Abdullah Al Othaim welcomes new CEO

Updated 10 July 2013
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Abdullah Al Othaim welcomes new CEO

Abdullah Al Othaim Markets Company announced that its board of directors accepted the appointment of Youssef Mohamed Al-Gafari as the CEO effective yesterday (Tuesday), according to Tadawul website.
Al-Gafari, one of the prominent and successful leaders in the country, has long experience in the company's industrial area, where he held the position of CEO from 2006 until mid-2009 and maintained his membership in the board of directors up-to-date.
He also held the chairmanship of the company's audit committee, in addition to his previous experience in the banking industry, government and the private sector exceeding 20 years, where he also held several leadership positions in the field of administrative, financial, operational, commercial and industrial activities in addition to his expertise in the retail sector.
The chairman and board of directors wished the CEO all the success in his position and role and responsibilities in the development and growth of the company's performance.


Oil edges back from big slump as Iran sanctions return to focus

Updated 24 sec ago
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Oil edges back from big slump as Iran sanctions return to focus

SINGAPORE: Oil prices on Wednesday clawed back a fraction of their hefty losses the day before that came after Saudi Arabia said it would make up for supply disruptions from US sanctions starting next month on Iran’s petroleum exports.
Front-month Brent crude oil futures were at $76.72 a barrel at 0320 GMT, 28 cents, or 0.4 percent, above their last close.
US West Texas Intermediate (WTI) crude futures were at $66.66 a barrel, up 23 cents, or 0.4 percent, from their last settlement.
That came after Brent closed down 4.3 percent and WTI 4 percent in the previous session.
Saudi Energy Minister Khalid Al-Falih said at an investment conference in Riyadh on Tuesday that despite expected supply disruptions from US sanctions against Iran that kick in from November 4, Saudi Arabia would step up to “meet any demand that materializes to ensure customers are satisfied.”
“Oil prices fell substantially ... as Saudi Arabia released assurances it could supply more to the global market,” Australia’s Rivkin Securities said.
Despite the slump, analysts said markets remained tight because of the looming sanctions.
“We still see Brent reaching $85 per barrel by year-end,” said US bank Morgan Stanley.
Into 2019, however, the broader economic outlook could be darkening.
China’s state planner said on Wednesday it would step up financial support for regions most hit by the ongoing trade war between Washington and Beijing in which both sides have slapped import tariffs on hundreds of goods.