Saudi crude supplied a third of Japan’s oil needs in May

Saudi crude supplied a third of Japan’s oil needs in May
In April, Japan’s imports of Saudi crude oil were 38.49 million barrels, or 43.9 percent of the total.
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Updated 01 July 2022

Saudi crude supplied a third of Japan’s oil needs in May

Saudi crude supplied a third of Japan’s oil needs in May

TOKYO: Japan’s imports of Saudi crude oil in May amounted to 27.10 million barrels, or 33.5 percent of the total in that month, according to the Agency for Natural Resources and Energy of the Ministry of Economy, Trade and Industry.

In April, Japan’s imports of Saudi crude oil were 38.49 million barrels — 43.9 percent of the total.

During May, Japan imported 80.81 million barrels, which was a record high of 94.5 percent, some 76.38 million barrels, provided by five Arab countries: the UAE, Saudi Arabia, Qatar, Kuwait and Oman, according to the data.

Russia remained on the list of Japan’s suppliers of crude oil, with the Japanese government exempting the energy sector from sanctions, but Japanese company imports decreased to 651,848 barrels — 0.8 percent — of the total.

Japan imported 36.21 million barrels from the UAE – 44.8 percent of the total imported in May. Qatar provided 5.559 million barrels (6.9 percent), Kuwait 5.556 million barrels (6.9 percent) and Oman supplied about 1.5 million barrels (1.9 percent).

The remaining imports came from Central and South America (3.8 percent), Southeast Asia (0.3 percent), and Oceania (0.6 percent).

The figures cited represent the quantities of oil that arrived at refineries, tanks and warehouses in ports in Japan during May 2022. Japan uses oil to generate about a third of its energy needs. 

 


India In-Focus — Shares inch higher; Bajaj Housing Finance to issue 3-year bonds; DLF Cyber City to issue 2-year bonds

India In-Focus — Shares inch higher; Bajaj Housing Finance to issue 3-year bonds; DLF Cyber City to issue 2-year bonds
Updated 14 sec ago

India In-Focus — Shares inch higher; Bajaj Housing Finance to issue 3-year bonds; DLF Cyber City to issue 2-year bonds

India In-Focus — Shares inch higher; Bajaj Housing Finance to issue 3-year bonds; DLF Cyber City to issue 2-year bonds

RIYADH: Indian shares edged higher on Wednesday — led by the consumer goods and banking sectors — while losses in tech stocks kept gains in check as traders looked ahead to US inflation data for clues on the pace of rate hikes from the Federal Reserve.

The NSE Nifty 50 index was up 0.07 percent at 17,538.10, as of 0357 GMT, and the S&P BSE Sensex rose 0.09 percent to 58,904.24, having hit a near four-month high in the previous trading session. Indian markets were closed on Tuesday for a holiday.

Nifty’s private bank index was up 0.38 percent and the fast-moving consumer goods index advanced 0.34 percent.

India’s Bajaj Housing Finance to issue 3-year bonds

India’s Bajaj Housing Finance Ltd. plans to raise at least 100 million rupees ($1.26 million) through a sale of bonds maturing in three years, three merchant bankers said on Wednesday.

The housing finance company has invited bids from bankers and investors for the same on Thursday, they said.

The notes are rated AAA by CRISIL and the issue will close for subscription on Friday.

The issue has a greenshoe option to retain an additional 9.90 billion rupees and will mature on Aug. 12, 2025.

DLF Cyber City to issue 2-year bonds

India’s DLF Cyber City Developers Ltd. plans to raise 5 billion rupees ($62.86 million) through the sale of bonds maturing in two years, three merchant bankers said on Wednesday.

The real-estate company will pay a coupon of 7.80 percent on this issue and has invited commitment bids from bankers and investors for the same on Thursday, they said.

The notes are rated ‘AA’ by CRISIL and the issue has a call option at the end of one year and nine months.

The issue will close for subscription on Friday and will mature on Aug. 12, 2024.

(With input from Reuters)


Crypto Moves – Bitcoin and Ethereum fall; Coinbase posts loss amid crypto market turmoil

Crypto Moves – Bitcoin and Ethereum fall; Coinbase posts loss amid crypto market turmoil
Updated 14 min 23 sec ago

Crypto Moves – Bitcoin and Ethereum fall; Coinbase posts loss amid crypto market turmoil

Crypto Moves – Bitcoin and Ethereum fall; Coinbase posts loss amid crypto market turmoil

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded lower on Wednesday, falling 3.69 percent to $22,981 as of 7:46 a.m. Riyadh time.

Ethereum, the second most traded cryptocurrency, was priced at $1,683 falling by 5.46 percent, according to data from Coindesk.

Coinbase posts loss amid crypto market turmoil

In response to this year’s rout in risky assets, Coinbase Global Inc. reported a bigger than expected quarterly loss after the bell on Tuesday, sending its shares down 6 percent, Reuters reported.

Retail trading fell by 68 percent at the cryptocurrency exchange in the second quarter, while institutional trading dropped by 46 percent.

The cryptocurrency exchange’s trading volumes also dropped more than half to $217 billion.

Despite the collapse of certain crypto ventures and a broad selloff in financial markets, Coinbase expects trading volumes to fall further in the current quarter.

The downturn in 2022 has sent Bitcoin 50 percent lower, forced Coinbase to cut jobs and raised fears of a drop in small-scale trading interest.

In the April-June quarter, Coinbase’s monthly transacting users decreased by 2 percent to 9 million.

Based on Refinitiv data, the adjusted loss for the quarter was $4.76 a share. Analysts had expected $2.65 a share. Market expectations were missed by 63 percent.

Despite a 37 percent increase in operating expenses, the company lowered its technology, development, and administration expenditure forecast to between $4 billion and $4.25 billion from $4 billion to $5 billion.

First cryptocurrency import order from Iran

Iran’s semi-official Tasnim agency reported on Tuesday that the Ministry of Industry, Mine and Trade has registered its first official order to import $10 million worth of cryptocurrency, Reuters reported.

Alireza Peymanpak, head of the country’s Trade Promotion Organization said: “This week, the first official import order registration worth 10 million dollars was successfully completed using cryptocurrency.

“By the end of September, the use of cryptocurrencies and smart contracts will be widely used in foreign trade with target countries.”

(With inputs from Reuters)

 


Saudi retailer BinDawood launches express stores in Jeddah, Makkah

Saudi retailer BinDawood launches express stores in Jeddah, Makkah
Updated 41 min 1 sec ago

Saudi retailer BinDawood launches express stores in Jeddah, Makkah

Saudi retailer BinDawood launches express stores in Jeddah, Makkah

RIYADH: BinDawood Holding Co., a Saudi-based grocery retail operator of hypermarkets and supermarkets, has opened two Danube Express stores at the Haramain High Speed Railway stations in Jeddah and Makkah.

The opening marks the first express stores with two more to follow in the city of Madinah as well as the King Abdullah Economic City in 2022, the company said.

“The Haramain railway is expected to carry over 60 million passengers annually, and we are thrilled to reach more customers across the Kingdom and introduce them to the Danube experience through the new ‘express’ model,” said Ahmad BinDawood, CEO of BinDawood.

Following the announcement, shares of the retailer rose 1.17 percent to reach SR86.6 ($23) in the early hours of Wednesday.


China In-Focus — Yuan weakens; Lenovo reports slowest revenue growth in eight quarters

China In-Focus — Yuan weakens; Lenovo reports slowest revenue growth in eight quarters
Updated 45 min 59 sec ago

China In-Focus — Yuan weakens; Lenovo reports slowest revenue growth in eight quarters

China In-Focus — Yuan weakens; Lenovo reports slowest revenue growth in eight quarters

RIYADH: The yuan eased on Wednesday, weighed down by signs that China’s COVID-19-hit economy is struggling to regain momentum and by lingering concerns over heightened Sino-US tensions over Taiwan.

The currency’s losses were limited, however, by caution ahead of US inflation data later in the global day, which could provide hints to the Federal Reserve’s plans for future monetary tightening and the direction of the dollar.  

The People’s Bank of China set the midpoint rate at 6.7612 per dollar prior to the market open, weaker than the previous fix of 6.7584. 

Factory inflation at 17-month low

China’s factory-gate inflation eased to a 17-month low in July, defying global cost pressures as slower domestic construction weighed on raw material demand, although consumer prices picked up pace, driven mostly by tight pork supplies.

The producer price index rose 4.2 percent year-on-year, the National Bureau of Statistics, said on Wednesday, after a 6.1 percent uptick in June and missing analyst forecasts for a 4.8 percent increase.

China’s producer price growth has slowed from a 26-year high hit in October last year, giving policy makers some leeway to stimulate the flagging economy even as central banks elsewhere scramble to hose down rampant inflation with aggressive interest rate hikes.

China’s Lenovo reports slowest revenue growth in eight quarters

Lenovo Group, the world’s biggest maker of personal computers, reported flat revenue for the April to June quarter when many Chinese cities were hit by COVID-19 lockdowns, marking its most subdued result in eight quarters.

Total revenue during the period was $16.96 billion, up 0.2 percent from the same quarter a year ago though it was in line with an average Refinitiv estimate of $16.87 billion drawn from seven analysts. That was the smallest quarter-on-quarter increase since the period ending in March 2020.

However, Lenovo has made big strides in expanding into other higher-margin businesses such as server operation, information technology services and mobile devices, with Lenovo’s non-PC business now accounting for 37 percent of the company’s revenue. For the quarter, net income attributable to shareholders rose 11 percent to $516 million.

Yang Yuanqing, Lenovo’s chairman and CEO, said the company is “diversifying from a pure PC business to a company that offers a broad range of intelligent products and solutions.”

(With input from Reuters)

 


MIDEAST STOCKS-Major Gulf bourses trade mixed; Abu Dhabi at record high

MIDEAST STOCKS-Major Gulf bourses trade mixed; Abu Dhabi at record high
Updated 10 August 2022

MIDEAST STOCKS-Major Gulf bourses trade mixed; Abu Dhabi at record high

MIDEAST STOCKS-Major Gulf bourses trade mixed; Abu Dhabi at record high

REUTERS: Major stock markets in the Gulf were mixed in early trade on Wednesday, ahead of the release of US inflation data that could point to the Federal Reserve’s appetite for more aggressive rate increases.

The Abu Dhabi index touched a record peak, rising 0.7 percent to 10,193 points and bolstered by a 2.1 percent gain in conglomerate International Holding Co. (IHC), which is on course to gain for a fourth session in five.

On Monday, IHC reported a quarterly profit of 6.81 billion dirhams ($1.85 billion), up from 2.87 billion a year earlier, mainly driven by acquisitions.

IHC, which has a market capitalization of more than $167 billion and assets in the fast-growing health care and industrial sectors, is Abu Dhabi’s most valuable listed company.

Elsewhere, Abu Dhabi National Energy Company jumped 4 percent, after reporting a sharp rise in first-half net profit.

Dubai’s main share index eased 0.1 percent, hit by a 1.5 percent fall in its top lender, Emirates NBD.

The bank has given most employees a pay rise of up to 8 percent to help cushion rising costs of living, Reuters reported on Tuesday, citing two sources familiar with the matter.

Dubai average rental prices for apartments and townhouses rose by 29 percent and 33 percent in the first half of the year and for villas by 64 percent, according to Betterhomes, as the property market continued a strong post-pandemic recovery.

The Dubai index’s losses, however, were limited by a 1.3 percent rise in blue-chip developer Emaar Properties.

Saudi Arabia’s benchmark index added 0.1 percent, helped by a 0.5 percent gain in Al Rajhi Bank.

Oil giant Saudi Aramco has told at least four North Asian buyers that it will supply full contractual volumes of crude in September, sources with knowledge of the matter said on Wednesday.

Shares of Aramco were down 0.5 percent.

The Qatari benchmark dropped 0.4 percent, driven down by a 0.6 percent fall in Qatar Islamic Bank.

Among other losers, Salam International Investment jumped 3.8 percent following a decline in first-half profit.

Crude oil prices, a key catalyst for the Gulf’s financial markets, fell ahead of a key US report on inflation and after industry data showed US crude inventories had unexpectedly risen last week, signalling a potential hiccup in demand.