Amman - Arab stock markets plummeted across the board on Wednesday on reports of a nearing global recession and ambiguity regarding the extent to which regional businesses were involved in the world financial crisis, financial analysts said.

The Tadawul All Share Index (TASI) of the Saudi stock exchange, the Arab world's largest bourse, fell 3.69 per cent, led by the Saudi Basic Industries Corp. (SABIC) and the banking sector.

The dropg brought to more than 10 per cent the decline in the Saudi market this week, a loss that wiped out last week's gains.

Paris - Nicolas Sarkozy believes he is the only leader capable of steering Europe through the current economic crisis and wants to become president of the euro-zone countries once his term as EU head expires at the end of the year, the daily Le Monde reported on Wednesday.

According to the newspaper, several advisors to the French president have confirmed this strategy.

Sarkozy's ambition is based on his firm conviction that the crisis in Georgia and the financial crisis both demonstrated that Europe was in need of a strong leader.

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New York - The final count is in.

More than 116 million people demonstrated around the world last weekend in a renewed effort to fight poverty, the United Nations said Wednesday.

The Guiness World Records certified the figures provided by anti-poverty campaigners who organized the events in 131 countries Friday through Sunday.

The demonstration was prompted by growing concern that poverty is being aggravated by continued high food prices.

Washington - Democratic White House hopeful Barack Obama Wednesday refuted attacks by Republican rival John McCain that he was advocating socialism by wanting to raise taxes on the wealthier, saying the McCain campaign was grasping at desperate straws.

Over the past week, McCain, 72, who is lagging behind Obama in the backstretch to the November 4 elections, has drawn enthusiastic "boos" from supporters whenever he mentions that Obama wants to "spread the wealth."