Bitcoin falls below $19,000, further shaking crypto markets

Bitcoin falls below $19,000, further shaking crypto markets
Reuters illustration file photo
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Updated 01 July 2022

Bitcoin falls below $19,000, further shaking crypto markets

Bitcoin falls below $19,000, further shaking crypto markets

Bitcoin dropped 6.1% to $18,866.77 at 2004 GMT on Thursday, putting the biggest and best-known cryptocurrency down $1,226.41 from its previous close and down 60.9% from the year's high of $48,234 on March 28.
Several big players in the cryptocurrency markets have had difficulties, and further declines could force other crypto investors to sell holdings to meet margin calls and cover losses.
Ether, the coin linked to the ethereum blockchain network, dropped 7.5% to $1,016.08 on Thursday, losing $82.38 from its previous close.
Both digital assets have struggled since U.S. based lender Celsius Network this month said it would suspend withdrawals. Bitcoin and ether were further rattled by the apparent insolvency of crypto hedge fund Three Arrows Capital, which a person familiar with the matter told Reuters has entered liquidation.
Many of the industry's recent problems can be traced back to the spectacular collapse of so-called stablecoin TerraUSD in May, which saw the stablecoin lose almost all its value, along with its paired token. (Reporting by Mrinmay Dey in Bengaluru and Hannah Lang in Washington; Editing by David Gregorio)


Allianz planning to sell stake in Saudi Arabia unit: Bloomberg

Allianz planning to sell stake in Saudi Arabia unit: Bloomberg
Updated 14 sec ago

Allianz planning to sell stake in Saudi Arabia unit: Bloomberg

Allianz planning to sell stake in Saudi Arabia unit: Bloomberg

RIYADH: German insurer Allianz is planning to sell its Saudi Arabia unit, as the firm eyes streamlining its portfolio and raising cash, Bloomberg reported quoting people familiar with the matter. 

According to the report, Allianz is currently working with an adviser to sell its controlling stake in Allianz Saudi Fransi Cooperative Insurance Co.

To date this year, shares of Allianz Saudi Fransi have dropped about 44 percent and the company’s market value currently stands at roughly $231 million. 

The people who wished to stay anonymous noted that some insurers have expressed preliminary interest in acquiring the business. 

They, however, made it clear that deliberations are still at their early stages, and Allianz may even decide to retain the asset. 

Allianz Saudi Fransi was established in 2007 and is a joint venture of Allianz Group and Banque Saudi Fransi. According to its annual report, Allianz holds 51 percent of the firm’s shares.

 


Qatar Airways to resume operations to Qassim, adds 4 flights to Riyadh

Qatar Airways to resume operations to Qassim, adds 4 flights to Riyadh
Updated 8 min 4 sec ago

Qatar Airways to resume operations to Qassim, adds 4 flights to Riyadh

Qatar Airways to resume operations to Qassim, adds 4 flights to Riyadh

RIYADH: Qatar Airways will resume its operations to Qassim, its fifth destination in Saudi Arabia, according to a statement. 

The flights will operate three days weekly starting Aug. 22 and will increase to four from Sept. 2.

The airline will also introduce four additional weekly flights to Riyadh starting Aug. 18, bringing the total flight to 20 per week to meet the growing demand.

Currently, Qatar Airways operates 93 weekly flights to four cities in Saudi Arabia, following the latest additions, the total number of weekly flights to the Kingdom will reach 101. 


Saudi-listed East Pipes seeks capital hike as it posts 190% profit jump

Saudi-listed East Pipes seeks capital hike as it posts 190% profit jump
Updated 42 min 29 sec ago

Saudi-listed East Pipes seeks capital hike as it posts 190% profit jump

Saudi-listed East Pipes seeks capital hike as it posts 190% profit jump

RIYADH: Saudi-listed East Pipes Integrated Co. for Industry’s board has proposed a capital raise of 50 percent, after reporting a higher second-quarter profit.

The pipe manufacturer is looking to increase its current capital of SR210 million ($56 million) to SR315 million through granting bonus shares, according to a bourse filing.

Shareholders will receive 0.5 shares for every one share held through the capitalization of SR105 million from retained earnings.

“The objective of the proposed bonus shares is to provide sustainable returns to shareholders, whilst supporting the company’s strategic investment plans,” the filing stated.

East Pipes had earlier reported a 190 percent year-on-year surge in profits to SR6.2 million for the second quarter of 2022, buoyed by a higher sales volume.


NRG Matters — Egypt eyes $10bn renewables plan; ADNOC Drilling awarded offshore rigs contracts

NRG Matters — Egypt eyes $10bn renewables plan; ADNOC Drilling awarded offshore rigs contracts
Updated 50 min 37 sec ago

NRG Matters — Egypt eyes $10bn renewables plan; ADNOC Drilling awarded offshore rigs contracts

NRG Matters — Egypt eyes $10bn renewables plan; ADNOC Drilling awarded offshore rigs contracts

RIYADH: Egypt is eying $10 billion of renewables to replace inefficient thermal fossil fuel power plants. 

In an effort to drive the country’s carbon emissions reduction goal, the precuts are expected to be delivered by the private sector, according to MEED.

US motors

A group representing General Motors, Toyota Motor, Volkswagen and other major automakers said a $430 billion bill approved by the US Senate will put achieving electric-vehicle adoption targets for 2030 in jeopardy.

The Alliance for Automotive Innovation had warned that most EV models would be ineligible for a $7,500 tax credit for US buyers under the bill, Reuters reported. 

Offshore rigs

ADNOC Drilling has been awarded two contracts totaling over 12.6 billion dirhams ($3.4 billion) to hire eight jack-up offshore rigs, Trade Arabia reported. 

Awarded by ADNOC Offshore, the contracts will support the expansion of the firm’s crude oil production capacity to 5 million barrels per day by 2030 and enable gas self-sufficiency for the UAE.


TASI ends higher on strong earnings reports: Closing bell

TASI ends higher on strong earnings reports: Closing bell
Updated 51 min 36 sec ago

TASI ends higher on strong earnings reports: Closing bell

TASI ends higher on strong earnings reports: Closing bell

RIYADH: Saudi Arabia’s benchmark index ended Monday higher after a wave of earnings reports boosted investor sentiment.

The Tadawul All Share Index added 0.66 percent reaching 12,297, while the parallel market, Nomu, climbed 1.36 percent at 22,072.

The Saudi British Bank climbed 1.44 percent, while the Kingdom’s oil giant Saudi Aramco added 0.13 percent.

The Saudi National Bank, the Kingdom’s biggest lender, ended the day 1.82 percent higher, while Alinma Bank rose 1.07 percent.

The Middle East Paper Co. gained 2.83 percent, following a 216 percent increase in first half profits.

The Wafrah for Industry and Development Co. rose 2.79 percent, following the signing of a $4 million contract with German GEA Food for meat production.

Bank Albilad rose 2.62 percent, following the announcement of the establishment of Enjaz Payment Services Co., a closed joint-stock company located in Riyadh.

Almarai Co. increased 0.56 percent, following the announcement of the re-appointment of Prince Naif bin Sultan bin Mohammed bin Saud Alkabeer as chairman and Suliman Al-Muhaideb as vice chairman.