Markets News Oil 

KSA’s GDP is currently 40% reliant on oil exports: Colliers International 

“In terms of the retail sector, Colliers unveiled that the everchanging retail landscape is showing no signs of steadying as demand emerges for new retail types” writes Nihal Samir for dailynewssegypt.com. In retail, for example, millennials favour more experiential and lifestyle retail over conventional retail,” he added.Colliers revealed that in the next 10 years, the population of Saudi will grow by 5m to almost 40m, of which almost 70% will be under the age of 44.It also highlighted that the growth of regional websites such as Noon.com and Amazon’s Souq.com…

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Where the U.S.-Japan trade deal falls short of Trans-Pacific pact abandoned by Trump

“WASHINGTON (Reuters) – U.S. President Donald Trump has called his new trade deal with Japan a “phenomenal” victory for U.S. farmers” writes Midwest Communications Inc for 95kqds.com. The U.S.-Japan deal prohibits these, as well as unreasonable security requests for source code.Apart from the lack of improved access for butter and milk powder, exact details of cheese provisions in the U.S.-Japan deal are not yet known.The main improvement over TPP comes from the U.S.-Japan digital trade agreement, say congressional aides and tech industry officials briefed on it.Abe said Trump agreed not…

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Israeli gas exports to Egypt to increase to 85.3 bcm over 15 years

“Israeli gas exports to Egypt to remarkably increase by 21.3bn cubic meters (bcm) (751.98bn cubic feet) to record a total of 85.3 bcm over 15 years, Delek Drilling and Noble Energy announced on Wednesday” writes Mohamed Samir for dailynewssegypt.com. While exports from the nearby Tamar field will be reduced to 25.3 bcm from 32 bcm over the same period.In 2018, two 10-year agreements worth $15bn to export Israeli natural gas to Egypt were signed.According to the agreement, gas exports from Leviathan will start on 1 January 2020, and will continue…

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Private banks ready to support engineering services exports to Iraq

“According to the official, to support exports to the Iraqi market, five branches of an Iranian private bank have obtained operating licenses from the Iraqi Central Bank, and two branches are already set up, each with $50 million of capital” reports tehrantimes.com. The two countries are following up plans for increasing their bilateral economic trade to over $20 billion.TEHRAN – The head of Iran’s Association of Private Banks and Credit Institutions announced their readiness for financial support of exporters of technical and engineering services to Iraq, IRIB reported on Sunday.…

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Saudi Arabia looks to import oil in order to keep exports flowing

“Much of what Saudi Arabia exports is unrefined crude oil” writes Summer Said for marketwatch.com. Saudi Arabia isn’t normally an importer of crude and is ordinarily a net exporter of refined oil products.To maintain its reputation as a reliable supplier, the world’s largest oil exporter is looking to buy crude oil from at least one of its neighbors and additional oil products from the global market, oil traders said.After attacks on the country’s largest oil facilities, Saudi Arabia is reaching out to foreign producers for crude and other petroleum products,…

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These 4 charts show how US-China trade has changed during the tariff dispute

“The U.S. and China are entangled in a trade war, and that’s hurting business and economic activity worldwide” writes Yen Nee Lee for cnbc.com. In a poll conducted by Reuters, around 80% of more than 60 economists responding said they expect the U.S.-China trade fight to either worsen or stay the same by the end of 2020. The two countries share $660 billion in trade between them in 2018, according to the U.S. Census Bureau, and here are four charts that show big ways that commerce is changing. Source: cnbc.com

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South Korea removes Japan from fast-track trade ‘white list’

“South Korea in August said it was planning to remove Japan from its trade white list” writes Midwest Communications Inc for 95kqds.com. SEOUL (Reuters) – South Korea said on Wednesday it had approved plans to drop Japan from its “white list” of countries with fast track trade status, responding with a tit-for-tat move that intensifies a growing diplomatic and trade spat between the two countries.Japan removed Seoul’s fast-export status in late August after imposing tighter controls on exports of three materials to South Korea used in chips and display industries. Source:…

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North Macedonia banks on medicinal cannabis growth to boost economy, exports

“Since 2017, North Macedonia has issued 28 licences for growth and production of cannabis oil and another 15 companies are waiting for permits” writes Midwest Communications Inc for 95kqds.com. “We expect the cannabis industry could generate as much as one percent of national output,” Venko Filipce, the country’s health minister told Reuters. Source: 95kqds.com

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Global spare oil capacity in U.S. hands after Saudi outage

“Saudi Arabia, the Organization of the Petroleum Exporting Countries’ de-facto leader and largest producer, has been long seen as the custodian of the world’s spare oil capacity” writes Midwest Communications Inc for 95kqds.com. Analysts have repeatedly underestimated U.S. output growth gains with the country now producing around 15% of global supply.Meanwhile, U.S. crude oil production is expected to rise to new records.However, large U.S. crude output gains and slowing global demand because of a weaker global economy have contributed to a rise in oil stocks worldwide. Source: 95kqds.com

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Japan August exports seen in sharpest fall in three years, core inflation to dip: Reuters poll

“Many export-reliant economies such as Japan have felt the pain from the U.S.-China trade dispute, which has already led to a slowdown in manufacturing activity and is seen weighing on Japanese business spending and earnings” writes Midwest Communications Inc for 95kqds.com. Japan’s economy grew in April-June, but at a slower-than-expected pace, revised data showed on Monday, as the U.S.-China trade war caused a decline in business spending.Adding to the challenges policymakers face, Japan’s core consumer inflation is seen in the poll as slipping to the lowest level in more than…

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