Saudi Arabia raises oil prices more than expected as Asia recovers: Bloomberg

Saudi Arabia raises oil prices more than expected as Asia recovers: Bloomberg
The increase for July shipments resumes a series of increases that began in February. (Shutterstock)
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Updated 05 June 2022

Saudi Arabia raises oil prices more than expected as Asia recovers: Bloomberg

Saudi Arabia raises oil prices more than expected as Asia recovers: Bloomberg

RIYADH: Saudi Arabia, the world’s biggest oil exporter, raised oil prices for its largest market in Asia more than expected as major economies in the region eased coronavirus restrictions, helping boost demand, Bloomberg reported. 

The increase for July shipments resumes a series of increases that began in February and were only broken when state producer Saudi Aramco cut prices from record levels a month ago.

Aramco raised its main grade for Arab Light crude for Asian customers by $2.10 a barrel from June to $6.50 above the benchmark it uses, as the market expected an increase of $1.50, according to a Bloomberg survey of refiners and traders.

Aramco also raised all grades for the north west Europe and the Mediterranean region, while prices for US customers remained unchanged for the second month in a row.

Meanwhile, the Kingdom also raised the prices of shipments sold under long-term contracts after the rise of futures contracts in the wake of the Russian invasion of Ukraine.

Crude oil has jumped more than 50 percent this year to nearly $120 a barrel, according to Bloomberg. 

“In some places, the demand rebound is quite something,” Mike Muller, head of Asia at Vitol Group, said Sunday on a podcast produced by Dubai-based Gulf Intelligence. 

“A lot of the south-eastern Asian countries, where I’m based, are very much exceeding expectations in terms of road-transportation demand. And try buying an air ticket in Singapore in the summer holidays. It’s awfully tough.”


EU plan to cut gas use by 15% comes into effect

EU plan to cut gas use by 15% comes into effect
Updated 15 sec ago

EU plan to cut gas use by 15% comes into effect

EU plan to cut gas use by 15% comes into effect

BRUSSELS: An EU plan to cut gas consumption across the bloc by 15 percent to cope with an energy price crisis spurred by Russia’s war in Ukraine comes into effect on Tuesday.

The EU regulation enshrining the plan agreed two weeks ago by the 27-nation bloc was published Monday in the EU’s official administrative gazette, with the stipulation it would take force from Tuesday.

“Considering the imminent danger to the security of gas supply brought about by the Russian military aggression against Ukraine, this regulation should enter into force as a matter of urgency,” it said.

The aim is for the EU to be able to bolster its reserves of gas in time for what is likely to be a very tough winter. European households and businesses are being squeezed by skyrocketing energy prices and reduced Russian gas that several member states are dependent on.

The regulation said that EU countries “shall use their best efforts” to cut gas consumption by “at least 15 percent” between August this year and March next year, based on how much they used on average over the previous five years.

Some EU countries, though, had carve-outs from strictly following the rule, which was in any case termed a “voluntary demand reduction.”

These were countries not fully connected to the European electricity grid or with gas pipelines to other parts of the EU or unable to free up enough pipeline gas to help other member states.

Hungary, which relies on gas piped in directly from Russia, had demanded the exception.

Germany, the EU’s economic powerhouse, took a major share of the 40 percent of EU gas imports that came from Russia last year.

Should the European Commission see a “severe gas supply shortage” or exceptionally high gas demand emerging, it can ask EU countries to declare an alert for the bloc. That would make gas cuts binding and limit exceptions.


DIFC launches first global family business and private wealth center

DIFC launches first global family business and private wealth center
Updated 12 min 29 sec ago

DIFC launches first global family business and private wealth center

DIFC launches first global family business and private wealth center

DUBAI: The Dubai International Financial Center has announced the launch of the first global family business and private wealth center.

The center will create a hub for bringing together global family-owned businesses, ultra-high-net-worth individuals and private wealth, according to a press release.

To be working on an independent basis, the center will provide advisory and concierge services, education and training, outreach and high-end networking, besides undertaking research and issuing publications, along with giving dispute resolution assistance.

The center will also grant accreditation to businesses and advisers in alignment with DIFC’s standards, the press release added.

“The UAE has a vast number of family businesses, owned by citizens and residents who contribute to the country’s economy,” said Essa Kazim, governor of DIFC.

In the next decade, he added, those families and others in the Middle East are expected to transfer 3.67 trillion dirhams ($1 trillion) to the next generation, which illustrates the urgent need to provide them with specialist, consolidated support to help them grow. 

Tarek Hajjiri, appointed CEO for the Global Family Business and Private Wealth Center said: “The new center will play a unique role in guiding family businesses in relation to governance, succession, ownership, wealth, family dynamics and strategy. Our role is crucial to ensure the long-term growth of family businesses.”

The Global Family Business and Private Wealth Center has been approved by the DIFC Authority Board of Directors and is expected to be launched on Sept. 1, 2022.


Saudi Transport Ministry pushes for electrification with EV charging stations for staff

Saudi Transport Ministry pushes for electrification with EV charging stations for staff
Updated 48 min 42 sec ago

Saudi Transport Ministry pushes for electrification with EV charging stations for staff

Saudi Transport Ministry pushes for electrification with EV charging stations for staff

RIYADH: The Saudi Ministry of Transport and Logistics has installed the first batch of electric charging stations at its Riyadh headquarters as the Kingdom continues its journey to achieve sustainability.

The stations, developed by electric charging infrastructure developer ABB, can be used by employees of the ministry and visitors, according to a LinkedIn post.

Saudi Arabia’s Vision 2030 aims to ensure a safe environment for future generations, and several carbon emission reduction initiatives are progressing steadily in the Kingdom.

Last month, the Madinah municipality signed an agreement with Al-Sharif Holding Group to establish 12 electric charging stations at several key points in the city.

Recently, Kalyana Sivagnanam, group CEO of Petromin, during an exclusive interaction with Arab News said that its electric charging station arm Electromin is planning to open new charging stations, in addition to the already existing 100 stations in the country.


India In-Focus — Bond yields end higher; India mulls blocking Chinese firms from sub-$150 phone market 

India In-Focus — Bond yields end higher; India mulls blocking Chinese firms from sub-$150 phone market 
Updated 08 August 2022

India In-Focus — Bond yields end higher; India mulls blocking Chinese firms from sub-$150 phone market 

India In-Focus — Bond yields end higher; India mulls blocking Chinese firms from sub-$150 phone market 

RIYADH: Indian government bond yields ended higher on Monday for a second consecutive session tracking a hike in key policy rate from the Reserve Bank of India as well as rise in US Treasury yields.

The 10-year benchmark bond yield ended at 7.3485 percent. It had closed 14 basis points higher at 7.3005 percent on Friday, when it posted the biggest single-day gain in three months.

India’s ICICI Securities to issue 3-month CP: traders

India’s ICICI Securities plans to raise funds by selling commercial papers maturing in three months, three merchant bankers said on Monday.

The company will offer a yield of 6.15 percent on this issue and it has received commitments worth around 11.75 billion rupees ($147.54 million), the bankers said.

The notes are rated A1+ by CRISIL.

L&T Finance to issue intra-month CP

India’s L&T Finance plans to raise funds selling commercial papers maturing within August, Reuters reported quoting three merchant bankers.

The company will offer a yield of 5.80 percent on this issue, and it has received bids worth around three billion rupees so far, the bankers said.

The notes are rated A1+ by CARE Ratings and have a value date of Aug. 10.

India seeking to block Chinese firms from its sub-$150 phone market: ET Now

India is seeking to oust Chinese firms from its sub-$150 phone market, broadcaster ET NOW said on Monday citing unnamed news agencies.

The report said the move would come as a blow to Chinese companies Xiaomi and Realme.

(With input from Reuters) 


Bahri partners with Aventra Group to accelerate digital transformation

Bahri partners with Aventra Group to accelerate digital transformation
Updated 08 August 2022

Bahri partners with Aventra Group to accelerate digital transformation

Bahri partners with Aventra Group to accelerate digital transformation

RIYADH: Bahri, formally known as the National Shipping Co. of Saudi Arabia, has partnered with Singapore-based Aventra Group to accelerate its digital transformation journey.

According to a press release, Bahri’s partnership with Aventra Group includes building a maritime-based data orchestration platform solution to securely store, sort, and combine data across the firm’s business units.

The orchestration platform is expected to help the company streamline and automate data-driven decision-making, the release added.

“Data is the core to all digital transformation, and this partnership enables Bahri to accelerate its strategy to ensure that we further strengthen its comprehensive logistics and transportation offerings,” said Waleed Alsobayel, acting chief technology officer of Bahri.