In Tuesday's Middle East papers

07 October 2008 06:00  [Source: ICIS news]

OMANTRIBUNE

Front page

Mayhem on markets
Governments around the world grasped at new measures to contain the fast-spreading credit crisis on Monday as global markets were awash in blood with investors betting on a deepening uncertainty and a sharp global downturn.

Six cities top global BPO list
Six India cities are among the top eight outsourcing centres, according to the Cyber Media publications group.

Business

Bloodbath on global markets
Global stock markets reeled on Monday, shaken by massive sell-offs by panicked investors who fear a much-vaunted US finance sector bailout will fail to end a crippling credit crisis.

RBI slashes cash reserve ratio to boost liquidity
India allowed banks to set aside smaller reserves for the first time in five years to boost cash in the financial system and calm markets after the collapse of Lehman Brothers Holdings Inc. and the sale of Merrill Lynch & Co.

KHALEEJ TIMES

Front page

EU pledges crisis action, US wants coordination
The European Union pledged on Monday to protect people's savings and maintain financial stability while Washington urged a more coordinated approach to the worst banking crisis in nearly 80 years.

US warns Syria against interfering in Lebanon
The United States voiced concern over Syria's military build-up at its northern border and said the recent massive bomb attack in Damascus must not be used as a pretext to get its forces back into Lebanon.

Business

Dubai Launches Dh350bn Jumeira Gardens
Dubai’s Meraas Development, part of the government-owned Meraas Holding, on Monday launched Dh350bn Jumeira Gardens, a master-planned community project across an area north of Shaikh Zayed Road between Diyafa Street and Safa Park.

Deyaar development delays bond sale
Deyaar Development PJSC plans to delay an Islamic bond sale as the global credit crisis deepens, which may slow the company’s plans to expand in Saudi Arabia, India and the US the company’s chief executive officer said.

ARAB TIMES

Front page

What Kuwaitis want from the ruling family some parties trying to control society
What do Kuwaitis expect from the ruling family? Most Kuwaitis are honest and they want to know the truth. We believe we are in one boat with the ruling family. If it sinks, then we all go down together.

Media reports on grilling of ministers astonishing: MP
MP Dr Hassan Jowhar on Sunday expressed his astonishment over the extensive media reports on the alleged plan of MPs to grill several ministers in spite of the fact that the Parliament is in recess and the absence of actual grilling documents.

Business

Gulf bourses plummet on global market concerns 
Gulf Arab bourses fell on Sunday as investors rushed to sell stocks after a $700bn US rescue plan failed to ease qualms over global financial turmoil.

Interbank rates take dive; Kuwait pumps more liquidity into system 
Kuwait injected more cash into the banking system to shore up confidence in the wake of the US financial crisis, bankers said on Monday, while the central bank governor expressed confidence local banks would not be hit.

ARAB NEWS

Front page

Sultan donates SR22m to build housing units for armed forces
Crown Prince Sultan, deputy premier and minister of defense and aviation, yesterday donated SR22m to build 649 housing units for members of the armed forces in the North-western Region, it was announced yesterday.

Vice cops accused of attacking married couple in Madinah
A 22-year-old Saudi woman told Arab News yesterday that she and her husband of four years were stopped on a road by the religious police of Al-Jurf, west of the holy city of Madinah, accused of being an unrelated man and woman in an illegal state of seclusion (khulwa) at about 1 a.m. on Sunday.

Business

Financial crisis pummels stocks
Desperate new measures by governments in Europe and North America to stabilize the financial system failed to stop panic selling that swept global markets yesterday amid deepening gloom at the scope of the banking crisis.

Samba bank Q3 profit declines
Samba Financial Group, Saudi Arabia’s second-biggest lender by market value, said yesterday third-quarter profit fell 7.5% and blamed a decline in brokerage fees for a bad performance this year. The bank made a net profit of SR1.2bn ($320m) in the three months to Sept.30, down from SR1.3bn a year earlier.

TEHRAN TIMES

Front page

Iran tells 5+1 to be reasonable
Iran’s main nuclear negotiator, Saeed Jalili, has sent a letter to European Union foreign policy chief Javier Solana in which he explained that Iran believes that “pressure in place of reason” will not “open the way” in the process of negotiations.

US scholar translating Iranian novel “Ismaeil”
US scholar Paul Sprachman is translating the Iranian novel “Esmaeil” by Amirhossein Fardi into English.

Business

Vietnamese economy stabilizing: IMF
Vietnam’s economy, which started overheating months ago, has begun to stabilize.

Nearly 7,000 agricultural projects completed in 6 months
In the first half of the current Iranian calendar year (started March 20, 2008), 6951 projects with over $529m of credit in the agriculture sector have been completed across the country, the Ministry of Agricultural Jihad announced here on Monday.

ALJAZEERA

Front page

Fury over Lehman's executive pay 
The head of Lehman Brothers has been heavily criticised during a congressional hearing into the bank's collapse.

Police move on Thai protesters 
Thai police have fired tear gas at thousands of demonstrators outside parliament in Bangkok after they tried to stop MPs from entering the building to hear Somchai Wongsawat deliver his maiden policy speech as prime minister.

Business

Asia markets extend massive losses 
Stock markets in Asia have continued to fall as confidence in the global financial system deserts investors.

Gulf stocks hit amid global crisis 
Gulf states' stock markets have dropped sharply due to uncertainty surrounding the current global financial crisis.

THE DAILY STAR

Front page

Washington and Beirut set up joint military panel
Lebanon and the United States set up a joint commission on Monday charged with organizing their bilateral military relationship.

UNIFIL hosts Lebanese, Israeli officers for talks in Naqoura
A tri-partite meeting was held between Lebanese Armed Forces officials, United Nations Interim Force in Lebanon (UNIFIL) officers and Israeli military representatives at the border crossing of Ras al-Naqquoura on Monday.

Business

Lights in Lebanon will stay off if Egypt wants too much for power - Tabourian
Energy and Water Minister Alan Tabourian said on Monday that the widely hoped-for delivery of Egyptian electricity to Lebanon depends to a great extent on prices.

Congestion limits growth in business at Beirut Port
Congestion at the Port of Beirut has become a major concern among traders, shipping companies and the Port Authority, despite the large revenues that are being generated from the rapid growth in the number of containers coming through the facility.

GULF DAILY NEWS

Front page

Call for calm 
The Premier yesterday urged calm in the face of a GCC and global credit crunch. He called for national principles to be maintained and a unified stance taken to protect economies

Bahrain's monorail project a step closer 
A 23km track linking some of the country's most congested areas could be the first phase of Bahrain's new monorail network, the GDN has learnt.

Business

Markets crash 
Governments and central banks around the world grasped at measures to contain the fast-spreading financial crisis yesterday but global stocks still plummeted as investors bet a recession was inevitable.

India still attractive for investment despite woes 
Investments in the Indian market are still attractive despite a global recession, says Bahrain Chamber of Commerce and Industry (BCCI) chairman Dr Essam Fakhro.

ICIS Copyright © Reed Business Information 2009

Author: Staff Reporter
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