Iran's financial revolution

A new bank will be launched in revolutionary Iran and its main aim will not be making a profit, but to help low income Iranians and put the economy on a sound footing.

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Some 800,000 shares of 1,000 Rials ($14) will be offered for sale on the launching of the Islamic Bank of Iran, no one will be allowed to buy more than 1,000 shares. One of the Bank's financial consultants Hossein Almasi, said the Bank would seek only to make enough money to cover its expenses.

Side-effect victims get $33 million

A Japanese drugs firm signed an out-of-court agreement to pay damages totalling 7.1 billion yen ($33 million) to 437 patients who suffered side effects from an anti-diarrhoea drug it marketed. The plaintiffs had maintained that the drug could affect the peripheral nervous system, cause blindness or paralyse upper limbs.

Arab delegates in walk-out at Manila

Arab delegates to a United Nations development conference stormed out of the convention hall when Israel's delegate Mayer Gabay, rose to read his country's position paper. "We don't recognize Israel," said Hani Habeeb of Syria, who said the walk-out included 20 Arab delegations or those of "all Arab countries except Egypt, which is not part of our group any more. It doesn't exist."

Security Council supports UNIFIL's role in Lebanon

United Nations Security Council issued a statement supporting continued diplomatic efforts to secure full implementation of the mandate of the UN Interim Force in Lebanon (UNIFIL). The force, charged with helping restore the Beirut government's authority in the southern part of the country, has been involved in repeated incidents with Israeli-backed Lebanese Christian militia who control a strip of territory along the border with Israel.

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