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Saudi index continues to lose ground despite gains in most Gulf markets.
The majority of major Gulf stock markets rose on Thursday as a result of positive corporate earnings announcements and results, but the Saudi index is set to continue its losses for the eighth consecutive session. Dubai's main stock index rose 1.2% to a record high of 17-1/2 years, boosted by financial stocks. The shares of Emirates NBD rose 4% on track to increase for the third consecutive session after the top bank announced that it had closed a syndicated loan for Dubai Metro Blue Line Project worth 3.9 billion dirhams. Air Arabia, a budget airline, has risen 5.1% in the past year to reach a new record. This is due to plans to increase the operational capacity of its Abu Dhabi unit by 40% this coming year. The index in Abu Dhabi increased by 0.6%. The Qatari Index gained 0.5%. This was supported by the 2.6% increase in Qatar Islamic Bank, after it reported a higher half-year profit. The sharia compliant lender announced on Wednesday that it had a net profit for the first half of 2,18 billion riyals (598.46 millions dollars), an increase of 5.3% over last year. Commercial Bank of Qatar shares fell 1.3% a day following the lender's announcement of a net profit decline of nearly 20% for the six month period ending June 30. Al Rajhi Bank lost 0.8%, bringing the benchmark Saudi Arabia index down by 0.2%. Saudi Aramco, the world's largest oil company, was also down 0.7%.
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Roll over Beethoven! Remote highway plays Ode to Joy
No radio? No radio? Fujairah, the emirate in which I live, has installed rumble stripes along a half-mile (750 meter) stretch of highway. These rumble strips play Ode to Joy from Ludwig van Beethoven’s Ninth Symphony when cars roll. This is part of an initiative to bring music into everyday life. In the United States of America, Japan and Hungary, similar so-called Musical Roads were already installed. This is the first permanent road to be built in the Arab World, according Ali Obaid Al Hefaiti. He is the director of the Fine Arts Academy, located in Fujairah. Fujairah is a lesser known emirate, about 120 km (75 miles), from Dubai, the world's tourism hub. The technology works by carving grooves strategically spaced into the asphalt of Fujairah’s Sheikh Khalifa Street. As the tires travel at approximately 100 km/h (62 mph), vibrations are produced inside the car. Al Hefaiti explained that Beethoven's Ode to Joy was an obvious choice. The tune is known to nearly everyone on the planet. Mohammad Al Matrooshi is an Omani who lives in Sharjah and said that the music helped him relax after a long trip. The music creates a different atmosphere, particularly because it is Beethoven's music." (Reporting and editing by Alexandra Hudson.
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Three Greeks arrested over ship loaded with cocaine seized by Spain 2023
Three people with knowledge of the investigation confirmed on Thursday that Greece had arrested three individuals linked to a cargo vessel seized in 2023 by Spanish authorities near the Canary Islands for transporting more than 4.5 tonnes of cocaine from Latin America into Europe. Blume (a Togo-flagged vessel operated by Greece) had arrived from Brazil with a cargo of 200 tonnes, which was far less than its capacity. This raised suspicions. The Spanish authorities seized the drugs, worth hundreds of millions, and arrested the entire crew on January 18, 2023. They then took the ship to Santa Cruz, Tenerife, where they docked it. Two officials from both units said that the three people arrested by the Greek coastguard this week, after an investigation with the anti money laundering unit, were believed to have a connection to Dignatio Corp., the Greece-based operator of the vessel. According to a third party, the suspects who initially denied any wrongdoing will appear in front of a prosecutor soon to answer the charges. Dignatio Corp was not available for comment. Six days after Blume was intercepted, in 2023, Spanish authorities confiscated a second vessel flying the flag of Togo, the cattle ship Orion V. It was transporting the same amount of cocaine. U.S. Drug Enforcement Administration (DEA) and Togo Police assisted in the investigation. Reporting by Yannis Soulieotis and Renee Maltezou, Editing by Tomasz Janowowski.
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EasyJet's annual profit will be affected by French air strikes and higher fuel costs
EasyJet, a British airline, warned Thursday that higher fuel prices and a strike of French air traffic control workers would affect its annual profit at the beginning of Europe's busy travel season. However, the airline still expects "good profits growth". The airline predicted a loss of approximately 25 million pounds ($33.47million) for the year that ends in September. This is after the pretax profit rose to 286 millions pounds for the third quarter, as expected. EasyJet said that while demand for its budget-friendly holiday packages and flights has been strong, the overall booking process has taken longer due to the worsening macroeconomic climate. The company stated that the outcome of the FY25 would depend, as usual, on the late summer bookings, and their yields. ($1 = 0.7470 pounds) (Reporting and editing by Subhranshu SAHU in Bengaluru)
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Maguire: Gas consumption in Europe's largest gas trading hub reaches new lows
The gas-fired power production in Europe's biggest gas trading hub has fallen to record lows, dealing a new blow to the natural gas bulls that see Europe as an important growth market for LNG and pipelined supplies. The Netherlands has a large pipeline network and is centrally located, which gives it a unique insight into the gas supply and demand trend. According to the energy think tank Ember, The Netherlands has been a gas-consuming country for many years. From 2000 to 2020, natural gas accounted for more than half of its electricity supply. Since the Russian invasion of Ukraine 2022, Dutch utilities aggressively reduced natural gas consumption. In the first half 2025, gas power plants only supplied a third the country's electrical energy. The rapid and sustained reductions in gas consumption by a once integral gas consumer is alarming for major gas producers and exporters like the United States and Russia, and could herald more cuts for Europe. Small scale, big impact The Netherlands has a considerable impact on regional and global affairs despite its small population and size. The massive port facilities in Rotterdam, the Netherlands, are the primary entry and exit points of crude oil, refined product, crops, and a wide range of consumer goods to and from Europe. The Netherlands also has a strong high-tech sector and several multinational corporations that rely on its infrastructure and global connections. The strategic importance of the country is reflected by the Dutch government's position in the European Parliament. It is highly influential and plays an important role in shaping regional trade, agricultural and financial policies. CLEAN DRIVE Dutch utilities are also leaders in the adoption of clean energy, despite being home to Shell's former headquarters. Ember data show that between 2022 and 2024 the Netherlands saw a 27% increase in electricity produced from clean energy sources compared to an 16% increase in clean power production in the European Union during the same time period. This growth was largely due to a 57% increase in wind power, and a 34% increase in solar power. The rapid increase in renewable sources of energy has changed the mix of electricity generated in the country. Up until 2023, most of the electricity in the country came from fossil fuels. However, since then, clean energy has become the main fuel for electricity production. In 2024, despite the switchovers, electricity supply reached record levels to meet the demand for electricity in the country. The wholesale power prices of the Netherlands are also competitive in Europe, as the Dutch system has reduced gas consumption and increased clean energy output. They have been slightly lower than Germany's average so far in 2025. According to LSEG, the average Dutch wholesale spot electricity price in 2025 will be around 90 euros per Megawatt Hour. This price is about a third higher than in France with its nuclear power, but lower than in other European countries such as Italy and much of Eastern Europe. Other nations in the region will be influenced by the fact that Dutch electricity costs are in line with regional averages despite the reduction in fossil fuel usage in electricity production. It is possible to see the successful transition of fossil fuels from being the main pillar in the country's electric system until 2022, to a smaller role in 2025 as a model for other utility systems also eager to reduce fossil fuel usage. Dutch companies with expertise in solar, offshore wind and batteries work with regional utilities in order to boost clean power production in other countries. Dutch companies are pioneering the use of green energy in order to produce green hydrogen, which is hoped will decarbonise regional power needs and reduce regional dependence on fossil fuels. The Netherlands have generated a lot of momentum with their clean energy push. This is likely to spread well beyond the national borders, and could lead to further reductions in gas consumption across Europe in the coming years. These are the opinions of a columnist who writes for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and analysis. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
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INDIA RUPEE - Rupee trapped in narrow band with greater exporter than importer interests
The Indian rupee was confined to a narrow range of trading on Thursday. It was supported by modest dollar exports, but Asian currencies were weaker and there wasn't much demand from importers. The local currency opened slightly higher, and briefly extended its advance before hitting resistance at 85.80. The last time it was quoted at 85.8525, at 11:08 am IST, the unit rose 0.1% on Wednesday. The rupee has largely stayed within the 85.70 to 86 range throughout the week. A FX salesperson from a private bank said that the dollar/rupee is stuck in an extremely tight range. "There's no real impulse to break out either way," he added. Exporters are more active today than importers on our side. This could change if we see the pair dip towards 85.70. The dollar index is choppy, which has led to the rupee's narrow range. Dollar index dropped initially on Wednesday, following a report claiming that U.S. president Donald Trump may fire Federal Reserve chair Jerome Powell. However, it bounced back after Trump denied the report. He reiterated his criticisms of Powell for not reducing rates, and confirmed that he had spoken to Republican lawmakers about Powell's removal. "A potential firing of Fed Chair Powell or attempts to undermine Fed's independent could lead to a worsening of the market," MUFG bank said in a report. It said that Trump's actions have created a serious downside threat, which the markets will closely monitor. The Fed's September meeting is expected to be a time of interest rate cuts. In spite of this, Asian currencies were mainly weaker for the day. (Reporting and editing by Harikrishnan Nair; Nimesh Vora)
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ABB's Q2 order intake surpasses expectations, resulting in the highest-ever number of orders.
ABB, the Swiss engineering firm, reported earnings that exceeded forecasts despite concerns over market uncertainty linked to rising tariffs. The manufacturer of industrial robots, electrification systems and shipping equipment increased orders by 16%, to $9.79 Billion, during the second quarter. This was largely due to strong demand in the data centres, utilities, and shipping industries. Morten Wierod, CEO of ABB, stated that the demand has put ABB in an excellent position for the remainder of the year. In a press release, he noted that "ABB has delivered a record-breaking order intake as well as improved operational performance." He also said the market was in "robust" condition. He added that the company was on track to achieve a record-breaking year despite geopolitical uncertainty. ABB's core operating income for the three-month period ending June was up 9%, to $1.71billion, exceeding analyst expectations of $1.65billion. Analysts' consensus estimates of $1.12 billion were better than $1.15 billion. The company's revenue rose by 8%, to $8.90 Billion. This was ahead of the forecasted $8.72 Billion.
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Qantas Australia obtains court order to stop third parties from accessing stolen data
Qantas Airways, Australia's national airline, announced on Thursday that it had obtained an injunction from the New South Wales Supreme Court (NSW), to prevent anyone accessing or publishing the stolen data. This includes third parties. A cyber hacker breached a Qantas database earlier this month. It was the biggest data breach Australia has seen in recent years. In 2022, similar incidents occurred with the telecommunications company Optus and the health insurer Medibank. The company stated that there is no evidence to suggest that any data stolen by Qantas was released. Last week, the country's national carrier notified the 5.7 millions affected customers of the breach and the fields in their personal data which were compromised. Qantas stated that "no credit card information, personal financial details or passport details have been stored in the compromised systems and as such they were not accessed." The airline operator stated that it is working closely together with various bodies such as the Australian Federal Police and the Australian Cyber Security Centre to thoroughly investigate criminal activities surrounding the breach.
What is the fuel switch at the heart of the Air India crash investigation?
The Wall Street Journal reported Wednesday that a cockpit recording of the dialogue between two pilots on the Air India flight which crashed last month shows the captain cut off the fuel flow to the Boeing 787's jet engines.
Here are some facts about the engine fuel switches. They describe their function in the aircraft, and how they moved on an Air India flight.
What are fuel switches?
These switches regulate the fuel flow to a plane's engine. Pilots use them to shut down engines or start engines manually on the ground.
Experts in aviation say that a pilot could not accidentally move fuel switches feeding the engines. If moved, however, the engine would immediately stop working.
According to John Cox, an aviation safety expert from the United States, there are separate power systems and wirings for the fuel shutoff switches and fuel valves that they control.
Where are the fuel switches located?
The fuel control switches are located under the thrust levers on a 787. In Air India's example, they were equipped with two GE engine.
The switches have a spring loaded mechanism that keeps them in place. The pilot must first lift the switch and then change it from cutoff to run.
There are two different modes: 'CUTOFF" and "RUN".
What happened on the fatal AIR INDIA flight? According to the flight recording, after takeoff both switches were switched to 'CUTOFF,' with an interval of 1 second. The engines started to lose power as a result.
On the cockpit voice recording, one pilot is heard asking the other pilot why he has cut off the fuel. The report stated that "the other pilot replied that he had not done so." The report didn't identify the remarks made by either the captain or the first officer. The Wall Street Journal reported Wednesday that the first-offer asked the captain, citing sources familiar with U.S. authorities' initial assessment of the evidence found in the investigation, why he had moved the fuel switches from 'CUTOFF to'seconds after lifting off the airport.
The preliminary report states that the switches were flipped back into 'RUN" seconds later. The report said that both fuel control switches had been found in the "RUN" position on the crash site.
The report stated that when fuel control switches from 'CUTOFF to RUN' are moved while the aircraft is flying, each engine's system will automatically manage a relighting and thrust recovery sequence, including ignition and fuel introduction.
John Nance, an aviation safety expert from the United States, said that "no sane person would turn off those switches in flight", especially when the plane was just beginning to climb. (Reporting from Abhijith Gaapavaram, New Delhi; Dan Catchpole, Seattle; editing by Jamie Freed).
(source: Reuters)