In Wednesday's Middle East papers

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

OMAN TRIBUNE

Front page

GCC ministers discuss summit preparation
The GCC Ministerial Council on Tuesday held its 109th meeting to prepare for the 29th GCC Summit under the chairmanship of HE Yousuf Bin Alawi Bin Abdullah, Minister Responsible for Foreign Affairs.

US economy shrinks at fastest pace in 7 years
The US economy contracted at its fastest pace in seven years in the third quarter as consumer spending plunged to a 28-year low, data showed on Tuesday, raising the spectre of a deeper recession.

Business

World stocks rise after Fed’s latest rescue act
World stocks rose more than 1% on Tuesday after the Federal Reserve unveiled a programme to buy mortgage and consumer-related securities in its latest attempt to support the US financial system.

Rich countries face worst recession in 25 years, says OECD
Many leading industrialised nations face their worst economic downturn for 25 years, the Organisation for Economic Coordination and Development (OECD) warned on Tuesday, forecasting that the US, European and Japanese economies would shrink next year.

KHALEEJ TIMES

Front page

Kuwait's ruler puts cabinet resignation on hold
Kuwait's ruler decided to put on hold the resignation of the OPEC country's cabinet on Tuesday, leaving his options open for intervention to end a crippling crisis between the government and parliament.

Syria, Iran in spotlight at key IAEA meeting
The UN atomic watchdog convenes this week for its traditional end-of-year meeting where the focus will be on the agency's investigations into alleged illicit nuclear work in both Syria and Iran.

Business

GCC Central Bank to be independent
A planned joint Gulf Arab central bank will be independent from the governments of its member countries, according to the latest draft of the planned monetary union agreement, a source said.

After Citi, is Bank of America next?
A government rescue plan has eased investors’ concerns about Citigroup Inc, but mines lurking in the balance sheets of rivals including Bank of America Corp could still tempt short-sellers.

ARAB TIMES

Front page

Bid to quarantine grill in committee; Postponement sought for 1 year
“The Prime Minister should either stand on the grilling podium or resign,” says MP Waleed Al-Tabtabaei, affirming that he will not go back on his plan to grill Sheikh Nasser Al-Mohammed Al-Sabah.

Fees hike confronts mass protest; Parents take Indian embassy to task
A massive signature campaign is underway to protest the hike in fees by Indian schools in a coordinated campaign by some Indian organizations and parents of students.

Business

UAE to bailout troubled lenders, cut state spending, slow building projects 
The United Arab Emirates began to bail out and consolidate Dubai’s rattled lenders and cap a building spree on Monday as the former boomtown started cutting state spending in the face of the global crisis.

Global financial crisis takes toll on Dubai, Egypt, Jordan 
Dubai, Egypt and Jordan will be hit most in the Middle East from the fallout of the global financial crisis which might also create opportunities for the oil-driven region, according to a survey among companies in the region.

ARAB NEWS

Front page

Mega tourism projects planned on Red Sea coast
Prince Sultan bin Salman, secretary-general of the General Commission for Tourism and Antiquities (GCTA), announced his organization’s plan to establish three mega tourism projects on the Red Sea coast. “We will present these projects to higher authorities for approval,” he said.

Qutb books banned in school libraries
The Ministry of Education recently ordered the removal of two books from school libraries because of the extremist ideas they contained.

Business

Saudi gold demand up 18% in Q3
The World Gold Council (WGC) Regional Office in Dubai has released its quarterly ‘Gold Demand Trends’ report, which reflects record figures for the third quarter (Q3) of the year.

Saudi entrepreneurs honoured
The National Entrepreneurship Week concluded here at the Four Seasons Hotel on Monday night with Saudi entrepreneurs from all parts of the Kingdom getting awards for their outstanding achievements.

TEHRAN TIMES

Front page

Leader calls for unity among Lebanese groups
Supreme Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei has called for unity among all Lebanese factions as the key to Lebanon’s progress.

Turkish Nobel laureate Pamuk may travel to Iran
Turkish Nobel laureate author Orhan Pamuk may travel to Iran on the occasion of the publication of the Persian translation of his book “My Name Is Red.”

Business

China has room to keep loosening monetary policy, OECD says
China has room to keep loosening monetary policy to support growth as the global economy weakens, the Organization for Economic Cooperation and Development based in Paris said.

8th mines HSE confab kicks off in Tehran
The 8th Mines and Mineral Industries: Health, Safety, and Environment (HSE) conference kicked off here on Tuesday.

ALJAZEERA

Besieged Bangkok airport shut down 
Thai authorities have shut down Bangkok's international airport after a grenade attack on anti-government protesters stormed it on Tuesday night.

US injects $800bn as GDP shrinks 
The US government has announced it is pumping $800bn into the country's economy as a new report said its gross domestic product (GDP) shrank by more than expected.

Business

Grim outlook for rich nations 
Many leading industrialised nations face their worst economic downturn for 25 years, the Organisation for Economic Co-operation and Development (OECD) has warned in a report.

Bank cuts China growth forecast 
China's growth could slow to its weakest level in almost two decades next year, the World Bank has said, in the latest grim sign of a slumping global economy.

THE DAILY STAR

Front page

Sleiman meets Khamenei to close visit to Tehran
President Michel Sleiman wrapped up a two-day visit to Iran on Tuesday after holding talks with Iranian President Mahmoud Ahmadinejad, Iran's supreme leader Ayatollah Ali Khamenei, and other officials.

Italian ambassador calls for peace in Lebanon
Italian Ambassador Gabriel Checchia said on Tuesday peace in Lebanon would pave the way for peace in the region, due to Lebanon's "essential role as a mediator between all civilizations."

Business

Safadi sounds alarm on lower remittances from expatriates
Senior officials and financial analysts on Tuesday warned that capital inflows from Lebanese expatriates in the oil-rich Gulf Arab states may shrink next year as the global recession threatens most countries in the Middle East.

When will the Internet get up to speed in Lebanon?
Amid rave reviews and the glow of high-definition television screens as far as the eye could see, the 13th edition of the Levant's Information Technology Exhibition at the Beirut International Exhibition and Leisure centre is a look into Lebanon's potential as a future technology hot spot for the Middle East.

GULF DAILY NEWS

Front page

Premier pledge to MPs 
The Premier yesterday assured MPs they had full government backing in a surprise visit to parliament. Shaikh Khalifa bin Salman Al Khalifa's pledge follows allegations that ministers were refusing to show up to answer MPs' questions.

Bahrain a jewel in the crown... 
Bahrain's economy is solid and still growing despite the global economic crisis, Prime Minister Shaikh Khalifa bin Salman Al Khalifa said yesterday.

Business

Big success 
A majority of delegates and sponsors have already signed up for next year's World Islamic Banking Conference (WIBC) which will return to the same venue, the organiser said.

Spotlight on Islamic equity investment 
Seera Investment Bank launched a white paper on Islamic banking and investment in partnership with Dow Jones Private Equity at the WIBC.

By: Staff Reporter
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