In Monday's Middle East papers

06 October 2008 06:38  [Source: ICIS news]

OMAN TRIBUNE

Front page

Blast kills 11 Iraqis during US operation
Eleven Iraqis were killed on Sunday during a US raid on a home in northern Iraq in which a bomber detonated an explosive vest among civilians inside, the US military said.

Gloves come off as 30 days remain
The war of words between rival White House camps escalated early on Saturday, one month from the vote, with Republican vice-presidential pick Sarah Palin accusing Democrat Barack Obama of “palling around with terrorists”.

Business

German leaders scramble to save property lender
The German government led talks to salvage a 35bn-on-euro ($49bn) bailout plan for Hypo Real Estate Holding AG on Sunday after the ailing property lender said commercial banks withdrew their support. 

Iran not technically ready to start gas supplies: Crescent
Iran isn’t ‘technically ready’’ to start natural-gas supplies to the UAE, Crescent Petroleum Co. said, contradicting reports that a pricing dispute may be the reason for the project’s delay.

KHALEEJ TIMES

Front page

Taleban said to be furious over US strike
The Taleban are furious about the latest apparent US missile strike in Pakistan, indicating a senior militant may be among two dozen people killed, officials and residents said.

Key German bank rescued, Italy revives bailout talks
Germany offered a blanket bank deposit guarantee on Sunday in a bid to contain the spreading credit crisis as officials clinched deals to rescue Germany's Hypo Real Estate and recapitalize two other European banks.

Business

DFM suffers biggest fall in over two years
The Dubai Financial Market on Sunday witnessed its biggest fall in over two years, ignoring proposed merger talks between two of the UAE’s leading mortgage lenders, on lingering investors’ concerns about the global financial crisis and it’s possible impact on the Gulf region.

Nikkei slides to 4-yr low, economic worry grows
Japan's Nikkei stock index slipped 2.6% to a four-year low on Monday as exporters such as Canon Inc were battered by a weaker dollar and growing worry about the global economy despite passing of a US bailout bill.

ARAB TIMES

Front page

MoH to replace expat health center managers with Kuwaitis
Health Minister Ali Al-Barrak has adopted a policy to replace expatriate health center managers with Kuwaitis, as part of the Kuwaitization process in the ministry, reports Al-Seyassah.

‘Audit’ slams MoH over missing millions
The Audit Bureau has expressed concerns over the Ministry of Health’s (MoH) delay in clarifying some of the ambiguities in the audit reports of its various departments in the fiscal year 2006/’07, reports Al Seyassah daily.

Business

Oil price below $100 not good for anybody, says Iran 
Oil producers are pumping too much oil to the market and a price under $100 is too low, Iran’s oil minister said on Saturday.  

Crescent, Dana start gas supply in Iraq’s Kurdistan 
Two United Arab Emirates-based energy companies announced Saturday that they have begun producing natural gas in Iraq’s self-ruled Kurdish area. 

ARAB NEWS

Front page

Work on SR20bn Makkah monorail to begin after Haj
Work on the first phase of an SR20bn Makkah monorail project will start in December soon after the Haj season to facilitate transportation of pilgrims between the holy sites of Makkah, Mina, Arafat and Muzdalifa. The project is designed to transport five million pilgrims.

City life returns to normal after Eid holidays
With most of the offices and establishments resuming work after the weeklong Eid Al-Fitr holiday yesterday, the city was returning to normal. Malls and traditional souqs are once again open in full force, although the peak period of Ramadan sales is over.

Business

Global crisis: risk weighting & mortgages
Yet another major mortgage provider, this time the German mortgage giant Hypo Real Estate Bank, is teetering with the likelihood of being nationalized in a $54bn state-led bailout.

Value of Saudi shares traded falls to SR1.64 trillion
The Saudi stock market has continued to stay in negative territory so far this year after falling over 40% in 2007.

TEHRAN TIMES

Front page

Iranian experts begin restoration of Rudaki mausoleum
Iranian experts have begun the restoration process of the mausoleum of Rudaki in Panjrud near Dushanbe, Tajikistan.

Restoration of banned “Fifer Man” cancelled
The Office for Visual Arts cancelled the restoration of the banned “Fifer Man”, a statue that once had been installed in front of Tehran’s City Theatre Complex.

Business

Time for a big, bold cut in interest rates By David Smith
Writing about the economy these days is a bit like being in an HG Wells novel. Everything is compressed in time. The speed of events is dizzying. We are in an economic time machine.

Iran Air show slated for late Oct.
The 4th Iran International Air Show will be held on Kish Island from October 28 to 31, Civil Aviation Organization (CAO) Spokesman Reza Jafarzadeh announced here on Sunday.

ALJAZEERA

Front page

Markets dive despite bailouts 
Asian markets have plunged in the first session since the US congress approved a $700bn bailout package and after the German government moved to save the country's second largest mortgage lender.

UK commander backs Taliban talks 
A decisive military victory in Afghanistan is impossible and the Taliban may have to be part of a long-term solution for the country, a senior British commander in Afghanistan has said.

Business

Germany bails out mortgage giant 
The German government has announced a deal to save ailing mortgage lender Hypo Real Estate.

Gulf stocks hit amid global crisis 
Gulf states' stock markets have dropped sharply due to uncertainty surrounding the current global financial crisis.

THE DAILY STAR

Front page

Efforts to reconcile feuding Christian factions gain steam
Maronite Patriarch Nasrallah Butros Sfeir briefed parliamentary majority leader Saad Hariri on Sunday on the Maronite League's ongoing efforts to achieve reconciliation among rival Christian leaders.

Sleiman discusses Syrian troop movements with Assad
President Michel Sleiman contacted his Syrian counterpart Bashar Assad on Sunday to further inquire about Damascus' recent deployment of almost 10,000 soldiers along Lebanon's northern border, the state-run National News Agency (NNA) said.

Business

Bidders part with $2.5m for 33 vanity cell numbers
An auction of so-called "platinum" MTC Touch phone numbers in Beirut over the weekend raised more than $2.5m in two hours.
Lebanese cement deliveries rise by almost 8% in first half
Figures released by the central bank of Lebanon show that cement deliveries, a coincident indicator of construction activity, increased by 7.7% over the first half of 2008 as compared to the same half of 2007, on account of increased construction activity to meet the rise in real-estate demand prevailing during the covered period.

GULF DAILY NEWS

Front page

Vow to protect lives  
The Government yesterday vowed to protect people against any criminal acts endangering their lives, following the Demistan village terror attack. “All measures will be undertaken to ensure the safety of people and their property within the framework of the law," a Cabinet meeting chaired by Prime Minister Shaikh Khalifa bin Salman Al Khalifa yesterday said.

Boycott Amwaj death trap road 
Councillors are trying to close one of two roads leading to Amwaj Islands, which they have labelled a death trap after four people were killed on it this year.

Business

Inflation criterion may delay monetary union 
The wide range of inflation across GCC states could block efforts for the region pushing ahead with a single currency on target. That’s the view of a research note produced by the National Bank of Kuwait.

Inflation eases in Saudi as money supply grows 
Annual growth in the Saudi money supply rose for the first time in three months in August but the Arab world's largest economy is beginning to feel strains of a liquidity squeeze, central bank data showed yesterday. Annual inflation eased off from a peak of at least 30 years to 10.9% in August, compared to 11.1% in July.
By: Staff Reporter
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