Media sector stays in limelight

Updated 25 December 2012
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Media sector stays in limelight

Saudi stocks hovered in small gains and losses yesterday, almost a repeat of previous day's flat performance which remained negative and the day ended in red. The Tadawul All-Share Index (TASI) lost 9.15 more points to close at 6,881.16. Its trading range expanded to 27.4 points as compared to previous day's 24.3 points.
Media and Publishing sector continued to dominate the performance at Tadawul for the second straight day, rising by 1.63 percent. Hotel & Tourism followed it, advancing 1.32 percent for the day.
Most of heavyweights slipped from previous day's level, with SABB dipping by 2.23 percent, Etihad Etisalat Co. (Mobily) 1.64 percent and Samba Financial Group 0.66 percent.
On the positive side, Saudi Telecom Co. continued to show the best performance for the second straight day, moving up 0.91 percent further.
The total number of falling stocks exceeded to the total number of rising stocks by a margin of 76 to 60 and the prices of 20 companies remained unchanged.
Amana Cooperative Insu-rance continued its upward march, surging 9.97 percent further to close at SR 184.75. An appreciation of nearly 30 percent in the value of Amana has been recorded in three consecutive days.
Alinma bank appeared to be the most active stock for the day. Its volume set sold about 22.3 million shares, which are about 12.7 percent of the overall market.


Airbus warns could leave Britain if no Brexit deal

Updated 22 June 2018
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Airbus warns could leave Britain if no Brexit deal

  • Industry analysts say Airbus would be unlikely to pull out of the UK abruptly because of long lead times and waiting lists for its planes
  • Airbus, which makes wings for all its passenger jets in the UK, said that leaving both the EU’s single market and customs union immediately

PARIS: European aviation giant Airbus warned Thursday it could be forced to pull out of the UK if Britain leaves the European Union without a deal.
In a Brexit risk assessment, Airbus said Britain withdrawing from the EU without a deal “would lead to severe disruption and interruption of UK production.”
“This scenario would force Airbus to reconsider its investments in the UK, and its long-term footprint in the country, severely undermining UK efforts to keep a competitive and innovative aerospace industry, developing high value jobs and competences,” it warned.
“Put simply, a no deal scenario directly threatens Airbus’ future in the UK,” Tom Williams, chief operating officer of Airbus Commercial Aircraft, said in a statement.
In its risk assessment, Airbus said under a “no deal” scenario, delays and disruptions to its production could cost it up to one billion euros ($1.2 billion) a week in lost turnover.
It said a no-deal Brexit “would be catastrophic” for the aviation group.
Airbus employs 14,000 people at more than 25 sites in Britain, where it manufactures the wings of its aircraft.
“In any scenario, Brexit has severe negative consequences for the UK aerospace industry and Airbus in particular,” Williams said.
“While Airbus understands that the political process must go on, as a responsible business we require immediate details on the pragmatic steps that should be taken to operate competitively,” he said.
“Without these, Airbus believes that the impacts on our UK operations could be significant. We have sought to highlight our concerns over the past 12 months, without success.”
On the future trade relationship between Britain and the EU, Airbus said the current transition period, which runs until December 2020, “is too short for the EU and UK Governments to agree the outstanding issues, and too short for Airbus to implement the required changes with its extensive supply chain.”
“In this scenario, Airbus would carefully monitor any new investments in the UK and refrain from extending the UK suppliers/partners base.”
Britain is due to leave the European Union in March 2019 but continue the current trading arrangements during the transition phase to December 2020 to give time for the two sides to agree the terms of a new partnership.