Saudi Arabia Financial News

SoftBank Group CEO Masayoshi Son was in San Francisco on Wednesday when he joined a call with his bankers in New York to make a final decision about his company's most valuable asset: chip designer Arm Holdings. Arm's blockbuster initial public offering (IPO) was oversubscribed by 12 times, and could have been priced at $52 per share, above the indicated range of $47 to $51, people familiar with the matter said. But the bankers, who had huddled at the offices of SoftBank's financial advisor Raine Group, argued it was better to leave the additional $1 per share — equivalent to about $1 billion in value — on the table. They said doing so could yield a bigger pop when the stock debuts on Nasdaq on Thursday, projecting it could trade between $57 and $62 based on feedback from investors. Son accepted the banks' recommendation, valuing Arm at $54.5 billion on a fully diluted basis. The behind-the-scenes details on the IPO pricing decision are based on interviews with three people familiar with the discussions.

Reliance Industries: Reliance Retail is in talks with existing investors including the sovereign wealth funds of Singapore, Abu Dhabi and Saudi Arabia for combined new investments of around $1.5 billion. The discussions of India's largest retailer with investors are part of an internal target to raise $3.5 billion which the company wants to close by the end of this month, according to a report by news agency Reuters. Out of that, QIA last month announced a $1 billion investment and KKR & Co this week $250 million.

Adani stocksAdani Group is in talks with banks to refinance debt taken on to fund its purchase of Ambuja Cements, with lenders divided into three categories in what could be one of Asia’s largest syndicated loan deals of the year, Bloomberg reported.Reliance IndustriesReliance Industries arm Reliance Retail is in talks with existing investors including the sovereign wealth funds of Singapore, Abu Dhabi and Saudi Arabia for combined new investments of around $1.5 billion.Read more: Here's the trading setup for today's sessionKPI Green EnergyKPI Green Energy has commissioned a 7.80MW wind-solar hybrid power project comprising 4.20 MW wind and 3.60 Mwdc solar capacity under the CPP segment.NBCCNBCC has been awarded consultancy and project management services for upcoming Infrastructural related projects of Bokaro Steel Plant from SAIL.IRCTCIRCTC has signed a Memorandum of Understanding (MOU) with Maharashtra State Road Transport Corporation (MSRTC) to enable MSRTC's online bus booking services via IRCTC's bus booking portal/website.Bombay DyeingBombay Dyeing approved a proposal to sell the land parcel of about 22 acres in Worli, Mumbai to Goisu Realty, a subsidiary of Japanese realty developer Sumitomo for Rs 5200 crore.WiproWipro has launched a cyber defense center (CDC) in Dusseldorf, Germany.

Oil prices edged higher on Thursday, after dipping slightly in the previous session, as markets refocused on expectations of tight crude supply for the rest of 2023. International benchmark Brent futures climbed 17 cents to $92.05 a barrel at 12:02 GMT, while U.S. West Texas Intermediate crude (WTI) rose 19 cents to $88.71. Saudi Arabia and Russia's extension of oil output cuts to the end of 2023 will mean a substantial market deficit through the fourth quarter, the International Energy Agency (IEA) said on Wednesday, as it largely stuck by its estimates for demand growth this year and next. The Organization of the Petroleum Exporting Countries (OPEC) on Tuesday stuck to its forecasts for robust growth in global oil demand in 2023 and 2024. Both benchmarks climbed to 10-month highs on Wednesday before data showed a surprise build in U.S.

Investing.com-- Oil prices rose slightly in Asian trade on Thursday as the prospect of tighter supplies helped traders look past concerns over rising U.S. inflation, while focus remained on more upcoming economic data from the U.S. and China. 

By Jeff Mason and Jarrett Renshaw

(Reuters) — The U.S. Senate has issued a subpoena to the Saudi Arabian Public Investment Fund's (PIF) U.S. subsidiary over its planned partnership with the PGA Tour, it said on Wednesday.

The government of Guyana has opened bids for 14 offshore oil blocks available for exploration and development as the South American country seeks to ramp up oil production

Another month, another suspenseful inflation number. India’s 6.8% rise in the Consumer Price Index (CPI) on Tuesday was lower than expected because of slower-rising vegetable prices that however still jumped 26%. The US’s August inflation number released on Wednesday, meanwhile, disrupted the cheery view that the US economy is managing to avoid a recession while inflation does the Federal Reserve’s bidding without needing more interest rate hikes.

Vladimir Putin has welcomed the India-Middle East-Europe connectivity initiative, emphasising its logistical advantages. Putin said the project would complement the International North-South Transport Corridor (INSTC), which would, in turn, benefit Moscow. “I believe that this will only benefit us. I believe that this will only help us develop logistics,” Putin said in his address to the Eastern Economic Forum in Vladivostok on Tuesday. The Russian president said the India-Middle East-Europe connectivity project would help his country develop logistics and added that the project had been under discussion for several years. Putin, however, chided the US over its participation.

U.S. equity futures traded little changed as traders awaited inflation data for clues on whether policy makers will keep rates higher for longer.

renewable energy of India and the Ministry of Energy of Saudi Arabia – MoC (Memorandum of Cooperation) between the Ministry of Communication and IT of Saudi Arabia and MEITY of India in the field of Digitization and Electronic Manufacturing – MoU between the CVC of India and the Saudi Oversight and Anti-Corruption Authority – MoC between the National Archives of India and King Abdulaziz Foundation of Saudi Arabia in the area of archival cooperation – Framework of Cooperation on Enhancing Bilateral Investment between Invest India and the Ministry of Investment of Saudi Arabia – MoU between Saudi EXIM Bank and EXIM Bank of India – MoU for Cooperation in the Technical Field & Establishment of the Small and Medium Enterprises Bank between SIDBI and SME Bank of Saudi Arabia – MoU on Seawater Desalination between National Institute of Technology of India and Saline Water Conversion Corporation of Saudi Arabia There were also more than a dozen MoUs between private companies facilitated by Invest India and the Ministry of Investment of Saudi Arabia. Additionally, both the countries plan to channel $100 billion in investments pledged by the Saudi Prince in 2019.

By Robert Harvey

KEC International Ltd, a global infrastructure EPC major, on Wednesday announced that it has secured a prestigious turnkey order of Rs 1,145 crore in its Transmission & Distribution (T&D) business. The order includes design, supply and installation of 380 kV Overhead Transmission Line in the Kingdom of Saudi Arabia (KSA). This has taken the total order intake by the company to more than Rs 7,500 crore.

Reliance Retail is in talks with existing investors including the sovereign wealth funds of Singapore, Abu Dhabi and Saudi Arabia for combined new investments of around $1.5 billion, according to a report by news agency Reuters. MORE TO COME…

Saudi Arabia’s decision to extend cuts to crude oil output until the end of the year is likely to lead to a significant supply shortfall for the rest of the year, keeping prices higher at the pump, according to the International Energy Agency. In its monthly report, the IEA said that cuts from Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries have led to 2.5 million barrels a day being removed from the market since January, though this has mostly been mitigated by record supply coming from the U.S.

₹7,405 per barrel on MCX. Crude oil price opened at ₹7,372 a barrel as compared to its previous close of ₹7,385 on the bourse. International crude oil prices rose, firming around a 10-month peak, as the market balanced supply concerns over Libya output and OPEC cuts with global macroeconomic headwinds.

Public Investment Fund (PIF) is co-ordinating the acquisition of players based in Europe, of whom it aims to place at least three at each of these clubs. Four state-owned entities have invested in another four teams. The PIF argues that its involvement in football is part of a broader project to diversify the Saudi economy away from oil and to promote physical activity among citizens.

RVNL), Indian Railway Finance Corporation (IRFC), RailTel Corporation of India, RITES and Ircon International plunged 11-17% over the two sessions, while private firms Texmaco Rail & Engineering and Titagarh Rail Systems shares have tanked up to 20%. Extending their Tuesday losses, railway stocks fell sharply today with Titagarh as the top loser in the pack declining 10%. Meanwhile, RVNL (5%), IRFC (8%), RailTel (7%), Ircon (6%), RITES (1.4%) and Texmaco (6%) were also notable losers. The correction comes on the back of a strong rally in these stocks which have hit their 52-week highs over the last one month. The profit booking in the stocks was accompanied by large volumes with over 13.80 crore shares changing hands for IRFC while over 6.56 crore shares in the case of RVNL.

UN General Assembly Dennis Francis said. «First of all, let me congratulate the government and people of India on the fantastic outcome of the G20 Summit,» Francis told PTI in an exclusive interview here. «I think it's a testament to the diplomatic skill and dexterity of Prime Minister Modi and his team that they were able to keep the G20 together in issuing a solid joint statement of partnership, which of course, is what we need,» Francis, who assumed his role this month as President of the 193-member UN body for the 78th session, said. «We need to build solidarity, we need cooperation, we need a conciliatory approach to our challenges — all of the things that are spelt out in the declaration,» he added. India hosted leaders of the world's biggest economies, including US President Joe Biden, French President Emmanuel Macron, Saudi Arabia Crown Prince Mohammed bin Salman, UK Prime Minister Rishi Sunak, Brazilian President Luiz Inacio Lula da Silva and Russian Foreign Minister Sergey Lavrov among others, for the G20 Leaders' Summit on September 9 and 10 in the Indian capital Delhi. As G20 President, India pulled off a big diplomatic win with the adoption of the New Delhi Leaders' Declaration at the summit, overcoming major differences in the Russia-Ukraine war. The announcement about the consensus on the 34-page declaration and its subsequent adoption came hours after India circulated a new text to the G20 countries to describe the Ukraine conflict. «We have just received good news.

Narendra Modi's promotion of the "Make in India" programme. He highlighted the importance of using domestically made product and commended India's policies under PM Modi's leadership as a positive example. In an address at the 8th Eastern Economic Forum (EEF), Putin said, "You know, we did not have domestically made cars then, but we do now.