Middle East

Financial News

Abu Dhabi Hosts World Media Chiefs Amid Debate Over `Draconian' Press Laws Abu Dhabi, holder of more than 7 percent of the world’s oil, will host top media executives this week as it seeks to promote its role as a communications center and ward off criticism over curbs on the press.

Crude Oil Pares Losses on Fuel Demand Outlook as China's Imports Increase Oil pared losses to trade above $81 a barrel in New York on optimism fuel demand will recover after imports into China, the world’s second-biggest energy user, rose more than estimated.

Nakheel Bonds Advance as JPMorgan Says Creditors May Be Paid at Face Value Nakheel PJSC bonds, part of parent Dubai World’s planned $26 billion debt restructuring, climbed the most in two months after JPMorgan Chase & Co. said creditors may get paid face value.

Dubai Firms Haven't Sought Help as U.A.E. Reaffirms Support, Minister Says Dubai’s state-owned companies haven’t sought help from the United Arab Emirates’ federal government, which will stand by the troubled emirate, the UAE’s finance minister said.

Union Properties Starts Talks to Sell Dubai Ritz-Carlton Hotel, 24/7 Says Union Properties PJSC is holding talks with two investors from the U.S. and Qatar for the sale of its Ritz-Carlton hotel at the Dubai International Financial Centre, Emirates Business 24/7 reported, citing sources it didn’t identify.

Fischer Warns Against Revising Agreement on Wages in Bank of Israel Law Bank of Israel Governor Stanley Fischer said he is concerned that if a parliamentary committee attempts to revise an agreement over wages in the Bank of Israel draft law, it may be impossible to reach a new accord.

Dubai World Extension Shouldn't Exceed Eight Years, Arab Banks Chief Says Dubai World, the state-owned holding company seeking to renegotiate terms on $26 billion of debt, should delay loan payments by no more than eight years, Union of Arab Banks Chairman Adnan Yousif said.

Gold, Little Changed, May Increase for First Time in Three Days on Dollar Gold, trading little changed in Asia, may gain for the first time in three days as a resumption in the dollar’s weakness boosts investor demand for the precious metal as an alternative asset.

Emerging-Market Stocks May Drop 15% as Growth Slows, Aberdeen's Kaloo Says Emerging-market stocks will drop as much as 15 percent this year as earnings miss estimates and global growth slows, said Devan Kaloo, who oversees $22 billion at Aberdeen Asset Management Plc.

Egyptian Inflation Slowed to 12.8% in February, Central Agency Data Shows Egypt’s inflation rate declined in February, giving the central bank more room to keep its benchmark interest rates at a three-year low as it tries to fuel economic growth.

General News

Iraqi Leaders Maneuver Amid Signs No Party Will Win Majority in Election Iraq faces tough political coalition-building as leaders maneuvered amid indications that no party would win a majority when initial results from the parliamentary election are announced.

Biden Calls Israel Housing Plan Threat to Peace Talks Amid Visit to Region Vice President Joe Biden condemned an Israeli plan to build new houses in East Jerusalem, saying it threatened to undermine a U.S. effort to restart the Israeli- Palestinian peace process that had brought him to the region.

Gates Sees Afghan War Gains, Risks as Fight Expands in Taliban Heartland Defense Secretary Robert Gates ventured into the Afghan war zone yesterday, pinning awards for bravery on U.S. troops and shaking hands with farmers selling goods in a provincial market revived by security gains.

Energy Prices