In Friday's Middle East papers

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

OMAN TRIBUNE

Front page

Wall St falls below 9,000
US stocks plunged further and the Dow Jones Industrial Average fell below 9,000 for the first time since 2003 as US authorities struggling with little success to stem the financial panic on Thursday raised the possibility of direct capital injections to troubled banks as a means of shoring up a fragile system even as the European Central Bank opened up an unlimited cash lifeline.

India calls for end to Israeli settlements
India today opposed expansion of Israeli settlements in occupied Palestine and sought an “early and significant” easing of restrictions on the free movement of people and goods within Palestine.

Business

Stock rally fades on credit market worries; euro climbs
European share prices wilted on Thursday after a mid-day rally as investors remained jittery over frozen credit markets despite official moves to shore up banks and boost confidence.

Bahrain, UAE and Kuwait cut rates
Bahrain’s central bank on Thursday cut its key policy interest rate by 25 basis points as Gulf markets went on a freefall in the face of the global financial crisis in the week.

KHALEEJ TIMES

Front page

N.Korea bars IAEA from all of atom complex
North Korea on Thursday barred US monitoring throughout its Yongbyon nuclear complex in a significant step towards scrapping a disarmament pact with five powers, diplomats said.

Iraqi PM vows to capture killers of anti-US Shia MP
Iraqi Prime Minister Nuri al-Maliki vowed on Thursday to capture the assassins of an anti-American Shia MP, the first lawmaker to be killed in 18 months, and ordered a top-level investigation.

Business

Property Rules Deter Foreign Investors: Study
Legislative measures to combat property price escalation have made Gulf property market, where more than $2.39 trillion worth of projects are estimated to be under construction, less appealing for some foreign investors, according to a study released at the Cityscape 2008.

Emirates Beats Forecasts Despite Fuel Costs
Half-year earnings at Dubai-based airline Emirates beat company forecasts despite $490m of unbudgeted costs incurred due to recent soaring oil prices, the firm’s President Tim Clark said.

ARAB TIMES

Front page

Kuwait preps structural steps to reform KSE; Package seen ready in days
The Kuwaiti Stock Exchange market will enter a decisive phase over the next few days which will dispel fears and panic among investors following heavy losses suffered by the market to the tune of KD 17bn.

3 months given for residence transfers
The Ministry of Social Affairs and Labor has decided to extend the time granted for residence permit transfers to three months starting mid-October

Business

Falling oil prices seen as threat to Kuwait government’s budget: NBK 
The following is a special report prepared by National Bank of Kuwait focusing on the implications of slumping oil prices over the Kuwaiti government’s finances

Kuwait c.bank offers fresh funds to local lenders 
Kuwait’s central bank has again offered fresh funds to local lenders to improve confidence and boost liquidity, several bankers said on Wednesday.

ARAB NEWS

Front page

UN Assembly to discuss Abdullah’s interfaith initiative
The United Nations General Assembly will hold a session in the middle of next month to discuss Custodian of the Two Holy Mosques King Abdullah’s initiative to promote interfaith dialogue.

SR5bn allocated for university staff housing
The Higher Education Ministry has allocated SR5bn to build houses for faculty members on university campuses in different parts of the country, Higher Education Minister Khaled Al-Anqari announced yesterday.

Business

Fear grips global markets
An equities rally stumbled yesterday as investors cast doubt on a coordinated global effort to stem a worsening worldwide credit crisis by cutting interest rates, and even safe-haven assets fell as uncertainty ruled the day.

ICD signs $12.5m deal with AMVO
The Islamic Corporation for the Development of the Private Sector (ICD) has recently signed $12.5m Ijara (lease) agreement with Arab Malaysian Vegetable Oil Products Company Limited (AMVO).

TEHRAN TIMES

Front page

President says direct subsidy plan set to begin
President Mahmud Ahmadinejad announced on Wednesday that the implementation of the economic reform plan would begin soon.

Intl. children’s theater festival opens in Isfahan
The Isfahan International Theater Festival for Children and Young Adults opened during a ceremony at Isfahan’s Honar Hall on October 7.

Business

Russia, Indonesia shut exchanges as rout worsens; Brazil drops
Russia, Indonesia, Ukraine, and Romania shut their stock exchanges and Brazilian stocks fell to the lowest in two years in the worst week for emerging markets in at least two decades on concern that a deepening credit crisis will halt global growth.

Britain to suffer full year of recession next year, IMF warns
Britain will suffer its first full year of recession since 1991 next year as the global economy enters a “major downturn” triggered by the most dangerous financial shock since the 1930s, the IMF said on Wednesday.

ALJAZEERA

Front page

US mulls Taliban reconciliation 
Robert Gates, the US defence secretary, has said his country would "ultimately" be prepared to reconcile with the Taliban group to end the conflict in Afghanistan.

Neighbours recognise Kosovo 
Serbia's neighbours Montenegro and Macedonia have recognised Kosovo in a blow to Belgrade's efforts to counter the secession of its former province.

Business

Market crisis worsens 
Asian markets have plummeted, indicating the global financial crisis was deepening despite increased efforts by governments and institutions to stem the bleeding.

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

Siniora dismisses rumours of Syrian military intervention in Lebanon as 'not possible'
Premier Fouad Siniora said late on Thursday that it was not possible for Syria to send its troops to Lebanon despite a recent Syrian troop build-up along Lebanon's northern border.

Iran sent intelligence officer to replace Mughniyeh - Italian newspaper
Iran has sent an intelligence agency officer, Mohammad Rida Zahidi, to replace Hizbullah's top military commander Imad Mughniyeh who was assassinated in Damascus in February, Italian newspaper Corriere della Sera reported on Thursday.

Business

Global financial crisis may put Beirut's cellular sell-off on hold
The global credit crunch and wait-and-see approaches by many Gulf Arab investors may prevent the privatization of Lebanon's cellular networks in the foreseeable future, some economists warned on Thursday.

Lebanon attracts 4% more foreign investment in 2007
A UN report released Thursday showed that Lebanon witnessed growth in investments and Arab capital inflows by approximately 4% to $2.845bn in 2007.

GULF DAILY NEWS

Front page

So sophisticated! 
Bahrain has been named as the most sophisticated financial market in the GCC, in a global report.

'Nurse bribes' firm probe is launched 
An international investigation is being launched into a Bahrain recruitment company accused of demanding bribes from nurses looking for jobs.

Business

Japan ties boost 
Bahrain is seeking to further strengthen economic co-operation with Japan.

Dubai airport on track despite global turmoil 
Dubai authorities showcased a state-of-the-art airport terminal yesterday, vowing "not to blink" in face of the global financial turmoil and to press ahead with their $4.5bn expansion plans.

ICIS Copyright © Reed Business Information 2009

Author: Staff Reporter
+44 20 8652 3214

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.