Tadawul crosses 6,500-point mark

Updated 29 November 2012
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Tadawul crosses 6,500-point mark

It turned out to be largely positive for investors yesterday, as the Tadawul All-Share Index (TASI) crossed the 6,500-mark during the day to close higher at 6,533.14 points, up 70.67 points or 1.09 percent from its previous close.
While curving in the upward territory throughout the day it rose to a maximum gain of 88 points.
All market cap indices ended the day in the upward zone.
Fourteen out of Tadawul's 15 sectors ended the day with modest gains, accumulating more than 800 points collectively. Only Energy & Utilities sector ended without any change.
Insurance, Transport and Telecom were major gainers among sectoral indices, which marginally increased by 2.91 percent, 2.57 percent and 2.15 percent respectively. Banking sector added considerable 160 points, up 1.12 percent.
The advancers easily outnumbered declining stocks on the Tadawul (market); as for 79 percent stocks that gained, 11 percent ended lower and 10 percent remained unchanged.
Insurance stocks won the yesterday's race at Tadawul. The share price of Amanah Cooperative Insurance rallied to a maximum growth of 9.98 percent, closing the day at SR 159.75. Alinma Tokio Marine followed it, surging 6.82 percent for the day.
Most of the major heavy weights marched higher from previous day's level, with Etihad Etisalat Co. (Mobily) surging by 2.85 percent, Samba Financial Group 1.83 percent and Kingdom Holding 1.77 percent.


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.