In Wednesday's Middle East papers

17 September 2008 06:00  [Source: ICIS news]

OMAN TRIBUNE

Front page

Oman ranks high among Arab states
The Sultanate has been ranked fourth among the Arab and 40th among the world countries in the Economic Freedom of the World: 2008 Annual Report, released on Tuesday by Canada-based Fraser Institute.

Prachanda calls for ‘revolutionary change’ in ties
New Delhi Favouring a “revolutionary change” in relations with India, Nepalese Prime Minister Prachanda on Tuesday said a “new era has dawned” that should help further strengthen the bilateral ties.

Business

Fed holds rate as carnage continues on markets
The Federal Reserve held US interest rate steady on Tuesday as financing troubles piled up for US-based American International Group (AIG) over concerns that the world’s once largest insurer by market value could be the next victim after a ratings downgrade, following the failure of investment bank Lehman Brothers.

Arab central bankers see no systemic risk from US
Arab banks have so far escaped a serious, direct hit from the US banking crisis and the region’s financial system is not at risk as the fallout sweeps global markets, key central bank governors said on Tuesday. 

KHALEEJ TIMES

Front page

Odierno takes over as US commander in Iraq
General Ray Odierno took command of US led forces in Iraq on Tuesday, faced with the challenge of ensuring security gains do not unravel at a time when American troop levels are being reduced.

IAEA report proof of peaceful nuclear programme: Iran
The West considers the latest report by the United Nations nuclear watchdog on Iran's nuclear activities as another reason to impose new financial sanctions on the Islamic state.

Business

Local institutions urged to buy UAE equities
Local institutions are being urged to buy stocks to perk up the UAE markets as foreign investors continue to leave and oil prices drop, and speculation is ripe that turmoil in the US financial sector will spread.

Palm Jumeirah’s Anchor Marina to open in December
Island Global Yachting (IGY), the luxury marina developer and management company, has today announced that Anchor Marina, the first marina on Palm Jumeirah, is on schedule to open in December 2008.

ARAB TIMES

Front page

Government to revive regulator plans; KIA to boost investment on local bourse
Kuwait investment authority, Kuwait’s Gulf Arab oil exporter’s massive sovereign wealth fund, will boost investments in local stock market funds, it said on Monday, following sharp declines on the Kuwaiti bourse.

‘PM’s visit will help build strong US ties’
His highness the Prime Minister’s upcoming visit to Washington is an “important one,” and comes to both honour and build on the strong bilateral relationship that the United States has with the Gulf state, said US Ambassador to Kuwait Deborah Jones on Monday

Business

Mortgage market nearing bottom of housing correction 
The Housing and Economic Recovery Act of 2008 was signed into law on July 30, 2008. 

Gulf investors in wait-n-see mode; Markets sidelined by volatility at Wall St 
Top Gulf Arab sovereign investors have been sidelined by volatility in US financial markets with one key fund, Abu Dhabi’s Mubadala, saying on Monday it would not bail out any troubled banks.

ARAB NEWS

Front page

OIC, GCC sign accord The pact aims at promoting political and economic cooperation
The 57-member Organization of the Islamic Conference, which is the world's largest Muslim organization, signed a landmark agreement on Monday with the Gulf Cooperation Council to strengthen political, economic and cultural cooperation.

Gulf citizens to get equal opportunities in government jobs
The council of Ministers has instructed authorities to treat all GCC citizens equally in employment at government departments and institutions, Information Minister Iyad Madani said.

Business

Global crisis fear grips investors
World stock markets tumbled for a second straight day yesterday, with investors unnerved by the risk of a full-blown global financial crisis despite huge cash injections from central banks.

Bankruptcy threat looms over AIG
American International Group Inc shares plummeted after the insurer’s credit ratings were cut, heightening concerns it might file for bankruptcy and cause more turmoil in global markets.

TEHRAN TIMES

Front page

Iran urges new security arrangements in Caucasia
Majlis Speaker Ali Larijani said on Tuesday that the Caucasus region needs “new security arrangements” and called for adopting new measures to prevent armed conflicts in the region.

“Child of the Earth” stands first at Iran Cinema Celebration
“Child of the Earth” garnered the most awards at the 12th Iran Cinema Celebration ceremony that was held on September 15 at Tehran’s Milad Tower.

Business

Washington Mutual cut to junk by S&P
Washington Mutual Inc (WM.N), was downgraded to ""junk"" status on Monday by Standard & Poor's amid concern about mortgage losses, causing shares of the largest US savings and loan to slide after-hours following a 27% plunge in regular trading.

HP to cut 24,600 jobs worldwide with EDS acquisition
US technology giant Hewlett-Packard (HP) said on Monday it will cut 24,600 jobs worldwide over the next three years as part of its integration with computer services firm Electronic Data Systems.

ALJAZEERA

Front page

Thai parliament elects new PM 
Thailand's parliament has elected Somchai Wongsawat to become the country's new prime minister - a move analysts say is unlikely to bring an end to the country's political crisis.

Rebel Bolivia governor arrested 
Bolivian soldiers have arrested an opposition governor accused of involvement in the deaths of pro-government activists during violence that erupted last week.

Business

Markets rally on $85bn AIG rescue 
The US Federal Reserve has announced an $85bn emergency loan to rescue troubled insurance giant American International Group.

Flight staff against Alitalia deal 
The four main unions representing staff at struggling Italian airline Alitalia have agreed to a plan to prevent the carrier's collapse.

THE DAILY STAR

Front page

Sleiman bans failure at opening of dialogue
Lebanon's rival factions launched national reconciliation talks on Tuesday to resolve lingering disputes after a crisis that brought the nation to the brink of civil war, with the thorny issue of Hizbullah's weapons topping the agenda.

Clashes break out during funeral in Bekaa village
Clashes erupted in the Bekaa Valley town of Taalabaya on Tuesday between mourners and unidentified gunmen who opened fire from hills overlooking a funeral procession for the victim of an earlier shooting incident..

Business

Lebanese banks'immune' to worldwide crisis?
Low investments in the American market, abundant liquidity and tough Central Bank regulations have allowed Lebanese banks and financial institutions to remain immune to the fallout of the global financial crisis, leading bankers and investors said on Tuesday. Local bankers interviewed by The Daily Star all expressed confidence.

Lebanon's credit ratings in 113th place worldwide
In its semi-annual survey on the creditworthiness of 177 countries, Institutional Investor magazine ranked Lebanon in 113th place worldwide and 16th among 20 countries in the Middle East and North Africa region in the September 2008 survey.

GULF DAILY NEWS

Front page

Amwaj boats ban could be lifted 
A ban on using boats and jet skis within the Amwaj Islands development could be lifted - if homeowners learn to use the facility more responsibly, an official said yesterday.

Agony over son's mystery death 
A Grieving Bahraini widow buried her 18-year-old son yesterday, amidst rumours that he had been murdered or electrocuted during a botched burglary.

Business

Banks back new rules on repayment charges 
Banks in Bahrain have all been supporting new regulations brought in by the Central Bank of Bahrain (CBB) to improve customer service.

TRA set to auction third mobile licence 
Telecommunications Regulatory Authority (TRA) has approved the award process and procedures for the auction for the third mobile licence, in accordance with the requirements of the Telecommunications Law.

 

By: Staff Reporter
+44 20 8652 3214

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