Lebanon may reach initial pact with IMF between Jan-Feb — deputy PM

Lebanese police stand outside a branch of Blom Bank in the Lebanese capital, Beirut. (File/Reuters)
Lebanese police stand outside a branch of Blom Bank in the Lebanese capital, Beirut. (File/Reuters)
Short Url
Updated 20 December 2021

Lebanon may reach initial pact with IMF between Jan-Feb — deputy PM

Lebanon may reach initial pact with IMF between Jan-Feb — deputy PM

BEIRUT: Lebanon could reach a preliminary agreement for financial support with the International Monetary Fund (IMF) between January and February, the local Al Jadeed TV said in a tweet on Sunday, citing the deputy prime minister.
Saadeh Al-Shami was quoted by the broadcaster as saying a ministerial committee had agreed with the central bank governor on a $69 billion figure for losses in the financial sector.
The IMF is to assess that calculation, with agreement on the loss figure a crucial first step for Lebanon’s government as it seeks to negotiate a support program.
The IMF has said preparatory technical discussions with Lebanese authorities are underway to lay the groundwork for a fund-supported program with considerable progress made in identifying losses.
Lebanon is experiencing an unprecedented financial crisis and an IMF deal is widely seen as the only way for it to secure aid.


Saudi Alujain’s Q1 profit down as finance costs weigh on performance

Saudi Alujain’s Q1 profit down as finance costs weigh on performance
Updated 44 sec ago

Saudi Alujain’s Q1 profit down as finance costs weigh on performance

Saudi Alujain’s Q1 profit down as finance costs weigh on performance

RIYADH: Alujain Holding Corp. has recorded a profit decline of 7.5 percent as rising costs weighed on its performance during the first quarter of 2022.

The Saudi-listed investment firm, involved in Kingdom’s major petrochemical and mining projects, made SR55.8 million ($14.9 million) in profit, according to a bourse filing.

Alujain attributed the profit drop from SR60.3 million in the same period a year ago to an increase in finance costs.


Saudi Petro Rabigh gets shareholders’ nod to increase capital to $4.5bn

Saudi Petro Rabigh gets shareholders’ nod to increase capital to $4.5bn
Updated 2 min 51 sec ago

Saudi Petro Rabigh gets shareholders’ nod to increase capital to $4.5bn

Saudi Petro Rabigh gets shareholders’ nod to increase capital to $4.5bn

RIYADH: Rabigh Refining and Petrochemical Co., known as Petro Rabigh, has received shareholders’ approval for a 91-percent increase in capital through an offering of 795 million shares.

This will allow the company to increase its capital to SR17 billion ($4.5 billion) from SR9 billion, according to a bourse filing.

The prospectus for its capital increase will be issued through SR8 billion rights issue, after receiving the Capital Market Authority's approval, it added.

 


Amwaj International sets offering price as it joins Saudi Arabia's IPO boom

Amwaj International sets offering price as it joins Saudi Arabia's IPO boom
Updated 44 min 26 sec ago

Amwaj International sets offering price as it joins Saudi Arabia's IPO boom

Amwaj International sets offering price as it joins Saudi Arabia's IPO boom

RIYADH: As the wave of Saudi initial public offerings continues, Amwaj International Co. has set its offering price at SR72 ($19.2) as it plans to start book-building next week.

Riyadh-headquartered Amwaj International, which is the commercial unit of Zahran Holding Co., sells and distributes electronic and home appliances.

Aiming to float 10 percent of its capital on Saudi Arabia’s parallel market Nomu, the company will run its book-building period for four days starting May 22, according to a bourse filing.

Marifa Capital is acting as the financial advisor for the potential offering, which was approved by the Capital Market Authority last month.


China In-Focus: Electricity generation slips 4.3% in April amid Covid-19 repercussions

China In-Focus: Electricity generation slips 4.3% in April amid Covid-19 repercussions
Updated 46 min 12 sec ago

China In-Focus: Electricity generation slips 4.3% in April amid Covid-19 repercussions

China In-Focus: Electricity generation slips 4.3% in April amid Covid-19 repercussions

RIYADH: China’s economy is hindered by COVID-19 restrictions across several sectors. The country’s electricity generation has dropped in April when compared to the same period a year ago.

The UK’s Standard Chartered Plc and Bloomberg Economic have both downgraded the Asian country’s growth outlook for 2022.

Meanwhile, London copper prices inched higher on Thursday on the hopes that COVID-19 restrictions in the Asian country will slowly cool.

On another note, China has lifted a restriction on Canadian canal seed for reasons that are yet to be revealed.

·China’s electricity generation slipped 4.3 percent during the month of April when compared to the corresponding period a year earlier to reach 608.6 billion kilowatt-hours, Bloomberg reported. This comes as a result of Covid-19 restrictions which have hindered the Asian country’s economic activity and electricity output respectively. In addition to this, thermal output dropped 12 percent, reflecting the biggest drop since 2008. This was mainly attributed to the surge in renewables as China installed more solar capacity in the first quarter than anticipated.

·British multinational banking and financial services company Standard Chartered Plc as well as Bloomberg Economics have both cut China growth forecasts for 2022 amid poor data for April was revealed, Bloomberg reported. Standard Chartered Plc has revised downwards the full year growth forecast to 4.1 percent year-on-year, down from 5 percent originally. They also downgraded the second-quarter growth to 0.3 percent, down from 3.5 percent. On the other hand, Bloomberg Economics cut forecasts for 2022 growth to just 2 percent, down from 3.6 percent previously.

·London copper prices surged on Thursday, eyeing Chinese demand as Covid-19 restrictions are anticipated to ease off soon. Starting June, Shanghai will start allowing businesses to resume normally in zero-Covid areas, Reuters reported, citing deputy mayor Zhang Wei. 

·China has lifted a three-year constraint on imports of Canadian canola seed, Reuters reported, citing Canadian officials. While the reason behind lifting the ban is yet to be disclosed, trade between both countries is expected to be slow as a result of high prices and low stocks. The ban was originally imposed by China back in 2019 after pests have been found in the shipments.


Saudi stocks end lower on investor concern: Closing bell

Saudi stocks end lower on investor concern: Closing bell
Updated 19 May 2022

Saudi stocks end lower on investor concern: Closing bell

Saudi stocks end lower on investor concern: Closing bell

RIYADH: Saudi stocks closed lower in the last trading session of the week as mixed earnings reports and changing crude prices affected investor outlook.

In the energy market, Brent crude prices declined, settling at $107.45 a barrel, while US WTI crude traded at $107.00 a barrel, as of 3:28 a.m. Saudi time.

The main index, TASI, fell 2.24 percent to reach 12,427, while the parallel market, Nomu, lost 1.42 percent at 22,508.

Saudi Industrial Export Co. climbed 9.94 percent to lead the gainers; Arabia Insurance Cooperative Co. shed 10.00 percent to lead the fallers.

United Wire Factories Co. dropped 2.02 percent, after announcing that it had extended its agreement with A-1 Fence Arabia Co.

Tabuk Cement Co. slumped 2.62 percent, after it swung into losses of SR7 million ($2 million) in its first-quarter earnings.

United Cooperative Assurance Co. edged up 1.38 percent, despite reporting its net loss was trimmed by 26 percent to SR19.9 million last quarter.

Saudi Real Estate Co. increased 5.07 percent, after it received shareholder approval to increase capital to SR3.7 billion.

Saudi Aramco, the largest player on the Saudi oil market, closed Thursday’s trading down 2.33 percent.

In the financial sector, the Kingdom’s largest valued bank Al Rajhi edged down 2.81 percent, and Alinma Bank fell 2.18 percent.