Middle East

Financial News

Geithner, Brown Split on Transaction Tax as G-20 Seeks Rebalanced Economy Group of 20 governments split on whether to tax financial trading as part of a broader strategy to ensure the global economy’s expansion is less crisis-prone.

Saudi Arabian Shares Advance as Sabic, Yanbu National Petrochemical Gain Saudi Arabian shares rose for the fourth session in five, led by Saudi Basic Industries Corp., the world’s biggest petrochemicals maker, known as Sabic.

U.S. Stocks End Two-Week Slide as Manufacturing, Home Sales Top Forecasts U.S. stocks rose, halting a two-week retreat, after worker productivity, manufacturing and home sales beat economists’ projections and Warren Buffett’s Berkshire Hathaway Inc. made its biggest purchase.

Crude Oil Falls After Unemployment Rate in U.S. Surges to a 26-Year High Crude oil tumbled after the Labor Department reported that the U.S. unemployment rate surged to a 26-year high, undermining speculation that fuel consumption will rebound next year.

Dollar Being Used to Fund `Carry Trade,' May Still Be Overvalued, IMF Says The International Monetary Fund said traders are probably using the dollar to fund “carry trades” across the world and the currency may still be overvalued even after its slide this year.

`Unhappy' Egypt Talks With China on Trade Deficit, Minister Rachid Says Egypt, the most populous Arab country, is discussing “unfair” trade practices with China, with which it has a trade deficit, Egyptian Trade and Industry Minister Rachid Mohamed Rachid said today.

China Willing to End Import Duties on More African Commodities, Chen Says China is willing to scrap import duties on more commodities from Africa as part of its plans to strengthen bilateral trade, China’s Commerce Minister Chen Deming wrote in an article in China Daily today.

Al-Attiyah of Qatar Says Natural Gas Undervalued, Expects Demand to Climb Natural gas prices, down 18 percent in the U.S. this year, are too low and demand will rebound, Qatar’s Energy Minister said.

Asharq Al-Awsat to Close Beirut Bureau as Revenue Falls, Al-Akhbar Reports Asharq Al Awsat, a pan-Arab Saudi daily published from London, will close its Beirut bureau at the end of November as advertising revenue fell in the global recession, Al-Akhbar reported, citing Tony Al-Hajj, the newspaper’s bureau chief the Lebanese capital.

Total Yemen Venture Ships First LNG From $4.5 Billion Arabian Sea Terminal Yemen exported the first shipment from a $4.5 billion liquefied natural gas plant, gaining a new source of revenue as oil production declines.

General News

Saudi Aircraft, Artillery Pound Shiite Rebels in South, Jazan News Reports Saudi Arabia pounded Yemeni Shiite rebels with aircraft and artillery fire in an attempt to clear them from its territory, Jazan News said on its Web site.

Saudis Vaccine Health Workers Against Swine Flu Before Hajj Pilgrimage Saudi Arabia, the birthplace of Islam, started vaccinating government health workers against swine flu as Muslims prepare for the annual pilgrimage to Mecca, risking the spread of the disease.

Abbas's Withdrawal From Palestinian Elections Clouds Middle East Peace Bid Palestinian Authority President Mahmoud Abbas’s decision to withdraw from elections slated for January added a new hurdle to Middle East peace efforts and triggered speculation about who might succeed him.

Energy Prices