Tadawul index slips into red territory

Updated 24 January 2013
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Tadawul index slips into red territory

The Tadawul All-Share Index (TASI) stepped down to 6,998.34 points yesterday, showing a reduction of 9.27 points or 0.13 percent for the entire session. The index slipped into red territory earlier yesterday and plunged to a maximum of 51 points during the last day of week.
Among market cap indices only Micro caps was manage to close a little higher.
Only six out of Tadawul's 15 sectors indices witnessed a positive change, adding nearly 146 points. Remaining nine sectors closed the session in the red territory, trimming 274 points for the day.
Media and Publishing sector remained key gainer of the day, surging 1.33 percent. On the other hand, Hotel & Tourism and Real Estate Development sectors showed the worst performance, declining by 1.35 percent and 1.27 percent respectively.
Top ten heavyweights performed in a mixed fashion. Etihad Etisalat (Mobily), Kingdom Holding and Saudi Telecom Company dropped 0.3 percent each. However, Saudi Electricity Company ended the day with a positive change of 0.73 percent.
Decliners outnumbered the advancers by a margin of 66 to 54 and the prices of 33 companies remained unchanged.
Saudi Industrial Export Company outperformed among all Saudi equities, reflecting an increment of SR 10.25 or 9.92 percent to SR 113.5. The biggest loser of the day was Amana Cooperative Insurance (down 10 percent).
Dar Al-Arkan Real Estate dominated the trading activity at Tadawul. It liquidated more than 35.37 million shares, capturing 16.77 percent of the overall market volume.


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.