In Friday's Middle East papers

24 October 2008 06:50  [Source: ICIS news]


Front page

Stocks fall on economic woes
Bleak outlooks from world carmakers and more job cuts by major US companies deepened fears of an extended global recession and sent markets down again on Thursday, while oil prices rose as Organisation of Petroleum Exporting Countries (Opec) prepared to cut production to shore up prices.

Bihar students ransack two railway stations
Mobs, comprising mostly students, ransacked two railway stations and torched a police vehicle on Thursday morning in various parts of Bihar to protest against the attacks on north Indians by Maharashtra Navnirman Sena (MNS) activists in Mumbai, an official said.


Kuwaiti traders walk out, seek government support
Dozens of traders walked off the trading floor at the Kuwait Stock Exchange on Thursday and staged a demonstration to urge more government support for the financial sector amid fears of global recession.

Euro slumps to multi-year lows; gold bounces back
The euro fell on Thursday to multi-year lows amid another turbulent day for stock markets, as fears grew that the worldwide economic slowdown would hit Europe hard, dealers said.


Front page

US hands 'triangle of death' to Iraqi troops
US forces declared an area once known as the province south of Baghdad is the 12th of Iraq's 18 provinces in which primary responsibility for security has been given to Iraqi forces.

East Asian nations to create $80bn fund by next June
East Asian nations agreed Friday to create an $80bn joint fund by next June to avert regional financial crises, a South Korean official said.


UAE markets grapple with uncertainty
The Dubai Financial Market (DFM) staged a recovery in late trading on Thursday amid growing signs that the markets were approaching a key support level.

Doha bank's net profit for third quarter touches QR834m
Doha bank, one of the largest private commercial bank in the State of Qatar announced the rise of its net profit for the third quarter of 2008, standing at QR833.83m, compared to QR677.51m for the same period in 2007.


Front page

Kuwait's '09 GDP seen slowing; Oil under $70 on recession fear
Kuwait will see slower economic growth in 2009 due to falling oil prices and a weakening global economy as the Opec member makes slow progress with diversifying its economy away from energy, EFG-Hermes said on Wednesday

Kuwait 'finds' cataract gene
Kuwait University KU Medical School's hereditary diseases unit unveiled the gene responsible for children's cataract disease in Kuwait.


Wataniya 9-mth net touches KD 68.2m
Wataniya Telecom (National Mobile Telecommunications Company NMTC) announces its at the end of third Quarter 2008 financial results with the Company posting an EBITDA of KD 149.5m for the year to date, representing a 29.7% increase over the same period in the year 2007 of KD 115.3m.

BKME's net profit swells 29 pct to KD 50.4m
Bank of Kuwait and Middle East (BKME) announced on Wednesday that its net profits rose to KD 50.4m in 2008, reflecting a 29% increase from the last year figure.


Front page

Neighbours vow to help Iraq
Interior ministers of Iraq and eight of its neighbouring countries met in Amman yesterday and vowed to support the Baghdad government in strengthening its security and stability.

Young Saudis join hands to save Jeddah parks
A number of young Saudis have decided to work in collaboration with the Jeddah Municipality to design plant and beautify some 800 public parks left unattended around the city.


Governments shield banks from 'credit tsunami'
Governments around the world rolled out fresh measures yesterday to shield businesses and banks from a looming "credit tsunami" as global stock markets endured further turbulence.

OPEC meets today in a very different situation
The tsunami that got furious, courtesy the credit crunch in the US housing market, after having sent tremors through the global banking and financial sector- the very foundations of the capitalist economy- is now all out to derail and upset the energy markets too.


Front page

Iran determined to expand ties with regional states
Majlis Speaker Ali Larijani has stated that expanding ties with regional countries is a "long-term strategy" of the Islamic Republic of Iran.

House of Music Celebration honours prominent musicians
The House of Music Celebration paid tribute to veteran musicians in a ceremony held at Vahdat Hall but no winner was selected this year.


Gordon Brown admits UK recession is likely
The Prime Minister admitted for the first time Wednesday that Britain is heading for a recession as a result of the global economic downturn.

World leaders to meet on economy in Washington
World leaders will meet 15 November in Washington to address the global financial crisis, the first in a series of summits to mitigate what economists predict could be a long and deep downturn, a senior Bush administration official said.


Front page

Bali bombers await execution date
Indonesian government set to announce date for execution of three convicted bombers.

Ex-Bush spokesman backs Obama
Former White House press secretary gives his support to Obama in race for US presidency.


China urged to save world economy
European leaders urge key Asian nations to help the world avert a global recession.

Asian markets slide on gloomy data
Share markets in Asia have continued to slide as fresh economic data - from slowing economies to profit warnings from blue-chip firms - added to investor gloom.


Front page

Sleiman encourages formation of bloc to serve national interests in Parliament
President Michel Sleiman said on Thursday that he was not planning to form a parliamentary bloc of his own in next year's parliamentary elections, but he would not mind seeing the formation of an independent bloc that gives priority to national interests.

Visiting founder of EU think tank lauds Turkey's strides toward democracy
Despite the two-year power struggle between Turkey's governing Justice and Development Party (AKP) and the secular elite, basic democratic freedoms in the country are developing, the founder of a European think tank said during a visit to Beirut on Wednesday.


Lebanese would be better off had reforms been implemented - Shatah
Finance Minister Mohammad Shatah on Thursday underlined the need to implement fiscal reforms and privatization to stimulate the economy and improve the living conditions of the Lebanese.

Arab bourses take downturn as global markets continue slide
Arab stock markets edged lower Wednesday after two days of gains, tracking losses on other global bourses over fears of economic recession.


Front page

The way forward
A masterplan for a new Bahrain, built on radical economic and social reform, was unveiled on Thursday. Vision 2030 will turn Bahrain into a meritocracy, with hugely improved standards of living, higher wages and greater disposable incomes for Bahraini families.

Transparency the key says Crown Prince
The Crown Prince on Thursday highlighted the importance of transparency in the framework of the country's development process. He said the launch of the Economic Vision 2030 marked a historic point in Bahrain's development.


Bahrain gateway for Australian ICT firms
Global IT companies are to select Bahrain as their regional headquarters for Middle East activities. An agreement to this effect has been signed by a Bahraini firm with the Government of Victoria in Australia at the GITEX Dubai 2008.

Banks face clamp on property loans
Banks in Bahrain have been told to restrict lending on real estate to 30% of their total lending book by the Central Bank of Bahrain (CBB).

By: Staff Reporter
+44 20 8652 3214

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