Davos World Economic Forum called off due to COVID: Sky News

Davos World Economic Forum called off due to COVID: Sky News
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Updated 20 December 2021

Davos World Economic Forum called off due to COVID: Sky News

Davos World Economic Forum called off due to COVID: Sky News

The planned World Economic Forum in the Swiss mountain resort of Davos has been called off due to surging cases of the omicron variant of COVID-19, Sky News reported on Monday, citing communication from organizers to delegates.


“Next month’s gathering of global business and political leaders at the World Economic Forum’s annual summit in Davos, Switzerland, has been called off because of surging levels of the omicron variant of COVID-19, delegates have been told today by the organizers,” Sky News city editor Mark Kleinman said on Twitter.


Commodities Update — Gold prices fall; Indonesia to raise palm oil export quota; Russia reduces grain export taxes

Commodities Update — Gold prices fall; Indonesia to raise palm oil export quota; Russia reduces grain export taxes
Updated 13 sec ago

Commodities Update — Gold prices fall; Indonesia to raise palm oil export quota; Russia reduces grain export taxes

Commodities Update — Gold prices fall; Indonesia to raise palm oil export quota; Russia reduces grain export taxes

RIYADH: Gold prices fell on Friday as a firm dollar and looming rate hikes soured appetite for the non-yielding asset, while India’s import tax hike on bullion also dampened its demand prospects.

Spot gold is currently priced at $1,811.43 per ounce, while US gold futures settled down at $1,801.50. 

Silver, Platinum fall

Spot silver is priced at $19.67 and has dropped about 6.5 percent this week, its biggest weekly fall since January 2022.

Spot platinum is priced at $892.73 per ounce, on course for its fourth consecutive weekly fall, while palladium is at $1,959.58, gaining about 4.5 percent this week.

Indonesia looks to raise palm oil export quota

Indonesia proposed raising palm oil export quotas on Friday and is considering increasing mandatory levels of biodiesel in fuel mixes to prop up prices for farmers when domestic palm oil inventories are high, a senior minister said on Saturday.

Palm oil inventories ballooned, and mills limited purchases of fresh fruit bunches from farmers after Jakarta stopped exports of crude palm oil and some other derivatives for three weeks to May 23 in a bid to contain soaring domestic cooking oil prices.

Indonesia replaced the ban with a domestic market obligation, requiring companies to supply a portion of their products to the domestic market through the government’s bulk cooking oil program and linked DMO volumes to companies’ export permits and quotas. 

DMO volumes as of the end of June were around 270,000 tons, the government said.

The government will now allow palm oil companies to export seven times the amount of their sales from currently five times, senior minister Luhut Pandjaitan said.

“I asked the Trade Ministry to increase the export multiplication factor to seven times starting July 1, with the main objective to increase farmer’s FFB prices significantly,” Luhut said in a statement.

Russia reduces grain export taxes to support exports

Sanctions-hit Russia has sharply reduced its grain export taxes after changing the formula it uses for calculating them to support shipments in the July-June marketing season, the agriculture ministry said on Friday.

Russian farmers are expected to harvest a massive wheat crop this summer, bringing a record exportable surplus in the 2022-2023 season. 

However, shipments are complicated by high export tax, a strong rouble and sanctions-inflated costs for freight and insurance.

The ministry said that the new base price for calculating the wheat export tax is set at 15,000 roubles ($283.68) per ton.

It was previously in US dollars at $200 a ton. The agriculture ministry used the base price and price indicators reported by traders to determine the level of tax weekly.

The wheat export tax is set at 4,600 roubles ($85.8) per ton from July 6-12 against $146.1 per ton from June 29 to July 5, the ministry said in a separate note.

President Vladimir Putin said this week that Russia is the world’s largest wheat exporter and aims to remain so. Despite disrupting the Black Sea supply chains, it continues to supply its traditional markets in the Middle East and Africa.

(With inputs from Reuters)


Careem acquires money transfer technology platform Denarii

Careem acquires money transfer technology platform Denarii
Updated 41 min 18 sec ago

Careem acquires money transfer technology platform Denarii

Careem acquires money transfer technology platform Denarii

RIYADH: Careem, the ride-hailing and e-commerce platform, has acquired Denarii, a Dubai-based money transfer platform, in its second acquisition this month.

While the company has not disclosed the value of the deal, this acquisition will allow Careem to integrate Denarii’s technologies and assets into its platform.

Some key members of the Denarii team will also join Careem as part of the acquisition, MAGNiTT reported. 

Careem will use Denarii’s technology for its Careem Pay feature, to connect customers and Captains with remittance services provided by licensed providers. 

“Denarii’s innovative API will accelerate our journey to offering simple and affordable international remittance services, adding to the wide variety of services already available through Careem Pay,” Mudassir Sheikha, CEO and co-founder of Careem said. 


JPMorgan warns oil may hit $380 a barrel if Russia begins retaliatory production cuts

JPMorgan warns oil may hit $380 a barrel if Russia begins retaliatory production cuts
Updated 43 min 29 sec ago

JPMorgan warns oil may hit $380 a barrel if Russia begins retaliatory production cuts

JPMorgan warns oil may hit $380 a barrel if Russia begins retaliatory production cuts

RIYADH: Amid ongoing geopolitical tensions and skyrocketing energy rates, global oil prices may hit $380 a barrel if the US and European curbs compel Russia to inflict retaliatory crude output cuts, Bloomberg reported citing analysts at JPMorgan Chase & Co.

It was after Russia’s invasion of Ukraine that the Western allies led by the US imposed several sanctions, and worked out a complicated mechanism to cap the price fetched by Russian oil.

According to JPMorgan analysts including Natasha Kaneva, currently Russia enjoys a strong financial position and it can afford to slash daily crude production by 5 million barrels.

The analysts noted that Russia’s crude production cuts could be disastrous for the world, as a cut of 3 million barrels will elevate London crude prices to $190. In the worst-case scenario, if the output is cut by 5 million barrels, the price could reach as high as $380 a barrel.

“The most obvious and likely risk with a price cap is that Russia might choose retaliate by reducing exports as a way to inflict pain on the West,” wrote the analysts.


SABB appoints new CEO to lead corporate and institutional banking

SABB appoints new CEO to lead corporate and institutional banking
Updated 55 min 59 sec ago

SABB appoints new CEO to lead corporate and institutional banking

SABB appoints new CEO to lead corporate and institutional banking

RIYADH: The Saudi British Bank has appointed Yasser Ali Al-Barrak as its new CEO for corporate and institutional banking from this month.

The appointment of Al-Barrak will take effect on July 1, the bank said in a press statement.

Al-Barrak joined SABB in 2012 and has held many leadership positions, most recently being the general manager of global corporate and institutional banking, the statement said.

“The appointment of Yasser is a testament to the success of career growth plans at SABB, which is a major player in managing our most valuable assets, our people,” said SABB Managing Director & CEO Tony Cripps.

Established in 1978, SABB is an associate of the HSBC Group and a Saudi joint-stock company. It was named Saudi’s best bank for 2022, the statement added.

The bank provides retail, corporate, investment, private, and treasury services and has a paid-up capital of SR20.5 billion ($5.46 billion).


Crypto Moves — Bitcoin slips; Voyager Digital suspends operations

Crypto Moves — Bitcoin slips; Voyager Digital suspends operations
Updated 03 July 2022

Crypto Moves — Bitcoin slips; Voyager Digital suspends operations

Crypto Moves — Bitcoin slips; Voyager Digital suspends operations

RIYADH: Bitcoin, the leading cryptocurrency worldwide, traded lower on Sunday, falling by 0.93 percent to $19,033.92 at 9 a.m. Riyadh time.

Ethereum, the second most traded cryptocurrency, was priced at $1,057.11, rising by 1.15 percent, according to data from CoinDesk.

Voyager Digital suspends withdrawals and deposits 

To preserve its platform’s value, Voyager Digital on Friday announced it had suspended withdrawals, trading, and deposits, according to Reuters. 

A default notice was issued to embattled hedge fund Three Arrows Capital just days earlier for the fund’s failure to make required payments.

According to Voyager CEO Stephen Ehrlich, the move gives the company more time to consider strategic alternatives with various interested parties while preserving its value.

The company announced that it had hired financial advisers Moelis & Co., Consello Group, and legal advisers Kirkland & Ellis LLP “to support its exploration of strategic alternatives.”

Voyager’s crypto assets are worth $685 million, compared to the more than $1.12 billion it has lent in crypto assets. The company said it lent $350 million and 15,250 bitcoins to 3AC. 

Voyager’s move comes less than a month after Celsius Network suspended withdrawals due to extreme market conditions. Customers of Celsius have not yet been able to withdraw money again.

(With inputs from Reuters)