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China’s industrial profits decline, worsening economic gloom

BEIJING: Annual profits at China’s industrial firms extended a double-digit decline in the first five months as softening demand squeezed margins, reinforcing hopes of more policy support to bolster a stuttering post-COVID economic recovery.  The 18.8 percent year-on-year slump in profits came on top of the 20.6 percent contraction in January-April, and added to evidence of an economy that was losing steam on many fronts in May including retail sales, exports and property investment as the youth jobless rate scaled a fresh high of 20.8 percent. 
Business

Saudi cement companies in central region may reduce prices due to strong competition.

RIYADH: A price war between cement producers is likely to break out in Saudi Arabia’s central region on the back of the giga-projects boom, according to a recent report from AlJazira Capital. Since the majority of the huge ongoing developments in the Kingdom are located in its center, companies from across the country have ventured into the region, causing competition to soar.   The report added that the central area is also logistically more feasible and accessible for the majority of the firms in the Kingdom, further attracting external players. 
Business

Survey shows US oil and gas production slowing amidst high demand

RIYADH: Driven by a fall in crude and commodities pricing, oil and gas production in the US is decelerating at a time when demand is showing signs of recovery, research by the Federal Reserve Bank of Dallas has shown. The survey posted a score of zero for business activity growth in the second quarter of 2023 among 150 oil and gas groups in its region, the lowest since 2020 when oil prices crashed due to the pandemic, ultimately forcing operators to close rigs and cut headcounts. 
Business

SPARK and Hutchison Ports team up for dry port and logistics zone operation.

RIYADH: King Salman Energy Park, also known as SPARK, will soon have access to improved logistical services and solutions thanks to a new agreement.   SPARK and Hong Kong-based firm Hutchison Ports have signed a concession agreement to manage and operate the dry ports and logistics area of the largest global center for power plants in Saudi Arabia.   This move falls in line with the objectives of the Saudi Vision 2030 in transforming the Kingdom into a global logistics hub. 
Business

“Soft Dollar Boosts Appeal: Gold Prices Rise”

RIYADH: Gold climbed on Monday after a weaker dollar made bullion more attractive for overseas investors, although prices hovered close to three-month lows as traders assessed prospects of more interest rate hikes by the US Federal Reserve. Spot gold rose 0.3 percent to $1,926.19 per ounce by 8:38 a.m. Saudi time. US gold futures also gained 0.3 percent to $1,936.00. Bullion slumped nearly 2 percent in the previous week as hawkish comments from Fed officials signaled more rate hikes to tame sticky inflation.
Business

New Electrical Transmission Line Connects Afar, Saudi Arabia to Yusufiya, Iraq

DUBAI: Aiming to step up energy security and usher in a new era in regional cooperation, Prince Saud bin Nayef bin Abdulaziz, the governor of the Eastern Province, inaugurated an electrical interconnection project between the Gulf Cooperation Council Interconnection Authority and Iraq. Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said the connection was a dream turned reality, in an interview with Al-Arabiya. He said this landmark deal could achieve tangible economic benefits and enhance energy security.
Business

Biggest Weekly Gold Drop Since Feb Expected Due to Hawkish Fed

RIYADH: Gold prices were en route to their worst week since early February on Friday as the dollar strengthened after US Federal Reserve Chief Jerome Powell reiterated that more interest rate hikes were in the offing, according to Reuters. Spot gold was up 0.4 percent to $1,921.29 per ounce by 1543 p.m. Saudi time, yet stayed close to a three-month low hit earlier in the session. Prices are down 1.8 percent for the week. US gold futures gained 0.4 percent to $1,931.40.
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