Global Markets: Israel, UAE to begin diplomatic relations

By MarketsFarm

WINNIPEG, Aug. 14 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– In a major breakthrough, Israel and the United Arab Emirates agreed to normalize relations between the two Middle East countries on Thursday, in a deal brokered by the United States. To achieve the historic understanding, Israel would halt plans to annex the highly strategic Golan Heights. The two countries will co-operate on energy, water and environmental issues, as well working jointly on a COVID-19 vaccine. Reports stated the UAE was willing to make such a dramatic move out of concerns over Iran’s increasing influence in the region. Iran, Turkey and the Palestinian Authority denounced the deal, with Oman, Bahrain, and Egypt were among the dozens of countries that voiced their support. Israel has maintained peace agreements with Egypt since 1979 and Jordan since 1994.

– Ahead of the next round of extradition hearings beginning on Aug. 17 in Vancouver, lawyers for Huawei executive Meng Wanzhou said on Friday that they are seeking access to hundreds of confidential documents. Meng’s defence contends there was an abuse of process during her December 2018 arrest, alleging there was a “co-ordinated state misconduct” between Canadian and U.S. officials. Earlier this year Canadian officials turned over 400 pages of documents, of which many contained redactions. The Canadian government said divulging all of the information would have violated confidentiality agreements with clients and third parties. The U.S. is seeking to extradite Meng to face charges regarding bank fraud.

– Reports stated on Friday that the U.S. seized four tankers bound for Venezuela in May and July that were allegedly transporting 1.1 million barrels of gasoline from Iran. However, Iran denounced the allegations as being U.S. propaganda and said the tankers were not Iranian. Despite having some of the largest oil reserves in the world, Venezuela lacks the refining capacity to supply its own fuel needs. Sanctions imposed by the U.S. against Venezuela have made it difficult for the country to earn revenue from oil exports.

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