Tadawul keeps upward momentum

Updated 03 January 2013
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Tadawul keeps upward momentum

Saudi Arabia's benchmark stock index (Tadawul) continued pacing its way higher throughout the day to close yesterday's trading in the green territory at 6,940.31, achieving 1.17 percent or 80.29 points for the session.
All market cap indices ended the day in the safe area.
Sectoral performance was tremendous, as 13 out of the 15 sectors closed in the upward territory, accumulating 881 points collectively. Only Multi-Investment and Insurance sectors closed a little lower from previous day's level, declining by 0.74 percent and 0.25 percent respectively.
Real Estate Development and Petrochemical Industries were best performing sectors of the day, surging by 2.65 percent and 1.53 percent respectively. Banking sector also added 171 points to close at 14,873.17.
Six out of top ten market cap companies ended the day in green.
Al-Rajhi Bank and market leader SABIC (Saudi Basic Industries Corp.) remained at top among big players, rising by 1.9 percent and 1.4 percent respectively.
There were 93 net advancing issues, a largely strong market breadth.
Ash-Sharqiyah Development Company turned in a splendid performance among all Saudi stocks, soaring up SR 6 or 9.95 percent to close the day at SR 66.25. Alkhaleej Training and Education Company followed it, advancing 6.59 percent for the day.
Amanah Cooperative Insurance, on the contrary, delivered a largely negative performance for the fourth straight day, slipping 8.91 percent further to SR 112.5.
The buying interest started to restore, as more than 198.9 million shares worth SR 5.79 billion exchanged hands on the Saudi Stock Market. This turnover reflects a 38.4 percent increase in terms of volume and 31.3 percent in terms of value as compared to the previous day.


EU fines Nike $14 million for blocking cross-border sales of football merchandise

Updated 57 min 10 sec ago
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EU fines Nike $14 million for blocking cross-border sales of football merchandise

  • The European Commission said Nike’s illegal practices occurred between 2004 to 2017
  • Sales restrictions relate to licensed merchandise for FC Barcelona, Manchester United, Juventus, Inter Milan, AS Roma and the French Football Federation

BRUSSELS: US sportswear maker Nike was hit with a $14.14 million (€12.5 million) fine on Monday for blocking cross-border sales of football merchandise of some of Europe’s best-known clubs, the latest EU sanction against such restrictions.
The European Commission said Nike’s illegal practices occurred between 2004 to 2017 and related to licensed merchandise for FC Barcelona, Manchester United, Juventus, Inter Milan, AS Roma and the French Football Federation.
The European Union case focused on Nike’s role as a licensor for making and distributing licensed merchandise featuring a football club’s brands and not its own trademarks.
The sanction came after a two-year investigation triggered by a sector inquiry into e-commerce in the 28-country bloc. The EU wants to boost online trade and economic growth.
European Competition Commissioner Margrethe Vestager said Nike’s actions deprived football fans in other countries of the opportunity to buy their clubs’ merchandise such as mugs, bags, bed sheets, stationery and toys.
“Nike prevented many of its licensees from selling these branded products in a different country leading to less choice and higher prices for consumers,” she said in a statement.
Nike’s practices included clauses in contracts prohibiting out-of-territory sales by licensees and threats to end agreements if licensees ignored the clauses. Its fine was cut by 40 percent after it cooperated with the EU enforcer.