Home The BuzzMorning briefing: 26 Sep 2012

Morning briefing: 26 Sep 2012

by Executive Staff

The Arab Monetary Fund has arranged a $127 million credit facility for Morocco to help the North African nation deal with rising food prices.

"The amount of the loan contributes to helping the Kingdom of Morocco confront urgent economic conditions, including the increasing value of imported agricultural products," the fund, a regional Arab body with 22 member states, said in a statement.

It did not give details of the loan, but said it would bring its total lending to Morocco so far to $1.46 billion.

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US President Barack Obama has urged global leaders to rally against extremism in an address to the UN General Assembly in New York.

Mr Obama said it was the obligation of all leaders to speak out forcefully against violence and extremism, as he framed his speech with references to the US ambassador murdered in Libya.

Unrest across the Middle East is set to dominate discussion at the summit.

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Two large explosions shook the centre of Syria's capital Damascus, near the military general staff headquarters, on Wednesday.

The blasts happened just before 07:00 local time (04:00 GMT) in an area dominated by government buildings.

Information Minister Omran Zoabi said two roadside bombs caused the blasts, and said one might have been inside the main military compound.

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Safahuddin al-Safi will join Iraqiya's Adnan Janabi and the Kurdistan Alliance's Farhad al-Atrushi on a five-member special committee charged with drafting a new oil law, after six years of political deadlock on the issue.

The committee will "negotiate the oil and gas draft law to be referred to the Cabinet, and come out with one formula, under the supervision of the Presidency (of Parliament)," according to a September 17 order signed by Speaker of Parliament Usama Nujaifi.

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Iran's Revolutionary Guards unveiled a home-built long-range drone capable of reaching most of the Middle East, including the Islamic state's arch-foe Israel, state television reported.

The reconnaissance drone named Shahed 129 has a range of 2,000 km and is capable of carrying bombs and missiles, state television said. It gave no further details.

Israel has threatened action against Iran's nuclear sites, raising speculation about a possible military strike ahead of the US presidential election in November.

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A gas pipeline feeding Yemen's only liquefied natural gas (LNG) export terminal was blown up again in the early hours of Tuesday morning, the operating company said.

Yemen's oil and gas pipelines have been repeatedly sabotaged since anti-government protests created a power vacuum in 2011 that armed groups have exploited to cause fuel shortages and slash export earnings for the impoverished country.

The 320-km pipeline that supplies the $4.5-billion plant has been attacked several times by suspected al Qaeda-linked gunmen after military strikes on Islamist militants.

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