Internet restored in Gaza after three days, says Palestinian telecom official
"The network is up now in all of the Gaza Strip," said the telecom agency's CEO Laith Daraghmeh, after the Palestinian Authority's telecommunications ministry had reported internet and fixed-line communications were down as Israeli forces on Thursday bombed Gaza's last remaining fibre optic cable.
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Middle East Eye
2 days ago
- Middle East Eye
Egypt's gas deal critiqued online as 'economic complicity' in Israel's war on Gaza
People online have taken to social media to express outrage over a record $35bn gas deal between Egypt and Israel, accusing Israel of economic complicity in Israel's war on Gaza. Marking the largest export deal in Israel's history, the agreement, announced on Thursday by Israeli energy company NewMed, will see a tripling of Egyptian gas imports from the Israeli Leviathan gas fields, accounting for 130 billion cubic metres (bcm) worth of gas that will be piped from the Israeli offshore field to Egypt through to 2040. Amid the war on Gaza, which several countries, as well as many international rights groups and experts now qualify as an act of genocide, Egypt's decision to import Israeli gas was termed "shameful" online. In the middle of the Israeli genocide against the Palestinians, Egypt sign a $35 billion natural gas deal with Tel Aviv. Shameful. — Vijay Prashad (@vijayprashad) August 7, 2025 Many have also raised concerns over the rightful ownership of the gas resources, arguing that the deal amounts to theft since oil and gas resources in the Mediterranean Sea belonged to Palestinians before the establishment of the Israeli state and the unlawful expulsion of Palestinians in 1948. New MEE newsletter: Jerusalem Dispatch Sign up to get the latest insights and analysis on Israel-Palestine, alongside Turkey Unpacked and other MEE newsletters "The Egyptian government buys Palestinian gas from the Zionists at a time when they are slaughtering the owners of that gas!" Muhammad Al Shinqiti, author and associate professor of political ethics and history of religion at Hamad bin Khalifa University, posted on X. Former Egyptian MP Dr Hatem Azzam also questioned Israel's ownership of the gas field in a post on X, claiming the gas to be originally Egyptian gas "that was relinquished to the Israeli authority", since the field is located within "Egypt's Exclusive Economic Zone". Salma El Daly, TV presenter for Al Araby, criticised the Egyptian government for making itself dependent on Israel, which "has cut off supply to us multiple times during our greatest times of need, costing us billions and causing losses in electricity and industry". مصر توقع اتفاق بـ35 مليار دولار لاستيراد الغاز من إسرائيل،من عدونا الاستراتيجي،اللي وقف التصدير لنا أكتر من مرة في عزّ احتياجنا، وده كلّفنا مليارات وخسائر في الكهرباء والصناعة. إزاي نربط أمننا الطاقي بدولة مش ضامنين استقرارها ولا نواياها؟ ومجرمة، عدوة للإنسانية والحياة؟#غاز_مصر — Salma el Daly (@salmaeldaly) August 7, 2025 Egypt's record on Gaza While Egyptian President Abdel Fattah el-Sisi has repeatedly condemned Israel's actions in Gaza and labelled the forced displacement of Palestinians as "an injustice that we cannot take part in", the Egyptian government stands accused of aiding and abetting Netanyahu's siege on Gaza. Recently, Egyptian activists have faced harsh repressions for acts of solidarity with Gaza and criticism of Egypt's complicity. In July, two men who stormed the Ma'asara police station in Cairo in protest against Egypt's failure to open the Rafah crossing into Gaza to allow life-saving aid into the territory were forcibly disappeared. Last week, in the wake of a wave of protests in front of Egyptian embassies around the world, Egyptian activist Mohammad Abbas chained shut the gates of the Egyptian and Jordanian embassy in The Hague, Netherlands, as a symbolic gesture in solidarity with Palestinians. 'Egypt's regime was attacking the protests in front of Egyptian embassies around the world that accuse it of participating in the siege of Gaza… and was saying, 'We didn't betray, and we're not imposing a siege.' Suddenly, it goes and signs a gas supply deal with Israel worth $35 billion over 15 years - amid the genocide", Abbas wrote in a post on Facebook. The gas deal between Egypt and Israel, Abbas says, amounts to "economic participation in the genocide". Over 200 Palestinian children and adults in Gaza have died from starvation since Israel's onslaught on Gaza began in October 2023, and more than 60,000 Palestinians have been killed. The blockade on the Palestinian enclave has fluctuated in intensity. However, since 2 March, Israel has prevented all food and aid from reaching starving Palestinians. Very limited aid is being allowed in now after international outrage and people being killed by Israeli soldiers and mercenaries while seeking food.
Al Etihad
2 days ago
- Al Etihad
Gold futures hit record on US tariff shock, stocks wobble
8 Aug 2025 21:08 LONDON (AFP) Gold futures hit a record high on Friday after reports of an unexpected tariff on the precious metal, while stock markets fluctuated as investors tracked US President Donald Trump's latest prices added to losses from the previous day on news of a meeting between Trump and Russian leader Vladimir Putin, perhaps as early as next week, which raised hopes of a truce with futures reached a new intraday high at $3,534.10 an ounce after the Financial Times reported that Washington had classified one-kilo bars, the most traded type of bullion on Comex - the world's biggest futures market- as subject to "reciprocal" tariff bars make up the largest part of Switzerland's gold shipments to the United States. Imports from Switzerland face a 39-per-cent reciprocal tariff from Thursday. The FT said 100-ounce bars would also face the levy caused "shock and confusion" in markets, said Han Tan, chief market analyst at Nemo Money Trading Group. The gold future price pulled back to $3 an gold prices sat around $3,400 an Bank analyst Ole Hansen said banks invest in gold futures to protect themselves from price swings in the physical bullion tariffs threaten to raise prices for physical gold, these "short positions originally intended as hedges suddenly blow up", prompting banks to buy back futures and driving prices Street stocks pushed higher, a day after the tech-heavy Nasdaq finished at a fresh record. That kept the market on track for weekly gains near the finale of an earnings season that has generally topped most major companies having already reported quarterly results, companies in the S&P 500 are on track for greater than eight per cent growth, compared with the 2.2 per cent forecast just ahead of the reporting period, said a note from CFRA Sam Stovall said the results had reassured investors, who are "discounting the uncertainties and going along with the expectation that the economy is holding up better than people might be worrying about".In European trading, both London's FTSE 100 and Frankfurt dipped, while Paris stocks edged stocks led the way on a mostly negative day for Asian markets, fuelled by relief that Tokyo and Washington had settled a tariff issue that raised concerns about their trade deal."Since the tariff agreement between the US and the European Union, some clarity has emerged, but confusion around its implementation is just beginning to surface," said Jochen Stanzl, chief market analyst at CMC Markets."In Japan, there is relief today upon hearing that the various tariffs will not be cumulative," he Nikkei 225 stock index jumped nearly two per cent after Japan's tariffs envoy said Washington was expected to revise an executive order that stacked tariffs on top of each other."However, it remains unclear whether the same rules apply for Japan and the EU," Stanzl added. Key figures at around 1530 GMT New York - Dow: UP 0.3 per cent at 44,076.64 points New York - S&P 500: UP 0.6 per cent at 6,378.57 New York - Nasdaq Composite: UP 0.8 per cent at 21,408.81 London - FTSE 100: DOWN less than 0.1 per cent at 9,095.73 (close)Paris - CAC 40: UP 0.4 per cent at 7,743.00 (close)Frankfurt - DAX: DOWN 0.1 per cent at 24,162.86 (close)Tokyo - Nikkei 225: UP 1.9 per cent at 41,820.48 (close)Hong Kong - Hang Seng Index: DOWN 0.9 per cent at 24,858.82 (close)Shanghai - Composite: DOWN 0.1 per cent at 3,635.13 (close)Pound/dollar: UP at $1.3453 from $1.3445 on ThursdayEuro/dollar: DOWN at $1.1664 from $1.1665Dollar/yen: UP at 147.73 yen from 147.07 yenEuro/pound: DOWN at 86.73 pence from 86.76 penceBrent North Sea Crude: DOWN less than 0.1 per cent at $66.37 per barrel West Texas Intermediate: DOWN 0.3 per cent at $63.66 per barrel
The National
3 days ago
- The National
How 2,800 shekels become 1,350: Gazans pay high price to turn bank deposits into hard cash
In the shadow of war, economic collapse and severe shortages of food and other essentials, civilians in Gaza face an additional challenge in the struggle to survive: the rocketing cost of accessing their own money. With banks closed because of the conflict and digital payments widely rejected in local markets, Palestinians are forced to rely on an informal and increasingly predatory trade in physical currency, with commission rates as high as 55 per cent. 'I get paid 2,800 shekels [$817] a month from the Palestinian Authority,' said Kamel Abu Hazaa, 42, who was displaced from Jabalia and now lives in Al Nasr area of Gaza city. 'But after cashing it out, I receive only about 1,350 shekels. The rest? Gone, to liquidity traders and middlemen. "Even if I had the full amount, it wouldn't be enough. Flour costs 30 shekels a kilo, sugar is 200. The prices are insane." Businessmen, flush with cash earned before the war began in October 2023, now control the flow of physical currency. Given the risk of storing large amounts of money while banks are closed, they offload portions of it through a chain of intermediaries, who in turn sell it at a high mark-up to desperate civilians. Buyers receive cash after transferring funds to the traders electronically. But those who profit from the system do not consider themselves to be the villains. A small-scale cash trader operating in Gaza city said the system was deeply flawed, but insisted the responsibility lay with "big traders" who control the supply and set the rates. "We add maybe six to 10 per cent just to survive. But the ones above us? They want 45 per cent, sometimes more," he told The National. 'Today, I bought cash at a 43 per cent commission and had to sell it at 52 per cent just to make a living. We small traders don't even know who the big players are – the cash reaches us through intermediaries.' Moamen Al Gharbawi, 35, said his brothers living abroad send the family $700 a month. But he has been unable to convert that into cash because of the prices charged by currency traders. 'Last month, the commission was 38 per cent. This week, it's gone up to 55 per cent,' said Mr Al Gharbawi, who lives in the Sheikh Radwan area of Gaza city, after being displaced from Jabalia Camp. "More than half of what they send is lost and we're a family of eight. We don't have food. My elderly parents need special, healthy food that I can't afford "Liquidity traders are bleeding us dry. There's no one watching them, no one stopping them." Abdullah Sharshara, a legal researcher and civil society activist in Gaza, said the practice was unethical and illegal. 'Some say there's no legal basis to stop it,' he told The National. 'That's nonsense. The most basic legal foundation is that those trading liquidity are clearly violating the terms of the bank account agreement. It's a breach of Palestinian law and a flagrant exploitation of a broken system.' Mr Sharshara called for the Palestinian Monetary Authority to take immediate action, including freezing the accounts of those involved in the trade and reopening the banking system, ensuring it is organised and secure. "Major traders must be forced to inject liquidity back into the market through legitimate channels," he added. "Without oversight, the black market cash trade will only deepen people's suffering." While the trade in currency arose from the breakdown of formal banking, Gazans and experts agree that it has become a tool of exploitation in the hands of opportunists. 'People are desperate,' Mr Abu Hazaa said. 'They'll accept any rate just to put food on the table. But every day traders raise the percentage, and no one holds them accountable.'
