In Wednesday's Middle East papers

01 October 2008 06:00  [Source: ICIS news]

OMAN TRIBUNE

No new updates

KHALEEJ TIMES

Front page

US Senate leaders vow passage of fiscal rescue plan
The top Democrat and top Republican in the US Senate on Tuesday promised swift action to pass a bipartisan financial rescue plan that the White House says is vital to protect all Americans as well as Wall Street.

Iran may limit IAEA access to nuclear sites: MP
Iran’s parliament may limit the UN watchdog’s inspections of the country’s nuclear sites following a new UN resolution against Tehran over its atomic programme, a senior Iranian MP said on Tuesday.

Business

Markets attempt rebound on salvage hopes
Wall Street rallied on Tuesday, in line with gains in London and Paris, as investors bet that the faltering US financial bailout deal would be salvaged by lawmakers after recent traumatic trade. New York’s Dow Jones Industrial Average jumped 2.12% to 10,584.72 points shortly after the open.

International air traffic in ME rises
International air freight traffic in the Middle East grew in August 2008, defying a trend seen in rest of the world wherein air cargo traffic declined for the third consecutive month amid the global economic slowdown.

ARAB TIMES

Front page

‘Forgive’ letter hope for Espino
Philippine Ambassador to Kuwait Ricardo Endaya has returned to Kuwait bringing with him the signed copies of a "Tanazul" (forgiveness letter) for Filipino death convict Bienvenido Espino from the family of his victim.

‘777’ will stay
The national emergency numbers will continue be in the three numerals, said Commu-nication Minister Khaled Al-Ghunaim on Monday.

Business

Aref Investment Group sells 2 of its firms for KD 47mn
Aref Investment Group Company (Aref) reported sold two of its companies valued at KD 47.4m making a profit of KD 31.7m from this deal.

Gulf stocks slump in turbulent Q3
Stock markets in energy-rich Gulf states ended a highly volatile third quarter on Monday with sharp losses as global economic uncertainty took its toll on investor confidence.

ARAB NEWS

Front page

‘Strengthen family bonds and friendship’
Millions of Muslims all over Saudi Arabia celebrated Eid Al-Fitr yesterday with peace and happiness, attending Eid prayers, organizing a variety of cultural and entertainment programs and visiting friends and relatives.

Stampede in India crushes 180 to death
At least 180 people died and over 350 injured yesterday morning at a stampede triggered by rumours of a bomb blast in a temple in a 15th century fort in Jodhpur, Rajasthan.

Business

Speculation makes short selling incredibly risky
As US and UK authorities struggle to come up with plans to bailout banks - in the case of the US with a $700bn taxpayers rescue plan - several regulators have launched inquiries to see whether any executives at the institutions caught in the worst global financial crisis since the 1920s were up to no good and were breaking the law.

STC offers Eid discount
On the occasion of Eid Al-Fitr, Saudi Telecom Company (STC) has offered a 50% discount on all international calls through prepaid telephone cards and phone booths for three days from 6 am on the first day of the Eid.

TEHRAN TIMES

Front page

Iran will not allow IAEA to target its national security: envoy
Iran’s envoy to the International Atomic Energy Agency declared on Monday that Tehran will not allow the agency to continue to threaten Iran’s national security.

The Paralympics, where everyone is a winner
During my recent trip to Beijing, I realized that everyone who participates in the Paralympics is a winner.

Business

Swiss economy to slip into brief recession
The Swiss economy is likely to follow other European countries into a brief recession and the Swiss National Bank will try to revive growth by cutting interest rates twice, the KOF research institute said on Monday.

Sarkozy aide says France in ‘quasi-recession’
France is in ‘quasi-recession’, a senior aide to President Nicolas Sarkozy said on Monday, adding Sarkozy was prepared to take further measures to boost growth despite a budget that leaves little room for maneuver.

ALJAZEERA

Front page

Markets climb on hopes of bailout
Asian indices regain some ground as US senate is set to vote on revised rescue plan.

Europe fights to calm markets
Ireland guarantees citizens’ savings while Belgian-French Dexia bank receives $9bn.

Business

Unions back Alitalia rescue plan
Final two unions sign up to $1.45bn proposal from consortium of Italian investors.

US to pitch new proposal in N Korea
The chief US negotiator on North Korea’s nuclear programme has arrived in Pyongyang with what US officials described as a face-saving proposal to salvage the derailed disarmament pact.

THE DAILY STAR

Front page

Explosion in Tripoli kills five people, including four soldiers
A devastating explosion ripped through a bus packed with Lebanese Armed Forces (LAF) soldiers in Tripoli on Monday, killing at least five people and wounding at least 33 others.

Lebanese Parliament holds final debate on ‘new’ electoral law
Parliament was due to ratify late Monday the new electoral law under which next year’s parliamentary polls will be held. The new law, an amended version of the 1960 qada-based electoral law, was agreed on by Lebanon’s rival politicians during the Doha talks last May.

Business

Beirut bourse loses ground as investors fret storm clouds in US markets
Local trading on the Beirut Stock Exchange from past week was governed by the adverse situation of the US financial markets as traders remained watchful, awaiting the finalisation of the US Fed’s $700bn bailout plan and the respective consequence on their portfolios.

Is Marx laughing in his grave right now?
Strange goings on in the world’s financial markets and the international economic system as a whole has prompted concerns that a dark fate awaits the human race. And it is the darker side of human nature that is being blamed for the economic instability.

GULF DAILY NEWS

Front page

King performs Eid prayers
His Majesty King Hamad yesterday performed the Eid Al Fitr prayers at the Sakhir Palace Mosque.

Officials face probe into asset details
MPs are to summon a string of top officials for questioning, accusing them of either hiding or doctoring information on the government's property and assets.

Business

Shares rally on Bush vow to push for bailout
US President George Bush eased pressure on financial markets yesterday with assurances that a $700bn bailout for the financial sector can be revived, but the crisis spread further through European banks.

Bank buys UK-based water treatment firm
United International Bank (UIB) has bought BWA Water Additives, a water treatment solution provider, from Close Brothers Private Equity.

By: Staff Reporter
+44 20 8652 3214

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