In Monday's Middle East papers

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

OMAN TRIBUNE

Front page

EU vows to save banks
European leaders, rushing to craft a credible response before fearful world markets reopen, pledged on Sunday to pump public money into banks battered by the worst financial crisis since the 1930s.

Pope elevates Alphonsa to sainthood
Pope Benedict created India’s first woman saint on Sunday as church bells rang and firecrackers went off as the country’s faithful followed the Vatican ceremony on television from southern Kerala state, where Sister Alphonsa lived as a nun until her death more than six decades ago.

Business

MSM plummets 5.7%
Muscat Securities Market (MSM) returned to the negative territory with heavy losses of 5.7% on Sunday as most Gulf bourses extended the plunge with investors speculating the Group of Seven’s (G-7) pledge to prevent the collapse of banks may not stem the credit crises.

New cruise vessel terminal at PSQ by year end: PSC
The new passenger terminal for cruise vessels at Port Sultan Qaboos (PSQ) is likely to be inaugurated by the end of this year, according to Port Services Corporation (PSC) CEO  Saud Bin Ahmed Al Nahari.

KHALEEJ TIMES

Front page

Government eyes plan to take ownership stakes in banks
Treasury Secretary Henry Paulson told international leaders on Sunday that isolationism and protectionism could worsen the spreading financial crisis.

Iraqi PM says British no longer needed for security
British troops are no longer necessary for the security of Iraq and should go home, Prime Minister Nouri al-Maliki said in a newspaper interview published here Monday.

Business

Real estate slowdown, not systemic collapse, Says Citi
A research report has highlighted the fragile state of the UAE real estate market. However, the report by Citi Investment Research stated that the likely outcome for the sector is a slowdown and not a systemic collapse.

Leisurecorp launches water phase of Jumeirah Golf Estates
Dubai World company Leisurecorp has unveiled the latest phase of the $8bn Jumeirah Golf Estates where for the first time British celebrity chef Jamie Oliver has designed kitchens and will open his first two restaurants in the Middle East.

ARAB TIMES

Front page

Bombardier caught up in Iraq-Kuwait dispute
Bombardier Inc. is trapped in the middle of a protracted legal battle between former enemies Iraq and Kuwait, as Kuwait Airways seeks to get its hands on 10 aircraft that Iraq commissioned from the Canadian plane maker.

‘Correct illegal status or leave within three days’
Illegal expatriates should correct their status or leave the country within three days as the amnesty will end on Oct 15, Capital Immigration Department Manager Colonel Adeeb Suwaidan said in a press release Saturday.

Business

Global fund outperforms benchmark amidst crisis 
Global Investment House “Global” announced today that despite turbulent market conditions in international markets, their Kuwaiti flagship fund “Global Local Fund” has substantially outperformed its benchmark.

KSE ends week’s trading with whopping loss of 933 points 
Though the Kuwait Stock Exchange (KSE) ended last week’s trading up 433 points, due probably to the Central Bank of Kuwait’s reduction of the interest rate and the Public Authority for Investment’s injection of funds into the market, trading by the end of this week, however, resulted in a whopping loss of 933 points.

ARAB NEWS

Front page

Abdullah to launch projects worth SR12bn in Madinah
Custodian of the Two Holy Mosques King Abdullah will begin a several-days visit to Madinah today.

Alwaleed: Kingdom City, Tower welcome additions
Prince Alwaleed Bin Talal, chairman of Kingdom Holding Company (KHC), has expressed his utmost happiness at the launch of Kingdom City and Kingdom Tower in Jeddah. 

Business

Saudi economy strong, says Shoura Council
The Shoura Council yesterday emphasized the strength of the Kingdom’s economy and said it would not require any emergency measures to confront the present global crisis.

SRMG posts 19% growth in net profit
The Saudi Research and Marketing Group (SRMG), which owns this newspaper, has achieved a growth of 19% during the first nine months of 2008, the group announced in its estimated results ending Sept. 30.

TEHRAN TIMES

Front page

Rafsanjani calls for institutionalization of party system
Expediency Council Chairman Akbar Hashemi Rafsanjani on Saturday insisted on the need to institutionalize party system in the country as he said party system is the need of modern world.

Uzbek translation of “Majid Stories” to come out next year
Uzbek scholars are going to translate and publish Hushang Moradi Kermani’s book “The Majid Stories” into Uzbek language next year.

Business

The crisis goes from bad to worse
The first step in recovery is admitting you have a problem. The carnage on Wall Street suggests investors have taken that step accepting the reality that the economy is in or headed for a recession, possibly a severe one.

IMF, World Bank meeting overshadowed by financial crisis
The International Monetary Fund and the World Bank were meeting on Sunday in the shadow of the most severe financial crisis since the 1930’s which threatens to undo progress made by developing countries.

ALJAZEERA

Front page

Developing nations assured of help 
Leaders of the World Bank and the International Monetary Fund (IMF) have assured poor and vulnerable countries that they will not be sidelined in efforts to tackle the worsening financial turmoil.

Zimbabwe political accord in peril 
The leader of Zimbabwe's main opposition group, Movement for Democratic Change, has threatened to pull out of a power-sharing deal with Robert Mugabe, the country's president.

Business

Investors cheer Eurozone rescue 
Asian markets have opened a new week on a positive note after last week's mauling that saw indices plummet by double digit figures.

Oil prices plummet amid turmoil 
Crude oil fell to its lowest price in a year, trading below $80 a barrel in London, as demand declines amid a worsening economic outlook caused by a global credit crisis.

THE DAILY STAR

Front page

Sleiman leads high-powered team to Saudi Arabia
President Michel Sleiman arrived in Jeddah, Saudi Arabia, on Sunday for talks with King Abdullah. A statement released by Sleiman's media office said that an initial meeting had focused on enhancing bilateral relations between the two countries.

Army arrests suspects in Tripoli blasts
Lebanese authorities on Sunday arrested a "terrorist network" behind deadly bomb attacks in Tripoli, the army said. "Several members of a terrorist cell involved in the recent explosions in Tripoli have been arrested," the army said in a statement.

Business

Sison proclaims US 'intention' to help Lebanon join WTO
"I cannot look in a crystal ball as to when Lebanon's accession to the WTO [World Trade Organization] will take place, but the United States is working with the Lebanese government and ministries with an aim to achieve this goal the intention is there," US Ambassador Michele Sison told The Daily Star on Friday.

Lebanese banks cash in on worldwide turmoil
The credit squeeze in the United States, Europe and some of the oil-rich Gulf countries has convinced many Lebanese expatriates and Arab nationals to transfer parts of their massive assets to Lebanese banks, local bankers said Friday.

GULF DAILY NEWS

Front page

Police action praised 
The Cabinet praised police action yesterday in foiling an attempt to smuggle massive quantities of drugs into Bahrain.

Police seize drugs worth BD250,000 
Drugs with a street value of more than BD250,000 have been seized in two major police operations in Bahrain, officials revealed yesterday.

Business

Shareholders put NBB capital increase on hold 
The National Bank of Bahrain (NBB) yesterday felt the cold wind of the credit crunch and its shareholders asked it to put on hold plans to raise capital. The bank was asking for shareholder approval to raise capital from BD77.76m ($206m) to BD90.72m, through a share issue as part of its expansion plans.

ADIH project in final phase 
Abu Dhabi Investment House (ADIH) has begun infrastructural work in the last phase of Porta Moda Marrakesh, Morocco. The project's total cost is approximately $1bn and will be developed on a plot of more than 306,000 square metres.

By: Staff Reporter
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