In Wednesday's Middle East papers
08 October 2008 06:00 [Source: ICIS news]
OMAN TRIBUNE
Front page
Wall St plummets again
US stocks plunged on Tuesday in their fifth straight declining session as fears mounted that the spiraling credit crisis would drag the economy into a deep recession.
Nano gets Gujarat green light
Tata Motors will make its ultra low-cost Nano car in western Gujarat state, Chairman Ratan Tata said on Tuesday, days after India’s top vehicle maker pulled out of West Bengal because of violent protests.
Business
Stocks steady, bank woes deepen
World stock markets stabilised on Tuesday despite a tumbling banking sector across Europe, as Asia pulled back from the brink on the prospect of cuts to global interest rates, dealers said.
Economy resilient despite global meltdown: CBO
The Sultanate’s monetary and financial condition remained resilient despite the global economic meltdown, according to the Central Bank of Oman’s (CBO’s) monthly report for August.
KHALEEJ TIMES
Front page
Blasts outside Green Zone as US, Iraq close in on military pact
Bombs exploded outside the Iraqi capital's tightly guarded Green Zone on Tuesday as US Deputy Secretary of State John Negroponte wrapped up a visit focusing on a controversial military pact.
Iran says aircraft forced down was Hungarian aid plane
Iran said on Tuesday that an aircraft forced down in its territory was a Hungarian aid plane with no Americans aboard, contradicting earlier reports it was carrying US soldiers.
Business
Abu Dhabi to invest $8.4bn in AMD
Advanced Technology Investment Co. (ATIC), a newly created investment arm of the Abu Dhabi government, said on Tuesday it has entered into a joint-venture with Advanced Micro Devices Inc. (AMD), involving an investment of $8.4bn over the period of next five years.
Emaar to start share buyback after third quarter results
Dubai’s Emaar Properties, the largest Arab developer by market value, said on Tuesday that it had yet to begin its share buyback progamme but would commence repurchases after posting its third-quarter profits.
ARAB TIMES
Front page
C-bank governor says local banks strong; Cabinet tunes to financial crisis
Kuwaiti banks are strong and do not suffer from any problems, state news agency KUNA quoted the Gulf Arab state’s central bank governor as saying on Monday.
‘20,000 illegals have left Kuwait’; Opportunity still available to correct status: Al-Hamadi
"Nearly 20,000 illegal residents utilized the Amiri amnesty and left the country without paying fines," say sources at the General Department of Immigration, adding officials expect at least 40,000 expatriates to avail the offer by Oct 15, the last day of amnesty, reports Al-Anba daily.
Business
Kuwait offers more funds as interbank rate declines
Kuwait pumped more cash into the banking system on Monday to boost liquidity and shore up confidence as the US credit crisis widened and global stock markets crumbled, bankers said.
Oil prices fall below $90pb
Oil prices sunk below $90 a barrel Monday for the first time in eight months on expectations that a widening financial maelstrom will drastically reduce global demand for energy.
ARAB NEWS
Front page
University asked to enroll orphans, disabled
Crown Prince Sultan yesterday inaugurated the Prince Fahd bin Sultan University in Tabuk and announced an annual donation of SR10m to the private sector institution.
Arab world generally safe from world economic turmoil
The individuals living in the Arab world, including the six GCC countries, will be less affected by the current international financial crisis whose brunt will be on banks having investment portfolios in the world markets, particularly in the US, president of the Federation of Arab Banks Adnan Ahmed Youssif told Arab News in an interview yesterday.
Business
Panic grips Gulf investors
Investors took a dim view of paltry European efforts to shore up unsettled markets, sending US and European equity stocks lower yesterday.
$150m cable factory planned in Yanbu
El-Sewedy Cables, one of the largest cable manufacturers in the world, recently announced that it would open a factory in Yanbu Industrial City with an initial investment of $150m.
TEHRAN TIMES
Front page
Iran reiterates support for security in Iraq
Iran reiterated on Tuesday that it is prepared to help establish peace and security in Iraq.
Humanity and wisdom makes "Song of Sparrows" famous: Majidi
Majid Majidi, director of "The Song of Sparrows" is convinced that humanity and wisdom made this movie and his other productions famous worldwide.
Business
Australia slashes rates, central banks inject cash
Australia slashed its benchmark interest rate by the most since 1992 and central banks pumped more than $480bn into money markets as policy makers tried to staunch the worsening financial crisis.
Philippine inflation eases in September to 11.9%
Inflation in the Philippines eased slightly to 11.9% in September from a 17-year-high of 12.5% the previous month, the government said on Tuesday.
ALJAZEERA
Front page
US candidates spar over economy
The global economic crisis has dominated the second debate between Barack Obama and John McCain, the US presidential candidates.
Guantanamo release angers Bush
A US judge has ordered the release of 17 Chinese Muslim detainees from the US detention facility in Guantanamo Bay, Cuba, in what has been seen as a rebuke to the Bush administration.
Business
Markets continue to tumble
Stock markets in Asia have continued to tumble following a record fall on Wall Street overnight amid growing worries about a global recession.
Bid to halt Egypt-Israel gas deal
A lawyer in Egypt has demanded that the government halt its gas exports to Israel, Al Jazeera reports.
THE DAILY STAR
Front page
Pakistan's Sharif offers to broker Afghan-Taliban talks
Former Pakistani Prime Minister Nawaz Sharif is willing to broker talks between the Afghan government and the Taliban, his spokesman said Tuesday, amid reports that the politician is already playing a key role.
Twin bombs go off in Baghdad as Negroponte wraps up visit
Bombs exploded outside the Iraqi capital's tightly guarded Green Zone on Tuesday as US Deputy Secretary of State John Negroponte wrapped up a visit focusing on a controversial military pact.
Business
Panic drives Middle East stock markets down sharply
Stock markets plunged across the Arab world on Tuesday as panic over the global financial crisis gripped investors, wiping billions of dollars off the value of shares.
Dubai announces plan to build $95bn 'new city' despite global credit crunch
A Dubai government firm announced Monday it will build a "new city" in the booming Gulf emirate at a projected cost of $95bn, shrugging off the global financial turmoil.
GULF DAILY NEWS
Front page
Gulf property boom over?
Middle East stocks slumped to multi-year lows yesterday as speculation intensified that a five-year Gulf property boom was over and developers could be forced to merge as financing conditions deteriorate.
Plan to relocate labour camps
Bahrain's five municipal councils will sit down later this month to draw up a law that could lead to the eviction of all labour camps from residential areas.
Business
Challenges faced by oil labs to be probed
A conference on technologies of laboratories in oil industries bringing together more than 600 participants will be held in Bahrain later this month.
Dubai firms upbeat on growth outlook
Property developers in Dubai remain upbeat about the growth of the sector, which has seen prices rocket in recent years, despite warnings of overheating and the global financial turmoil.
ICIS Copyright © Reed Business Information 2009
Author: Staff Reporter+44 20 8652 3214
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