{"id":558357,"date":"2021-08-05T04:31:35","date_gmt":"2021-08-05T04:31:35","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/05\/aramco-hikes-prices-in-asia-and-the-us-nvidias-arm-purchase-hits-hiccup\/"},"modified":"2021-08-05T04:31:35","modified_gmt":"2021-08-05T04:31:35","slug":"aramco-hikes-prices-in-asia-and-the-us-nvidias-arm-purchase-hits-hiccup","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/05\/aramco-hikes-prices-in-asia-and-the-us-nvidias-arm-purchase-hits-hiccup\/","title":{"rendered":"Aramco hikes prices in Asia and the US + Nvidia\u2019s Arm purchase hits hiccup"},"content":{"rendered":"

Saudi Aramco <\/strong>raised September oil prices<\/strong> for buyers in Asia and the US<\/strong>, in a show of confidence for a continued recovery in demand despite a surge in coronavirus cases in key oil importers, Bloomberg<\/a> reports. The national oil company raised the price of its oil grades for Asia \u2014 its key market as the recipient of 60% of Saudi oil \u2014 by 20 to 60 cents per barrel on August prices, and by 10 to 20 cents a barrel for shipments to the US.<\/p>\n

The price hike could be risky as the delta variant starts to impact the oil markets<\/strong>, with the price of both global Brent and US crude falling sharply to two-week lows on Wednesday<\/a>. That said, Brent is still up around 40% since the start of the year\u2014and many analysts don\u2019t consider the recent covid outbreaks to be more than a short-term blow, according to Bloomberg.<\/p>\n

The Saudi and Russia-led OPEC+ group<\/strong> in July agreed<\/a><\/strong> to gradually increase production<\/strong> until the end of 2022<\/strong>, after tight supply led to a hike in prices. Output from OPEC countries hit its highest level in over a year in July<\/a> following the pact, helping to soften the recent rally that had seen the price of Brent surge more than 50% year-to-date.<\/p>\n

Siemens Energy sales drop. Gamesa to blame.<\/strong> Siemens Energy has slashed its earnings outlook after the company made a net loss in its third quarter, the company said in its earnings release (pdf)<\/a>. Overall orders fell 37% during the quarter after its wind arm Siemens Gamesa saw orders plunge 72% due to \u201cvolatility\u201d in the offshore market.<\/p>\n

Why should Egyptians care?<\/strong> Gamesa is a major player in Egypt\u2019s wind energy sector, and is involved in the Ras Ghareb<\/a>, West Bakr<\/a> and Gabal El Zeit<\/a> projects in the Gulf of Suez.<\/p>\n

NON-M&A WATCH- The British government could be about to block Nvidia\u2019s USD<\/strong> 40 bn takeover of the UK\u2019s leading chipmaker Arm<\/strong> on national security grounds, Bloomberg<\/a> reports, citing people familiar with the matter.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

10,719<\/p>\n<\/td>\n

\n

-0.1% (YTD: -1.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 15.65<\/p>\n<\/td>\n

\n

Sell 15.75<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 15.65<\/p>\n<\/td>\n

\n

Sell 15.75<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

8.25% deposit<\/p>\n<\/td>\n

\n

9.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

11,162<\/p>\n<\/td>\n

\n

-0.41% (YTD: 28.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

7,405<\/p>\n<\/td>\n

\n

-0.38% (YTD: 46.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

2,813<\/p>\n<\/td>\n

\n

+0.63% (YTD: 12.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,402<\/p>\n<\/td>\n

\n

-0.46% (YTD: 17.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,123<\/p>\n<\/td>\n

\n

+0.26% (YTD: 10.27%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 70.53<\/p>\n<\/td>\n

\n

+0.21%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 4.1<\/p>\n<\/td>\n

\n

+0.22%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,813<\/p>\n<\/td>\n

\n

-0.06%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 39,833<\/p>\n<\/td>\n

\n

+4.2% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 fell less than 0.1% at yesterday\u2019s close<\/strong> on turnover of EGP 1.75 bn (27.2% above the 90-day average). Local investors were net sellers. The index is down 1.2% YTD.<\/p>\n

In the green: <\/strong>Pioneers Holding (+5.3%), Speed Medical (+4.3%) and MM Group (+2.9%).<\/p>\n

In the red: <\/strong>CIRA (-2.2%), Fawry (-2.2%) and Cleopatra Hospital (-2.0%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Saudi Aramco raised September oil prices for buyers in Asia and the US, in a show of confidence for a continued recovery in demand despite a surge in coronavirus cases in key oil importers, Bloomberg reports. The national oil company raised the price of its oil grades for Asia \u2014 its key market as the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[394,7325,107,302,93,72,119,91,128,122,150,151,645,484,3278,2231,112],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-558357","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-aramco","tag-arm","tag-covid-19","tag-earnings","tag-energy","tag-enterpriseam","tag-financial-markets","tag-oil-and-gas","tag-opec","tag-planet-finance","tag-renewable-energy","tag-renewables","tag-semiconductors","tag-siemens","tag-siemens-gamesa","tag-softbank","tag-uk","wpautop","entry"],"acf":{"mongo_id":"75385231-00e5-4627-b127-876af7a4cc9a","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[558336],"teaser":"","voice_url":""},"yoast_head":"\nAramco hikes prices in Asia and the US + Nvidia\u2019s Arm purchase hits hiccup - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/05\/aramco-hikes-prices-in-asia-and-the-us-nvidias-arm-purchase-hits-hiccup\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Aramco hikes prices in Asia and the US + Nvidia\u2019s Arm purchase hits hiccup\" \/>\n<meta property=\"og:description\" content=\"Saudi Aramco raised September oil prices for buyers in Asia and the US, in a show of confidence for a continued recovery in demand despite a surge in coronavirus cases in key oil importers, Bloomberg reports. 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The US\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/9\/goldman-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":609662,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/08\/saudi-aramco-fertiglobe-report-lower-earnings-following-bumper-2022\/","url_meta":{"origin":558357,"position":1},"title":"Saudi Aramco, Fertiglobe report lower earnings following bumper 2022","author":"enterpriseam admin","date":"8 November 2023","format":false,"excerpt":"Saudi Aramco\u2019s 3Q earnings drop on the back of production cuts and falling oil prices: Saudi oil giant Saudi Aramco posted a 23% y-o-y drop in its 3Q earnings, according to an earnings release (pdf) yesterday. Net income fell to USD 32.6 bn in the quarter, down from USD 42.4\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/384.JPG?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":592437,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/06\/jpmorgan-rolls-back-us-recession-wager\/","url_meta":{"origin":558357,"position":2},"title":"JPMorgan rolls back US recession wager","author":"enterpriseam admin","date":"6 August 2023","format":false,"excerpt":"The US Fed could pull off a soft landing, say JPMorgan analysts","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/219.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546428,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/aramco-reports-record-quarter-profits-on-higher-oil-prices\/","url_meta":{"origin":558357,"position":3},"title":"Aramco reports record quarter profits on higher oil prices","author":"enterpriseam admin","date":"16 May 2022","format":false,"excerpt":"Saudi Aramco reported record net income in 1Q 2022, on the back of surging oil prices and rising demand, the company announced in its latest earnings release (pdf). The oil giant\u2019s bottom line rose 82% during the quarter to a record USD 39.5 bn, which it attributed to higher crude\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":543882,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/22\/uae-has-no-plans-to-start-taxing-personal-income-aramco-rides-the-oil-boom\/","url_meta":{"origin":558357,"position":4},"title":"UAE has no plans to start taxing personal income + Aramco rides the oil boom","author":"enterpriseam admin","date":"22 February 2022","format":false,"excerpt":"A tax on the incomes of people living in the UAE \u201cis not at the table at all now,\u201d Minister of State for Foreign Trade Thani Al Zeyoudi told Bloomberg yesterday. His reassurance comes a few weeks after the UAE said it would introduce a 9% federal corporate tax from\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":557095,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/06\/desperate-for-returns-bond-investors-are-buying-the-junkiest-junk-they-can-find\/","url_meta":{"origin":558357,"position":5},"title":"Desperate for returns, bond investors are buying the junkiest junk they can find","author":"enterpriseam admin","date":"6 September 2021","format":false,"excerpt":"Ultra-low rates are driving investors hungry for yield into the riskiest types of debt, the Wall Street Journal reports. Faced with paltry returns on most speculative-grade debt and tightening spreads, fund managers are buying into corporate debt with the lowest credit ratings \u2014 and driving yields down even further in\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/558357","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=558357"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/558357\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/558336"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=558357"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=558357"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=558357"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=558357"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=558357"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}