Saudi Arabia signs energy agreement with Singapore 

Saudi Arabia signs energy agreement with Singapore 
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Updated 10 December 2021

Saudi Arabia signs energy agreement with Singapore 

Saudi Arabia signs energy agreement with Singapore 

RIYADH: Saudi Arabia’s Ministry of Energy has signed an agreement with the Singaporean Ministry of Trade and Industry to enhance cooperation in the energy sector.

The Memorandum of Understanding will promote digital transformation and innovation, renewable energy and hydrogen technologies, and the development of a circular carbon economy, according to the Ministry of Energy’s release on Dec. 9.

Saudi Arabia has talked up the importance of creating a circular carbon economy in recent months in order to achieve its goal of net zero emissions by 2060.


ADNOC announces three new oil discoveries

ADNOC announces three new oil discoveries
Updated 7 sec ago

ADNOC announces three new oil discoveries

ADNOC announces three new oil discoveries
  • In the third discovery, around 50 million barrels of light and sweet Murban-quality crude were found in the Al Dhafra Petroleum Concession

May 19 (Reuters) - Abu Dhabi National Oil Company on Thursday announced three oil discoveries including one at Bu Hasa, Abu Dhabi’s biggest onshore field, with a crude oil production capacity of 650,000 barrels per day, the company said on Thursday.

The discovery in Bu Hasa includes 500 million barrels of oil from an exploration well in the field, the company said in a statement, adding that the discovery offers "substantial additional premium-grade Murban oil resources".

ADNOC said the second oil find was in Abu Dhabi’s Onshore Block 3, operated by Occidental (OXY.N), and around 100 million barrels of oil in place were discovered.

In the third discovery, around 50 million barrels of light and sweet Murban-quality crude were found in the Al Dhafra Petroleum Concession, ADNOC said.


Commodities Update — Gold edges up; Wheat falls, soybean firm; UK to impose duties of up to 29% on Chinese aluminum extrusions

Commodities Update — Gold edges up; Wheat falls, soybean firm; UK to impose duties of up to 29% on Chinese aluminum extrusions
Updated 22 May 2022

Commodities Update — Gold edges up; Wheat falls, soybean firm; UK to impose duties of up to 29% on Chinese aluminum extrusions

Commodities Update — Gold edges up; Wheat falls, soybean firm; UK to impose duties of up to 29% on Chinese aluminum extrusions

RIYADH: Gold edged up on Friday, heading for its first week of gains in five on persistent worries over economic growth and a weekly decline in the dollar.

A slide in US Treasury yields supported the safe-haven metal on the day, sending spot gold up 0.1 percent to $1,843.29 per ounce. Prices hit a one-week high earlier in the session.

US gold futures settled up 0.1 percent at $1,842.10.

Platinum falls

Silver fell 0.1 percent to $21.69 per ounce, but was up about 2.9 percent for the week.

Platinum fell 1.4 percent to $948.77, while palladium eased 2.4 percent to $1,958.81. 

Wheat, corn ease 

Chicago wheat fell for a third straight session on Friday, retreating further from a two-month high it hit earlier this week as technical selling pressured the market, traders said.

Corn also eased, as accelerated US planting and news that Argentina may expand an export volume cap weighed. 

Soybeans gained on strong export demand, amid tight supplies.

The most-active wheat contract on the Chicago Board of Trade lost 31-3/4 cents at $11.68-3/4 a bushel, a 0.7 percent weekly decline.

CBOT corn ended 4-1/2 cents lower at $7.78-3/4 a bushel, ending lower for a third consecutive week.

Soybeans firmed 14-3/4 cents to $17.05-1/4 a bushel, logging a weekly gain of 58-3/4 cents, a 3.6 percent increase.

UK to impose duties on Chinese aluminum extrusions

Britain may impose anti-dumping duties of up to 29 percent on aluminum extrusions from China to protect domestic producers, a trade agency said on Friday.

Aluminium extrusions — widely used in the transport, construction and electronics industries — are being dumped in Britain at lower prices than they are sold in China, the Trade Remedies Authority said in an interim report.

“The TRA determined that there is already damage to the UK industry, having found clear evidence of price undercutting, indicating that UK businesses are struggling to compete with the dumped imports,” a statement said.

Provisional measures will be imposed as the TRA completes its investigation, requiring Chinese companies exporting to Britain to provide a bank guarantee beginning on May 28, it added.

Duties ranging from 7.3 percent to 29.1 percent were recommended, depending on the company and the level of dumping margin, the interim report said.

(With input from Reuters) 


India In-Focus — Government trims tax on fuels; Jet Airways to fly again; Apple eyes India as manufacturing hub

India In-Focus — Government trims tax on fuels; Jet Airways to fly again; Apple eyes India as manufacturing hub
Updated 22 May 2022

India In-Focus — Government trims tax on fuels; Jet Airways to fly again; Apple eyes India as manufacturing hub

India In-Focus — Government trims tax on fuels; Jet Airways to fly again; Apple eyes India as manufacturing hub

MUMBAI: India on Saturday announced a series of changes to the tax structure levied on crucial commodities in a bid to insulate consumers from rising prices amid high inflation.

Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by 8 rupees ($0.1028) per liter, and 6 rupees per liter on diesel.

The new tax regime on petrol and diesel could result in a loss of about 1 trillion Indian rupees to the government in annual revenue due to the lower collection, she said in a series of tweets.

The government also removed the import duty on anthracite, PCI coal and coking coal in a bid to reduce raw material costs for local market demand.

The latest measures will be effective from May 22, the government said in a notification after the announcement by Sitharaman, who also urged state governments to follow suit with similar reductions on fuel prices keeping in line with federal plans.

Jet Airways to fly again

India’s Jet Airways said on Friday the country’s aviation regulator has cleared it to resume operation of commercial flights.

Once India’s biggest private carrier, Jet stopped flying in April 2019 after running out of cash, owing billions to lenders and leaving thousands without jobs.

Jet said the grant of an air operator certificate by the Directorate General of Civil Aviation “was the final step in a comprehensive regulatory and compliance process involving several procedural checks for the airline’s operational readiness.”

The airline had said in June that the National Company Law Tribunal approved a resolution plan submitted by a consortium of London-based Kalrock Capital and UAE-based businessman Murari Lal Jalan.

Apple looks to boost production in India - WSJ

Apple Inc. has told some of its contract manufacturers that it wants to increase production outside China, the Wall Street Journal reported, citing people familiar with the matter.

India and Vietnam, which are already sites of Apple production, are among the countries short-listed by the company as alternatives, the report added.

Apple last month forecast bigger supply problems as COVID-19 lockdowns slowed production and demand in China.

The report said that Apple is citing China’s strict anti-Covid policy and other reasons for its decision.

Apple declined to comment to WSJ and couldn’t be immediately reached by Reuters on Saturday.

(With input from Reuters) 


Saudi stocks higher on positive earnings: Opening bell

Saudi stocks higher on positive earnings: Opening bell
Updated 22 May 2022

Saudi stocks higher on positive earnings: Opening bell

Saudi stocks higher on positive earnings: Opening bell

RIYADH: Saudi stocks opened higher in the first trading session of the week following positive earnings reports.

The main index, TASI, added 0.70 percent to reach 12,515, while the parallel market, Nomu, rose 0.76 percent at 22,678, as of 10:09 a.m. Saudi time.

Saudi Industrial Export Co. gained 4.83 percent to lead the gainers, while Malath Cooperative Insurance Co. fell 4.17 percent to lead the underperformers.

Lazurde Co. for Jewelry came in second in the gainer list, up 4.32 percent, after seeing its first quarter profit rise by 34 percent.

Saudi Home Loans Co. advanced 0.50 percent, following an increase in the company's first-quarter profit of 9.8 percent.

The National Agricultural Development Co., known as NADEC, gained 1.34 percent after reporting a 137 percent increase in profit for the first quarter.

Al-Baha Investment and Development Co. raised 0.60 percent after proposing a 25 percent capital reduction.

In the financial sector, the Kingdom’s largest valued bank Al Rajhi edged up 0.11 percent, while Alinma Bank fell 0.28 percent.

In the pharma sector, both companies advanced. Aldawaa Medical Services Co. gained 0.26 percent, and Nahdi Medical Co. rose 0.13 percent.

Oil prices settled slightly higher on Friday. Brent crude rose to $112.55 a barrel and US West Texas Intermediate crude reached $110.28 a barrel.


Saudi Home Loans’ first-quarter profit up slightly to $8.6m

Saudi Home Loans’ first-quarter profit up slightly to $8.6m
Updated 22 May 2022

Saudi Home Loans’ first-quarter profit up slightly to $8.6m

Saudi Home Loans’ first-quarter profit up slightly to $8.6m
  • Expected provision for credit losses went down from SR77.9 million to SR55 million over the year

RIYADH: Saudi Home Loans, a Shariah-compliant real estate lending firm, earnings were boosted by gains from hedging against future changes in interest cost.

First-quarter profit rose by 9.8 percent to SR32.4 million ($8.6 million), against SR29.5 million in the same period a year ago, according to a bourse filing.

“The reason for the increase is due to recognized gain from the increase in the fair value of the financial derivatives against future interest cost changes,” the company statement said.

Expected provision for credit losses went down from SR77.9 million to SR55 million over the year.

Riyadh-based SHL, which joined the Saudi exchange earlier this year, is 28-percent owned by Arab National Bank and its second-largest shareholder is Dar Al Arkan.