In Tuesday's Middle East papers

18 November 2008 05:00  [Source: ICIS news]

OMAN TRIBUNE

Front page

Day of justice and peace
His Majesty Sultan Qaboos Bin Said, Supreme Commander of the Armed Forces, will preside over the military parade to be held at the military parade ground at Muaskar Al Murtafa’ah on Tuesday to mark the 38th National Day celebrations.

Cards of Oman dedicated to HM showcased
The exhibition of the ‘Cards of Oman’ dedicated to His Majesty Sultan Qaboos Bin Said on the blessed occasion of the 38th National Day was inaugurated on Monday by HH Sayyid Kamil Bin Fahd Al Said, Assistant Secretary-General in the office of the Deputy Prime Minister for the Council of Ministers.

Business

Stocks slide as US, Japan slip into recession
Stock markets fell heavily on Monday as recession spread to Japan, overshadowing a weekend summit in Washington that was aimed at calming the economic crisis.

Citigroup axes 50,000 jobs
Citigroup announced on Monday it was slashing 50,000 jobs worldwide as the US banking giant tightens its belt further to cope with a global financial crisis and heavy losses.

KHALEEJ TIMES

Front page

Somali pirates hijack Saudi tanker loaded with oil
Pirates have seized control of the Saudi-owned oil super tanker Sirius Star off the east coast of Africa and are taking it towards a Somali port, the US Navy and the ship’s operator said on Monday.

Prospective US-Iraq pact highlights modest gains
Washington and Baghdad are moving closer to clinching a security pact that highlights Iraq’s growing stability but also the blood and treasure that all sides have spent to achieve modest gains.

Business

Yahoo’s Yang to step down; search on for new CEO
Yahoo Inc said Jerry Yang will step down as chief executive as soon as the board finds a replacement, sending shares up 4% on hopes the departure would clear the way for a deal with Microsoft.

Oil prices make slight gains in Asia
Oil prices made slight gains in Asia on Tuesday after falling around two dollars on worries over a deepening global financial crisis, dealers said.

ARAB TIMES

Front page

Iranian cleric sparks political crisis; MPs to request PM grilling
MPs Waleed Al-Tabtabaei, Mohammad Hayef Al-Mutairi and Moham-mad Barrak Al-Mutair on Sunday finalised a grilling request against HH the Prime Minister Sheikh Nasser Mohammad Al-Ahmad Al-Sabah based on the case of Al-Sayyed Mohammed Baqer Al-Fali, a Shiite cleric banned from entering Kuwait for abusing and demeaning a companion of Prophet Mohammad (PBUH).

Hawala business feeling the heat with instant money transfer facility
Hawala business in Kuwait is feeling the heat with the availability of instant money transfer facility through legal channels, a hawala broker told the Arab Times on condition of anonymity.

Business

Gulf stocks plunge as panic continues 
Stock markets in Gulf states mostly plunged on Sunday as approval by G20 leaders of an action plan to restore global growth failed to counteract panic over the economic meltdown.

Aref Investment Group posts KD 39.6m Q3 profit 
The Board of Directors of Aref Investment Group Company met on Sunday Nov 16, 2008 approved and adopted the financial statements for the period ending Sep 30, 2008.

ARAB NEWS

Front page

Companies to run GACA investment units
As part of moves to privatize the Kingdom’s civil aviation sector, the Council of Ministers yesterday gave the green light to the General Authority of Civil Aviation (GACA) to establish companies for running its investment units.

Yanbu chamber elections today 1,600 members expected to vote
Amid an atmosphere of eagerness in the business community in and around the western port city of Yanbu, a total of 1,600 voters, including 93 businesswomen, will vote today to choose eight candidates for the new board of directors of the Yanbu Chamber of Commerce and Industry (YCCI).

Business

Capitalism stumbles, what next?
The US capitalist system is in jeopardy. Major flaws that occurred over the past few decades were unravelled at the beginning of the millennium

OPEC cuts oil demand forecasts
The Organization of Petroleum Exporting Countries said yesterday it was ready to intervene to help prop up prices as a looming global recession undermines worldwide demand for oil.

TEHRAN TIMES

Front page

Mir-Hossein says he will ‘think’ of candidacy if Khatami stays out
Former prime minister Mir-Hossein Mousavi announced on Monday that if Mohmmad Khatami stays out of the presidential race he will “think” about his candidacy.

Kidnappers cannot undermine Tehran-Islamabad ties: ambassador
Pakistan’s Ambassador to Tehran, Muhammad Bux Abbasi, announced on Monday that the “enemies of Iran and Pakistan cannot affect relations” between the two neighbours by abducing the Iranian diplomat.

Business

General Motors will sell Suzuki motor stake on Tuesday
General Motors Corp, seeking a federal bailout as its cash dwindles, will raise 22.4bn yen ($230m) by selling its 3% stake in Suzuki Motor Corp.

Iran’s 2008 exports to Afghanistan touch $800m
The chairman of Afghanistan Chamber of Commerce and Industries here on Monday announced that Iran’s exports to Afghanistan in 2008 stands at $800m.

ALJAZEERA

Front page

US banking giant cuts 50,000 jobs 
Citigroup, one of the world's biggest banks, is to cut about 50,000 jobs as the bank struggles with heavy losses amid the current financial crisis.

Rebels overrun DR Congo army base 
Rebel fighters in the Democratic Republic of Congo have overrun a government army base despite their leader's pledge to respect a ceasefire and engage in UN-backed peace talks.

Business

Japan slides into recession 
Japan has fallen into a recession for the first time since 2001, new government figures have shown.

US auto bailout battle intensifies 
The senate is scheduled to begin debating emergency legislation on Monday to help General Motors Corp, Ford Motor Co, and Chrysler LLC as part of a special post-election session to deal with the economic crisis.

THE DAILY STAR

Front page

Sleiman calls for 'culture of peace' in Lebanon
President Michel Sleiman will visit Tehran later this month, Iranian foreign ministry spokesman Hassan Ghashghavi said on Monday.

Detained Tripoli militant reveals details of Fatah al-Islam leader's life on run
Details of the escape and subsequent life on the run of Fatah al-Islam leader Shaker al-Abssi emerged on Monday, following the arrest of the man who is alleged to have smuggled him out of the country.

Business

Berro stresses need to get serious about consumer protection
The president of the Lebanese Consumers Association, Zouhair Berro, said over the weekend that Arab authorities have rarely issued consumer protection laws, and have generally done so only when it was necessary to meet the conditions of donor countries or certain trade agreements.

14 March MP dials in new accusations against Bassil
14 March Deputy Ghazi Youssif renewed his campaign against Telecommunication Minister Jebran Bassil Friday, accusing him of violating the law regarding Lebanon's two cellular companies.

GULF DAILY NEWS

Front page

King in Riyadh talks 
His Majesty King Hamad last night held extensive talks with Deputy Custodian of the Two Holy Mosques Prince Sultan bin Abdulaziz Al Saud in Riyadh.

Right move 
Bahrain's decision to stick to the dollar peg has helped make it a beacon of economic stability amidst the global meltdown, a key minister declared yesterday.

Business

Bahrain An oasis of financial stability 
As the world is struggling with the prospects of recession and global financial, some would say meltdown, Bahrain remains as a relative beacon of stability in a region which continues to demonstrate solid growth rates.

Financial institutions 'facing security risks' 
The global credit crisis is raising the security risk for financial institutions across the region, according to specialist security firm Le Beck International (LBi).

By: Staff Reporter
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