China In-Focus — Shares drop; Russian oil imports soar; Sequoia China raises $9bn

China In-Focus — Shares drop; Russian oil imports soar; Sequoia China raises $9bn
The Shanghai Composite Index fell 1.4 percent (Shutterstock)
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Updated 06 July 2022

China In-Focus — Shares drop; Russian oil imports soar; Sequoia China raises $9bn

China In-Focus — Shares drop; Russian oil imports soar; Sequoia China raises $9bn

RIYADH: Shanghai shares dropped the most for six weeks on Wednesday, as China continued to grapple with COVID-19 flare-ups, while energy stocks tracked a sell-off in the global oil market.

The Shanghai Composite Index fell 1.4 percent, the biggest one-day percentage fall since May 24. The blue-chip Index lost 1.5 percent, while Hong Kong’s benchmark Hang Seng Index weakened 1.2 percent.

Russian crude oil imports soar

China’s crude oil imports from Russia soared 55 percent from a year earlier to a record level in May, displacing Saudi Arabia as the top supplier as refiners cashed in on discounted supplies amid sanctions on Moscow over its invasion of Ukraine.

Imports of Russian oil, including supplies pumped via the East Siberia Pacific Ocean pipeline and seaborne shipments from Russia’s European and Far Eastern ports, totalled nearly 8.42 million tons, according to data from the Chinese General Administration of Customs.

That’s equivalent to roughly 1.98 million barrels per day and up a quarter from 1.59 million bpd in April.

Saudi Arabia trailed as the second-largest supplier, with May volumes up 9 percent on-year at 7.82 million tons, or 1.84 million bpd. This was down from April’s 2.17 million bpd.

Customs data released on Monday also showed China imported 260,000 tons of Iranian crude oil last month, its third shipment of Iran oil since last December, confirming an earlier Reuters report.

Sequoia China raises $9 billion amid hopes crackdown is easing

Sequoia Capital China has raised a total of nearly $9 billion for four new funds amid investor hopes that the authorities are easing a regulatory crackdown on the tech sector, said a person with direct knowledge of the matter.

The latest fundraising by Sequoia China, which according to the person originally targeted at least $8 billion and was 50 percent oversubscribed, underscores how global investors are counting on leading investment managers to cut deals in China’s new economy industries following the unprecedented crackdown.

Sequoia China, widely viewed as a bellwether for Chinese tech investment, launched the fundraising early this year and has attracted commitments from investors in the US, Europe, the Middle East and Asia, including pension funds, sovereign wealth funds and university endowments.

Sequoia China declined to comment. The person with direct knowledge of the matter declined to be identified as the information is not public. News of the fundraising was first reported by news website The Information.

The four funds will primarily invest in Chinese start-ups at different stages of their life cycle, with a focus on the technology, health care and consumer sectors, said the person.

(With input from Reuters) 


DIFC launches first global family business and private wealth center

DIFC launches first global family business and private wealth center
Updated 13 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 36 min 26 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.


Saudia offers up to 40% discounts on domestic and international routes

Saudia offers up to 40% discounts on domestic and international routes
Updated 08 August 2022

Saudia offers up to 40% discounts on domestic and international routes

Saudia offers up to 40% discounts on domestic and international routes

RIYADH: Saudi Arabian Airlines, known as Saudia, has announced a discount of up to 40 percent for some of its local and international flights, including destinations in Europe, and the US. 

Reservations for the discounted flights will be available from Aug. 7 to 12, while guests can travel from Sept. 15 to Nov. 15, the airline said in a statement. 

As the Kingdom seeks to boost tourist arrivals, this comes as part of the airline’s strategy to connect Saudi Arabia with the world.

By 2030, Saudi Arabia targets the tourism sector to contribute 10 percent of the economic output, up from its current 3 percent.