Liverpool Captain Gerrard Signs Up For 'Team Azizi'

London: Liverpool Football Club Captain Steven Gerrard MBE joined forces with 'Team Azizi' on the 2nd December at a VIP launch event for the Dubai-based developer Azizi Investments at London's Dorchester Hotel.

Gerrard gave his seal of approval to his signature tower - the Azizi Crystal, Palm Jebel Ali - at the launch, which was attended by a host of VIP investors as well as guest speakers from CNN and Bloomberg. Within minutes of launch, the developer had achieved sales of more than AED150 million - dramatically bucking overall market trends and indicating continued interest in the Dubai market both regionally and internationally.

Speaking about the development, Gerrard said: "I am truly privileged to be part of such a pioneering and prestigious project on Palm Jebel Ali. Azizi Investments is one of the top developers in the UAE and the vision and quality of the Azizi brand is what inspired me to be part of this new, upcoming development."

Mr. Merwiss Azizi, Founder and Chairman of Azizi Investments, said: "Steven is a leader who commands respect and admiration on and off the field. This makes him an outstanding ambassador for the Azizi brand, and we're delighted to be working with him on the Azizi Crystal at Palm Jebel Ali."

Gerrard added: "I would personally like to thank Mr Azizi for this honour and look forward to working with him throughout this project."

Designed to the highest specifications in terms of architectural and environmental standards, the Azizi Crystal will be located on Crescent A, Palm Jebel Ali. The high-rise podium tower development comprises of G+21 floors and will include luxurious, high-end oceanfront residential apartments ranging form one to four bedrooms, as well as luxury penthouse units.

As Gerrard famously sports the number 8 on his shirt, Floor 8 in the Azizi Crystal will boast a number of special features inspired by the player. Gerrard will also have an apartment within his signature tower on one of the most prestigious floors - stimulating increased demand from investors.

The one and two bedroom apartments range in size from 900 Sq. ft to 1400 Sq. ft. and in style from classic to contemporary. Fully integrated semi-open kitchens with luxury brand built-in appliances and specially designed luxury bathroom fittings and accessories are included with all Azizi apartments.

Three and four bedroom apartments range in size from 1800 Sq. ft to 2400 Sq. ft and in style from classic to contemporary. Custom-commissioned in every detail, apartments will include high quality full body porcelain tiles, with natural marble stone flooring and wood flooring in selected areas. Kitchens will be equipped with the finest natural wood veneer cabinetry and granite tops.

Source - © Press Release [05 December 2008]

Dubai real estate still set for solid growth

Dubai: The future of Dubai and UAE real estate will be more successful and solid than in previous years, due to lessons learned during the economic crash.

Both developers and property analysts are keen to reassure investors that while days seem dark right now, next year will be bright.

Many see last year's soaring prices and astronomical profits as symptoms of an immature market dominated by speculators chasing short-term gains.

"Despite the excitement they generate, sky-high profits are both unsustainable and unhealthy. Ultimately, they create unrealistic expectations about future performance, especially because high prices hurt demand," Cliff Kelaita, chief executive officer and chairman of Landmark Properties, said in a memo to his clients.

Such displays of transparent communication are signs of a maturing market, one that will be more successful in the future.

"There are many reasons to be optimistic about Dubai's resilience during this downturn. Despite worsening economic conditions in other parts of the world, the UAE and GCC remain on track for solid growth," Kelaita said.

6% growth

The UAE's economy is forecast to grow around 6 per cent in 2009, far above the global average growth of 2.2 per cent, predicted by the International Monetary Fund.

Dubai's property market, while slow at the moment, will attract long-term investors next year once the panic and negative sentiment are over. Speculators are abandoning the market, house prices are coming down leaving 2009 the year for the end-user.

Source - © Gulf News [05 December 2008]

Dubai House Price Index for Q3 2008

Dubai: Colliers International, the global real estate consultancy, today released its Dubai House Price Index for the third quarter of 2008. The report indicates an increase of 5% in the overall house price growth during July to September. The year-on-year overall growth between Q3 2007 and Q3 2008 was 80 per cent. When compared to the same quarter a year before, the overall growth in prices was stronger at 5% compared with 2% in Q3 2007.

The 5% overall house price increase remains significant given the impact of the international financial crisis on other markets. However, since the start of 2008, the index indicates the development of a trend towards a deceleration in the rate of growth, with average overall growth registered as 43% in Q1, 16% in Q2 and 5% in Q3. Colliers expects this trend to continue into the fourth quarter of 2008, which would herald a drop in overall residential property prices.

Ian Albert, Regional Director for Consultancy Services, Colliers International, explains: "On the one hand, the index results show a 5% increase in overall residential prices for the third quarter, which is good news. On the other hand, over the past three quarters the rate of growth has slowed to the point where we expect overall price growth to enter negative territory in the fourth quarter."

Albert continued: "It is clear to us that the landscape has changed since the end of September. The deceleration in the rate of growth seen in the first three quarters is attributable to the demand-supply dynamic of Dubai, but since the end of September a new factor, namely a shortage in liquidity caused by the international financial crisis, has impacted the market. It will only be possible for us to accurately advise how much of an impact when we release our 2008 4th Quarter Dubai House Price Index in mid January 2009."

Justifying the release of the third quarter report Albert said: "Transparency of market information is important for supporting the long term stability of property prices in Dubai. Naturally, people are thinking about what will happen in the future, but Colliers believes accurate information, be it retrospective or immediate, is relevant and important for investors and the general public to aid informed decision making."

The Colliers report attributes the overall appreciation of Dubai's residential properties in Q3 to three main factors: the attractiveness of ownership in light of increased rental rates, the demand-supply dynamic for completed projects, and competitive mortgages with low interest rates during the third quarter.

Colliers analysis indicates the trend of deceleration in the rate of overall price growth was attributable in the third quarter to a number of factors, including the seasonal lulls due to the summer vacation and the Holy month of Ramadan, investors selling in Dubai to buy property in home countries heavily affected by the credit crisis, and negative sentiment exerting pressure on prices. The roots of this negative sentiment was the international financial crisis, as the global financial system was buffeted by shocks, and the heavy losses of real estate companies on local stock exchanges which raised doubts over their ability to complete projects.

Key Findings:
A quarterly upward change for the overall index of 5% in Q3 2008
The rate of growth decelerated from 16% in Q2 2008 to 5% in Q3 2008
A year-on-year increase for the overall index of 80% between Q3 2007 and Q3 2008
The blended average rate per ft2 for residential property in Dubai in Q3 2008 was AED 1,919 (AED 20,656 per m2)
Apartments represented 69%, villas 16% and townhouses 15% respectively of total mortgaged properties used to collate the index
Townhouse prices increased by 103% in Q3 2008 compared to Q3 2007

In order to separate the true nature of property transactions the House Price Index provides information on average square foot prices for completed and uncompleted properties and is calculated including and excluding Burj Dubai, a development that has a large influence on the index.

To download a copy of the Dubai House Price Index please go to: http://www.box.net/shared/t7906mfrez You can also email hpi@colliers-me.com to request a copy.

Source - © Press Release [05 December 2008]

Burj Dubai to stand tallest for at least a decade

Dubai: Every cloud has a silver lining and for the world it literally will be The Burj Dubai. The global financial crisis has ensured that the super-tall skyscraper, already the region's pride, will cement its place as the world's tallest building for at least a decade.

In the recent past, several projects have been announced in the Middle East threatening to surpass Emaar's Burj Dubai. However, analysts state that all such projects, which require billions to complete, have been brought to a grinding halt.

With the crisis expected to govern global lives for the next three to five years and an additional five years being the minimum period required to soar above 818 metres (the Burj Dubai's proposed final height), it is safe to say Dubai's astonishing landmark will rule till 2019.

To date, four projects that would outstrip the Burj Dubai have been announced.

Al Burj (The Tower) by Nakheel, the only serious contender that had bite, will also take a few more years than initially projected to complete.

However, analysts spell complete doom for the other proposed projects - Murjan Tower 1 (Bahrain), Burj Mubarak al-Kabir (Kuwait) and Saudi Arabian Prince Al-Waleed bin Talal's kilometre high tower for Jeddah.

Nakheel has kept its proposed final height for the Al Burj a secret.

Most recent reports suggested that the tower would rise to 1,400m (4,593ft). From an initial projection of 700m to reports of 1,600m, the Nakheel tower has kept everyone guessing.

However, nothing can surpass the Burj Dubai for a decade.

Located in the Business Bay district of Dubai, the Burj Dubai is the tallest man-made structure ever built, despite being incomplete.

Construction began on September 21, 2004 and is expected to be completed and ready for occupation in September 2009.

The building is part of the two sq km development called 'Downtown Dubai', at the 'First Interchange' (Defence Roundabout) along Sheikh Zayed Road at Doha Street.

Record breaker
The Burj Dubai holds the following records:

Tallest structure: 707m; previously KVLY-TV mast in North Dakota, USA: 628.8m

Tallest freestanding structure: 707m; previously CN Tower, Canada: 553.3m

Building with most floors: 160; previously Sears Tower, Chicago, USA: 110 floors

Highest vertical concrete pumping (for a building): 601m; previously Taiwan's Taipei 101: 449.2m

Highest vertical concrete pumping (for any construction): 601m (1,972ft); previously Riva del Garda Hydroelectric Power Plant, Torino, Italy: 532m

Source - © Emirates Business 24/7 [05 December 2008]

Pilgrims suffer from illegal Haj house rentals

Jeddah: Looking forward to the financial benefit that the Haj season brings, residents of the holy city of Makkah rent their houses to Haj companies each year.

Omaymah Abdulateef, 50, a housewife who has been renting her home to pilgrims for the past 30 years, said "renting houses to pilgrims is an old Makkah tradition. In the past during the Haj season, our grandfathers used to give their homes to pilgrims for free as a way of helping them."

According to Abdulateef, people who rent their houses usually spend the Haj season in Jeddah because it is the nearest city, or they move in with one of their relatives.

While renting houses without the approval of the Haj Ministry may benefit the house owner, it can be a problem for pilgrims who may be forced to walk for long hours in order to reach the holy areas.

"The companies arranged for us to live in a house located in Al-Aziziyah district in Makkah, and they used to make us walk from Makkah to Mina every day," said Tari Wari an Indonesian pilgrim.

Wari and many pilgrims from other countries want to perform Haj as inexpensively as possible, and that is why they search for the cheapest Haj companies which can result in them facing difficulties and health problems, such as, sunstroke.

Aziza Mabrook, a 56-year-old pilgrim from Egypt, said that she has been saving money to perform Haj since she was 25.

"I am an old woman who cannot walk, and my dream is to perform Haj and visit the two holy cities," she said. "I paid all the money I had, but I was shocked because my Haj accommodations were not like those of my friends."

Mabrook was not able to perform Haj the way she wanted because she was not able to walk all the way to Mina from the location in Makkah where the illegal company gave her housing.

"Many pilgrims died or went to the hospital because of sunstroke. It was a long way to walk in the sun, and with all of that, I simply could not make it to Mina and stay until the next day. Now I have no money to return to my family in Egypt," she said.

"The problem is that some companies lie to pilgrims and take their money without providing them with a proper place to stay," said Talal Abdulmalik. "They also deal with illegal pilgrims who live in Saudi Arabia or came on an Umrah visa, and that is why they try to hide them from the government."

According to Hassan Bakri, the head of the Ministry of Haj in Madina, the officials of the Madina branch are cooperating with the authorities to stop Haj companies from renting houses inside Makkah for pilgrims.

"We have started 24-hour tours around the pilgrimage centers aiming to stop the middlemen who rent illegal houses to Haj companies," said Bakri.

Jamal Abdulmalik from the Southeast Asia Haj office said that renting houses to pilgrims illegally can result in punishment from the government, and may lead to the company being prevented from operating during the next Haj.

"Pilgrims these days know about Haj and the rules they should follow. That is why it is not easy to fool them anymore," he added.

Samera Muhammad, a Pakistani pilgrim, said that she paid her money after the company told her that she would live inside Mina and would not face any difficulties.

"We did not know that they lied to us until we found ourselves living in a small apartment in Makkah. The Haj had already begun and so we had no choice but to face reality," she added.

"We have specific rules for Haj companies governing where pilgrims should live," said Bakri, adding that the rooms should be clean and healthy and meet the standards set for pilgrims' habitation.

Source - © The Saudi Gazette [05 December 2008]

Dubai Faces Shortage of Office Space

Dubai is facing severe shortage for office spaces as completion delays particularly in Business Bay, which was scheduled to deliver 1.9 million square metres of office space by the fourth quarter of 2010, versus an actual completion estimate of 435,000 square metres over the same period.

The things are so serious that a recent report by the Colliers International, a real estate management consultants have revised 2010 fourth quarter total cumulative supply forecasts downward from 6.3 million square metres to 4.9 million square metres Gross Leasable Area.

The demand-supply dynamic of Dubai's office market has driven double digit growth in capital values over the past three years, ensuring a vacancy rate across market that has rarely exceeded two per cent. The government has played a central role in creating both demand and supply side levers for office space through the creation of economic free zone clusters.

Over the past three years transactions in office space investment remain limited due to a continued shortage of primary grade space.

Source - © Khaleej Times [05 December 2008]

Haj road works

Mina: Transport Minister Jabara Al-Seraisry said SR60 million was spent for road repair, electrification and car parks in Makkah and the holy sites for this year's Haj.

"The heavy traffic on the Makkah-Jeddah expressway will ease with the reconstruction of the old Makkah-Jeddah highway," Al-Seraisry said yesterday at a press conference after an inspection tour of work sites in Mina.

The 40-km-long first phase of the road, which is scheduled to be commissioned in 2010, will have four lanes in each direction, the Saudi Press Agency reported yesterday quoting the minister.

The Civil Defense Directorate in Makkah, meanwhile, issued a warning to pilgrims against setting up makeshift camps in pedestrian tunnels because this might hinder the movement of pilgrims and become likely flashpoints for accidents.

Squatting in pedestrian paths has been blamed for exacerbating potentially dangerous crowd conditions in the past.

Pilgrims mostly use the several-kilometer-long pedestrian tunnels to travel between Makkah and Mina during Haj.

The directorate urged pilgrims to follow the safety instructions posted on all roads and tunnels in Makkah and the holy sites. It also urged pilgrims not to drop rubbish in the pedestrian tunnels.

Deputy Minister of Municipal and Rural Affairs Habib Zainul Abideen, who is acting secretary-general of Makkah and Madinah Development Authority, said the third floor of the Jamrat Bridge would be thrown open to pilgrims this year.

The Ministry of Municipal and Rural Affairs will provide housing for pilgrims in the newly built residential towers in Mina. These high-rise buildings, constructed with investments from the General Organization for Social Insurance and the Pension Fund, can house up to 25,000 pilgrims in 810 rooms. The ministry is studying the construction of more such buildings.

The Makkah Municipality has recruited 7,000 cleaning workers to keep the city clean round the clock. They will operate 212 dumpster trucks, 178 hydraulic trucks and 232 other cleaning equipment, according to a statement by Abdul Salam Mashat, undersecretary for services at the Makkah mayor's office. Special arrangements are in place to handle flood situations, he said.

A team of 100 workers with 10 machines will be deployed to clean the central area of Makkah. Some 200 big garbage bins have been placed at locations where pilgrims frequent in large numbers but where truck entry is difficult.

More than 10,000 tons of garbage has been removed over the past six days in this area, according to city officials.

The municipality has set up special committees to ensure that food outlets and wayside traders observe all hygienic specifications.

Source - © Arab News [05 December 2008]

Air-Conditioned Bridges for Al Ain

Al Ain: The municipality will construct three new air-conditioned overhead bridges with lift facility for pedestrians in Al Ain City in the first quarter of 2009.

Salih Al Mazroui, head of the roads maintenance department at the civic body said: "Three new bridges will be constructed in the Al Ain Industrial Area towards Al Ain downtown area, the Al Zafarana market area, and near the Shaikh Mubarak roundabout."

He said that the municipality will give the project of re-planning the streets and putting up zebra lines to a private company.

"The municipality will maintain areas that have traditional houses such as the Seeh Bany Ammar area with new posts for street lights and pavements," he added. The project of maintaining the traditional house areas will be done in two phases, the first phase of which will cost Dh200 million.

In addition, the civic body will maintain 19 fountains in the city.

Source - © Khaleej Times [05 December 2008]

Haj health preparations finalized

Jeddah: Jeddah Health Affairs Management has finished its preparations for the Haj season in Jeddah and all surrounding areas.

Several procedures have been undertaken to provide a fast and efficient service to pilgrims.

"We have canceled all vacations for medical staff whether in Jeddah, Rabigh or Al-Laith," said Dr. Sami Badawood, Director of Health Affairs Management. "We will utilize this medical staff to help pilgrims in any way that we can."

According to Badawood, all non-urgent operations will be delayed until the end of the Haj season.

"Starting from Saturday the 6th of December we will not accept non-urgent cases and cases that have no need for operations. This procedure will put in place not only in Jeddah, but also in Rabigh and Al-Laith," said Badawood.

Several improvements have been made in Jeddah governmental hospitals to receive urgent pilgrim cases from Makkah if needed, said Badawood.

"More than 50 beds have been made available in intensive care departments in Jeddah government hospitals such as King Abdul Aziz Hospital, King Fahd Hospital, and Al-Thagher Hospital. These hospitals will be ready to receive urgent cases from Makkah," said Badawood.

During the last Haj season, several cases of premature birth occurred, so health affairs management has prepared for such eventualities.

"We had many cases of pregnant women who gave birth prematurely while performing Haj. This occurs because of the great effort that women make during Haj. As a result, we have had to add large numbers of incubators to Al-Mesadiyah Maternity Hospital, and Al-Aziziyah Maternity Hospital, as well as to the private hospitals that will help the referred pilgrims for free, and be reimbursed by the Ministry of Health," said Badawood.

Beside these procedures, we have opened a new medical center in the pilgrim's city to conduct a primary checkup for pilgrims to ensure that they are free from disease, added Badawood.

"We have provided the latest equipment to Rabigh General Hospital and Al-Laith General Hospital which are located on roads leading to Makkah," he added. "Jeddah Islamic Port, and Pilgrim's City have been totally prepared for the Haj season."

Source - © The Saudi Gazette [05 December 2008]

Traffic congestion eased at Jamarat Bridge

Mina: Pilgrims during this Haj season will be able to use the third floor of the Jamarat Bridge after its completion to ease the traffic and manage the mass movement of pilgrims during the stoning rituals starting Dec.8. Three levels out of a projected five have been completed of the SR4.2 billion Jamarat Bridge expansion project. The project is expected to be completed next year.

"During this Haj, pilgrims will be able to use the third level of the Jamarat Bridge, which has been constructed as per the instructions of King Abdullah, Custodian of the Two Holy Mosques, to help prevent the possibility of a stampede, said Habib Mustafa Zain Al-Abideen, Undersecretary of the Ministry of Municipal and Rural Affairs and Secretary General of the development of Makkah and Madina.

This expansion project has been implemented in four phases. The first and second phases include the basement of underground services and emergency evacuation and exit tunnels to separate pedestrians from vehicle traffic on the bridge. Exit tunnels will be used in emergency situations to transport and evacuate casualties to a helicopter airfield.

"The project includes an integrated system for the transfer of stoning pebbles outside the Jamarat area," he said. The ground floor of the bridge will be used for pilgrims coming mainly from the plain of Mina and it is designed only for pedestrian movement with ambulance stations, civil defense and basic services," Zain Al-Abideen said.

The first floor of the bridge is designed with two entrances: one for pilgrims coming from north of Mina, Arab and Johara market, and the second for pilgrims coming from south of Mina and King Faisal Street. After finishing their stoning rituals, the pilgrims can use three exits: two to Mina and one to Makkah.

The second floor of the bridge is accessed from the direction of Makkah through two entrances: one from the north side for pilgrims coming from the west side of the Jamarat area and the second for pilgrims coming from the south side of the Jamarat area. The pilgrims can exit the second floor through one ramp toward Makkah. The third floor of the bridge will be used for pilgrims coming from central Mina, King Fahd Street, and the housing complex. The pilgrims can use escalators to go up to and down from the third floor.

Meanwhile, the committee concerned with the development of the holy places in Makkah has decided to reduce the capacity of the Jamarat Bridge to 300,000 pilgrims per hour to reduce the pressure on the "Tawaf" area in the Holy Mosque of Makkah during this Haj season.

This decision was taken with the knowledge that pilgrims will normally head toward the Tawaf area immediately after finishing the rite of throwing Jamarat stones Dec. 8,9 and 10.

Source - © The Saudi Gazette [05 December 2008]

Pilgrims to take Haj pledge to quit smoking

Riyadh: Saudi Arabia under the Tobacco Control Program will launch a no-smoking campaign during Haj to ensure that the two holy cities and other ritual sites remain tobacco-free areas.

Dr. Abdullah Muhammad Bidah, Supervisor-General of the Tobacco Control Program (TCP), Ministry of Health, said preparations are underway to educate pilgrims about the harmful effects of smoking and other uses of tobacco.

He said for a pilgrim who is addicted to smoking, Haj would be the ideal time to quit the habit. "As part of our campaign we coined a slogan for this Haj - "Make Arafat Day, a Quit Smoking Day." The slogan will serve as a pledge taken on the spiritual day of Haj that will enable a pilgrim to quit smoking for the rest of his life," he said.

Among the total number of pilgrims coming from various countries for Haj this year, an estimated 700,000 will be smokers, Bidah said adding that the TCP has printed around 1.5 million leaflets in 14 different languages for distribution among pilgrims including both smokers and non-smokers.

The printed educational material will be in languages such as Arabic, English, French, Persian, Urdu, Turkish, Indonesia and Swahili, Bidah said.

Besides, he added, there will be paid advertisements in seven languages on different satellite television channels. Anti-smoking advertisements will also be deployed on electronic screens located in the ritual sites.

He said TCP will also distribute a kit containing a prayer mat and a colorful gift card with an anti-smoking message, and information about the harmful effects of tobacco on health will be given as souvenirs to the pilgrims, who can take them to their home countries as reminders of the pledge they made during Haj to quit smoking.

Pilgrims, who are non-smokers, will help to disseminate information to people back home, he said. He added that the Ministry of Foreign Affairs has been requested to gather information when Haj visas are issued in order to ascertain the number of smokers among the pilgrims coming for Haj.

Bidah said the draft of a national anti-tobacco law has been submitted to higher authorities for approval.

He said efforts are underway to make Makkah and Madina tobacco-free cities. There are, however, difficulties in making the two holy cities 100 percent tobacco-free because pilgrims coming from different backgrounds and cultures are addicted to smoking.

"We require the cooperation of pilgrims in order to make the two holy cities among those with the lowest tobacco consumption in the world," he said, adding that the area within five-kilometers of the Holy Haram in Makkah and Madina is tobacco-free with the sale of tobacco strictly banned.

He said even as the anti-smoking laws are being considered for approval, a central committee has been formed with representatives from the ministries of Health, Education and Commerce and other related agencies in order to study the ways and means of creating 100 percent tobacco-free Haj ritual sites.

Source - © The Saudi Gazette [05 December 2008]

Global auto industry sinks deeper into crisis

Tokyo: Deepening turmoil in the global auto industry depressed investor sentiment Friday as the fate of the Big Three US automakers hung in the balance and cash-strapped Honda quit Formula One.

Asian stock markets limped to the end of a bruising week with investors cautious ahead of key US jobs data that are expected to underscore the worsening labour market in the world's largest economy.

Tokyo's Nikkei-225 index ended 0.08 percent lower and Sydney dropped 1.2 percent, although Seoul ended 2.1 percent higher and Shanghai added 0.86 percent.

The fate of the Big Three US automakers remained uncertain after contrite chief executives asked sceptical senators to deliver a multi-billion-dollar bailout for the ailing industry.

Following a near-six-hour grilling of the car giant bosses, senior Democratic Senator Chris Dodd said he would work to broker a compromise but it was unclear whether a majority of lawmakers were ready to back a rescue.

The Big Three bosses must repeat their ordeal for the House Financial Service committee on Friday.

Honda announced its shock withdrawal from Formula One over the global financial crisis, ending an involvement which began in the 1960s and raising further fears over the sport's future.

"This difficult decision has been made in light of the quickly deteriorating operating environment facing the global auto industry, brought on by the subprime problem in the United States," said Honda president Takeo Fukui.

South Korea said it was considering tax cuts for automakers who are struggling with declining domestic and overseas demand.

Anglo-Australian mining giant Rio Tinto said it was likely to shut its iron ore mines in Western Australia for nearly two weeks over Christmas to cut production in the face of reduced demand.

Investors were concerned that a record 75 basis point rate cut by the European Central Bank and a 100 basis point reduction by the Bank of England would not bring much relief to markets in the near term.

"The previous coordinated rate cuts didn't work. No one expects the European economy to hit a bottom thanks to the cuts this time around," said Kazuhiro Takahashi, equity trading information chief at Daiwa Securities SMBC.

But some investors were hoping Wall Street might rally after key US jobs data due out later Friday, because markets have already priced in a gloomy report.

"It's obvious the upcoming data will be bad but some investors expect buying will emerge again after the figures are out, no matter how bad they are," said Takahashi.

In the United States on Thursday, the Dow Jones Industrial Average tumbled 2.5 percent to 8,376.24 as investors stampeded toward the safety of US Treasury bonds as rising job losses hit sentiment.

US telecommunications giant AT&T said Thursday that it was cutting 12,000 jobs, chemical group DuPont announced about 2,500 layoffs and media group Viacom said it would shed about 850 jobs.

The heads of the struggling Big Three American automakers warned that their collapse could cost up to three million jobs in the auto sector and wider economy, and pleaded for 34 billion dollars in financial lifelines.

A government report released Thursday showed a drop in the number of new US unemployment claims in the past week, but the level remained high at 509,000.

Expectations are now growing for a 75 basis point interest rate cut by the US Federal Reserve next week to try to revive the world's largest economy, said Dariusz Kowalczyk, chief investment strategist at CFC Seymour.

US Treasury chief Henry Paulson said the United States and China would make 20 billion dollars available in trade financing to boost commerce amid the global slowdown.

Source - © AFP [05 December 2008]