https://arab.news/z49tq

RIYADH: China’s central bank continued injecting liquidity in small doses into the banking system in the run-up to the month-end.

The People’s Bank of China ploughed 2 billion yuan ($295.76 million) through seven-day reverse repos on Wednesday, the tiniest daily cash injection since January 2021.

With 3 billion yuan worth of such a liquidity tool maturing on Wednesday, the PBOC drained 1 billion yuan on a net basis on the day.

China’s industrial profits rebound in June 

China’s industrial profits in June grew 0.8 percent from a year earlier, rebounding from a 6.5 percent decline in May, according to data released by the National Bureau of Statistics on Wednesday.

Buoyed by easing pandemic curbs and government stimulus, June’s data shows industrial firms are gradually coming back from painful supply chain disruptions in the second quarter.

As the pandemic was effectively controlled and the industrial chain further recovered, industrial firms’ efficiency improved markedly, NBS Senior Statistician Zhu Hong said in a statement.

China’s economy braked sharply in the April-June quarter, highlighting the colossal toll on activity from widespread lockdowns that hit domestic consumption and business confidence.

Industrial firms saw their combined profits rise 1 percent to 4.27 trillion yuan from January to June from the same period a year earlier. That matched the 1.0 percent growth pace in the first five months, the data showed.

Liabilities at industrial firms jumped 10.5 percent at the end-June, also remaining the same as the 10.5 percent growth as of end-May.

In June, China’s industrial output grew 3.9 percent from a year earlier, while factory-gate inflation hit a 15-month low as the country continues to buck the global trend of accelerating prices. 

China Q2 smartphone sales fall

Chinese smartphone sales in April-June fell 14.2 percent on year and volumes hit a decade low, Counterpoint Research said on Wednesday, as China struggles to recover from the impact of COVID-19 lockdowns and the industry braces for more uncertainty.

Quarterly sales volumes were 12.6 percent lower than those seen in the first quarter of 2020, when the pandemic hit China and sales were the worst since the fourth quarter of 2012, when the iPhone 5 was introduced, according to Counterpoint.

The research firm does not give unit sales estimates.

Riyadh: The Royal Commission of Jubail and Yanbu has finalized its deal with the $50 million-valued Mitchell Rapper Arabia Co. to supply land for manufacturing of synthetic rubber components in Yanbu.

This was one of 13 contracts signed during US President Joe Biden’s visits to the Kingdom, disclosed Steven Luttenschlager, Mitchell Rapper Arabia’s chairman and CEO.

The factory is to start operating by 2024; whereafter, it will engineer and supply rubber products such as tires, belts, hoses, and other materials to different industries, he added.

Additionally, the project is expected to add up to 250 jobs in management, engineering, and technology, reported the Saudi Press Agency.

 Lebanon secures $150m loans for wheat imports

The Lebanese parliament has signed a $150 million loan deal with The World Bank to secure its wheat imports for the next six to nine months.

This decision came after three years of bread shortages in Lebanon caused by economic turmoil, and more recently the Russian-Ukrainian war.

Previously, 80 percent of Lebanon’s wheat supply was imported from Ukraine, and 15 percent from Russia, according to MEED.

The country expects that Ukrainian wheat imports will resume back to normal levels.

“Ukraine will allocate a specific line of shipment for Lebanon so we can get all the wheat we need on a weekly basis,” said Economy Minister Amin Salam.

Adnoc grants $2bn Hail & Ghasha to subsidiary

Abu Dhabi National Oil Company has selected its subsidiary ADNOC Drilling for the development of two contracts in the $2 billion Hail and Ghasha offshore sour gas field project.

The project’s finances are broken down into two, where $1.3 billion will be invested in drilling services and fluids, and the remaining $711 million in the provision of four island drilling units, reported MEED.

“The Hail and Ghasha development project is part of the Ghasha concession which is the world’s largest offshore sour gas development and a key component of ADNOC’s integrated gas master plan,” ADNOC stated. 

RIYADH: Saudi Alamar Foods has concluded its initial public offering’s retail subscription, raising SR847 million ($226 million).

The fast food franchiser's offering was 6.9 times covered after offering over one million shares to retail investors, the IPO financial advisor reported to the bourse.

The share offer price was set at SR115, HSBC Saudi Arabia revealed in the statement.

Alamar is a Saudi-based operator of two globally recognized restaurant brands, Domino’s Pizza and Dunkin’ Donuts.

Alamar operates stores in 11 Middle Eastern, North African, and Pakistani countries.

RIYADH: Indian shares rebounded on Wednesday after a shaky start to the week, closing 1 percent higher, as Bajaj Finance and engineering major Larsen & Toubro advanced on better-than-expected earnings, offsetting investor worries ahead of the Federal Reserve’s policy decision.

The NSE Nifty 50 index closed 0.96 percent higher at 16,641.8, while the S&P BSE Sensex rose 0.99 percent to 55,816.32. The indexes have risen over 5 percent each so far this month as crude prices dropped, easing inflation fears.

In Mumbai, non-bank lender Bajaj Finance climbed 2.1 percent to its highest in nearly three months after reporting a better-than-expected jump in quarterly profit.

Engineering and construction conglomerate Larsen & Toubro jumped 2.6 percent to its highest since mid-April after beating profit estimates. 

Indian wheat prices jumped to a record high, despite a ban on exports, amid strong demand and dwindling supply from a crop damaged by heatwave.

Local wheat prices jumped to a record 23,547 rupees ($294.72) per ton on Wednesday. That was up nearly 12 percent from recent lows that followed the government’s surprise ban on exports on May 14.

Supplies in grain markets were much lower this year than normal, showing that 2022 production had dropped far more than the government had estimated, said a Mumbai-based dealer with a global trading firm.

India, the world’s second-biggest wheat producer, harvested 109.59 million tons in 2021. The government estimated less output this year because of a heatwave in March and April.

Maruti Suzuki feels squeeze as costs hit India’s top carmaker

Maruti Suzuki India Ltd., the country’s top carmaker, said on Wednesday that rising raw material costs had eaten into its margins despite more sales at higher prices, hurting quarterly profit, which came in below analyst estimates.

Maruti recorded a profit of 10.13 billion rupees for the quarter that ended on June 30, compared with 4.41 billion rupees a year ago when production was hampered by COVID-19-related disruptions. Analysts, on average, had expected a profit of 15.95 billion rupees, according to Refinitiv data.

“The increase in prices of commodities adversely impacted the operating profit of the company  and was forced to increase prices of vehicles to partially offset this impact,” Maruti said in a statement.

Maruti, majority-owned by Japan’s Suzuki Motor Corp. increased prices six times from January 2021 to June 2022, while cutting back on discounts as demand rebounded from pandemic lows.

Google Maps launches Street View in India after 11-year wait

Alphabet Inc’s Google Maps on Wednesday launched its panoramic Street View service in 10 Indian cities, in partnership with Tech Mahindra and Genesys, 11 years after a first attempt that ran into regulatory troubles.

The feature, which offers 360-degree views of streets around the world using photos taken by cruising vehicles, has faced privacy complaints and regulatory scrutiny in many countries.

The Indian launch comes after Google was denied permission at least twice in the last decade by the government over security concerns.

Company executives said on Wednesday it was able to meet the regulatory requirements thanks to a new geospatial policy from India last year, which allows foreign map operators to provide panoramic imagery by licensing the data from local partners.

(With input from Reuters) 

RIYADH: The number of new housing units in Riyadh has increased by 37 percent during June 2022, compared to the same period last year. 

This brings the total number of housing units in the city to 4,826, Saudi Press Agency reported citing a report issued by the Ministry of Municipal and Rural Affairs and Housing.

This comes as the ministry seeks to meet the increasing housing demand from Saudi families by providing more housing options and solutions through the Sakani program. 

The program is run by the Ministry of Housing and the Saudi Real Estate Development Fund to allocate fully constructed and planned housing units across Saudi Arabia.

This comes in line with Saudi Vision 2030 of raising the proportion of housing ownership for Saudi families to 70 percent by 2030.

RIYADH: Dallah Healthcare Co.'s shares jumped 2 percent on Wednesday after the market opened, reaching their highest price since listing.

Dallah stock rose to SR123.6 ($33), up from SR119.4 at the closing bell the previous day.

The stock price later retreated to SR121 at the closing bell of Wednesday.

The Saudi firm, which operates a number of private hospitals and medical centers throughout the Kingdom, manufactures medical devices and pharmaceuticals, besides providing management and support services.

It was founded in 1994 and listed on the Saudi Exchange in December 2012.