In Tuesday's Middle East papers

28 October 2008 05:00  [Source: ICIS news]

OMAN TRIBUNE

Front page

Councils vow to carry out Royal objectives
Within the context of Royal Attention accorded by His Majesty Sultan Qaboos Bin Said to promote relations between the Council of Ministers and the State Council Office, a joint meeting between them was held on Monday.

Separatists’ shutdown hits life in Kashmir
Authorities enforced strict curfew-like restrictions throughout the Kashmir Valley on Monday to thwart a shutdown call given by separatists protesting against the landing of the Indian Army here this day in 1947.

Business

Asian markets slump as dollar climbs against euro
Japanese stocks tumbled to 26-year lows and most other Asian markets fell heavily as oil trimmed losses after a fall to below $60 a barrel.

MSM loses 7.5%; Gulf shares fall on banking woes
The Muscat Securities Market slumped 7.5% on Monday, bringing the four-day slide to 18% as Gulf shares dropped on concern that the global credit crisis may impact local banks, clouding the region’s economic outlook.

KHALEEJ TIMES

Front page

Stocks fluctuate as investors weigh economy
Stocks fluctuated on Monday as investors tried to determine how the government's efforts to prop up the banking sector and aid the economy might help stave off a protracted global recession.

US chopper down, 3 US-led soldiers killed in Afghanistan
US military spokesmen confirmed that Taliban rebels shot down a US helicopter in central Afghanistan on Monday, while three US-led soldiers died in suicide and roadside attacks elsewhere in the country, officials said.

Business

Markets head towards key support level
UAE markets reacted strongly to the global rout in equity markets on Monday. Investors were particularly unnerved by news that Japan’s Nikkei index closed at a 26-year low despite measures taken by policymakers to prop up the market.

Dubai Airport Freezone’s expansion plans valued at Dh2B: Shaikh Ahmed
Shaikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai Airport Free Zone, said that Dubai has become more attractive to international investments during the global financial crisis and this critical stage that the markets are currently experiencing.

ARAB TIMES

Front page

Gulf bank takes hit in derivatives C-bank steps in; Kuwait guarantees deposits
Kuwait said it would guarantee deposits at local banks on Sunday after the central bank was forced to save Gulf Bank from derivatives losses, as global financial woes hit the world’s top oil-exporting region.

Microsoft, MoCI raid two computer shops in Hawalli
Microsoft Gulf, in collaboration with Kuwait Ministry of Commerce and Industry (MoCI), has announced that it has recently conducted raids on two computer resellers in Hawalli, Kuwait, who were downloading software without authorization.

Business

Adams’ songs take center stage in ‘Cardinology’ 
Ryan Adams’ music is often overshadowed by his eccentric behavior and the pure volume of his recorded output.

Gulf Arab markets retreat on global recession fears 
Gulf Arab bourses retreated on Sunday, tracking a drop on world markets, as investors feared a rapid decline in oil prices and possible global recession would slash profits at regional banks and property companies.

ARAB NEWS

Front page

No bank has liquidity problem-Kingdom’s foreign assets are safe, says Al-Sayari
The governor of the Saudi Arabian Monetary Agency (SAMA), Hamad Al-Sayari, said yesterday that no Saudi bank faces liquidity problem and that the stock market downturn does not have anything to do with the country’s fundamentals but is due to people’s fear.

Joint GCC move needed: Cabinet
Saudi Arabia has supported the decisions taken by the Gulf Cooperation Council (GCC) countries to counter the negative effects of the current global economic crisis. 

Business

Stocks take another drubbing-Oil prices sink to 17-month low on global recession fears
Growing fears of recession sent share and oil prices plummeting yesterday as markets shrugged off new moves to protect shell-shocked economies and a G-7 pledge to stabilize the financial system.

Call for new Islamic investment banks- Such institutions need of the hour: IDB chief
In the face of the current global financial meltdown, the Islamic financial industry should set up international investment banks to implement the mission of the Islamic economic system and present the world with a new vision and different methods of asset management and financial investment inventing products with value added economy, Ahmed Muhammed Ali, president of the Islamic Development Bank (IDB), said

TEHRAN TIMES

Front page

Iran condemns US attack on Syrian soil
On Monday, Iran strongly condemned the US air raid on Syrian soil calling it “unacceptable”.

CHTHO holding “Lasting Heritage” exhibit at Sadabad Complex
Cultural Heritage, Handicrafts, and Tourism Organization (CHTHO) is holding the exhibition “Lasting Heritage” at Tehran’s Sadabad Cultural Historical Complex.

Business

Thailand could barter rice for oil from Iran
Thailand, the world’s biggest rice exporter, plans to barter rice for oil from Iran, its commerce minister said on Monday.

Iran-Syria joint industry committee underway in Tehran
The eighth meeting of Iran-Syria joint industry committee kicked off here on Monday and will run till Oct. 31.

ALJAZEERA

Front page

Obama delivers 'closing argument' 
Barack Obama, the US Democratic presidential candidate, has delivered what he has described as a "closing argument" to voters as his battle with John McCain, his Republican rival, entered its final full week.

Syria warns US of retaliation 
The Syrian government has warned of retaliation if the US strikes again across the border from Iraq, demanding that its sovereignty be respected.

Business

Asian markets extend losses 
Share markets across Asia have slumped further as investors continue to be locked in a spiral of fear over the economy.

IMF agrees Ukraine loan package 
The International Monetary Fund (IMF) has said it has agreed in principle to Ukraine with a $16.5bn loan package.

THE DAILY STAR

Front page

Nasrallah and Hariri break the ice during secret weekend meeting
Hizbullah leader Sayyed Hassan Nasrallah and Future Movement head Saad Hariri have jointly expressed "total adherence and respect for both the Taif Accord and the Doha Accord" after a long-awaited meeting over the weekend, Hariri's office said on Monday.

Druze Council blasts allegations of extremism in media
The Druze Council on Monday lashed out at a report published by Al-Akhbar newspaper last week, saying that it undermined attempts to "ease the internal row."

Business

Beirut market sees drop in trading as investors await effects of bailout plans
It was another turbulent week for the Beirut Stock Exchange as the global financial crisis weighed down on the trading mood of local investors despite the local economy apparent immunity.

EIU cuts growth forecast for Lebanon
In its first report about Lebanon since the worsening of the global financial crisis, the Economist Intelligence Unit (EIU) estimated real GDP growth at 4.2% in 2008 and revised downward its forecast for 2009 from 4.6% to 3.1% in 2009, as reported by Lebanon This Week, the economic publication of the Byblos Bank Group.

GULF DAILY NEWS

Front page

Deep sea gas hunt 
International companies are flocking to invest in Bahrain's oil and gas industries - despite the global economic crisis.

Murdered DHL dad about to re-marry 
A Bahrain resident, gunned down with his best friend in the Afghan capital, Kabul, was planning to get married for the second time, it emerged yesterday.

Business

Bidding for onshore gas exploration launched 
Bahrain yesterday launched the licensing round for deep onshore natural gas exploration.

$208m profit best in history says Batelco 
Batelco said yesterday its third quarter results this year were the 'best ever' in its history.


By: Staff Reporter
+44 20 8652 3214



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