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Kuwait moots visa transfer ban Kuwait is considering banning the transfer of worker's visit visas into work permits for holders of Iraqi, Iranian and Syrian passports. The move, reported in the Kuwait Times, is being considered after a rise in applications from these countries. The ban would be enforced over a period of three years. [AMEInfo.com] Global stocks plunge Fears that the credit crisis will not be contained sparked panic selling across
Global stock markets tumbled on Monday amidst fears that the credit crisis cannot be contained. European shares posted their worst day on record and the Dow slipped below 10,000 points for the first time since October 2004. In Europe, the pan-European FTSEurofirst 300 index fell 7.75% to close at 1,004.90 points, its biggest percentage fall ever and eclipsing the 6.3% fall suffered on September 11, 2001, during the US terrorist attacks. In the US, the Dow Jones industrial average closed down 369.88 points, or 3.58%, at 9,955.50. At one point, the Dow was down as many as 800 points following large declines on global stock markets.
[AMEInfo.com] UAE stocks tumble The Dubai Financial Market on Monday plunged 292.48 points, or 7.61%, to close on 3,551. Among the stocks that were hardest hit were Emaar, down by 10.74%, Arabtec by 14.95%, Union Properties by 11.47%, and Tamweel by 10.51%. The Abu Dhabi Securities Exchange also tumbled today, down 211.66 points, or 5.61%, to close on 3,558. [AMEInfo.com] US asks Kuwait for bailout help The US government has asked Kuwait to contribute to a $700bn US government financial rescue plan in the form of purchasing U.S. Treasury bonds, reported Al-Qabas, citing unidentified bankers. The report said Kuwait is among other oil-rich Gulf countries asked to help finance the bailout plan. [AMEInfo.com] Middle East businesses unethical say employees A poll run by jobs website Bayt.com claims that the ethics and professionalism levels in the Middle East workplace are questionable. The poll found that 45% of respondents believed their company did not conduct business in an ethical manner, while 52% thought that it did. Fifty-one per cent said that their company always conducted business in a professional manner, with 49% saying that the company they worked for was not professional. The poll was conducted among 8,593 people from across the Middle East. [AMEInfo.com]
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