In Thursday's Middle East papers

18 September 2008 06:00  [Source: ICIS news]

 

OMAN TRIBUNE

Front page

Oman lifts curbs on GCC nationals
His excellency Ahmed Bin Abdulnabi Macki, Minister of National Economy and Deputy Chairman of the Financial Affairs and Energy Resources Council, issued a ministerial decision nullifying restrictions imposed on practising business activities and free occupations by the Gulf Cooperation Council (GCC) citizens in the member states.

Sukhois deployed on Pakistan, China borders
The Indian Air Force (IAF) has, for the first time, deployed its multi-role Sukhoi SU-30MKI combat jets in Jammu and Kashmir to send out a powerful message to both China and Pakistan, with whom it has fought border wars.

Business

Financial storm rages, HBOS is latest victim
The global financial firestorm claimed a fresh victim on Wednesday as top British mortgage lender HBOS said it was in takeover talks after a huge US bailout of insurer AIG helped underpin volatile share prices.

GCC chiefs okay plans for monetary council
Finance chiefs of Gulf states on Wednesday approved proposals to set up a monetary council and a draft charter for a monetary union, the Arab bloc’s secretary general said.

KHALEEJ TIMES

Front page

Israel's Livni set for power after party vote
Foreign Minister Tzipi Livni moved closer to becoming Israel's next prime minister after she declared victory on Wednesday in a party leadership election to choose a replacement for Ehud Olmert.

16 dead in attack at US Embassy in Yemen(AP)
Militants linked to al-Qaida launched a brazen attack against the US Embassy in the Yemeni capital Wednesday, firing automatic weapons and setting off grenades and a car bomb in a furious fusillade that failed to breach the walls but killed 16 people.

Business

Steep decline makes UAE market ‘valuations attractive’
The steep decline on UAE bourses, which resulted in total losses of Dh162.3bn so far this year to investors, has brought valuations of many companies to attractive levels, analysts at Global Investment House said.

Financial crisis may get worse: IMF
The crisis currently encircling global financial markets may get worse, according to the director-general of the International Monetary Fund (IMF) Dominique Strauss-Kahn.

ARAB TIMES

Front page

Jordan’s King arrives in Kuwait, meets Amir
Jordanian King Abdullah II arrived on Tuesday and held immediate talks with his Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah and top leaders of the Gulf state.

Philippine Muslims still searching for a homeland 
It is mid-morning and the muezzin's call at Manila's Blue Mosque in suburban Maharlika echoes across the run-down tenement blocks as men slowly walk towards its sky blue onion-shaped dome.

Business

Restrictions muzzle Kuwait realty bull 
Trading curbs and ownership restrictions are causing a slowdown in Kuwait’s real estate sector at a time when the property market elsewhere in the Gulf is booming on the back of windfall oil revenues.

Gulf central banks approve last FX union amendment 
Gulf Arab central bank governors have approved a final amendment for monetary union but the timing for the launch of the single currency has not been specified, Qatar’s central bank governor said on Tuesday.

ARAB NEWS

Front page

GCC finance ministers OK proposals to set up monetary council
Finance ministers of the Gulf Cooperation Council (GCC) yesterday approved proposals to set up a monetary council and a draft charter for a monetary union, bringing the six-member group a step closer to launching the single currency.

Law to combat smoking awaits Cabinet approval
A new law to combat smoking in public and workplaces has been drafted and is awaiting Cabinet approval. Those smoking in public places will be fined SR200.

Business

Fed bails out AIG with $85-bn loan
For the second time this month, the US government intervened to bail out a private financial company, saying the failure of the huge insurer American International Group Inc. (AIG) would further disrupt markets and threaten the already fragile economy.

Barclays in $1.75bn deal to buy Lehman units
Barclays said yesterday it had reached a deal to acquire the North American investment banking and capital markets businesses of beleaguered US investment giant Lehman Brothers for $1.75bn.

TEHRAN TIMES

Front page

Deploying Arab forces in Gaza will only serve Israel: Larijani
Iranian Majlis Speaker Ali Larijani on Wednesday condemned a proposal to deploy Arab forces in the Gaza Strip.

Literati commemorate Shahriar on National Day of Poetry and Literature
A group of poets gathered at the library of Seyyed Jafar Shahidi on Tuesday on the occasion of Iran’s National Day of Poetry and Literature.

Business

Russia moves to bolster banking sector
Russia moved to bolster the country’s increasingly stressed banking sector Wednesday, as the global economic turmoil deepened fears that the country could face a crisis similar to the one 10 years ago.

Polish govt., central bank agree on euro adoption in 2011
Poland’s government and central bank have agreed on adopting the euro in 2011 and a detailed timetable for the move will be prepared next month, Prime Minister Donald Tusk said on Tuesday.

ALJAZEERA

Front page

AIG bail-out fails to lift markets 
Asian markets have opened sharply lower as the global financial crisis deepened a day after US authorities announced the rescue of troubled insurer American Insurance Group (AIG).

Livni declared Kadima poll winner 
Tzipi Livni, Israel's foreign minister, has been declared the winner in an election to replace Ehud Olmert, the current prime minister, as the leader of the ruling Kadima party.

Business

UK bank Lloyds to buy rival HBOS 
British bank Lloyds TSB has reportedly agreed to buy rival HBOS to create a £28bn ($50bn) mortgage company, after HBOS shares plummeted over fears for its financial stability.

Flight staff against Alitalia deal 
The four main unions representing staff at struggling Italian airline Alitalia have agreed to a plan to prevent the carrier's collapse.

THE DAILY STAR

Front page

Two die in clashes between Marada, Lebanese Forces
Tensions soared in Lebanon on Wednesday after two people were killed and three others wounded in clashes between the Lebanese Forces and the Marada Movement in the Northern Province of Koura.

Sleiman predicts official ties with Syria by end-2008
President Michel Sleiman said Wednesday that Lebanese-Syrian relations were on the right track, adding that Beirut and Damascus were likely to exchange ambassadors by the end of 2008.

Business

Tabourian calls for Beirutis to get fairer share of power cuts
Energy and Water Minister Alan Tabourian said on Wednesday that he had recommended an increase of power rationing in Beirut in an attempt to provide more electricity for the rest of the country.

Lebanon 'to get 4,000 more phone booths'
Telecommunication Minister Jebran Bassil announced on Wednesday that his ministry plans to install an additional 4,000 telephone booths across the country. Bassil, who was speaking at a press conference, said the first 1,000 booths would be installed from November of this year to May 2009.

GULF DAILY NEWS

Front page

We agree! 
GCC finance minister yesterday approved an agreement for future monetary union.

Delay in development of oilfield denied 
Oil and Gas Affairs Minister Dr Abdulhussain Mirza last night dismissed as "untrue" reports by some news agencies that Bahrain has postponed awarding a contract for the development of its oilfield to 2009.

Business

GCC financial system safe from AIG fallout 
If American International Group (AIG) had been allowed to go bust, the scale and complexity of its operations are such that it would have had such a devastating effect on the global economy that even the Gulf would have felt the effects.

Global markets blow despite insurer bailout 
The global financial firestorm tore through markets yesterday, sending US and European shares plunging following a huge US bailout of insurer AIG and the takeover of British bank HBOS

 

ICIS Copyright © Reed Business Information 2009

Author: Staff Reporter
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