over a land row turned violent, officials said.

Business

Blue City set to market villas
Blue City will begin marketing its villas in the next two months, Richard P. Russell, MD and CEO of Blue City Company 1 told Oman Tribune on Tuesday.

Euro falls to 1.488 against dollar; gold at 7-month low
The euro dived to a fresh six-month low point against the dollar and gold prices hit a seven-month low on Tuesday as traders focused on the deteriorating economic health of the eurozone, dealers said.

KHALEEJ TIMES

Front page

Russia orders fighting halt; EU crafts peace plan
Declaring ‘the aggressor has been punished,’ the Kremlin ordered a halt to Russia's devastating assault on Georgia five days of air and ground attacks that left homes in smouldering ruins and uprooted 100,000 people.

North Korea, Japan agree terms for abduction probe
North Korea and Japan have agreed terms for a new investigation into Pyongyang's abduction of Japanese people in the 1970s and 1980s, officials said, opening the way for Tokyo to lift some travel sanctions.

Business

Real estate sector extends losing streak
The real estate sector on Tuesday continued its losing streak in the UAE markets. Analysts say markets may recover in two days before continuing the downward trend again as Ramadan nears.

Oil falls to $113 as US demand drops
Oil fell to $113/bbl on Tuesday after government data showed the steepest decline in US rude demand in 26 years, adding to mounting concerns about global consumption.

ARAB TIMES

Front page

Cabinet reviews measures in battle on inflation
Kuwait’s government on Monday welcomed a committee’s proposals on how to curb inflation, which recommended more subsidies of goods, and said it would study them further.

‘Rights panel’ looks into violations by companies
The Human Rights Committee in the Parliament met Monday to discuss the violations of companies, which signed contracts with the government over the last five years, MP Dr Mohammed Al-Kandari told the Arab Times.

Business

Subscription to Zain $4.5bn capital hike opens 17 August
Mobile Telecommunications operating under the brand name ‘Zain’ across 22 countries in the Middle East and Africa, has announced that application forms and prospectus of its impending capital increase will be available at all National Bank of Kuwait’s (NBK) branches starting 17 August.

Global closes Ijarah realty fund
Global Investment House “Global” announced today the closing of Global MENA Ijarah Real Estate Fund, a close ended fund dedicated to providing its investors competitive returns using sophisticated Ijarah structures in accordance with Islamic Shari’a principles.

ARAB NEWS

Front page

Official rewarded for exposing bribery attempt
Custodian of the Two Holy Mosques King Abdullah and Crown Prince Sultan have ordered a financial reward to Bandar Al-Sharif, an employee at the Health Ministry, for his honesty and cooperation in uncovering a bribe attempt at the minister’s office, Health Minister Dr. Hamad Al-Manie announced yesterday at a press conference.

Kashmiris defy curfew
Police shot dead at least 13 people in India’s predominantly Muslim Kashmir Valley yesterday as protests against an economic blockade by Hindus over a land row snowballed.

Business

Saudi BinLadin to invest $4.3bn in Indonesia
Saudi BinLadin Group plans to invest at least $4.3bn in Indonesia’s agriculture sector, a senior Indonesian official said yesterday.

IMF highlights Saudi dollar peg
Saudi Arabia’s currency peg to the dollar provides macroeconomic stability benefits that currently outweigh its contribution to short-term inflationary pressures, the International Monetary Fund said yesterday.

TEHRAN TIMES

Front Page

Resistance key to resolving problems in Islamic world: leader
Supreme Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei on Tuesday said “resistance” and the “feeling of power” are key to resolve problems in the Islamic world.

Tehrani youth honor filmmaker Hatamikia
Filmmaker Ebrahim Hatamikia was honored during the closing ceremony of “A Frame for the Youth” festival held at Tehran’s IRIB Conference Hall on Monday.

Business

Iran, Venezuela give Bolivia $230m loan
Iran and Venezuela plan to loan Bolivia $230m to create a state cement company for the construction of roads and houses.

Iran-Iraq trade set to increase
Trade between Iran and Iraq is expected to reach $4bn in 2008 as economic cooperation between the neighboring states continues to rise.

ALJAZEERA

Front page

Russia and Georgia agree to truce
The heavy fighting between Russian and Georgian forces appears to have ended after the two sides agreed to an EU-backed ceasefire plan.

Phelps powers into Olympic history
US swimming ace Michael Phelps has carved himself a position in the Olympic history books taking his fifth gold medal of the Bejing games in the men's 4x200m relay.

Business

US central bank auctions funds
The Federal Reserve, the US central bank, has auctioned $25bn of loans to US banks in the latest bid to improve poor credit conditions in the US.

THE DAILY STAR

Front page

Divided Parliament approves new unity Cabinet
Lebanon's new national unity government won a vote of confidence in Parliament on Tuesday following stormy debates among rival lawmakers on the thorny issue of Hizbullah's arms. "One hundred MPs have given their confidence to the cabinet, five voted against and two abstained," Parliament Speaker Nabih Berri.

Sleiman embarks on historic visit to Damascus
Lebanese President Michel Sleiman heads on Wednesday for a groundbreaking visit to Damascus carrying an agenda loaded with thorny issues, including the establishment of diplomatic ties.

Business

Crises slow Lebanon's reform process
Lebanon's prolonged political statement led to a slowdown of the reform process in the second quarter of 2008, according to a progress report released by the Finance Ministry on Tuesday. The Finance Ministry released its sixth Progress Report on the Economic and Social Reform Program that was endorsed by the International Conference.

IEA warns Georgia conflict threatens energy supplies
The conflict in Georgia threatens a strategic global energy hub, the International Energy Agency (IEA) warned on Tuesday - hours before British giant BP closed two more oil and gas pipelines blaming the smoldering conflict.

GULF DAILY NEWS

Front page

Ceasefire holds
French President Nicolas Sarkozy and his Georgian counterpart Mikheil Saakashvili said early this morning they had agreed to a modified version of a peace

Kashmir turmoil
Police shot dead 14 people in Indian Kashmir yesterday as Muslim protests against what they said was an economic blockade by Hindus over a land row began to morph into independence calls.

Business

Hi-tech expo on way
The first international conference and exhibition on intelligent systems will open in Bahrain on December 1 at the Crowne Plaza Hotel.

GCC seeking larger share in Islamic finance sector
Gulf governments may take bigger stakes in Islamic financial companies to gain more control over the industry as demand soars for investments and financial services complying with Islamic law during an oil boom, Moody's Investors Service said yesterday.

By: Staff Reporter
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