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Israel, UAE agree deal to boost investment in each other's economies – TheChronicleHerald.ca

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4 years ago

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By Steven Scheer

JERUSALEM (Reuters) – Israel and the United Arab Emirates (UAE) have reached a bilateral agreement that will give incentives and protection to investors who make investments in each other’s countries, both finance ministries said on Sunday.

The agreement is one of the first between the UAE and Israel after they agreed to normalise relations in August.

It is also the first such agreement Israel has forged with an Arab country and will become the 37th such treaty for Israel, with the 36 others mainly Western countries. The last was signed with Japan in 2017.

The UAE has signed 99 investment protection treaties and this one with Israel would strengthen economic ties, encourage competition and increase the attractiveness of investments between the two countries, UAE Finance Ministry Undersecretary Younis Haji Al Khoori said in a statement.

Under the deal, which still needs to be signed by both finance ministers, investors would be protected from arbitrary changes in regulation and political situations and they will be able to transfer funds out of country if needed — a framework the Israeli ministry said would put investors’ minds at ease.

The UAE finance ministry said the agreement would protect investments from non-commercial risks such as “nationalisation, confiscation, judicial seizures, freezing assets, establishing licensed investments, and transferring profits and revenues in convertible currencies.”

Israeli Finance Ministry chief economist Shira Greenberg said the agreement would benefit the private sector while promoting competition in the Israeli economy.

Last week, the UAE and Israel reached a preliminary agreement on a separate deal that would avoid double taxation.

(Reporting by Steven Scheer; Addititional reporting by Davide Barbuscia. Editing by Jane Merriman)

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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3 days ago

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October 16, 2024

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX up more than 200 points, U.S. markets also higher

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1 week ago

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October 11, 2024

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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1 week ago

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October 10, 2024

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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