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.

Four Key Emerging-Market Stock Funds Post First Joint Outflows Since June All four major developing-nation equity fund groups posted outflows concurrently for the first time since June on concern the pace of the global economic recovery may not justify valuations, EPFR Global said.

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 Will Give More Market Access to African Products, Wen Jiabao Says China will provide greater market access to African products, Chinese Premier Wen Jiabao said.

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