Manama, This week's BD 70 million issue of Government Treasury Bills has been oversubscribed by 101%. The bills, carrying a maturity of 91 days, are issued by the Central Bank of Bahrain (CBB), on behalf of the Government of the Kingdom of Bahrain. The issue date of the bills is July 31, and the maturity date is October 30. The weighted average rate of interest is 6.61% compared to 6.54% in the previous issue on July 24. The approximate average price for the issue was 98.355% with the lowest accepted price being 98.322%. This is issue No. 2028 (ISIN BH0001832672) of Government Treasury Bills. With this, the total outstanding value of Government Treasury Bills is BD 2.110 billion. Source: Bahrain News Agency
Wall Street drifts, and crude oil slides ahead of a frenetic week
New York, stock indexes are drifting in mixed trading Monday ahead of a week full of earnings reports from Wall Street's most influential companies and a Federal Reserve meeting on interest rates. The SandP 500 was 0.2% higher in late trading, coming off its first back-to-back weekly losses since April. The Dow Jones Industrial Average was down 10 points, or less than 0.1%, as of 3 p.m. Eastern time, and the Nasdaq composite was 0.2% higher. ON Semiconductor led the market with a jump of 12% after the supplier to the auto and other industries reported stronger profit for the spring than analysts expected. McDonald's rose 4.2% despite reporting profit and revenue for the latest quarter that fell shy of forecasts. Analysts said its performance at U.S. restaurants wasn't as bad as some investors had feared. They helped offset slides for oil-and-gas companies, which were some of the heaviest weights on the market after the price of oil sank back toward where it was two months ago. Exxon Mobil and Chevron both lost 0.9% amid worries about how much crude China's faltering economy will burn. Several of Wall Street's biggest names are set to report their own results later this week: Microsoft on Tuesday, Meta Platforms on Wednesday and Apple and Amazon on Thursday. Their stock movements carry extra weight on Wall Street because they are among the market's largest by total value. Such Big Tech stocks drove the SandP 500 to dozens of records this year, in part on investors' frenzy around artificial-intelligence technology, but they ran out of momentum this month amid criticism they've grown too expensive, and as alternatives began to look more attractive. Last week, profit reports from Tesla and Alphabet that investors found underwhelming raised concerns that other stocks in what's known as the "Magnificent Seven" group of Big Tech stocks could also fail to impress. been strength from other areas that had been beaten down by high interest rates meant to get inflation under control. Smaller stocks in particular have s oared on expectations that slowing inflation will get the Federal Reserve to soon begin cutting interest rates. That pattern unwound a bit on Monday, as Big Tech stocks edged higher while the smaller stocks in the Russell 2000 index slumped 1.3%. But the Russell 2000 is still up by a market-leading 9% for the month so far. The Fed will hold its latest policy meeting on interest rates this week, and an announcement will come on Wednesday. Virtually no one expects a move then, but the widespread expectation is that it will begin easing at its following meeting in September. Treasury yields edged a bit lower, and the yield on the 10-year Treasury slipped to 4.16% from 4.19% late Friday. It was as high as 4.70% in April. In stock markets abroad, Japan's Nikkei 225 index jumped 2.1%. Its central bank will also announce a decision on interest rates this week. Expectations are for it to raise interest rates. Indexes rose 1.3% in Hong Kong and were roughly flat in Shanghai after official data on Saturday showed industrial profits rose 3.5% in the first half of 2024 from a year earlier. That was a glimmer of positive news following recent cuts to interest rates and other piecemeal stimulus that followed a top-level policy meeting of the ruling Communist Party earlier this month. The FTSE 100 edged up by 0.1% in London ahead of a meeting for the Bank of England this week, where some investors expect to see a cut in interest rates. Source: Bahrain News Agency
National Guard Commander receives Pakistan Chief of Air Staff
Manama, His Highness General Shaikh Mohammed bin Isa Al Khalifa, National Guard Commander, received Air Chief Marshal Zaheer Ahmed Baber Sidhu, Chief of the Air Staff at Pakistan Air Force. The National Guard Commander praised the advanced levels of bilateral military cooperation, affirming Pakistan's role in maintaining regional and global security and stability. The two sides also discussed topics of common interest, means to enhance the existing cooperation at various domains, particularly in the military sector. Source: Bahrain News Agency
Fashion Commission launches ‘Saudi Heritage Revival’ competition
Riyadh, The Fashion Commission is launching the "Saudi Heritage Revival" competition in collaboration with the "100 Saudi Brands" programme, with the aim of promoting sustainability in the fashion industry by highlighting the national cultural heritage. Registration for the competition will go on until August 10. The event allows participants to present unique designs by using a collection of Swarovski crystals while incorporating elements of heritage and design from the Saudi culture, the Saudi Press Agency (SPA) reported. A virtual introductory meeting on August 26 will be devoted to the objectives and requirements of the competition. Guidance workshops will be held with Swarovski experts in Riyadh on September 2-4, and virtual individual sessions to follow the participants' work on September 17-18. Participants' output will be judged by a specialised committee. The winner, to be announced on September 25, will receive the opportunity to train at Dar Al-Hanouf fashion house in Jeddah. Source: Bahrain N ews Agency
Labour Minister underscores commitment to upholding human rights, combating human trafficking
Manama, Jameel bin Mohammed Ali Humaidan, Minister of Labour and Chairman of the Board of Directors of the Labour Market Regulatory Authority, underscored the kingdom's commitment to upholding human rights, ensuring a stable work environment, and combating human trafficking as part of its comprehensive development under the leadership of His Majesty King Hamad bin Isa Al Khalifa and the government, led by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister. On the occasion of World Day Against Trafficking in Persons on July 30, the minister highlighted international recognition for Bahrain's efforts in this regard. The minister said that Bahrain's success in maintaining Tier 1 status in the US Department of State's annual Trafficking in Persons report for the seventh consecutive year, reflects the effectiveness of the measures the kingdom has taken to combat trafficking. This includes the adoption of numerous initiatives and projects aligned with advanced local legisla tion and best international practices in this field. The Bahraini Minister of Labour cited Bahrain's anti-trafficking efforts as a model, highlighting the country's adoption of international standards. This includes a wage protection system, optional domestic worker insurance, flexible work permits, and a human trafficking victims support shelter providing comprehensive services. Bahrain has also dedicated a specialised prosecution and court to expedite trafficking cases. Source: Bahrain News Agency
Alba secures Capral Aluminium as first customer for Groundbreaking EternAlTM Low-Carbon Aluminium
Manama, Aluminium Bahrain B.S.C. (Alba), the world's largest single-site smelter, marks a significant milestone in sustainable aluminium production with Capral Aluminium, Australasia's only ASI Certified extruder, becoming the first customer for its revolutionary EternAlTM low-carbon aluminium primary billet. Launched in May 2024, EternAlTM is offered in two initial variants: EternAl-30 and EternAl-15 boasting a 30% and 15% recycled content respectively, reducing the product's carbon footprint. Furthermore, EternAlTM has received independent verification by DNV, a globally renowned leader in verification assurance, cementing its sustainability credentials. Capral Aluminium recently completed successful trials of both EternAl-15 and EternAl-30, enabling it to supply lower-carbon aluminium to a wide range of Australian manufacturing sectors, including marine, defence, transport, construction, signage, and general fabrication. Ali Al Baqali, Alba's Chief Executive Officer, expressed his enthusiasm for the par tnership, saying "At Alba, driving sustainable aluminium production is not just a goal, it's our mission." The successful trials of EternAl-15 and EternAl-30 with Capral represent a significant leap forward in achieving that mission, he added. "We're proud to partner with a forward-thinking company like Capral, allowing us to not only deliver these high-quality, recycled content products to the Australian market, but to revolutionise the aluminium industry. Together, we're empowering Australian manufacturers to become environmental leaders, embrace a circular economy, and build a greener future. This is just the beginning, and I'm excited about the possibilities EternAlTM unlocks for sustainable construction, a cleaner marine industry, and a more responsible transportation sector in Australia." Luke Hawkins, General Manager Industrial and Supply Chain, said that Alba has been particularly proactive in responding to our needs and supporting our desire to investigate options around primary billet with recycl ed content. "Like Capral, Alba is an ASI Chain of Custody certified organisation, which gives us confidence that they are ensuring the material they supply to Capral has been produced responsibly at every stage in the aluminium value chain, it gives us great confidence taking this product to market knowing that it will deliver a best-in-class sustainable solution for Australian manufacturers," Hawkins added. Alba is committed to scaling EternAlTM production to meet the global demand for sustainable aluminium and empower customers worldwide to reduce their environmental impact. Source: Bahrain News Agency
UAE, Chile cooperation reviewed
Abu Dhabi, His Highness Sheikh Mohamed bin Zayed Al Nahyan, the President of the UAE, today received His Excellency Gabriel Boric Font, the President of the Republic of Chile, who began an official visit to the United Arab Emirates. According to the Emirates News Agency (WAM), the two leaders discussed the development of bilateral cooperation between the two countries in trade, investment, and development. They also exchanged views on various regional and international topics of mutual interest. Source: Bahrain News Agency
Housing Minister receives Association of Engineering Offices President
Manama, Amna bint Ahmed Al Rumaihi, Minister of Housing and Urban Planning, received Faeq Al Mandeel, Chairman of the Association of Engineering Offices and board members. The meeting discussed topics of common interest to enhance cooperation in the engineering sector. Al Rumaihi underscored the ministry's commitment to supporting engineering offices and associations by ensuring their involvement in projects undertaken by the ministry. On their part, the members of the association commended the ministry's services for providing housing for citizens and engaging Bahraini engineering firms in projects executed by the ministry. Source: Bahrain News Agency