In Tuesday's Middle East papers

Front Page

Musharraf resigns
Pakistan President Pervez Musharraf resigned on Monday to avoid the first impeachment in the nation’s history.

Sarmi presides over cultural attaches‘ meeting
Dr Abdullah Bin Mohammed Al Sarmi, Undersecretary at the Ministry of Higher Education, presided over the meeting of the cultural attaches held at the ministry’s headquarters on Monday.

Business

Crude falls below $113 as US storm threat subsides
Oil fell more than a dollar to below $113 (€77)/bbl on Monday as a tropical storm looked set to avoid major oil and gas infrastructure in the US Gulf of Mexico.

OCCI to participate in Gulf European expo
Oman Chamber of Commerce and Industry (OCCI) will participate in the Gulf European Exhibition to be held in London from Nov12 to 13. 

KHALEEJ TIMES

Front Page

Musharraf's exit poses challenge for Pakistan
Pervez Musharraf resigned Monday as the president of Pakistan, avoiding a power struggle with rivals vowing to impeach him that would have deepened the country's political crisis.

Russia claims pullback but forces move other way
Russia said Monday it had begun withdrawing from the conflict zone in Georgia, but it held fast to key positions and sent some of its troops in the opposite direction - closer to the Georgian capital.

Business

UAE investment in Pakistan to remain intact
UAE and Pakistan economic relations will remain strong and the resignation of President Pervez Musharraf will have no negative impact on trade and businesses, investors have said.

UAE remittances to Philippines fall
Philippine remittances from the UAE dropped 11.2% to Dh164.34m ($44.74m) in June from Dh185.1m in May, when Overseas Filipino Workers (OFWs) sent more money in time for school enrolment.

ARAB TIMES

Front Page

Bangladeshi Parliament workers strike
A total of 20 Bangladeshi workers at the Parliament went on strike Sunday to demand full payment of their salaries, claiming the company is deducting KD10 ($2.6) from the KD 60 salary stipulated in their employment contracts, reliable sources told the Arab Times.

‘Need to curb visa trading’
Social Affairs and Labour Minister Bader Al-Duwailah has stressed the need to focus on curbing visa trading and violations committed by many companies against the expatriate workers, reports Al-Qabas.

Business

Zain’s $4.5bn (€3.06m) capital hike subscription kicks off 
Kuwait’s Mobile Telecommunications Company KSC “Zain” announces the commencement of subscription to its capital increase; that will run throughout the period Aug 17 to Sept 18, 2008.

Kuwait inks deals worth over $27bn (€18.3m) in 9 Asian states 
Kuwait signed more than $27bn of investment agreements with nine Asian countries, including Brunei and the Philippines, during an Asian tour this month, its finance minister said in remarks published on Sunday.

ARAB NEWS

Front Page

Kingdom to develop biodiversity strategy
The Council of Ministers yesterday decided to develop a national strategy for preserving biological diversity involving the protection of all kinds of species, natural locations, hereditary resources and training manpower for its development.

Mother and child in Madinah poisoning shifted to KFSH
The mother of three children who died after being poisoned in Madinah and her youngest daughter have been brought to the King Faisal Specialist Hospital in Jeddah to receive advanced medical help.

Business

CMA imposes fine on insurance firm
The Capital Market Authority (CMA), the Saudi stock market regulator, has imposed a fine on the Saudi Indian for Cooperative Insurance for violating disclosure regulations. According to information available on Tadawul website, the company obtained a permit from Saudi Arabian Monetary Agency (SAMA) on July 9 and did not announce it until after the closure of the market on July 12.

OPEC likely to cut output as oil prices dip
The Organization of Petroleum Exporting Countries may decide to cut the organization’s oil output quota as the price of crude risks falling under $100 (€68)/bbl, energy consultancy CGES said yesterday.

TEHRAN TIMES

Front Page

Musharraf resigns as Pakistan president
Pakistan's President Pervez Musharraf quit office on Monday to avoid impeachment charges, nearly nine years after the military leader took power in a coup.

Kiarostami receives first Jaam-e Jahan-Nama Award
Iranian Short Film Association (ISFA) granted its Jaam-e Jahan-Nama Award to the celebrated, world-renowned Iranian filmmaker Abbas Kiarostami on Sunday.

Business

Russian July output rises 3.2%, less than forecast
Russian industrial production grew at a slower pace than economists forecast in July as oil and gas production fell and manufacturing growth remained weak.

Iran mulling $3bn investment in Syria
The Iranian Minister of Industries and Mines Ali-Akbar Mehrabian stated that feasibility studies were underway for executing $3bn (€2.04bn) worth of projects in different fields in Syria.

ALJAZEERA

Front Page

Pakistan's Musharraf steps down
Pervez Musharraf, Pakistan's president has said he will resign from his position, following months of pressure from the country's civilian government.

US to Russia: stop 'dangerous game'
The United States has warned Russia to stop what it calls Moscow's "dangerous game" of using its military to assert its power.

Business

Vital oil route 'set to reopen'
A vital oil pipeline from the Caspian Sea oilfields, through Georgia, to Turkey's west coast is set to reopen soon, according to Turkey's energy minister.

US central bank auctions funds
The Federal Reserve, the US central bank, has auctioned $25bn (€17bn) of loans to US banks in the latest bid to improve poor credit conditions in the US.

THE DAILY STAR

Front Page

Hariri warns against altering national dialogue agenda
Future Movement leader Saad Hariri said on Monday that the upcoming national dialogue, which will be chaired by President Michel Sleiman, would be held in accordance with the mechanism that was agreed on in the Doha accord. "Any attempt to overstep this mechanism aims at changing the dialogue's agenda," Hariri said in a statement released by his press office.

Hizbullah, Salfists ink accord banning sectarian strife
Hizbullah signed on Monday a memorandum of understanding with representatives of Sunni Salafist groups in a step aimed at easing sectarian tensions between Sunnis and Shiites in Lebanon. The document was signed at Safir Heliopolitan Hotel in Beirut by Hizbullah politburo chief Sayyed Ibrahim Amin al-Sayyed and the head of the Salafist Belief and Justice Movement Sheikh Hassan Shahhal.

Business

Activity on BSE increased by 141% this year
Activity on the Beirut Stock Exchange increased by 141% to $861m, up to the end of July, said data released by the bourse and published in the latest edition of Byblos Bank's Lebanon This Week. Total volume reached 36.2 million shares through July 2008, an increase of 41% year-on-year, while aggregate turnover amounted to $861m, up 141.4% from a turnover of $356.7m in the same period last year.

Lebanon sees $83m (€56.4m) balance of payments surplus
Lebanon's balance of payments posted a cumulative surplus of $83m in the first half of 2008 compared to a deficit of $207m in the same period last year, said Banque du Liban figures published in the latest edition of Byblos Bank's Lebanon This Week. The cumulative surplus resulted from an increase of $2.62bn in the central bank's net foreign assets, combined with a decrease of $2.54bn in those of banks and financial institutions, the report added.

GULF DAILY NEWS

Front Page

JOB REFORMS STEPPED UP 
The campaign topped the agenda yesterday as Prime Minister Shaikh Khalifa bin Salman Al Khalifa received Deputy King and Economic Development Board chairman Shaikh Salman bin Hamad Al Khalifa.

Salmabad child abuse black spot 
A child protection campaign has been launched in a Bahraini village after it was labelled an abuse black spot.

Business

Mutual fund industry posts 115% growth 
Bahrain's mutual fund industry increased by more than 100% for the 12 months to the end of June as managed money rose to more then $20bn (€12.8bn).

Swedish firm awarded key Batelco contract
Batelco has awarded a mediation contract to Ascade, a Swedish provider for the interconnect market.

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