World

Ruble rallies after sudden rate cut

The Russian ruble rallied to its strongest level since June 2020 against the euro on Friday after an unexpected central bank rate cut, while stock indexes were mixed after the US Congress voted to ban Russian oil.
The central bank cut its key interest rate to 17 percent from 20 percent in a surprise move ahead of a regular board meeting scheduled for April 29, and said it was open to possible further cuts at upcoming meetings.
The ruble quickly returned to gains after easing slightly following the move, which partially reversed the emergency rate hike that the central bank delivered in late February after Russia had started what it calls “a special military operation” in Ukraine on February 24.
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By 1116 GMT, the ruble gained 1.8 percent to 74.42 against the dollar, inching closer to its strongest level since February 11 of 74.2625 hit on Thursday.
Against the euro, the ruble rallied by nearly 3 percent to 79.10 after briefly touching the 79 mark for first time since late June 2020.
Yields on 10-year OFZ treasury bonds, which move inversely to their prices, fell to 10.93 percent from 11.62 percent seen before the rate move.
The surprise rate decision followed comments by Finance Minister Anton Siluanov who said this week his ministry was working with the central bank on measures to make the ruble exchange rate more predictable and less volatile.
“If the experience of the 2014/15 ruble crisis is any guide, a large interest rate cut [like that seen today] is likely to be followed by much more gradual easing as the CBR targets a large positive real interest rate to bring inflation back down to its target,” Capital Economics said in a note.
LockoInvest firm said it has revised its year-end rate forecast to 11-12 percent from not more than 15 percent.

Volatile ruble

Moves in the ruble remain jittery and trading volumes on the Moscow Exchange are below average, but the ruble has fully recovered to levels seen before Russian troops entered Ukraine.
The ruble is supported by Russia’s strong current account surplus amid high commodity prices as well as Russia’s capital controls, said Olga Belenkaya, head of macro research at Finam brokerage.
The ruble has recently been steered by mandatory conversion of dollar and euro revenues by export-focused companies, while demand for forex is limited by a ban on buying cash dollars and euros as well as by a 12 percent commission on buying forex online or through a bank.
Given the latest ruble firming, some recovery in demand for FX is possible even despite the commission, Otkritie bank said in a note.
The ruble will lean towards firming without action from the central bank and could enter the 70-75 range to the dollar during the day, Promsvyazbank analysts said in a note.
On the stock market, the dollar-denominated RTS index rose 0.7 percent to 1,099.5 points. The ruble-based MOEX Russian index fell 1.4 percent to 2,598.0 points.
Shares in oil firm Bashneft underperformed the market, losing 4 percent on the day, while shares in its rival Lukoil were down 1.4 percent.
Oil stocks took a hit after the US Congress voted to impose further economic pain on Russia over its actions in Ukraine, passing one measure to remove its “most favored nation” trade status and another to ban oil imports.

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World

Almarai signs an MoU with the Authority of People with Disabilities to train and employ them.

Almarai Company signed a memorandum of understanding with the Authority of People with
Disabilities to train, qualify and employ persons with disabilities. This came on the sidelines of
the First International Labor Market Conference, organized by the Ministry of Human Resources
and Social Development on December 13 – 14, 2023, at the King Abdulaziz Convention Center
in Riyadh.

The memorandum was signed by the Chief Human Resources Officer of Almarai Company,
Fahad Mohammed Aldrees, and the CEO of the Authority of People with Disabilities, Dr.
Hisham bin Muhammad Al-Haidari.

“This agreement comes within the framework of the company’s social responsibility program, as
Almarai employs more than 500 people with disabilities, which is one of the most suitable work
environments for them.” Fahad Aldrees said. Pointing out that Almarai has the “Silent Line”,
which is one of its production lines that is designated for people with hearing disabilities.

It is worth mentioning that Almarai supports over 300 charity organizations annually across the
kingdom that operate in the field of community development.

World

Central Phuket Shopping Center Prepared Surprises This Christmas & New Year 2024

Central Phuket Shopping Center, the luxury lifestyle landmark o Phuket, invites everyone to celebrate Christmas and New Year 2024 in The Great Celebration 2024 Campaign. Joining hands with global partner ‘The Pokémon Company’, Central Phuket bring over Pokémon, the super cute character popular around the world, for all locals and international fans. The special campaign launch presents a procession of cute ‘Pikachu’ alongside with the giant Christmas tree for the first time in Thailand.
This December, Central Phuket prepared many activities for shoppers when visiting Phuket! Experience the “Surprise of the Day” with free Cotton Candy for our little ones, a sweet and fluffy treat, a special gift from Central Phuket. Bring your kids to enjoy this sweet treat every Saturday and Sunday throughout the month of December. Don’t miss the Christmas Carol that
everyone loves, little Santas spread freshness by singing together in the Christmas Carol activity. Plus, Christmas Live Music, the festival of joy is back! Celebrate Christmas in a luxurious and classy atmosphere, enjoying the music that will bring us joy. Also, there will be Christmas Troop, Santa Claus is coming to town! The Santa troop will spread happiness throughout Central Phuket. Lastly, Cake Workshop, workshop activity with Chef Sebastien’s IRON CHEF Thailand teaching how to make Christmas Vanilla Cake. A special activity for the Christmas season. Moreover, Central Phuket provides special promotion exclusively for international tourists throughout December 23 – January 24 including:

1) Get Free! Tourist welcome discount package valued up to THB 10,000.
2) Receive THB 100 Gift voucher when spending up to THB 2,500 per receipt.
3) Get to buy ‘Happy Holiday Collections’ special price: Pokémon 2-in-1 pillow blanket, tumbler, travel bag set, and keychain. Visit redemption counter for the price.
4) Exclusive for Grab Users get discount code up to 25% off* when traveling to participating Central Shopping Centers.
5) Receive famous Elephant Pants when spending over THB 5,000 in shopping center.
6) Get Free! H&M THB 100 gift voucher when booking any accommodations in Phuket with Agoda. Terms and conditions apply.

Central Phuket is a home of global luxury brands such as Alexander McQueen, Balenciaga, Ermenegildo Zegna, Gucci, Hermès, Louis Vuitton, and Saint Laurent. Exclusive for this season, Louis Vuitton launches a pop-up store located at Central Phuket. The design is inspired by the story of Damier or Checkerboard, the brand’s signature pattern. This classic pattern was created by Louis
Vuitton and his son Georges Vuitton in 1888 and has always been part of the design of Maison’s iconic items and concepts. Find clothes, shoes, bags, and accessories for men at the Pop-up Store from Louis Vuitton at Central Phuket, 1st floor, from today until 31 March 2024. And with over 500 renowned fashion brands and lifestyle shops ranging from local to international
well-known brands covering all categories, international shoppers will be able to find what they are looking for in Central Phuket.
Central Phuket is located in the heart of one of the world’s most famous beach cities, Phuket and await to welcome both locals and international visitors this holiday. Also, don’t miss one of the most joyful New Year Count Down events in Phuket city at Central Phuket Shopping Center on December 31, 2023.

World

Saudi Fund for Development Provides $100 Million Development Loan for the Rogun Hydropower Project

The Saudi Fund for Development (SFD) Chief Executive Officer, H.E. Sultan Al-Marshad, signed a new development loan agreement with the Minister of Finance of the Republic of Tajikistan, H.E. Kahhorzoda Fayziddin Sattor, through which SFD is contributing $100 million USD to fund the Rogun Hydropower Project, a landmark initiative that will enhance energy,
food, and water security, and foster sustainable development in the country. The signing was attended by the Ambassador of the Kingdom of Saudi Arabia to the Republic of Tajikistan, H.E. Waleed Al-Reshiadan, and the Ambassador of Tajikistan to Saudi Arabia, H.E. Akram Karimi, alongside other officials from both sides. SFD’s development loan will help contribute towards a more sustainable and equitable food and water future for Tajikistan, while driving the country’s energy transition and climate resilience. The project aims to contribute to the national energy security and will help advance sustainable
development in the Republic of Tajikistan, by providing the renewable electricity supply to meet local demand and expand electricity production domestically and regionally, producing 3600 MW of energy. The loan agreement will also finance the construction of a 335-meter-tall dam, which will enhance irrigation capabilities and bolster agricultural activities across the country. Additionally, the project will improve flood protection through the construction of four hydraulic
tunnels for diversion and drainage. It will also provide clean and drinkable water to people through desalination, and help advance socio-economic development, by creating both direct and indirect jobs.
Importantly, this project also supports the realization of the UN Sustainable Development Goals (SDGs); specifically, SDG 2, Zero Hunger, SDG 6, Clean Water and Sanitation, and SDG 7, Affordable and Clean Energy.
On this occasion, the CEO of SFD, H.E. Sultan Al-Marshad, said: “Today’s signing marks a major milestone in our shared journey towards a more sustainable future. With this landmark development loan, SFD is not just supporting Tajikistan’s energy future, but also its sustainable development and the well-being of its people. The Rogun Hydropower Project is a beacon of
hope for a bright future that is powered by clean, renewable energy. It will propel Tajikistan towards environmental stewardship and prosperity.”