Financial Times, August 5 – The US government failed to prepare adequate procurement and contracting systems before its 2003 invasion of Iraq, a predicament that has severely hampered the Dollars 20bn (Pounds 11bn) reconstruction effort, according to a report released to Congress yesterday.
Gulf News, August 5 – The Israel-Hezbollah conflict has, so far, had only a minimal impact on the UAE’s economy, but analysts are predicting the impact on the Emirates could worsen if a ceasefire fails to materialize.
Zawaya, August 4 – Last-minute buying in a few key stocks helped the Dubai Financial Market (DFM) close higher, but still below the psychological 400point mark yesterday. In Abu Dhabi, selling pressure in shares of building materials company Bildco amid uncertainty about the firm’s buyback plans pushed the market below breakeven.
Stop Fundamentalism, August 4 â€“ Iranâ€™s Supreme Leader Ayatollah Ali Khamenei blasted United States policy in the Middle East and warned of an impending Muslim â€œjihadâ€, or holy war, against the West.
â€œWith its support of the Zionists crimes and criminals and its blatant aggression against the rights of Muslim nations, the U.S. regime must be prepared for a hard slap and a destructive punch by Muslimsâ€, Khamenei said.
NEW YORK (AFX), August 4 – Oil prices slipped below $75 a barrel Friday as supply concerns eased, after a storm in the Caribbean weakened and appeared to no longer threaten Gulf coast oil facilities.
NEW YORK (AFX), August 4 – The dollar fell against most major currencies Friday after disappointing jobs data deepened doubts over prospects of further interest rate rises.
The Japan Times Online, August 4 – The Japan Bank for International Cooperation is planning to set up a representative office in the Jordanian capital of Amman by the end of the year as part of preparations for offering aid to Iraq.
Easy Bourse, August 4 – The International Monetary Fund said Thursday it approved two reviews of Iraq’s economic reform program, keeping open a precautionary credit line to the government.
The Providence Journal, August 4 – A federal auditor says that the case of Rhode Island-based Custer-Battles illustrates some of the pitfalls of insufficient planning for postwar reconstruction.
ROBERT H. REID, AP, August 4 – BAGHDAD, Iraq — American generals have laid bare the facts: Baghdad is on the brink of chaos, and the specter of all-out civil war looms.
Instead of standing down, as had been hoped this year, the U.S. military is preparing for a major operation to try to take back Baghdad’s streets from Shiite and Sunni extremists. The goal is to stem sectarian violence that Iraqi security forces could not control.