Markets Brief: Israel approves gas exports to Egypt; Russia to invest in Syria
Tensions remain high and renewed escalation still poses risks to global trade activity, Fitch Ratings said, after US and China signed a preliminary deal. Meanwhile, in the Middle East, Israel has approved the export of natural gas to Egypt, kicking-off a landmark deal signed between the countries earlier this year. In the world of stocks, UAE-based NMC Health lost over a third of its value on the London bourse after short-selling firm Muddy Waters targeted its stock.
Al Arabiya English has provided a news brief on all of this and more from global markets to developments in the Middle East.
US-China trade tension eased but not yet resolved, says Fitch
A preliminary trade deal reached between the United States and China has offset much of the damage done to global trade activity prospects, but tensions remain high and renewed escalation still poses risks, Fitch Ratings said in a statement on Tuesday.
Israel approves gas exports to Egypt
Israel has approved the export of gas from its offshore reserves to Egypt, a spokeswoman said Tuesday, with a major reservoir expected to begin operations imminently. The approval by Energy Minister Yuval Steinitz is part of a long process under which Israel will transform from an importer of natural gas from Egypt into an exporter and potential regional energy player.
NMC Health’s shares plunge 28 pct on the London Stock Exchange
London-listed NMC Health PLC saw its shares plunge 28 percent on Tuesday after equity research firm Muddy Waters raised serious doubts about the Abu Dhabi-based company’s financial statements and practices.
Unemployment in Saudi Arabia to decline to 5.4 pct by 2019-end: Report
Unemployment in Saudi Arabia will decline to reach 5.4 percent by the end of 2019, supported by higher employment of both Saudis and expatriates in the industrial sector, Beltone Financial said on Tuesday.
Sudan’s Nile Bank signs deal with Oracle, signaling thaw with US
Sudan’s Nile Bank signed an accord with US software firm Oracle Corp for the provision of a mobile banking platform, a sign Sudan’s economic relations with the United States are thawing after years of crippling sanctions.
Russia to invest $500 mln in Syrian port, build grain hub: Interfax
Russia plans to invest $500 million in the Syrian port of Tartus and build a grain hub there to boost its presence on Middle East markets, Interfax news agency cited Deputy Prime Minister Yury Borisov as saying on Tuesday.