At Least 66% of Jobs Lost in Gaza, More Losses Possible, ILO Says https://english.aawsat.com/business/4740141-least-66-jobs-lost-gaza-more-losses-possible-ilo-says%C2%A0
At Least 66% of Jobs Lost in Gaza, More Losses Possible, ILO Says
Smoke rises following an Israeli air strike on Khan Yunis, in the southern Gaza Strip, 20 December 2023. (EPA)
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At Least 66% of Jobs Lost in Gaza, More Losses Possible, ILO Says
Smoke rises following an Israeli air strike on Khan Yunis, in the southern Gaza Strip, 20 December 2023. (EPA)
At least 66% of jobs have been lost in Gaza since the Israel-Hamas conflict erupted in October, the International Labor (ILO) said on Wednesday, warning that employment losses could continue to increase in the enclave.
The losses amount to a total of 192,000 jobs in the small Palestinian territory, the ILO said in its second assessment of the impact of Israeli ground and air strikes on Gaza which began after a deadly cross-border incursion by Hamas gunmen on Oct. 7.
In a first assessment released in early November, ILO estimated that 182,000 jobs had been lost in Gaza, a figure representing more than 60% of employment.
"Today hardly anybody in Gaza is able to earn income from work," said Peter Rademaker, ILO deputy regional director for the Arab states.
"It's clearly a still growing curve," he said of employment loss. "It might even get worse."
Jobs are also being lost on a large scale in the Israeli-occupied West Bank, where the United Nations has recorded an uptick in violence against Palestinians since the outbreak of the conflict.
ILO estimated that around 32% of employment has been lost since Oct. 7, equivalent to 276,000 jobs.
Even before the war and the tightening of Israel's economic blockade of the Gaza Strip, around half of the narrow coastal enclave's 2.3 million people lived below the poverty line.
FILE PHOTO: A man works on a gold and diamond ornament inside a Senco Gold & Diamonds jewellery workshop in Kolkata, India, January 29, 2026. REUTERS/Sahiba Chawdhary/File Photo
FILE PHOTO: A man works on a gold and diamond ornament inside a Senco Gold & Diamonds jewellery workshop in Kolkata, India, January 29, 2026. REUTERS/Sahiba Chawdhary/File Photo
Gold rose more than 1% on Friday, helped by a softer US dollar and lower oil prices, while market players weighed lingering inflation concerns and the outlook for Federal Reserve interest rates.
Spot gold rose 1.4% to $4,190.57 per ounce by 0630 GMT after hitting a two-month low on Wednesday. Prices headed for a weekly gain.
US gold futures for December delivery gained 1.4% to $4,215.30, Reuters reported.
The dollar rally took a breather, making greenback-priced bullion more affordable for holders of other currencies.
Oil prices fell as Middle East supply concerns eased somewhat after President Donald Trump said the US will not launch an attack on Iran before November's US midterm congressional elections amid productive talks to end their war.
"Possible tightening later on could keep gold at risk... Looking ahead, traders will watch upcoming economic data that could provide further monetary policy clues and influence sentiment ahead of the Federal Reserve’s October meeting," said Tony Sage, CEO of Critical Metals.
"Softer numbers or guidance could push yields to the downside and support gold."
Last month, the US central bank voted unanimously to raise the policy rate by a quarter of a percentage point.
St. Louis Fed President Alberto Musalem said the US central bank will need to hike rates again to bring inflation back to its 2% target, although he declined to say what policymakers should do at their meeting later this month.
Traders are pricing in a 17% chance of a rate hike in October and an 83% probability of an increase in December, according to CME's FedWatch tool.
Gold is traditionally seen as a hedge against inflation, but higher interest rates diminish the appeal of the non-yielding asset.
Among other metals, spot silver rose 1.5% to $60.22, platinum gained 2.7% to $1,677.80 and palladium climbed 3.3% to $1,159.70.
China to Resume October Fuel Exports after Holiday Pausehttps://english.aawsat.com/business/5327629-china-resume-october-fuel-exports-after-holiday-pause
China to Resume October Fuel Exports after Holiday Pause
FILE PHOTO: Oil storage tanks and facilities of a Sinopec plant in Shanghai, China, March 26, 2026. REUTERS/Go Nakamura/File Photo
China is set to resume October refined fuel exports after a brief halt during its Golden Week holiday, a move that will help ease tight global diesel, gasoline and jet fuel markets, four traders familiar with the matter said on Friday.
China has approved October exports of the three fuels at around 3.7 million metric tons combined, according to two other industry participants.
Chinese refiners were expected to export slightly more than 4 million tons of gasoline, diesel and jet fuel in September, Reuters reported early last month.
The world's biggest oil importer began curbing fuel exports in March to safeguard domestic fuel supplies as the US-Israeli war on Iran disrupted crude oil flows and refinery production, but relaxed controls between July and September.
China's National Development and Reform Commission and the Ministry of Commerce did not immediately respond to requests for comment.
The Middle East war and the Ukraine-Russia conflict have disrupted refined fuel output globally and caused prices to rise, particularly for diesel fuel.
China has the world's largest refining capacity, and though its fuel export volumes have typically lagged behind India and South Korea among Asian processors, its refined products are sought after because of the disruptions, particularly in Asia.
However, market analysts said China's move would only modestly ease the fuel market tightness, Reuters reported.
"It will be limited as markets remain tight overall and Middle Eastern supplies are still disrupted," said Stuti Jhunjhunwala, an oil market analyst at Energy Aspects based in Kolkata, India.
June Goh, senior analyst at Sparta Commodities, said Beijing's resumption of exports was expected but the volumes were lower than anticipated.
While Beijing typically regulates fuel exports through a quota system, it has recently tightened oversight by vetting shipments on a month-by-month basis.
However, China started its week-long National Day holiday on October 1 without giving major refiners in the world's largest refining hub a green light to export fuel products to regions other than Hong Kong and Macau in October, Reuters reported last week.
Amid the refined fuel tightness, this week the International Energy Agency, which advises industrialized countries on energy policy, agreed to accelerate the release of oil stocks and prioritize diesel supplies under a plan launched in March.
SAMA Governor: Saudi Arabia Maintains Considerable Economic Resilience Despite Regional Tensionshttps://english.aawsat.com/business/5327604-sama-governor-saudi-arabia-maintains-considerable-economic-resilience-despite
SAMA Governor: Saudi Arabia Maintains Considerable Economic Resilience Despite Regional Tensions
Ayman Alsayari during his participation in the Istanbul Economic Forum (Asharq Al-Awsat)
Saudi Central Bank (SAMA) Governor Ayman Alsayari said the global economy has shown considerable resilience despite successive geopolitical shocks, but warned that continued conflict in the region was complicating the outlook for growth and inflation.
Speaking at the Istanbul Economic Forum on Thursday, Alsayari said global economic growth was projected at approximately 3% in 2026, following repeated downward revisions, with a recovery expected in 2027. Global inflation, meanwhile, was forecast at around 4.7%, raising concerns about renewed price pressures after a period of easing inflation since 2024.
Turning to Saudi Arabia, Alsayari said the Kingdom had maintained considerable economic resilience despite its proximity to regional tensions, supported by strong foreign reserves and assets, long-term infrastructure investments and economic diversification under Vision 2030.
He highlighted the importance of investments in energy infrastructure, particularly the East-West Pipeline, and in maintaining oil exports amid disruptions affecting the Strait of Hormuz and the Red Sea.
The pipeline has helped Saudi Arabia continue meeting customer demand, he said.
Ayman Alsayari speaking during a session at the Istanbul Economic Forum (Asharq Al-Awsat)
Alsayari said Saudi Aramco had prepared for potential disruptions by establishing oil reserves in different parts of the world, allowing it to continue supplying customers during the conflict.
The governor stressed that recent developments demonstrated the importance of investing in critical infrastructure during periods of stability to strengthen the economy's capacity to absorb unexpected shocks.
The SAMA governor said Saudi banks had maintained their financial resilience since the beginning of the regional conflict, supported by strong liquidity and capital positions.
According to June 2026 data, the banking sector's liquidity coverage ratio stood at 170%, its capital adequacy ratio at 20.9%, and its net stable funding ratio at 114.6%.
He said Saudi banks continued to benefit from the Kingdom's A+ sovereign credit rating, which supported their access to international financing markets despite rising risk premiums.
Domestic liabilities accounted for 87.1% of total liabilities at Saudi banks, significantly limiting their exposure to capital outflow risks.
Alsayari said the Saudi economy recorded negative growth for two consecutive quarters in 2026, largely reflecting weakness in the oil sector.
However, non-oil economic activity continued to expand, growing by approximately 2% in the first quarter and 1% in the second quarter.
He attributed the resilience of domestic demand partly to population growth and record-low unemployment among Saudi nationals, alongside the progress achieved through the Kingdom's economic diversification program.
Inflation in Saudi Arabia remained moderate at 1.8% as of mid-August 2026, supported by government measures, including domestic fuel price caps, and the Saudi riyal's peg to the US dollar.
Alsayari said the currency peg had helped limit imported inflation, given the structure of the Saudi economy.
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