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RIYADH: Gold prices were little changed on Wednesday, as investors stayed away from taking big positions ahead of a US Federal Reserve interest rate decision that could influence the outlook for bullion.
Spot gold was nearly flat at $1,716.59 per ounce at 0308 GMT.
US gold futures dipped 0.2 percent to $1,713.90.
Spot silver dipped 0.1 percent to $18.61 per ounce, while platinum fell 0.3 percent to $870.77.
Chicago corn futures eased from a one-week high on Wednesday, while concerns over hot and dry weather in parts of the US Midwest provided a floor under the market.
Wheat lost ground, while soybeans fell for the first time in four sessions.
The most-active corn contract on the Chicago Board of Trade fell 0.6 percent to $5.97-1/4 a bushel, as of 0343 GMT, after climbing earlier in the session to its highest since July 19 at $6.03 a bushel.
Wheat gave up 0.8 percent to $7.97-1/2 a bushel and soybeans dipped 0.3 percent to $13.80 a bushel.
Copper prices slipped on Wednesday, weighed down by lingering concerns over demand due to slowing global economic growth and a stronger dollar ahead of a likely sharp US interest rate hike.
Three-month copper on the London Metal Exchange was down 0.3 percent at $7,515.50 a ton, as of 0223 GMT, after hitting a two-week high in the previous session.
The most-traded September copper contract on the Shanghai Futures Exchange eased 0.2 percent to $8,557.54 a ton.
RIYADH: Executives from Tullow Oil held talks with India’s ONGC Videsh Ltd. in Nairobi this week as the London-based firm seeks a strategic investor for its onshore oil project in Kenya, the company said on Saturday.
A senior official at Kenya’s ministry of petroleum and mines tweeted earlier this week that ministry officials had met the Indian High Commissioner to Kenya along with representatives of ONGC Videsh, the overseas investment arm of Oil and Natural Gas Corp, and Indian Oil Corporation Limited.
“The meeting was positive and the parties agreed to hold further discussions in the coming weeks,” Africa-focused Tullow said in a tweet about the meeting, adding that the talks had been hosted by the ministry of petroleum and mines.
Africa-focused Tullow said earlier in July it was confident it could make substantial progress to find an investor for its onshore oil project in the East African country in the second half of the year.
India’s Yes Bank to raise $1.1bn via stake sale
India’s Yes Bank said on Friday it will sell up to 10 percent stake to US private equity firms Carlyle Group Inc. and Advent International for $1.1 billion.
Yes Bank will raise the funds through a combination of about $640 million in shares and about $475 million in share warrants, the private lender said in a statement.
Yes Bank will offer 3.69 billion shares to affiliates of Carlyle Group and Advent for 13.78 Indian rupees ($0.1737) apiece.
The company will also issue 2.56 billion share warrants at a price of 14.82 Indian rupees per warrant to both investors.
Earlier this month, Yes Bank said it would seek to raise about $1 billion in this financial year as it exits a reconstruction plan after two years.
The company also selected an asset reconstruction firm belonging to private equity firm JC Flowers as the base bidder for the sale of bad loans worth 480 billion Indian rupees.
Ola and Uber deny report of merger talks
Uber Technologies Inc. and its Indian rival Ola on Friday denied a media report that the ride-hailing firms were in talks for a merger.
An Economic Times report said that Ola CEO Bhavish Aggarwal had met top Uber executives in San Francisco, US, citing two sources.
“That report is inaccurate. We are not, nor have we been, in merger talks with Ola,” Uber said in a statement.
Ola’s Aggarwal tweeted, “Absolute rubbish. We’re very profitable and growing well. If some other companies want to exit their business from India they are welcome to! We will never merge.”
(With input from Reuters)
RIYADH: China’s factory activity contracted unexpectedly in July after bouncing back from COVID-19 lockdowns the month before, as fresh virus flare-ups and a darkening global outlook weighed on demand, a survey showed on Sunday.
The official manufacturing Purchasing Managers’ Index fell to 49.0 in July from 50.2 in June, the National Bureau of Statistics said, below the 50-point mark that separates contraction from growth and the lowest in three months.
Analysts polled by Reuters had expected a reading of 50.4. “The level of economic prosperity in China has fallen, the foundation for recovery still needs consolidation,” NBS senior statistician Zhao Qinghe said in a statement on the NBS website. Continued contraction in the energy-intensive industries, such as petrol, coking coal and ferrous metals, contributed most to pulling down the July manufacturing PMI, he said.
British businesses turning away from China: industry group
British businesses are cutting ties with China due to concerns about political tensions, a shift that is likely to stoke inflationary pressures, the head of the Confederation of British Industry said in an interview published on Saturday. “Every company that I speak to at the moment is engaged in rethinking their supply chains ... because they anticipate that our politicians will inevitably accelerate toward a decoupled world from China,” CBI director-general Tony Danker was quoted as telling the Financial Times newspaper. China was Britain’s biggest source of imported goods in 2021, accounting for 13 percent of the total, while it was the sixth largest destination for goods exports, according to Britain’s official trade statistics. However, British security concerns have risen in recent years, fueled by disagreements with China over Hong Kong and other issues. Last week, the head of Britain’s foreign intelligence service, Richard Moore, said China was now his top priority, ahead of counter-terrorism work. Britain has also increasingly blocked Chinese takeovers of companies on national security grounds.
(With input from Reuters)
KUWAIT: Haitham Al-Ghais will begin his new role as secretary-general of the Organization of the Petroleum Exporting Countries on Monday, the Kuwait News Agency reported.
The Kuwaiti takes over from Nigerian Mohammad Barkindo, who died in July.
In an interview with KUNA on Sunday, Al-Ghais thanked Emir Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah and Crown Prince Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah for their confidence in him as Kuwait’s nominee.
Al-Ghais is the first Kuwaiti to hold the position of OPEC chief, having been elected by acclamation for a three-year term.
He said the unanimous selection of him by OPEC’s 13 member countries reflects Kuwait’s position among them.
From 2017 to 2021, Al-Ghais served as Kuwait’s OPEC governor, representing the country during meetings of the board of governors. He also chaired its joint technical committee with countries outside the organization.
He was appointed deputy director of international marketing at the state-owned Kuwait Petroleum Corp. after stepping down as Kuwait’s OPEC governor in June 2021.
Prior to OPEC, he worked at the KPC’s global marketing sector in various sales departments, headed its regional offices in Beijing and London, and was director of the corporation’s research department and deputy managing director of global marketing.
Al-Ghais has nearly 30 years of experience in the oil industry, and has participated in many international conferences and forums.
RIYADH: The Saudi Steel Pipe Co. has completed a deal to supply oil and gas steel pipes to Uruguay's Tenaris Global Services.
The deal, which is valued at SR94.7 million ($25 million), is expected to have a financial impact in the second half of this year, the company said in a bourse filing.
In March, Saudi Steel signed a deal with Uruguay's Tenaris Global Services to supply it with oil and gas steel pipes valued at SR139 million ($37 million).
In Sunday's trading, Saudi-based pipe manufacturers closed up 0.46 percent, at SR22.08.
RIYADH: Bahri, formally known as the National Shipping Co. of Saudi Arabia, has announced the full redemption of its SR3.9 billion ($1.04 billion) Riyal-denominated sukuk on July 30.
The Saudi-listed company said in a bourse filing it expects the transaction to impact its financial statements for the ongoing quarter.
Bahri, a joint venture between Saudi Aramco and the Public Investment Fund, operates a fleet of 89 tankers and container ships that transport oil, petrochemicals, and other types of cargo.